Montello Resources Ltd.
TSX VENTURE : MEO

Montello Resources Ltd.

November 29, 2007 13:20 ET

Montello Files NI 51-101 and Divests Itself of Non-Core Assets in Tennessee

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2007) - MONTELLO RESOURCES LTD. ("Montello") (TSX VENTURE:MEO) announces that the Company has quit claim its interests in 52 shallow gas wells to Austin Developments Corp. in various counties in Northern Tennessee. Austin has now become the operator of these wells, allowing Montello to focus its financial resources and expertise exclusively on potentially high-impact deep drilling operations in Morgan County.

Montello previously owned a 50% interest in these 52 shut-in wells. The Tennessee leases, covering approximately 1,900 acres, are situated in a part of the state where the majority of wells were drilled in the late 1970s - early 1980s. They were shut-in due to low commodity prices at that time. A key feature of Montello's growth strategy via the drill bit, is to seek farm-in opportunities as a non-operator in shallow plays, re-completions, etc. back home in Alberta. Future potential revenues would be directed south for the benefit of US operations.

In return for the transfer of the shallow well assets, Montello benefitted from advantageous initial farm-in terms which also included cancellation of 3rd party royalties. Terms for a mutually beneficial rolling multi-well farm-in agreement are also being discussed.

Furthermore, Montello is pleased to announce that in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators", the Company has filed its reserves data and other oil and gas information (51-101F1, F2 and F3) for the year ended July 31, 2007. Copies may be obtained on www.sedar.com.

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. 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. (AUL on the TSXV) as to 40% and Great Northern Oilsands Inc. (OTC: Pink Symbol "GNNS:PK") 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

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.

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

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