- Business
- Montello Resources Ltd. engages in the acquisition, exploration, and development of oil and natural gas properties in western Canada and Tennessee, United States. The company holds a 25% working interest in the 1-11-4-29W4 discovery well in the Pincher Creek field along with an option on approximately 10,000 acres in the same area; 48% interest in two wells on the John Bowen property; and 35% interest in three wells on the Morgan Highpoint property. Montello Resources operates primarily in the oil and gas exploration and production segment, targeting independent producers and partners in onshore assets.
Founded in 1986 and headquartered at 57 Emerald Ridge East, White City, Saskatchewan, Canada, the company maintains a lean structure under CEO Laara Shaffer with a focus on high-impact projects in North America. It trades on OTC Markets under the ticker MLORF with 199.33 million shares outstanding and reports minimal revenue of CA$8.62k on a trailing twelve-month basis alongside net losses.
Recent activity includes the 2019 divestiture of a 10% interest in Pincher Creek oil and gas assets to FreshStart Energy for $0.58 million, marking a strategic reduction in certain holdings; earlier management changes in 2015 with the resignation of Chairman Fred Hill and 2014 board updates reflect ongoing governance adjustments. No major funding rounds, acquisitions, partnerships, or new product launches appear in the last 1-2 years, with the company maintaining its core asset portfolio amid low trading volume and a microcap market capitalization.