Montello Resources Ltd.
TSX VENTURE : MEO

Montello Resources Ltd.

October 24, 2007 14:02 ET

Montello to Drill Under-Balanced Through Rome Formation to Basement

CALGARY, ALBERTA--(Marketwire - Oct. 24, 2007) - Montello Resources Ltd. ("Montello") (TSX VENTURE:MEO) announces that the John Bowen #2 Well ("the Well") is now cased (7" pipe) and that Montello is preparing to drill "ahead" under-balanced using nitrogen. To date Montello and its partners have expended a total of $5.1 million on the Well.

Mr. Bill Cawker President and C.E.O. of Montello, stated, "In addition to the $1.47 Million raised by way of the recently closed Private Placement at $0.18 per Unit, Montello since August 7th, 2007, has raised over $2.8 Million by way of the exercising of incentive stock options and warrants priced as high as $0.20 by Montello Insiders and other individuals. Montello and its partners, Austin Developments Corp., as to a 40% earned interest (TSX VENTURE:AUL) and Great Northern Oilsands Inc., as to a 5% earned interest (PINK SHEETS:GNNS) are excited about now being in a position to finish drilling the Well to the basement and evaluating it for potential hydrocarbons."

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 in the Tennessee Appalachians as to a 55% earned interest. Montello commenced drilling The John Bowen #2 Test Well on August 15th, 2007. Montello is also active in Alberta at Pincher Creek which is an active gas producing area. 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 & C.E.O.

Visit www.montello.com for ongoing updates & to have your name included on our mailing list.

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. We Seek Safe Harbor.

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

Contact Information