BELLAMONT EXPLORATION LTD. ANNOUNCES AN OPERATIONAL UPDATE AT ITS GRIMSHAW MONTNEY OIL POOL AND AN UNDEVELOPED LAND ACQUISITION

CALGARY, May 9 /CNW/ -- 
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
 THE UNITED STATES/


CALGARY, May 9 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or
 "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to provide an
 operational update at the Corporation's Grimshaw Montney oil pool. In
 addition, Bellamont is pleased to announce a new oil property
 acquisition and establishment of a new core area.


Grimshaw Montney Oil Pool


In the first quarter of 2011, Bellamont successfully drilled and
 completed 2 (1.75 net) additional horizontal wells at its Grimshaw
 Triassic C Montney oil pool at 13-28-83-23W5M well (the "13-28") and
 16-29-83-23W5M well (the "16-29").  Both wells were placed on
 production on April 7(th), 2011.  To date, the 16-29 (Bellamont 100% working interest) has
 produced an average daily rate of approximately 125 bbl/d of oil.  The
 13-28 (Bellamont 75% working interest) was facility restricted until
 May 2(nd), but is now also producing approximately 125 bbl/d.


The economics of Grimshaw are excellent.  The relatively shallow (~900
 metres) vertical depth results in all-in cost per horizontal well of
 approximately $2.0 million.  The average IP rate (first 30 days) for
 the 8 horizontal wells in the pool has been in excess of 110 bbl/d,
 resulting in on-stream costs of less than $20,000 per bbl/d. New wells
 qualify for a 5.0% royalty for the first 50,000 Boe or 18 months of
 production.  Based on an oil price of $95 WTI (USD), new wells are
 expected to achieve a netback in excess of $60.00/boe, yielding a
 recycle ratio in excess of 5 times.


Bellamont has a total of 38 (~34 net) additional horizontal locations
 identified in this pool.  Only three of these locations were booked in
 the Corporation's reserve report at the end of 2010.  Bellamont will be
 drilling three 100% working interest infill wells in the pool
 immediately following spring breakup which should add in excess of 300
 bbl/d of oil to Bellamont by August.  Bellamont is planning to
 accelerate further delineation and development of this pool in 2011
 with continued success.


Undeveloped Land Acquisition and New Core Area 


Bellamont has signed an agreement with a private company to acquire a
 property in the Birch Area of British Columbia.  The property directly
 offsets a light (38° API) oil pool producing from the Baldonnel
 formation.  The vendor's independent reserves evaluator has assigned
 reserves to the acquired property of 0.6 million BOE, with a December
 31, 2010 value of $5.7 million (NPV@10%BT).  The reserve report
 included four 100% Baldonnel drilling locations.  In total, the
 property includes 25 net sections of lands, with an average working
 interest of approximately 90%. The purchase price for the transaction
 was $3.5 million and is expected to close on May 10, 2011.


The wells in the offsetting pool have produced at an average initial
 rate of 150 boe/d (125 bbl/d of oil) and are expected to produce 139
 mboe per well. The pool was largely developed in the mid 1990's via
 short reach horizontal wells that were not fracture stimulated.  By
 utilizing modern drilling and completion techniques, Bellamont believes
 the potential exists to improve the initial rate on new wells to in
 excess of 400 boe/d (300 bbl/d oil).  Bellamont plans to drill wells
 with up to twice the horizontal length as the offset wells and complete
 them with multi-staged fracture stimulations.  Bellamont has identified
 12 such drilling locations on lands immediately offsetting the existing
 pool and expects to drill its first well in the fall of 2011.


If Bellamont is successful implementing modern drilling and completion
 technology at Birch, the potential exists to extend the existing pool
 onto a large contiguous block of lands acquired in this transaction. 
 The Corporation estimates the majority of the 25 net sections of land
 being acquired contain Discovered Petroleum Initially-In-Place
 equivalent 4 to 6 million barrels of light oil per section.  Success in
 extending this pool would add significantly to the Corporation's light
 oil drilling inventory and could result in a repeatable light oil
 resource play for Bellamont.


