Montello Resources Ltd.
TSX VENTURE : MEO

Montello Resources Ltd.

March 27, 2008 10:25 ET

Montello Puts Morgan Highpoint # 3 "Discovery" Well On Production & Encounters Hydrocarbons at Highpoint # 4 "Test" Well

CALGARY, ALBERTA--(Marketwire - March 27, 2008) - Montello Resources Ltd. (TSX VENTURE:MEO) ("Montello") as to a 35% earned interest, and its JV Partners; Austin Developments Corp. - TSX Venture Exchange Symbol "AUL", as to a 30% earned interest, Blackrock Petroleum Corp. - OTCBB "BRPC", as to a 30% earned interest, and Park Place Energy Corp. - OTCBB "PRPL", as to a 5% earned interest, are pleased to announce that they have completed the drilling, logging, and evaluation of the Morgan Highpoint # 3 "Discovery" Well.

In excess of 250 barrels of light gravity oil flowed to surface during an eight-hour production test on the Morgan Highpoint # 3 "Discovery" Well with an associated high gas/oil ratio. These results led to the decision to place the well on production.

Production optimization levels will be determined once additional storage facilities and oil transportation arrangements are in place.

After encountering hydrocarbons during drilling operations on the Morgan Highpoint # 4 Test Well, Montello is now evaluating results prior to preparing the completion program.

The Company is extremely encouraged by results to date at Highpoint. A multi-well drilling program is now being finalized on mineral leases that have already been acquired by Montello and its JV Partners.

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" both in the Tennessee Appalachians as well as in Alberta.

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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