Montello Resources Ltd.
TSX VENTURE : MEO

Montello Resources Ltd.

March 19, 2008 15:49 ET

Montello Announces Morgan County Tennessee Update & Extension of Warrants

CALGARY, ALBERTA--(Marketwire - March 19, 2008) - Montello Resources Ltd. (TSX VENTURE:MEO) ("Montello") as operator of Morgan Highpoint # 3 and # 4 Test Wells is pleased to announce that we have successfully finished drilling the Morgan Highpoint # 4 Test Well. The drilling rig as well as Strata Energy Services Inc. and Weatherford's under-balanced drilling equipment are now being moved over to the Morgan Highpoint # 3 Test Well where a barefoot completion will be conducted, after which the Morgan Highpoint # 3, the Morgan Highpoint # 4 and the John Bowen # 2 Test Wells will be logged and evaluated.

Further to its News Release of March 5, 2008, the Company is applying for regulatory approval to extend the expiry date to April 18, 2008 for 5,515,429 share purchase warrants at $0.20, due to expire on March 21, 2008. The original term of the warrant was for 15 months.

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 pursuing shallow oil and gas opportunities in Alberta and engaged in drilling high impact oil and gas exploration prospects "hunting for elephants" in the Tennessee Appalachians as well as in Alberta.

ON BEHALF OF THE BOARD OF DIRECTORS

William R. (Bill) Cawker, President-CEO

Visit www.montello.com for ongoing updates & 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. 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.

Contact Information