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| Thu Feb 14, 2008 Montello Prepares Site for Drilling John Bowen #3 Exploratory Well in Tennessee | |
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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. |
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