Bellamont Exploration Ltd. announces closing of transaction to dispose non-core property for $7.1 million

CALGARY, Sept. 12, 2011 /CNW/ -- 
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
 THE UNITED STATES/


CALGARY, Sept. 12, 2011 /CNW/ - Bellamont Exploration Ltd. (the
 "Corporation" or "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to
 announce it has closed a transaction, previously announced August 29,
 2011, to sell a non-core property for proceeds of $7.1 million.
 Proceeds from the sale will be used initially to reduce bank
 indebtedness and ultimately redeployed into further development of
 Bellamont's core properties. As a result of the disposition,
 Bellamont's credit facility has been reduced from $60.0 million to
 $57.0 million.


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 140,997,699 Class A shares
 and 1,012,000 Class B shares outstanding.





FORWARD LOOKING STATEMENTS


This press release may contain forward-looking statements. More
 particularly, this press release contains statements concerning the use
 of sale proceeds. 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


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 Officer, (403)  802-0117br/ 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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