Montello Resources Ltd.
TSX VENTURE : MEO

Montello Resources Ltd.

November 14, 2006 21:08 ET

Montello Resources 'TSX VENTURE:MEO' Private Placement Increased and Completed

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2006) - Further to the News Release dated November 9, 2006, Montello Resources (TSX VENTURE:MEO) has increased its non-brokered private placement financing from $695,000 to $1,250,000 and it is now completed.

The units are priced at 10 cents and consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase a further common share of the Company at a price of $0.13 per share for a period of 2 years. There is a 4 month hold applicable for the shares and the financing is subject to final regulatory approval. Finder's fees will be payable on the placement at 6% in accordance to the policies of the TSX Venture Exchange.

The proceeds of the private placement will be used for general working capital purposes and for further potential oil and natural gas mineral lease acquisitions.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Cawker CEO - Chairman

Dwayne Tyrkalo, President - COO


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

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