Press Release

NEWS RELEASE TRANSMITTED BY MARKETWIRE

FOR: Montello Resources Ltd.

TSX VENTURE SYMBOL: MEO

March 5, 2008

Montello Spuds Morgan Highpoint #3 Well in Morgan County, Tennessee; Provides

Alberta Update

CALGARY, ALBERTA--(Marketwire - March 5, 2008) - Montello Resources Ltd. (TSX

VENTURE:MEO) ("Montello") is pleased to announce that funds are now in place to

cover the costs to drill and case the Morgan Highpoint #3 Well in Morgan

County, Tennessee which spud on March 4, 2008.

The Morgan Highpoint #3 Well is strategically located approximately one mile

west of the John Bowen #1 & #2 Wells and one mile north-west of the Howard

White #1 Well. From a geological standpoint this is significant as the Howard

White #1 Well, that was drilled in 2002, flowed over 500 barrels / hour of

light crude oil (12,000 barrels / day for two days) before being capped due to

a "blowout." Environmental and legal issues relating to the blowout have to

date precluded the re-drilling of the Howard White #1 Well. Based on the

conclusions reached after conducting an in depth geological and scientific

review of all available data in the area Montello along with participants, that

will be announced forthwith, are targeting specific geological formations in

the Morgan Highpoint #3Well.

The drill syndicate, which includes new participants, is using a more cost

efficient drilling rig to drill the first of up to three potential wells that

are strategically located on contiguous lands leased from a private U.S. party.

Montello, as Operator, plans to run cased hole logs on the John Bowen # 2 Well

immediately after the Morgan Highpoint #3 Well is open hole logged. Montello's

President / CEO, Bill Cawker stated "We are very pleased to be in a position to

announce that we have not only secured partners to participate in the next test

well in Morgan County, Tennessee but that drilling has actually begun. Based on

the fact that the John Bowen #2 Well needs to be logged through the casing, we

have determined that we will be able to garner, on a cost effective basis, the

most amount of information by logging and evaluating it immediately after the

Morgan Highpoint # 3 Test Well has been logged. "We remain confident that

Morgan County Tennessee will prove to be a lucrative county for Montello to be

actively exploring for prolific high impact oil and or gas wells and thank

shareholders for their continued faith in our efforts."

Montello is further pleased to announce that negotiations are proceeding with

respect to the acquisition of various shallow oil and gas assets / leases in

Central and Northwestern Alberta from a private Alberta oil and gas company.

This acquisition is being negotiated on a 100% equity basis by issuing shares

from treasury at a deemed value of $0.13 per share. Closing is subject to

Montello obtaining an independent 3rd party evaluation and TSX Venture Exchange

approval. Negotiations may be terminated at any time by either party.

Montello has elected not to extend approximately 5,515,429 warrants currently

priced at $0.20 per share which are scheduled to expire on March 21, 2008. The

Company is issuing 1 million options at $0.10 to two new executives that are

subject to regulatory approval.

About Montello Resources Ltd.

Montello Resources Ltd. (TSX VENTURE:MEO), www.montello.com, is an emerging,

publicly traded company listed on the TSX Venture Exchange in Canada. Montello

is pursuing shallow oil and gas opportunities in Alberta and engaged in

drilling high impact oil and gas exploration prospects "hunting for elephants"

in the Tennessee Appalachians and in Alberta.

ON BEHALF OF THE BOARD OF DIRECTORS

William R. (Bill) Cawker, President-CEO