Bellamont Exploration Ltd. Announces Market Update, Peace River Arch and Pembina Cardium Oil Private Company Acquisition and a $

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Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") (TSX
VENTURE:BMX.A)(TSX VENTURE:BMX.B) is pleased to provide a market update on its
current activities and also announce that it has entered into an agreement to
acquire a private company with assets located in the Corporation's Peace River
Arch core area and the Pembina Cardium Fairway (the "Acquisition"). In addition,
the Corporation announces that it has entered into a $15 million bought deal
financing.


OPERATIONAL UPDATE

Grimshaw Area - Montney Oil

At Grimshaw, the Corporation has now successfully drilled and completed (via
multi-staged fracs) three (2.4 net) horizontal Montney oil wells. The first well
drilled was placed on production in late-November, 2009 and produced an average
of 173 bbl/d of oil (198 boe/d with solution gas) for its first thirty days,
exceeding management's estimates. The next two (1.4 net) wells were drilled and
successfully completed in December 2009 and January 2010. The second well was
placed on production on January 15, 2010 at an initial rate of 170 bbl/d of a
combination of frac fluids and oil. The third well is currently being production
tested with start-up expected on February 1, 2010. Early indications are the
second and third wells will produce at similar rates to the first well.


Based on its drilling success to date, Bellamont has increased its estimate of
the original-oil-in-place at Grimshaw by 25% from previous estimates. Bellamont
successfully acquired four (3 net) additional sections of land at Alberta Crown
land sales in December and now has an average 76.0% working interest in 14
contiguous sections (8,960 acres) of land in the Grimshaw area. The Corporation
has identified twenty (15.6 net) additional horizontal locations on its lands in
Grimshaw and is planning on drilling six (5.5 net) more horizontal wells in
2010.


Sinclair Area - Doe Creek Oil

In the Sinclair area, Bellamont has participated in the drilling and completion
of a horizontal oil well (25% working interest) into the Doe Creek Formation.
The horizontal section was approximately 1,000 metres in length and was
completed with a multi-stage, gelled liquid petroleum gas frac. The well tested
at a flowing rate in excess of 375 bbl/d of 42.5 degrees API light oil and 700
mcf/d of combined completion fluid and natural gas. The well has now been tied
in and testing operations are continuing.


This well was located on lands obtained in a recent acquisition (announced on
November 4, 2009) and offsets a well that was drilled and completed in a similar
fashion by a competitor. Based on publicly available data, the 105 day average
field production rate for the offset well was approximately 357 bbl/d of light
oil and 310 mcf/d of associated natural gas, for a total of 406 boe/d.


Not including volumes from this new well, Bellamont operates and produces
approximately 355 boe/d from the Doe Creek Formation from five separate pools in
the Peace River Arch. Bellamont has twelve (9.75 net) Doe Creek Formation
drilling locations in its inventory, including two (2 net) planned for the first
quarter of 2010 and one (0.25 net) offsetting the new well, and is considering
the application of horizontal wells with multi-staged gelled liquid gas fracs
for these locations.


Valhalla Area - Fahler Natural Gas

In Valhalla, the Corporation has successfully drilled and completed (via
multi-staged fracs) a 100% working interest horizontal Fahler development well
at 13-14-76-9W6M (the "13-14"). The 13-14 had an AOF of 4.3 mmcf/d and is
expected to be placed on production at a restricted rate of 2.0 mmcf/d on
February 1, 2010. The Corporation has an average working interest of 90% in 18.5
(16.7 net) gross sections in Valhalla and the right to earn an additional 12.5
sections (7.6 net) under several farm-in agreements. The Corporation has
confirmed the existence of two separate natural gas pools on its lands in
Valhalla and expects significant reserve additions in this area for 2009. The
Corporation has identified eleven (9.6 net) drilling locations on its lands in
Valhalla and is planning on drilling one (0.5 net) new well in 2010.


