Montello Resources Ltd.
TSX VENTURE : MEO

Montello Resources Ltd.

November 02, 2007 18:05 ET

Montello Purchases John Bowen Land Package Complete With Mineral Rights

CALGARY, ALBERTA--(Marketwire - Nov. 2, 2007) - Montello Resources Ltd. (TSX VENTURE:MEO) ("Montello") is pleased to announce that Montello's Joint Venture Partnership at Morgan Highpoint has purchased the John Bowen Land Package complete with mineral rights.

Montello's President and CEO, Bill Cawker, stated, "This acquisition will reduce the potential royalty payable by Montello as to a 55% interest, Austin Developments Corp. (TSX VENTURE:AUL) as to a 40% interest, and Great Northern Oilsands Inc. (PINK SHEETS:GNNS) as to a 5% interest, from an estimated 18% down to approximately 8% should the John Bowen Lands be commercial." According to Dwayne Tyrkalo, President of Montello Resources USA Ltd., "this acquisition gives the JV Partnership flexibility to install a facility that could accommodate future development in the area. This also gives the partnership total flexibility to install a pipeline system to the East Tennessee Gas Hub (Duke Midstream) which would allow the JV Partnership to ship to potential markets in the southeast."

Montello is pleased with this acquisition and thanks its Joint Venture Partners and shareholders for their continued support.

The John Bowen # 2 Test Well now has casing set and is currently drilling ahead at 8,000 plus feet. It is anticipated that total depth of the well, as previously estimated, will be 9,500 feet.

About Montello Resources Ltd.

Montello Resources Ltd. (TSX VENTURE: MEO), www.montello.com, is an emerging, publicly traded company listed on the TSX Venture Exchange in Canada. Montello is engaged in high impact oil and gas exploration "hunting for elephants" in the Tennessee Appalachians and Alberta. Montello commenced drilling The John Bowen #2 Test Well on August 15th, 2007. The partners earned interests in the Test Well are Montello as to 55%, Austin Developments Corp. (TSX VENTURE:AUL) as to 40% and Great Northern Oilsands Inc. (PINK SHEETS:GNNS) as to 5%. The Morgan Highpoint Project is located in a part of the State of Tennessee where only a limited number of deep tests have been drilled. Montello is also active in the Pincher Creek Area in Alberta where Montello recently participated as to a 25% interest in a successful Recompletion of the Brown Sand and the Cadomin / Kootenay sections in the 1-11-4-29W4 well location. The Pincher Creek Field has been one of the most prolific fields in Alberta having produced some 600 BCF of gas and over 1 million barrels of associated liquids.

ON BEHALF OF THE BOARD OF DIRECTORS

William R. (Bill) Cawker, President-CEO

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Reader Advisory: This news release contains certain forward-looking statements, including management's operations and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation's control. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. There can be no assurances that future developments affecting Montello will be those anticipated by management. Furthermore any forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise them whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. We Seek Safe Harbor.

"BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead."

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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