The invention is a magnetoresistive read head with an MTJ configuration having an ultra-thin tunneling barrier layer with low resistance and high breakdown strength. The barrier layer is formed by natural oxidation of an ultra-thin (two atomic layers) Al or Hf—Al layer deposited on an electrode whose surface has first been treated to form an oxygen surfactant layer. The oxygen within the surfactant layer is first adsorbed within the ultra-thin layer and the layer is subsequently naturally oxidized to produce a uniform and stable Al2O3 stoichiometry (or HfO stoichiometry) in the tunneling barrier layer.