CALGARY, ALBERTA - Montello is pleased to announce that as of January 24, 2011, has filed the interim financial statements and MD&A for Q1 and that the reinstatement for trading is now underway. The Company appreciates the patience of its shareholders and is looking forward to the future. The Company was in a position that required a complete overhaul of its financial reporting and this process took much longer than management forecasted.

As the reinstatement process progresses, Montello will work to continually improve the manner in which the Company meets its reporting obligations while completing the ongoing review of all joint venture account balances.

Currently the annual oil and gas filings are with the engineers for final completion.

Pincher Creek Pipeline Update

Montello has been in constant contact with the landowners and they are in agreement to proceed. Montello and the partners have been waiting for the operating group to initiate an Authority-For-Expenditures (AFE) and finally begin the process of turning this discovery into revenue.

Montello has not received a timetable from the operator as yet and will, if necessary, file an independent operator's notice if the current operator is unable to proceed. The Company will provide the shareholders frequent updates as the project progresses. Montello will continue to keep shareholders apprised of upcoming news regarding operatorship and completion of the well hookup and installation of surface facilities.

Pincher Creek Asset dispositions Update

Montello previously announced that it had optioned up to 10% of its interest in the Pincher Creek well to the future operator. The timetable to complete this deal has expired and the offer to sell has been revoked.

The company is pleased to announce that it has finalized the sale of a 5% working interest for $250,000 to Tosca Capital Corp.

The company is currently in negotiations with a potential strategic purchaser and is also pursuing financing alternatives and additional joint venture opportunities.

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