BMX.A Bellamont Exploration Ltd, CL A

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") (TSX
VENTURE:BMX.A) (TSX VENTURE:BMX.B) is pleased to announce that it has entered
into an agreement to acquire assets located in the Corporation's Peace River
Arch core area (the "Acquisition"). In addition, the Corporation announces that
it has entered into a $10 million bought deal financing and a $2 million private
placement financing.


ACQUISITION

The Acquisition assets are located in the central area of the Peace River Arch
adjacent to the Corporation's Sinclair and Saddle Hills properties. Current
production from the properties is approximately 210 boe/d; comprised of 164
bbl/d of high quality light gravity (40 degrees API) oil and 279 mcf/d of
natural gas, 80% of which is operated. The purchase price for the assets is
$17,150,000, comprised of $14,000,000 in cash and 5,080,000 Bellamont Class A
shares issued to the vendor, Storm Exploration Ltd., at a deemed price of $0.62
per share. The Agreement is effective November 1, 2009 and is expected to close
on or before December 1, 2009. Highlights of the Acquisition are as follows: 




-   Accretive on all key metrics; 
-   Estimated proved plus probable reserves of approximately 1,156,000 boe
    (1), 90% of which is light gravity oil producing from the Doe Creek
    Formation; 
-   Excellent netback, estimated to be $38.48/boe , based on US$75.00 /bbl
    WTI (CDN $80.54 Edm) and US$4.00/mmbtu Nymex (CDN$3.69 AECO); 
-   Acquisition cost of $14.83/boe (proved plus probable); 
-   2.6 recycle ratio; 
-   Stable, predictable low decline production; 
-   Long life reserves (15.2 year RLI); 
-   Ownership in oil and gas processing facilities including a company
    operated battery that treats 75% of the acquired production volumes; 
-   Near term drilling opportunities; 
-   Long term waterflood upside, with potential to double the acquired
    reserves over time. 


1.  Based on 1,222,000 boe of proved plus probable reserves as of December
    31, 2008, as assessed by a combination of the Corporation's and the
    Vendor's independent engineering firms and adjusted for production up to
    November 1, 2009. 



BOUGHT DEAL FINANCING

The Corporation is pleased to announce that it has entered into a bought deal
financing agreement with a syndicate of underwriters led by FirstEnergy Capital
Corp. and including GMP Securities L.P., RBC Capital Markets, National Bank
Financial and J.F. Mackie & Company (collectively, the "Underwriters") to issue
13,000,000 Subscription Receipts ("Receipts") at a price of $0.62 per Receipt
and 2,750,000 Class A shares on a flow-though basis ("Flow Through Shares") at a
price of $0.75 per Flow Through Share, for gross proceeds of $10,122,500 (the
"Offering"). In addition the Underwriters have been granted an over-allotment
option, exercisable for a period of 30 days following closing of the Offering,
to purchase an additional 1,950,000 Receipts, at $0.62 per Receipt.


Each Receipt will entitle the holder thereof, without further payment of any
additional consideration or further action, to receive one Class A Share of
Bellamont upon the completion of the Acquisition.


The Receipts and Shares shall be offered in all provinces of Canada (other than
Quebec) by way of short form prospectus, and in the U.S. on a private placement
basis pursuant to exemptions from registration requirements. The closing of the
offering is expected to occur on November 26, 2009, and is subject to certain
conditions including the approval of the TSX Venture Exchange and the receipt of
necessary regulatory approvals.


PRIVATE PLACEMENT FINANCING

The Corporation has also entered into a separate private placement financing
pursuant to which the Corporation will issue 2,800,000 million Class A shares on
a flow-through basis at an average price of $0.714 per share for gross proceeds
of $2,000,000 ("the "Private Placement"). The Private Placement provides that
the Corporation will incur and renounce qualifying expenditures for the entire
amount of the gross proceeds (the "Commitment Amount"), such that at least one
half of the Commitment Amount will be renounced as Canadian Exploratory Expenses
while the remaining amount will be renounced as Canadian Development Expenses,
as such terms are defined in the Income Tax Act (Canada). Closing of the private
placement is expected to occur on November 6, 2009.


STRATEGIC RATIONALE

The Acquisition is consistent with the Corporation's mandate to acquire, explore
and exploit high working interest, high quality, large oil/gas in place
reservoirs. The Acquisition properties have excellent synergy with Bellamont's
existing assets as the Corporation is currently operating Doe Creek production
in both the Sinclair and Saddle Hills Areas. Upon closing, the Corporation's Doe
Creek production will increase from 160 boe/d to 320 boe/d and the facilities
included in the Acquisition are likely to result in reductions in operating
costs on our existing properties. Due to the excellent netback of the
Acquisition properties, Bellamont's corporate netback will improve by
approximately 30%.


The Doe Creek Formation has been water flooded extensively in the Peace River
Arch, with the Energy and Resources Conservation Board predicted recovery
factors averaging approximately 25% and some forecasted to be as high as 45%.
The Corporation believes that a recovery factor of 30% on the Acquisition lands
is possible over time, which if achieved, would effectively double the bookable
reserves net to the Corporation from the Acquisition. Development plans at
Saddle Hills, which is currently being water flooded, include drilling an
additional horizontal well and converting one existing well to a water injector.
At Sinclair, Bellamont plans to drill two horizontal wells and implement a water
flood by converting two existing wells to water injectors.


In addition to the Saddle Hills and Sinclair pools, the Acquisition assets have
2 (0.5 net) horizontal drilling locations on a section of land offsetting a
recent successful Doe Creek horizontal well that is producing at an initial rate
in excess of 300 bbl/d. The first of these two wells was spud on October 31,
2009.


