======================================================================= Montello Resources Announces Late Filing Of Annual Financial Results ======================================================================= CALGARY, ALBERTA, November 19, 2009 - Montello Resources Ltd (TSX Venture Exchange Symbol "MEO") today announces that the filing of its audited annual financial statements, managements discussion and analysis, and related CEO and CFO certifications for the financial year ended July 31, 2009 (the "Required Filings"), will be delayed beyond the filing deadline of November 30, 2009.

Montello has been advised that additional time will be required to complete the preparation of its annual financial statements due to the Companys vigorous and wholesale review and re-design of its financial reporting and internal control procedures, including the appointment of a new CFO.

The company-wide transformation follows an extensive review by management of the Companys historical approach to its financial reporting and disclosure procedures.

The review was undertaken to build on the momentum achieved after the resumption in trading of the Companys securities on the TSX-V following the revocation of a cease trade order issued against the Company by the Alberta Securities Commission in April of 2009.

The Company has acted aggressively to identify, isolate and correct prior inefficiencies and expects to be in a position to file the annual disclosure within 60 days of the filing deadline.

Additionally, the Company has engaged a new independent auditor to assist with the preparation of the Required Filings. Montello currently plans to remedy the default and file the Required Filings as soon as it is able to do so.

Montello also intends to satisfy the provisions of the alternate information guidelines of section 4.4 of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") as long as it is in default of the filing requirements.

These provisions require Montello to file a bi-weekly default status report in the form of news releases containing any material changes to the information in this release; all actions taken by Montello to remedy the default; particulars of any failure by Montello to fulfill these provisions; any subsequent defaults of Montello requiring a default announcement; and any other material information concerning the affairs of Montello not previously disclosed.

Montello intends to issue the first default status report on December 3, 2009. This default announcement is made under section 4.3 of National Policy 12-203, which came into effect December 15, 2008, and replaces previous policies under which provincial securities commissions could grant extensions to filing deadlines. 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 Investor Relations Greg Tweed at and/or 604-307-9704.

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: Montello Resources Ltd.

(TSX-V: MEO), is a Calgary based, publicly traded company listed on the TSX Venture Exchange in Canada.

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) 2009 MONTELLO RESOURCES LTD.

(MEO) All rights reserved.

For more information visit our website at http://www.montello.com/ or send mailto: =======================================================================