Montello finishes drilling Morgan Highpoint No. 4

2008-03-19 15:34 ET - News Release

Mr. William Cawker reports

MONTELLO ANNOUNCES MORGAN COUNTY TENNESSEE UPDATE & EXTENSION OF WARRANTS

Montello Resources Ltd., operator of Morgan Highpoint No. 3 and No. 4 test wells, has successfully finished drilling the Morgan Highpoint No. 4 test well. The drilling rig, as well as Strata Energy Services Inc. and Weatherford's underbalanced drilling equipment, are now being moved over to the Morgan Highpoint No. 3 test well, where a barefoot completion will be conducted, after which the Morgan Highpoint No. 3, the Morgan Highpoint No. 4 and the John Bowen No. 2 test wells will be logged and evaluated.

Further to its news release in Stockwatch on March 5, 2008, the company is applying for regulatory approval to extend the expiry date to April 18, 2008, for 5,515,429 share purchase warrants at 20 cents, due to expire on March 21, 2008. The original term of the warrant was for 15 months.

We seek Safe Harbor.