Calgary, Alberta, October 30th, 2007 Montello Resources Ltd. ("Montello") TSX Venture Exchange symbol "MEO.V", has received an activity update from operator Pennine Petroleum Corp., on the new discovery at Pennine Pinch CK 100/01-11-004-29W4M. Their engineering team is currently evaluating various down-hole production schemes to place the Cadomin formation onto production, including the handling of associated natural gas. This includes the selection of condensate lift systems and gas tie-in points. The current plan is to initially produce the Cadomin formation hydrocarbons so as to establish optimal production rates. Examination of data collected during the Brown Sand completion shall be investigated with a view to possibly commingling both zones in the future. Initiation of continuous production is anticipated in November, 2007.

Earlier in October, Pennine applied to the Alberta Energy and Utilities Board (EUB) for a licence to drill the Pennine Pinch CK 6-12-4-29 W4M well which will test the Rundle formation to a total depth of 3,880 metres. In addition this well will also penetrate the continuation of the recent condensate discoveries at the Pennine Pinch CK 1-11-4-29W4M re-completion project. Geological data indicates that this well may encounter the same pools as tested in the discovery well, in a structurally up dip position. This proposed well is also a structurally up dip offset of the 3-11-4-29W4 well that was drilled by Gulf Canada and produced significant gas since the 1970s. The operator believes that the risk factors previously attributed to this well have been potentially further reduced due to the recent 1-11 discovery in the neighbouring section and that what was once a tentative producing zone in the upper section has become a secondary target.

Montello has an option that can be exercised within 45 days of notification, to participate as to a minimum of 25% Pennine's interest in the drilling, completion or abandonment of the proposed deep Rundle Test Well to be drilled at the location of 6-12-4-29W4M4. Pennine again will be the Operator of the Rundle Prospect. There is Rundle production within two miles of the prospective location. The Rundle zone is expected to be encountered at a depth of 3,880 metres. Given full 3D Seismic, it is believed that there is an untested imbricate thrust fault that lies out in front of the northern part of the main producing Rundle Formation imbricate. Since this project is in an active gas producing area, the predominant risk is the possibility of the well not encountering a reservoir of sufficient quality to yield the expected rates and drainage area as predicted, or that the target sheet is not isolated from the producing reservoir. These lands are approx. 175 kilometres south of the City of Calgary, and consist of both Crown leases and Freehold leases representing 10,560 gross acres (approx. 4,851.2 net acres to Pennine).

Montello also announces that it has granted 9,900,000 incentive stock options to officers, directors, consultants at an exercise price of $0.21 per share. The options are exercisable until October 29, 2012, and are subject to a four-month hold period.

About Montello Resources Ltd.

Montello Resources Ltd. (TSX-V: MEO), www.montello.com, is an emerging, publicly traded company listed on the TSX Venture Exchange in Canada. Montello is engaged in high impact oil and gas exploration in the Tennessee Appalachians as to a 55% earned interest. Montello commenced drilling The John Bowen #2 Test Well on August 15, 2007. Montello is also active in Alberta at Pincher Creek which is an active gas producing area. The Pincher Creek Field has been one of the most prolific fields in Alberta having produced some 600 BCF of gas and over 1 million barrels of associated liquids.

ON BEHALF OF THE BOARD OF DIRECTORS

"William R. (Bill) Cawker"

President & C.E.O.

For further information contact:

Larry Myles at 604-408-7600 - lmyles@montello.com,
William (Bill) Cawker President - C.E.O. bcawker@montello.com and visit www.montello.com for ongoing updates & to have your name included on our mailing list.

Reader Advisory: 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.

"BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead."

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