Montello Resources Ltd. Update on Tennessee; Management Update
Thursday July 31, 2:49 pm ET
CALGARY, ALBERTA--(Marketwire - July 31, 2008) - Montello Resources Ltd. (TSX VENTURE:MEO - News; "Montello") is pleased to announce that yesterday afternoon the last of our Joint Venture Partners, forwarded the signed "AFE" (Authorization To Fund Expenditure) to the Operator, Montello Resources USA Ltd., for a pending "Shallows Horizontal Stimulation Program". The testing of the deep gas zone in the John Bowen #2 Well is scheduled to proceed shortly afterwards. All JV Partners have now signed the existing "Shallows Horizontal Stimulation AFE". This phase of the Highpoint Project was approved by the JV Partners in May, 2008. We invite our shareholders to review the web-site www.petrojet.ca and view the "Wellbore Extender Animation Video" which provides a general overview of the procedure scheduled to be undertaken at Highpoint.
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Phil Emrich, President of Montello Resources USA, has been in Tennessee since Sunday. He has dedicated an extraordinary amount of time and effort in locating and coordinating for the mobilization of necessary equipment and services from significant distances away from our location at Highpoint, Tennessee. As soon as "AFE Monies" have been received, his goal is to finalize a start date so that mobilization can commence, given the logistics involved with services and availability of equipment necessary for this project to begin at Highpoint.
The Company is also pleased to announce that effective Monday, August 11, 2008, Mr. Peter C. Brown, currently COO, VP of Exploration and Geology, will assume the role as President of Montello Resources Ltd. Phil Emrich, President of Montello Resources USA Ltd. is joining the Board of Directors effective on August 11, 2008. Please refer to their credentials in the Management section at www.montello.com. Although Bill Cawker is stepping down as President, he will continue as Chairman of the Board of Directors, and will continue to closely work in a corporate capacity.
Also effective August 11, 2008, Michael A. Williams, B. Comm, FCA, of Calgary, Alberta, is assuming the duties of Chief Financial Officer. He became a Chartered Accountant with Peat Marwick & Mitchell in 1959, and was elected a Fellow of the Alberta Institute of Chartered Accountants in 1981. He began his oil and gas career working with the Home Oil Company from 1962 to 1969 and then from 1969 to 1981 he worked with CanDel Oil. Initially their Treasurer, he rose through the ranks to become president over a 12 year period. He subsequently joined Sulpetro Limited in 1981 becoming their CFO, then President International, managing their foreign operations and assumed duties as President from 1985 - 1987. Since then, he has been involved in various private and public oil and gas companies. He is analytical, pragmatic, a problem solver, and enjoys new challenges. Montello will greatly benefit from his expertise and years of experience in the oil patch and the Company welcomes him aboard.
Montello is working on terms for a proposed non brokered private placement including flow through shares to be announced shortly. The Company will be providing an update on its Alberta Projects in the near future.
ON BEHALF OF THE BOARD OF DIRECTORS
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