Montello Resources Ltd.

Montello Resources Ltd.

April 15, 2008 13:08 ET

Montello Resources Spuds Morgan Highpoint #5 Offset Test Well & Cancels Purchase Of Alberta Shallow Oil & Gas Assets

CALGARY, ALBERTA--(Marketwire - April 15, 2008) - Montello Resources Ltd. (TSX VENTURE:MEO) ("Montello") as Operator of the Morgan Highpoint Project, is pleased to announce that we are rigging up to commence drilling later today on the Morgan Highpoint #5 Test Well. The Morgan Highpoint #5 Test Well offsets the Morgan Highpoint #3 Discovery Well and the Morgan Highpoint #4 Well. We are additionally pleased to announce that the Morgan Highpoint #3 Discovery Well is now on production.

The interests in the Morgan Highpoint #5 Test well are as follows: Montello pays 15% for a 35% earned interest, and its JV Partners; Austin Developments Corp. - TSX Venture Exchange Symbol "AUL", pays 20% for a 30% earned interest, Blackrock Petroleum Corp. - OTCBB "BRPC", pays 60% for a 30% earned interest, and Park Place Energy Corp. - OTCBB "PRPL"/ Frankfurt "3P2" pays 5% for a 5% earned interest.

The Open Hole Logs for the Morgan Highpoint #3 Discovery Well and the Morgan Highpoint #4 Well were conducted by Weatherford Services, one of the world's largest oilfield service companies. Schlumberger, also one of the world's leading oilfield service providers, has run cased hole logs on the John Bowen #1 and the John Bowen #2 Wells. These logs are currently being evaluated by our geoscientists, as well as by our joint venture partners. The pending results from the drilling and logging of the Morgan Highpoint #5 Test Well will be compared to the results obtained from the John Bowen #1 and #2 Wells, and the Morgan Highpoint #3 and #4 Wells. This information will be key in finalizing completion plans.

As a follow up to our news release of March 5, 2008, Montello has cancelled plans to acquire various shallow oil and gas assets and leases in Central and Northwestern Alberta from a private Alberta oil and gas company. This acquisition was being negotiated on a 100% equity basis by issuing shares from Montello's Treasury at a deemed value of $0.13 per share. Pricing and recent positive developments in Tennessee, were the determining factors in the cancellation of the proposed transaction.

About Montello Resources Ltd.

Montello Resources Ltd. (TSX VENTURE:MEO),, is an emerging, publicly traded company listed on the TSX Venture Exchange in Canada. Montello is pursuing shallow oil and gas opportunities in Northern Alberta, engaged in deep high impact drill projects in southern Alberta, as well as high impact oil and gas exploration "hunting for elephants" in the Tennessee Appalachians. For more on the Morgan Highpoint Project, see our news releases posted at or


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.

"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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