Montello Prepares For High Impact Drilling/Re-Completion Projects In Southern Alberta

Montello Resources Ltd. (TSX VENTURE:MEO) ("Montello") is pleased to provide an
update on our Pincher Creek and Sarcee Deep Projects in Southern Alberta.


Pincher Creek Project, SW Alberta

The Operator, Pennine Petroleum Corp. after conducting a production test on the
1-11 4-29 W4M Discovery Well that yielded up to 250 boe/day of condensates and
associated natural gas. The operator intends to construct a pipeline to tie-in
the 1-11 Discovery Well into a regional natural gas transportation system.
Construction is expected to commence once right of way agreements are completed
and surface access has been granted by the local landowners. The re-completion
of this well began on August 30, 2007 and was recompleted in the Brown and
Cadomin sands with initial swabbing rates of over 300 barrels of condensate with
associated natural gas. The success of this well has resulted in enhanced
prospects for these zones throughout the joint venture partnership's petroleum
and natural gas rights in the area. It is anticipated that revenues from this
well may commence by May 30, 2008.


Montello has a 25% working interest in the 1-11 Discovery Well, that is capable
of producing high grade condensate from 2 zones with associated gas. Based on
the favourable production test, Montello has exercised its option to participate
in the upcoming 6-12 deep test well, 500 yards to the east of the 1-11 Discovery
Well. The upcoming test well is targeting the same two zones that are in the
1-11 Discovery Well, but structurally up dip. The 6-12 test well will also test
the deeper Rundle Formation offsetting some of the original discovery wells in
the Pincher Creek Gas Field but in an anticipated zone of virgin pressure. The
Operator has applied for the license for this well and Montello anticipates that
it can be spud as early as August, 2008. Montello as a follow up to the
6-12-4-29 W4 Test Well can earn into a follow up well for its participation.


The Pincher Creek Field has been one of the most prolific fields in Alberta. It
is a structurally-controlled, over-thrusted imbricate stack that has been
producing since 1947 and to date has produced some 600 BCF of gas and 1 million
plus barrels of associated liquids from the Mississippian-age carbonates of the
Turner Valley (Rundle) formation.


Sarcee, SW Alberta

Canadian Phoenix Resources Corp. of Calgary, the operator of the Sarcee Project,
recently held a partners meeting to discuss the re-completion of the suspended
10,957 foot 12-13-23-4 W5M cased potential Rundle Gas Well ("12-13 Well").
Before the well can be re-completed an update of the Emergency Response Plan
("ERP") needs to be completed. It is Montello's understanding that this process
is underway and operations are expected to commence after spring break-up.
Montello will pay 8.5% of the costs to own 8.5% of any resulting production.


Montello under a previous farm-out agreement owned a 2.5% working interest in
2,560 acres on four sections of land by paying 5% of the gross capital
development expenditures. Montello entered an agreement with Vanguard
Exploration Corp. on November 1, 2007 to increase its interest to 8.5% by
entering an agreement to purchase an additional undivided 6% working interest
from the base of the Mannville Formation to basement underlying Sections 12, 13,
14 and 23 in Twp. 23 Rge. 4 W5M (2,560 acres) hereinafter referred to as "the
Sale Lands" located on the T'suu Tina Reserve approximately 15 miles west of
Calgary Alberta. Included in the acquisition of the Sale Lands was a 6% interest
in the suspended 10,957 foot 12-13-23-4 W5M cased potential Rundle Gas Well
("12-13 Well"). The entire purchase price for the Said Interests of $3,499,000
was paid in full by Montello issuing to Vanguard 11,663,333 common shares,
valued at $0.30 per share, from treasury, which were subject to a 4 month hold
period. This transaction received follow up approval by the applicable
regulatory authorities and provides a net 8.5% interest versus the prior
existing 2.5% in the scheduled 12-13 Well Recompletion. Montello also has the
right to participate on a straight up basis as to an undivided 8.5% working
interest in a proposed follow-up high impact Rundle/Mississippian Deep Test at
the 7-23 T'suu Tina Well Location.


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 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.


ON BEHALF OF THE BOARD OF DIRECTORS

William R. (Bill) Cawker, President-CEO

Visit www.montello.com for ongoing updates & have your name included on our
mailing list.


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."
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