Re: NR from MEO!!!
in response to
by
posted on
Mar 05, 2008 02:47AM
Investor Inquiries: 604-649-0080
I recieved the same message from Mr. Cawker last night at 10:08 PM last night.
Just a quick heads up. Hope this finds you in good health and good spirit. I
know you've been incredibly patient re Montello and also have been fit to
be tied. We have news tomorrow March 5th, 2008 which has been sent to
"Marketwire" for pre market dissemination to various news groups at approx.
6am PST / 9 am EST. I hope that the next two weeks catches everyone up to
speed.
As an aside, I was actually sent an email telling me that pigs would fly
before Montello drills in March...hmmm!...well if that wasn't a kick in the
butt. Almost as good as one other piece I've seen recently written. Makes me
smile as "Actions indeed speak louder than words". People want results, me
too, and I've been determined since I was asked to parachute in, inherited a
lot but got the ball rolling. This last while we've come up short but I
stand by my continued efforts and hope that my best effort to assist the
Morgan Highpoint JV Partners to shoot for the stars works versus crashing on
the moon works and if not so be it. If indeed that is our fate, I'd rather
try versus many others who turtle and give up or worse don't even try.
Our field personnel are extremely well qualified and if need be, we'll do
our best to dust ourselves off and get back in the saddle as long as we
possibly can. If you wish to follow up with me simply email your the best
time and # to call and I'll do my best. Give it 8 days or so though. I'm out
of touch this coming Friday till Tuesday. This is from my home computer.
Kindest Regards
Montello Resources Ltd.
Bill
Bill Cawker
Pres-CEO Montello Resources
604-649-0080
Bill_cawker@montello.com
_______________________________________
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PS Yes, the flow thru Issue for Cdn Investors announced in late December,
2007 is still open with one tranche having closed.
10 flow Thru shares at $0.13 per share = $1.30 /
5 non-flow thru shares at $0.13 per share = $0.65
Total value of 15 shares in this unit is $1.95
_______________________________________________
1 Flow Thru Unit (15 shares x $0.13= $1.95 per unit)
Montello is in the process of conducting, to accredited investors, a CDN
$3.51 million non-brokered Flow Through Private Placement Unit Financing
consisting of 1,800,000 Units priced at CDN $1.95 per Unit. Each Unit is
comprised of 10 Flow Through Common Shares and 5 Non-flow Through Common
Shares all of which are priced at $0.13. Proceeds raised will be used by
Montello to incur qualifying expenditures, which will be renounced in favour
of purchasers for the 2008 taxation year. Finder's fees of 7% in cash and 7%
in Warrants will be payable on certain portions of the Private Placements.
The Private Placements are subject to the approval of the TSX Venture
Exchange. Proceeds from the Private Placements will be used by Montello to:
develop its oil and natural gas prospects in Morgan County, Tennessee;
advance exploratory activities on joint venture properties, including
Pincher Creek, Sarcee, Grouard, Mulligan as well as to explore lands that
Montello may acquire or farm-in to, as well as for general working capital
purposes.
MONTELLO RESOURCES LTD.
P.O. Box 1757 Station M
Calgary, Alberta
T2P 2L8
Tel. 604-408-7600/(604) 649-0080
Thursday, February 14, 2008 TSX Symbol: MEO
Montello Prepares Site for Drilling John Bowen #3 Exploratory Well in
Tennessee
Calgary, Alberta, February 14, 2008: Montello Resources Ltd.
("Montello")(TSX Venture exchange Symbol "MEO") is pleased to announce that
the drilling of an upcoming John Bowen #3 test well is expected to commence
as early as March, 2008. Site preparations are already underway on a
strategic 190-acre land package that Montello has recently negotiated the
right to drill. These leases constitute an offset location to the John Bowen
#2 Test Well.
Montello President, Bill Cawker, says: "Montello has already gathered and
evaluated certain key geological information from the yet-to-be-completed
John Bowen #2 Under-Balanced test Well, which can be tactically applied to
the drilling of an offset exploratory well on adjacent land leases."
"Our geologists are confident moving forward. However, our technical
understanding of this over-pressured geological environment has come at a
hefty cost. The overall cost of the John Bowen #2 Well including land
acquisition costs now exceeds U.S. $9 million, which is far more expensive
than the drilling syndicate had ever foreseen.
"In fact, the John Bowen #2 well proved to be one of the most technically
challenging wells that our veteran drilling team and consultants had ever
experienced anywhere in the world. However, we succeeded in overcoming a
number of geological challenges to reach a total depth at 9,557 feet.
Notably, this historically represents one of the deepest cased test wells
ever undertaken in the state of Tennessee."
The much-anticipated logging evaluation process of the John Bowen #2 Well
will be undertaken at the earliest opportunity, even though it was
originally scheduled for mid January, 2008. Financial considerations have
played a role in this delay. The partnership is in the final stages of
completing payment of outstanding drilling expenses that are now less than
$1 million.
ON BEHALF OF THE BOARD OF DIRECTORS
"William R. Cawker"
William R. (Bill) Cawker, President-CEO
For further information contact Montello Resources Ltd.: Larry Myles at
604-408-7600 lmyles@montello.com, Bill Cawker President - C.E.O.
bcawker@montello.com.
Visit www.montello.com for ongoing updates & have your name included on our
mailing list.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.