We have mapped about 1.5 square degree regions of Lynds 1299, a well isolated dark cloud in the Outer Galaxy (l = $122^{circ}$, b = $-7^{circ}$), in the J = 1- 0 transition of $^{12}CO$ and $^{13}CO$ with the 13.7 m radio telescope at Taeduk Radio Astronomy Observatory (TRAO). We found that there are two velocity components in the molecular emission, at $V_{LSR} = -52 km S^{-1}$ (Cloud A) and -8.8 km $s^{-1}$ (Cloud B), respectively. We have derived physical parameters of two molecular clouds and discussed three different mass estimate techniques. We found that there are large discrepancies between the virial and LTE mass estimates for both clouds. The large virial mass estimate reflects the fact that both are not gravitationally bound. We adopt the mass of $5.6 { imes}10^3 ;M{igodot}$ for Cloud A and $1.2{ imes}10^3 ;M{igodot}$) for Cloud B using conversion factor. Cloud A is found to be associated with a localized star forming site, and its morphology is well matching with that of far-infrared (FIR) dust emission. It shows a clear ring structure with an obvious velocity gradient. We suggest that it may be a remnant cloud from a past episode of massive star formation. Cloud B is found to be unrelated to Cloud A (d = 800 pc) and has no specific velocity structure. The average dust color temperature of the uncontaminated portion of Cloud A is estimated to be 24$~$27.4 K. The low dust temperature may imply that there is no additional internal heating source within the cloud. The heating of the cloud is probably dominated by the interstellar radiation field except the region directly associated with the new-born B5 star. Overall, the dust properties of Cloud A are similar to those of normal dark cloud even though it does have star forming activity.