Bellamont Exploration Ltd. Announces Second Quarter 2009 Results; a $6.2 Million Bought Deal Financing; and an Increase to Its C

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UNITED STATES


Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") (TSX
VENTURE:BMX.A) (TSX VENTURE:BMX.B) is pleased to provide a summary of its 2009
second quarter results, together with the announcement of a $6.2 million bought
deal financing and increase to its capital budget and production guidance. 


SECOND QUARTER HIGHLIGHTS:

- Increased average production for the 10th consecutive quarter to 867 Boe/d an
increase of 21% from Q1 2009 and 133% from Q2 2008; 


- Funds generated from operations before the bad debts provision of $520,000 was
$914,000;


- Reduced operating expenses on a per Boe basis by 10.8% from Q1 2009 and 19.1%
from the 2008 full year average; 


- Incurred capital expenditures of $1.7 million; 

- Purchase 6 sections of land in the Valhalla area;

- Conducted 3 (3 net) workovers and tie-in of 1 (1 net) natural gas well that
was recompleted in Q1 2009; 


- Exited the quarter with $847,000 working capital surplus.

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 and National Bank
Financial (collectively, the "Underwriters") to issue 10,000,000 Class A shares
at a price of $0.62 per share for gross proceeds of $6,200,000 (the "Offering").
In addition, the Underwriters have been granted an over-allotment option (which
may be exercised prior to the closing of the Offering or for 30 days thereafter)
to purchase an additional 1,500,000 Class A Shares at a price of $0.62 per Class
A share for further gross proceeds of $930,000, which if fully exercised, would
increase the gross proceeds from the Offering to $7,130,000.


The Class A 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 September 24, 2009, and is subject to certain
conditions including the approval of the TSX Venture Exchange and the receipt of
necessary regulatory approvals.


INCREASE TO CAPITAL BUDGET AND PRODUCTION GUIDANCE 

As a result of the bought deal financing, the Corporation's Board of Directors
has approved a $7.1 million increase to the capital budget to a total of $14.1
million. The Corporation expects to fund the expanded capital program out of the
proceeds from the financing and cash flow. If necessary, the Corporation can
also draw from its unutilized $7.25 million line of credit. The increased
capital will be directed to:


- 5 re-entry completions and 1 horizontal drill targeting Falher natural gas in
the Valhalla area;


- 2 horizontal wells targeting Montney oil offsetting the Corporation's recent
successful horizontal well in the Grimshaw area.


As a result of the capital budget, Bellamont has increased its production
guidance by 300 Boe/d to 1200 Boe/d (25% oil). The Corporation expects to exit
the year with 1100 Boe/d and add another 100 Boe/d in the first quarter of 2010.



FINANCIAL INFORMATION

The Corporation will file its unaudited financial statements and related
management's discussion and analysis ("MD&A") for the three and six months ended
June 30, 2009, with Canadian securities regulatory authorities on the SEDAR.
Copies of these documents may be accessed electronically on SEDAR at
www.sedar.com or at www.bellamont.com. Certain selected financial and
operational information for the three and six months ended June 30, 2009 and
2008 comparatives are set out below and should be read in conjunction with
Bellamont's financial statements and MD&A.