OTHER DEVELOPMENTS

At Grimshaw, the Corporation has spud the first of two (1.4 net) follow up wells
to the previously announced horizontal Montney oil well at 4-29-83-23-W5 (the
"4-29"), which had test rates of 400 bbl/d, and is expected to produce at an
initial rate of 150 bbl/d. Bellamont has a 100% working interest in the 4-29
well up to payout and a 70% working after payout. Construction of production
facilities for all the wells is underway. The 4-29 well is expected to be on
production in mid November. The two new wells, which will be drilled
horizontally and completed via multi-staged fracs, are expected to be on
production by year end. Bellamont owns an average 76.0% working interest (after
payout of the 4-29 well) in 10 contiguous sections (6400 acres) of land in the
Grimshaw area.


In Valhalla, the Corporation has licensed to drill a 100% working interest
horizontal Fahler development well and complete it with multi-staged fracs. The
Corporation expects to commence drilling operations on this well by mid
November. Bellamont has now successfully re-entered three vertical wells in
Valhalla with average initial production rates of approximately 800 mcf/d per
well. Bellamont expects that a successful horizontal well with multi-staged
fracs could have an initial production rate of 3 mmcf/d. Currently, the
Corporation has an average working interest of 89% in 15 gross sections (13.4
net) and the right to earn an additional 15 sections (7.5 net) under several
farm-in agreements. By drilling the new horizontal well, Bellamont will earn a
100% working interest in an additional 2.5 sections, subject to a non
convertible overriding royalty.


All of the wells to be drilled by Bellamont (including the 4-29 well) will
qualify for the Alberta Government's royalty reduction program, which provides
for a 5.0% maximum royalty for the first 12 months of production, or 50 thousand
barrels of oil production or 500 million cubic feet of gas production, whichever
is reached first.


At Rycroft, the Corporation is planning to shoot a 25 square mile three
dimensional seismic program over 14.5 gross sections of company owned lands. The
Corporation's land base holds multi zonal potential for oil in the Montney and
Charlie Lake Formations and natural gas in the Dunvegan, Gething, Bluesky,
Kiskatinaw and Doig. In particular, the Corporation expects the seismic program
will be beneficial in following up its Montney oil and Gething natural gas
discoveries in the area. Bellamont expects to commence the program imminently
and it will be interpreted by year end, enabling the Corporation to drill in the
first quarter of 2010.


The Corporation has suspended a net total of 730 mcf/d (130 boe/d) from non-core
properties due to low natural gas prices. The Corporation has recently closed an
agreement to sell 70 boe/d of these suspended volumes and will resume the other
60 boe/d of suspended volumes in 2010 when natural gas prices are forecasted to
recover. 


INCREASED BUDGET AND GUIDANCE

As a result of the Acquisition and the financing, the Corporation has revised
its 2009 capital budget to $32.5 million. Pro-forma the Acquisition, the
Corporation expects to exit 2009 at approximately 1,125 boe/d of production.
Based on risked success of the remaining capital program for 2009, the
Corporation expects to average 1,350 boe/d (approximately 40% light oil) in the
first quarter of 2010.


The Corporation's balance sheet remains strong with an estimated $4.35 million
of positive working capital as of September 30, 2009 and a $7.25 million
unutilized line of credit. Bellamont is currently reviewing its line of credit
facility with its lender and expects an increase of borrowing capacity following
the Closing of the Acquisition. As a result, Bellamont will have the financial
flexibility to pursue additional low risk development opportunities on its land
base. For more information regarding the company, please refer to the new
corporate presentation on Bellamont's webpage at www.bellamont.com.


Bellamont is an emerging oil and gas company focused on the acquisition,
exploration, development and production of oil and natural gas in western Canada
and trades on the TSX Venture Exchange under the symbols "BMX.A" and "BMX.B".
The Corporation has 56,280,781 Class A shares and 1,012,000 Class B shares
outstanding. 


Bellamont trades on the TSX Venture Exchange under the symbols "BMX.A" and "BMX.B".

This document contains forward-looking statements. More particularly, this
document contains statements concerning the Corporation's future production
levels and planned exploration, development and acquisition activities.


The forward-looking statements are based on certain key expectations and
assumptions made by Bellamont, including expectations and assumptions concerning
prevailing commodity prices and exchange rates, availability and cost of labour
and services, the timing of receipt of regulatory approvals, the performance of
existing wells, the success obtained in drilling new wells, the performance of
new wells, pool recovery factors, and the sufficiency of budgeted capital
expenditures in carrying out the Corporation's planned activities.


Although Bellamont believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Bellamont can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These include, but
are not limited to, the risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of reserve estimates; the uncertainty
of pool recovery factors, the uncertainty of estimates and projections relating
to production, costs and expenses, and health, safety and environmental risks),
commodity price and exchange rate fluctuations and uncertainties resulting from
potential delays or changes in plans with respect to exploration or development
projects or capital expenditures. These risks are set out in more detail in the
Corporation's Annual Information Form which has been filed on SEDAR and can be
accessed at www.sedar.com.


The forward-looking statements contained in this press release are made as of
the date hereof and Bellamont undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.


Oil and Gas Advisory

This press release contains disclosure expressed as "Boe/d". All oil and natural
gas equivalency volumes have been derived using the ratio of six thousand cubic
feet of natural gas to one barrel of oil. Equivalency measures may be
misleading, particularly if used in isolation. A conversion ratio of six
thousand cubic feet of natural gas to one barrel of oil is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the well head.

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