Rycroft Area - Montney Oil/Gething Natural Gas

At Rycroft, the Corporation has completed a proprietary 27 square mile three
dimensional seismic program over 14.5 sections (10.0 net) of company owned
lands. The Corporation's land base holds multi-zone potential for oil in the
Montney and Charlie Lake Formations and natural gas in the Dunvegan, Gething,
Bluesky, Kiskatinaw and Doig Formations. The Corporation has identified numerous
drilling locations and is planning to drill a follow up well to its previous
Montney oil and Gething natural gas (I.P. - 3.0 mmcf/d) discoveries in the first
quarter of 2010.


PRIVATE COMPANY ACQUISITION

The Corporation has entered into a definitive agreement (the "Arrangement
Agreement") to acquire a private company ("Privateco") for a combination of cash
and Bellamont Class A shares. Privateco's shareholders can elect to receive
$2.76 in cash; or 3.43 Bellamont Class A shares per Privateco share subject to a
minimum of $15,000,000 and a maximum of $20,000,000 in cash, with the balance
payable in Bellamont Class A shares, resulting in the issuance of 33,657,109 to
39,870,877 Class A shares, depending on elections made by the Privateco
shareholders. Assuming the maximum election of cash by Privateco shareholders
and including estimated transaction costs and assumption of $1.6 million of net
debt (as of December 31, 2009), the total consideration is approximately $52.9
million.


The Acquisition is expected to close in mid-February in the event a meeting of
the Privateco shareholders is not required and early March if a meeting is
required. The Board of Directors, management and certain shareholders of
Privateco, representing approximately 57% of the basic shares outstanding, have
entered into lock-up agreements to vote their shares in favor of the Arrangement
Agreement. The completion of the Acquisition is subject to a number of
conditions, including but not limited to the approval by the Privateco
shareholders, receipt of all regulatory approvals, including the approval of the
TSX Venture Exchange. The Arrangement Agreement provides for the payment of a
mutual break fee upon the occurrence of certain events.


Privateco's current production is approximately 850 boe/d (70% natural gas) with
an estimated 110 bbl/d of Cardium light oil currently being tied in. Privateco's
producing properties are located in Bellamont's Peace River Arch core area with
a focus towards high liquid content natural gas in the Montney Formation and
light oil (36 degrees API) in the Dunvegan Formation. In addition, Privateco has
two (1.5 net) sections of lands located in the Pembina Cardium fairway, on which
Privateco has recently participated in a successful Cardium horizontal well.


Highlights of the Acquisition are as follows:

- Accretive on all key metrics;

- Estimated proved plus probable reserves of approximately 4,029 mboe (1)(2),
68% natural gas;


- 13 (10.6 net) near term drilling locations, including 7 (5.6 net) Pembina
Cardium oil locations;


- 94% of production is operated with a -90% average producing well working interest;

- 35,472 (24,371 net) acres of undeveloped lands;

- Acquisition cost of:

-- $13.13/boe (proved plus probable);

-- $55,100/boe/d (includes 110 boe/d currently being tied-in); and

- 13 year RLI.

(1) Based on 4,246 mboe of proved plus probable reserves as of December 31,
2008, as assessed by the Privateco's independent engineering firm GLJ Petroleum
Consultants Ltd., and adjusted for production up to December 31, 2009.


(2) Does not include any reserves for the Pembina Cardium.

FirstEnergy Capital Corp. is acting as financial advisor and National Bank
Financial Inc. is acting as strategic advisor to Bellamont in respect of the
Acquisition. Peters & Co. Limited is acting as financial advisor to Privateco.


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. Privateco's Peace River Arch assets, located near Grande Prairie,
are an excellent fit with Bellamont's existing assets as they are located in
close proximity to the Corporation's core areas of Rycroft, Valhalla, Sinclair
and Saddle Hills. Much like Bellamont's properties, Privateco's core assets are
very concentrated, operated and high working interest, with a focus on the
Montney Formation. Bellamont expects to realize operating efficiencies in the
field as it consolidates Privateco's assets with its existing properties.


