🕐12.07.12 - 00:00 Uhr
MONTELLO ANNOUNCES AN UPDATE ON ITS PINCHER CREEK ASSET AND NEW PARTNER
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Re: News Release - Wednesday, July 11, 2012
Montello Announces an Update on its Pincher Creek Asset and New
Partner
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CALGARY, ALBERTA - Montello is pleased to announce to its shareholders
that it has completed an agreement with a Private Company to become a
working interest partner in its Pincher Creek Asset.
The new partner
will assist Montello in finally bringing on production in the Pincher
Creek area.
Under the terms of the agreement, Montello will retain at
least a 15% interest in the Pincher Creek 1-11-4-29 W4 well after
selling a 5% interest for a sum of $290,000.
This transaction will allow the company to begin the relisting process
on the TSXV and bring the 1-11-4-29W4 discovery well onto production.
Provided that the well is brought into production within the next 60 to
90 days, the company expects to start receiving revenue from this well
by the end of this year.
Montello once again thanks its shareholders for their patience and
support through these difficult times and will have a further update in
early August.
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
.
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.
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Copyright (c) 2012 MONTELLO RESOURCES LTD.
(MEO) All rights reserved.
For more information visit our website at http://www.montello.com/ or
send mailto:
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