Wednesday, February 02, 2011 Montello Files Q1 Financials and Provides Reinstatement Update 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 operators 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The timetable to complete this deal has expired and the offer to sell has been revoked.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 For further information about this announcement and about Montello, please contact Corporate Communications Greg Tweed at .

Prospective and current shareholders are invited to join the companys official investment forum at www.pinnacledigest.com/company/meo:ca The online forum allows for investor controlled discussion, questions, third party reports and articles, as well as feedback.

Please go to www.sedar.com for a detailed list of all filings.

Visit www.montello.com for ongoing updates & have your name included on our mailing list. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. About Montello Managements goal is to pursue opportunities for high impact oil and gas exploration and recompletion projects in the Appalachian Basin in Tennessee as well as search for potential high impact exploration drilling opportunities back home in the Province of Alberta, Canadas oil and gas heartland. Forward-Looking Information This document may contain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements").

These forward-looking statements are made as of the date of this document and Montello Resources Ltd.

(the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. Forward-looking statements relate to future events or future performance and reflect Company managements expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.

By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Companys interim and annual financial statements and managements discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
Copyright (c) 2006 Montello Resources Ltd.

(MEO) All rights reserved.

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