Privateco's Pembina area lands are located in a very active area where recent
Cardium Formation land sales have ranged from $1,000 to $3,500 per hectare.
Operators in the area have announced successful multi-stage fraced horizontal
wells with initial production rates ranging from 200 bbl/d to 300 bbl/d.
Privateco has recently participated in one (52.5% working interest) successful
horizontal well that is expected to come on production in February 2010 at an
initial rate of approximately 200 bbl/d (gross).


The combination of Bellamont and Privateco results in a company that is focused,
financially strong and opportunity rich. The resultant Bellamont will have a
deeper, more diversified drilling inventory with an enhanced 2010 light oil
focus.


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, RBC Capital Markets, GMP Securities L.P., National Bank
Financial, Haywood Securities Inc. and Research Capital Corp. (collectively, the
"Underwriters") to issue 18,750,000 Subscription Receipts ("Receipts") at a
price of $0.80 per Receipt for gross proceeds of $15,000,000 (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 2,812,500 Receipts, at $0.80 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 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 February 11, 2010, and is subject to certain
conditions including the approval of the TSX Venture Exchange and the receipt of
necessary regulatory approvals.


BUDGET AND GUIDANCE

The Corporation's board of directors has approved a 2010 budget of $20.0
million, with an increase to $30.0 million contingent upon the closing of the
Acquisition and the Financing. The pro-forma budget includes the drilling of a
total of nineteen (14.9 net) wells and will be heavily weighted towards drilling
development oil targets in the Grimshaw, Pembina, Sinclair and Grande Prairie
areas.


Bellamont expects to produce an average 1,350 boe/d in the first quarter of
2010. Pro-forma the Acquisition, Bellamont expects to average 2,100 boe/d (46%
oil and NGL's) of production in 2010 and exit with 2,350 boe/d (56% oil and
NGL's).


The Corporation's balance sheet remains strong with an estimated $3.9 million
working capital deficit as of December 31, 2009. Bellamont has entered into an
agreement with the National Bank of Canada securing a bank line of credit of
$32.0 million upon the Acquisition's closing. Assuming the election of the
maximum cash by Privateco shareholders, the Corporation will have 134,268,535
Class A shares outstanding following closing of the Acquisition and the
Financing, excluding any shares and proceeds issued pursuant to the
overallotment.


For more information regarding the Corporation, 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 81,861,426 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".

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. More particularly, this
press release contains statements concerning the anticipated dates for the
closing of the disclosed transactions and the anticipated accretive impact of
the transactions on Bellamont, the potential exploration and development
opportunities existing with respect to Bellamont and the Acquisition, the
potential results of wells drilled, Bellamonts anticipated capital position and
2010 exit rates.


The forward-looking statements contained in this document are based on certain
key expectations and assumptions made by Bellamont, including: (i) with respect
to the anticipated closing dates of the transactions, expectations and
assumptions concerning timing of receipt of required shareholder or regulatory
approvals, third party consents and the satisfaction of other conditions to the
completion of the transactions and (ii) with respect to the remaining
forward-looking statements, expectations and assumptions concerning the success
of future drilling and development activities, the performance of existing
wells, the performance of new wells, the successful application of technology
and prevailing commodity prices.


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 failure to obtain necessary regulatory or shareholder
approvals or satisfy the conditions to closing the transactions, 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 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. Certain of these risks are set out in more
detail in Bellamont'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 document 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.


MEANING OF BOE

When used in this press release, boe means a barrel of oil equivalent on the
basis of 1 boe to 6 thousand cubic feet of natural gas. Boepd means a barrel of
oil equivalent per day.


Boe's may be misleading, particularly if used in isolation. A boe conversion
ratio of 1 boe for 6 thousand cubic feet of natural gas is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.