                                 Three Months Ended        Six Months Ended
                                            June 30                 June 30
                                    2009       2008        2009        2008
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Financial ($)
----------------------------------------------------------------------------
Petroleum and natural gas
 sales                         2,365,257  2,783,742   4,616,287   4,748,969
Funds generated from
 operations (1) (3)              394,245  1,250,866     753,408   2,028,939
 Per share basic and diluted        0.01       0.03        0.01        0.05
Cash flow from operating
 activities                    1,191,360  1,769,899   1,304,846   2,477,456
 Per share basic and diluted        0.02       0.04        0.02        0.06
Net income and
 comprehensive income (loss)
 (3)                          (1,546,125)   119,841  (2,929,337)   (165,763)
 Per share basic and diluted       (0.03)         -       (0.05)          -
Capital expenditures           1,702,000  6,630,000   4,493,000  11,507,000
Net working capital surplus      847,227  4,563,738     847,227   4,563,738
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Operating
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Production
 Crude oil (Bbls per day)            174        117         187         109
 Natural gas (Mcf per day)         4,058      1,484       3,551       1,434
 Natural gas liquids (Bbls per
  day)                                16          8          13           9
 Barrels of oil equivalent
  (Boe per day, 6:1)                 867        372         792         357
Average realized price
 Crude oil ($ per Bbl)             61.09     120.00       52.88      107.60
 Natural gas ($ per Mcf)            3.56      10.56        4.19        9.39
 Natural gas liquids ($ per
  Bbl)                             56.74     114.76       53.10      103.10
 Barrels of oil equivalent ($
  per Boe, 6:1)                    29.99      82.21       32.19       73.14
Netback per Boe (6:1) ($)
 Petroleum and natural gas
  sales                            29.99      82.21       32.19       73.14
 Royalties                         (0.70)    (11.70)      (3.77)     (10.87)
 Operating expenses               (12.04)    (15.89)     (12.70)     (16.28)
 Transportation expenses           (1.27)     (2.11)      (1.42)      (2.44)
----------------------------------------------------------------------------
Operating Netback                  15.98      52.51       14.30       43.55
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Undeveloped land holdings
 Gross acres                                             65,878      45,978
 Net acres                                               40,903      28,323
 Average working interest                                  62.0%       61.0%

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Common Shares
----------------------------------------------------------------------------
Shares outstanding, end of
 period
 Class A Shares               44,649,115 44,637,449  44,649,115  44,637,449
 Class B Shares                1,012,000  1,012,000   1,012,000   1,012,000
Weighted average shares
 Basic Shares Outstanding (2) 54,769,115 42,808,603  54,769,115  41,330,746
 Diluted Shares Outstanding
  (2)                         54,769,115 43,561,043  54,769,115  41,330,746
----------------------------------------------------------------------------
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(1) Management uses funds generated from operations to analyze operating
    performance and leverage. Funds generated from operations as presented
    do not have any standardized meaning prescribed by Canadian GAAP and
    therefore it may not be comparable with the calculation of similar
    measures for other entities.
(2) For the period ended June 30, 2009 the Class B shares are converted
    at the minimum Class A share price of $1.00 and added to the Class A
    shares to calculate basic shares and the diluted shares outstanding. 
(3) The Company has increased its bad debts provision by $520,000 related
    to the CCAA filing of SEM Canada Crude and SEM Canada Energy, which has
    negatively impacted funds generated from operations and increased the
    net loss in the quarter.



OUTLOOK

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. Specific to the Peace River Arch area, the Corporation has compiled
an undeveloped land inventory of 45,116 gross acres (29,743 net). 


Bellamont has successfully built significant land positions around discoveries
in three areas in the Peace River Arch - Grimshaw (Montney oil), Rycroft
(Montney oil) and Valhalla (Falher natural gas). These areas provide a solid
platform for future production and reserves growth. 


The Corporation's balance sheet remains strong with an estimated $0.85 million
of positive working capital as of June 30, 2009 and a $7.25 million unutilized
line of credit that has recently been renewed with Bellamont's lender. 


The Corporation intends to maintain its discipline and concentrate on strategic
acquisition opportunities that are accretive on cash flow, production and
reserves on a per share basis, while maintaining a strong balance sheet. The
Corporation currently has no flow-though obligations.


Readers are encouraged to visit the Corporation's web page at www.bellamont.com
to view the current corporate presentation.


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 now has 44,780,781 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, capital expenditures and number and drilling locations to be drilled
in 2009. The forward-looking statements contained in this document are based on
certain key expectations and assumptions made by Bellamont, including
expectations with respect to the anticipated closing date of the proposed
financing and assumptions concerning the success of future drilling and
development activities, the performance of existing wells, the performance of
new wells 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, 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,
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures, and failure to
obtain necessary approvals for or otherwise satisfy conditions to completion of
the proposed financing. 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.


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.