Bellamont has now compiled a land position of 47 sections (36 net) in
 the Birch and Stoddart areas of British Columbia.  Bellamont expects
 this region to become a new core area for Corporation.  In addition to
 light oil in the Baldonnel Formation, Bellamont's lands are prospective
 for liquids rich natural gas in the Montney and Doig Formations.  Other
 area operators have reported success drilling horizontal wells
 completed with multi-staged fracture stimulations and as a result,
 activity in this region has increased.   Bellamont is well positioned
 on these emerging plays.


ANNUAL MEETING


Bellamont's annual shareholder meeting will be held at 3:00 p.m.  on
 June 2, 2011 in the Livingston Place Conference Centre, Livingstone
 Place, South Tower, 2(nd) Floor, 222 3(rd) Avenue S.W., Calgary Alberta.


OUTLOOK


The Corporation has a drilling inventory consisting of 137 (123 net)
 drilling locations, only 19 (gross) of which are booked in the 2010
 year end reserve report.  The majority of the Corporation's drilling
 inventory, 101 net locations in total, target light oil and are lower
 risk and developmental in nature.  This drilling inventory will provide
 Bellamont with a solid platform for growth over the next several years.


With a 2011 capital program heavily weighted to drilling oil targets, a
 conservatively managed balance sheet and solid cash flow base,
 Bellamont is well set up for continued per share growth.


Investors are encouraged to view an updated version of Bellamont's
 corporate presentation on its web page at www.bellamont.com.


Bellamont's strategy is to build a low risk reserve, production and cash
 flow base through acquiring, developing and exploring primarily in the
 Peace River Arch areas of Alberta and British Columbia.   Bellamont has
 a strong technically focused management team that internally generates
 and develops high quality large resource based prospects.  In addition,
 the Corporation has compiled an undeveloped land inventory of 75,873
 net acres.


Bellamont is an 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 140,787,699 Class A shares and
 1,012,000 Class B shares outstanding.


FORWARD LOOKING STATEMENTS


This press release may contain forward-looking statements including
 expectations of future production, cash flow and earnings. More
 particularly, this press release contains statements concerning
 Bellamont's future production estimates, expansion of oil and gas
 property interests, exploration and development drilling and capital
 expenditures. These statements are based on current expectations that
 involve a number of risks and uncertainties, which could cause actual
 results to differ from those anticipated.  These risks include, but are
 not limited to: the risks associated with the oil and gas industry
 (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 estimates and projections relating to production,
 costs and expenses, and health, safety and environmental risks),
 commodity price, price and exchange rate fluctuation and uncertainties
 resulting from potential delays or changes in plans with respect to
 exploration or development projects or capital expenditures. 
 Additional information on these and other factors that could affect
 Bellamont's operations or financial results are included in Bellamont's
 reports on file with Canadian securities regulatory authorities.


The forward-looking statements or information contained in this news
 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.


Discovered Petroleum Initially‐In‐Place (DPIIP) is equivalent to
 Original Oil In Place (OOIP).  DPIIP, also known as a "discovered
 resource", is defined as that quantity of petroleum that is estimated,
 as of a given date, to be contained in known accumulations prior to
 production. The recoverable portion of discovered petroleum
 initially‐in‐place includes production, reserves and contingent
 resources; the remainder is unrecoverable.  A recovery project cannot
 be defined for this volume of discovered petroleum initially‐in‐place
 at this time. There is no certainty that it will be commercially viable
 to produce any portion of the resources.


The TSX Venture Exchange has not reviewed and does not accept
 responsibility for the adequacy or accuracy of this release. Not for
 distribution to U.S. newswire services or for dissemination in the
 United States.  Any failure to comply with this restriction may
 constitute a violation of U.S. securities law.


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p Steve Moran, President and Chief Executive Officer, [phone]; orbr/ Tavis Carlson, Vice President Finance and Chief Financial Officerbr/ 1208, 250- 2supnd/sup Street S.W. Calgary, Alberta T2P 0C1br/ Email: a href="mailto:[e-mail]"[e-mail]/abr/ a href="http://www.bellamont.com"www.bellamont.com/a /p 

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