Bellamont Exploration Ltd. anounces disposition of non-core property for $7.1 million

CALGARY, Aug. 29, 2011 /CNW/ -- 
Not for distribution to U.S. newswire services or for dissemination in the United States


CALGARY, Aug. 29, 2011 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or "Bellamont")
 (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce that it has entered in
 to a definitive agreement to sell a non-core property for proceeds of
 $7.1 million.  Closing of the transaction is scheduled for September
 15, 2011.


The property, located in the Sinclair area of Alberta, produces
 approximately 77 Boe/d (67% oil) and has proved plus probable reserves
 (as of December 31, 2010) of 380 mboe (76% oil).  Accordingly, the
 disposition offers excellent metrics to the Corporation of $92,280 per
 flowing Boe and $18.68/Boe proved plus probable reserves.


Proceeds from the disposition will initially be used to reduce bank
 indebtedness and ultimately be redeployed to accelerate development of
 Bellamont's core areas.  The Corporation plans to announce an updated
 capital program and guidance later in the third quarter.


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 and British Columbia.  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 140,997,699 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
 expected closing of the sale of Bellamont's Sinclair property, the use
 of sale proceeds therefrom, and announcement of future capital
 expenditures and guidance. 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.


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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