Montello Resources Ltd.
TSX VENTURE : MEO

Montello Resources Ltd.

October 15, 2008 12:18 ET

Montello Resources Ltd. Pincher Creek Operational Activity Update

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2008) - Montello Resources Ltd. ("Montello") (TSX VENTURE:MEO) is pleased to follow up on the news release of yesterday provided by Pennine Petroleum Corp., our operator at Pincher Creek, Alberta which stated that equipment has been mobilized to initiate pump testing of the Brown Sand reservoir at the 100/01-11-004-29W4M discovery well.

Although the operator estimated the work program to take 14 days, progress to date has been encouraging. The Brown Sand reservoir will soon be placed on pump to establish stabilized daily rates of oil flow. The operator has stated in their daily reports of October 12th and 13th to Montello, that approximately 500 barrels of clean oil has already been produced.

The Brown Sand was stimulated in October 2007, with flowing and swabbing production at indicated rates of 233 barrels per day of oil (43 API) and minor solution natural gas. The well bore was subsequently configured to production test the upper Cadomin formation reservoir. According to our operator, prior to sanding off, the Cadomin was producing an equivalent of 290 barrels per day fluid, 82-per-cent, 43-API oil with a steadily decreasing load fracture fluid cut to 18 per cent and 300 thousand cubic feet of sweet solution natural gas.

Subsequent to a mandated ERCB (Energy Resources Conservation Board) hearing to address the placement of a 258-metre sweet solution natural gas conservation pipeline, a commingling application will be made to the relevant authorities to produce both the Brown Sand and Cadomin formation reservoirs. The hearing initially scheduled for September 30th was re-set for November 26th and 27th, to discuss the tie in of the well directly into an existing system feeding Shell's Waterton gas plant. Issues such as over land reclamation and compensation rights for landowners will be discussed and clarified and thus are expected to not have an impact on production testing in the area.

Montello has a 25% interest in the 1-11-4-29W4 well. For further information, see our news releases of September 27 and October 4, 2007 filed on www.sedar.com. 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 for over 50 years.

ON BEHALF OF THE BOARD OF DIRECTORS

Montello Resources Ltd.

Peter C. Brown, President-CEO

About Montello Resources Ltd: Montello Resources Ltd. (TSX VENTURE:MEO), is a Calgary based, publicly traded company listed on the TSX Venture Exchange in Canada. Operations are geographically focussed in Tennessee and in Alberta. Prospective and current shareholders of are invited to join the company's official investment forum exclusively at www.pinnacledigest.com. The forum allows for investor controlled discussion, questions, third party reports and articles, and progressive feedback from other shareholders and investors. Please go to www.sedar.com for a detailed list of all filings and news releases. Also visit www.montello.com for ongoing updates & to have your name included on our mailing list. See http://www.pinnacledigest.com/company/meo:ca.

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 Harbour.

"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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