BELLAMONT EXPLORATION LTD. ANNOUNCES INCREASES TO ITS 2010 CAPITAL BUDGET AND CREDIT FACILITY

CALGARY, Nov. 1 /CNW/ -- 
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
 THE UNITED STATES/


CALGARY, Nov. 1 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or
 "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce an
 increase to its 2010 capital budget and its revolving credit facility.


Highlights include the following:


    --  The corporation's board of directors have approved a $4.0
        million increase in the 2010 capital budget to a total of $39.0
        million (excluding capital for the acquisition of Standard
        Energy Inc. in February of 2010); and
    --  Bellamont lenders have agreed to an increase of the
        Corporation's revolving credit facility from $42.5 million to
        $50.0 million.



INCREASE TO CAPITAL BUDGET


Bellamont's board of directors has approved an increase to the
 Corporations capital budget by $4.0 million to a total of $39.0 million
 (excluding capital for the purchase of Standard Energy Inc.). With the
 increased budget, Bellamont intends to drill an additional well in its
 prolific Grande Prairie Montney I Oil pool. Volumes from the additional
 drill are not forecasted until January of 2011. Bellamont's most recent
 well in this pool, drilled at 3-30-71-4W6 was placed on production on
 August 14, 2010 and is currently producing in excess of 500 boe/d,
 comprised of 85 bbl/d of light oil, 35 bbl/d of natural gas liquids and
 2.3 mmcf/d of natural gas.


INCREASE TO THE CORPORATION'S LINE OF CREDIT


The Corporation is also pleased to announce an increase to its revolving
 credit facility from $42.5 million to $50.0 million. This increase was
 the result of our lender's interim review and reflects the
 Corporation's production additions since the last review in May of
 2010.


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 area of Alberta. Bellamont has a strong technically
 focused management team that internally generates and develops high
 quality large resource based prospects.


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.


Neither the TSX Venture Exchange nor its Regulation Services Provider
 (as that term is defined in the policies of the TSX Venture Exchange)
 accepts 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.

%SEDAR: 00024373E

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2010/01/c7925.html



pSteve Moran, President and Chief Executive Officer, [phone]; orbr/ Tavis Carlson, Vice President Finance and Chief Financial Officer, (403)  802-0117br/ 1208, 250 - 2nd Street S.W. Calgary, Alberta T2T 5S8br/ Email: a href="mailto:[e-mail]"[e-mail]/abr/ www.bellamont.com/p

Copyright