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Gold/Mining/Energy : Montello Resources -- Ignore unavailable to you. Want to Upgrade?

To: JP who wrote (3627)	10/8/1999 12:21:00 PM
From: violetta martinez	Read Replies (1) \| Respond to of 4256

Re: News Release - Friday, October 08, 1999 Montello updates Oil and Gas Joint Venture and closes Private Placement =========================================================================== Montello Resources Ltd. "Montello" is pleased to provide the following details on its new Oil and Gas Joint Venture. Montello has entered into a joint venture with Panther Enterprises Ltd. "Panther" and Intrepid Geophysics Ltd. "Intrepid" The respective parties interests are Montello – 51%, Panther- 24.5% and Intrepid- - 24.5%. We have commenced an active oil and gas exploration program encompassing lands throughout the Province of Alberta. Montello has forwarded funds as well as our data base of Geophysical data collected over the past several years. The funds have been given to Panther to provide state of the art geological software. Panther will utilize base software, geology data, gas analysis, production, land data, pipeline and facilities, and core data in conjunction with raster well log data to define oil and gas targets. The program is being headed up by Panther President, Mr. Wayne Filo. Mr. Filo has a Masters Degree in geology from the University of Saskatchewan and in excess of 25 years of petroleum and natural gas exploration and development experience. Panther has operated as an independent for 12 years and supplies a wealth of theoretical and "hands on" applications as well as a proven track record. Intrepids' President, Mr Christopher Campbell graduated with his B.Sc. Geophysical/Geological from the University of British Columbia in 1972 and an MBA from the University of Denver in 1986. He has worked extensively in oil and gas exploration throughout the western Canadian Sedimentary Basin and the Rocky Mountain Forland Basins (U.S.A.). One of Mr. Campbell's specialities is oil and gas exploration using Non-seismic geophysical data. Montello is pleased to announce that it has closed the private placement announced July 6th, 1999, and has received all funds. ON BEHALF OF THE BOARD OF DIRECTORS MONTELLO RESOURCES LTD. Per: "Patrick Power" PATRICK POWER, President