Montello Resources Ltd., www.montello.com is a publicly traded company listed on the TSX Venture Exchange trading under the symbol (TSX-V MEO). Management's 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, Canada's oil and gas heartland..
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| ||Tue Feb 4, 2014|
Montello Makes Executive Change & Provides Pincher Creek Project Update
| ||In order to tidy up outstanding corporate accounting and filing matters necessary to qualify for reinstatement of public trading, Montello announces a change to its executive. CEO Peter C. Brown, supported by two of the three other members of the Board of Directors, chose to relieve Mr. Dennis Petke of his duties as CFO which included formal notice letters mentioned by Mr. Petke in an unauthorised news release issued this past week by him after his termination without prior knowledge, consent, or formal authority of the CEO or other Board of Directors.|
In his place, the Company appoints Mr. Dallas Sader of Regina, Saskatchewan as Interim CFO. Dallas, a 13 year financial and tax consultant principal at MND Financial Services in Metropolitan Regina, has helped structure over 200 businesses, participated in organizing share deals, mergers and business reorganizations, handled audit representation within Tax Court, worked in all 4 western provinces and is working on his CAPPA certification for oil production accounting. His mandate is to review Montello's financial records from 2008 to April 2011 and then to further review or commence the update of financials from April of 2011 to the present day. He will work with a Calgary based O&G Accountant as he focuses on catch up filing of the Company's unaudited quarterly financial filings. Montello must be able to raise capital to potentially help compensate for any cash strapped Pincher Creek JV Partners. It is important that catch up unaudited quarterly filings be completed so that catch up audited filings can commence for 2011, 2012, and 2013.
Montello in co-operation with its fellow Pincher Creek Project JV Partners is pleased to announce that it has received an AFE and Independent Operations Notice indicating that operations were to commence at the 1-11-004-29W4 Well on January 16, 2014. Montello will keep its shareholders updated on progress.
Management's goal is to pursue opportunities for high impact oil and gas exploration and recompletion projects preferably in Western Canada, our country's oil and gas heartland beside the burgeoning new O&G sector of the US border states. If appropriate, Montello will try and re-visit any opportunities in Tennessee.
ON BEHALF OF Montello Resources
"Peter C. Brown"
Peter C. Brown
President & CEO
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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.
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 management's 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 Company's interim and annual financial statements and management's 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.