Montello Resources Ltd. ("Montello") (TSX VENTURE:MEO) is pleased to announce
that it has acquired additional leases totaling 190 acres to add to its land
holdings within the Morgan Highpoint Area. The Company is in the final stages of
surveying the site for a proposed follow-up second test well to the John Bowen
#2 Well which is cased and scheduled to be logged in the New Year. 


Our Pincher Creek Operating JV Partner, Pennine Petroleum Corporation, has
brought the 1-11 Well on production. Condensates are currently being trucked to
market and gas production is being flared pending stable rates and tie in. 


Our Operating JV Partner, Northern Sun Exploration Inc., has drilled and cased
both wells at Grouard, Alberta. They informed us today that the first well
1-15-76-14-W5 has been completed as a gas well with testing ongoing, while the
service rig will be onsite tomorrow to commence completion on the second well
10-3-76-14-W5. There have been discussions with Northern Sun with regards to
potentially furthering our joint ventures in the area. 


Montello has chosen to cancel the previously announced CDN $1.2 million Non Flow
Through Non-Brokered Private Placement of up to 10 million Units at the price of
$0.12 per Unit. Each Unit was to consist of one Common Share at $0.12 and one
Common Share Purchase Warrant ("Warrant") priced at $0.25. 


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.
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