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Message: NR update
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Montello Provides Update to its Pincher Creek Negotiations |
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CALGARY, ALBERTA - Montello is pleased to update its shareholders on the progress since its last news release of July 7th, 2011 where the Company disclosed that it was in discussions with a party that was interested in making a significant strategic investment in the Pincher Creek field. This party performed its due diligence and negotiated with the operator, another partner, as well as Montello, to purchase their interests, over a three-month period ending July 2011, had signed letters of intent with each party, and was waiting on funding for an additional month. Unfortunately the funding was not forthcoming and Montello moved forward with hiring the services of a marketing company to assist in either the sale of its Pincher Creek assets or to encourage a farm-in partner. Over the last month there have been several interested parties; however the company is not at liberty to disclose its discussions with the potential partners until a signed agreement is in place. Montello is looking forward to completing this transaction, because not only will it allow the Company to begin the re-instatement process, but it will also bring the Pincher Creek well into production and accelerate further joint development in the field. Management is extremely anxious to move forward with its AGM and the re-instatement process, but must first have a business plan and funding plan in place before doing so. That business plan and funding plan are contingent upon the successful completion of a definitive agreement with a new strategic partner. Montello appreciates the patience shown by its shareholders during this period. ON BEHALF OF THE BOARD OF DIRECTORS "Peter C. Brown" Peter C. Brown President-CEO-Chairman |
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