Bellamont Exploration Ltd. announces acquisition of a private company and provides a corporate update



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    CALGARY, Nov. 19 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or
"Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce that it has
entered into an agreement with a private oil and gas company ("Privateco")
pursuant to which Bellamont will acquire all of the issued and outstanding
securities of Privateco (the "Acquisition").

    
    Acquisition Highlights
    ----------------------

    -  Based on an independent reserve report dated March 31, 2007 prepared
       by McDaniel & Associates Consultants Ltd., Privateco has Probable
       Additional reserves of 50 MBOE and properties located in the Red Creek
       Area of British Columbia and the Radway and Jarvie areas of Alberta.
    -  At closing, the Privateco will have a working capital surplus of
       $2,575,000 which will further strengthen Bellamont's existing working
       capital surplus.
    

    Deal Structure
    --------------

    Each Privateco shareholder will be entitled to receive either: 1) cash in
the amount of $0.43 per Privateco share; or 2) 0.63 of a Bellamont Class A
share per Privateco share. The total amount of cash consideration payable to
the Privateco shareholders shall not be less than a minimum of $290,272 nor
exceed a maximum of $580,543. Should the Privateco shareholders elect to
receive cash in the amount equal to or less than the minimum amount of cash
consideration, Bellamont will issue 3,024,032 Class A shares to the Privateco
shareholders. Should the Privateco shareholders elect to receive cash in the
amount equal to or less than the maximum amount of cash consideration,
Bellamont will issue 2,598,750 Class A shares to the Privateco shareholders.
Bellamont has delivered an offer to each of the shareholders of Privateco and,
if accepted by all the shareholders, the Acquisition is expected to close on
or about November 22, 2007.

    Corporate Update
    ----------------

    Assuming the Privateco shareholders elect to receive the minimum cash
consideration, at closing of the Privateco acquisition Bellamont will have an
approximate working capital surplus of $3.5 million, an undrawn line of credit
of $3.5 million and current production of approximately 325 boe/d. Bellamont
is in the process of tying in 2 (0.85 net) new pool natural gas discovery
wells that were drilled in the third quarter. Volumes from these two
additional wells are anticipated to increase the Corporation's production to
over 400 Boe/d. In addition, the Corporation plans to drill a minimum of four
exploration wells in its core Peace Rive arch area prior to year end.
    In Southeast Saskatchewan, Bellamont has recently concluded the field
operations for its 82 square mile three dimensional ("3D") seismic program
pursuant to the Farm-in Agreement announced in the Corporation's press release
dated September 10, 2007. Bellamont expects all of the new 3D seismic data to
be processed and ready for interpretation by the second week of December.
    Pursuant to the Farm-in agreement, the Corporation has access to 178,000
gross acres (279 gross sections) in a 12 square township farm-in block of
lands and must drill a minimum of one exploration well prior to June 1, 2008.
In addition, the Corporation has access to review the Farmor's existing
seismic database, comprised of 80 square miles of 3D data and 230 miles of 2D
data. Based on its review to date of the Farmor's existing seismic database,
Bellamont has identified 12 drilling leads, 2 of which have multi zonal
potential in the Red River and Duperow formations. Based on the large amount
of mainly contiguous farm-in lands that are covered by the new 82 square 3D
seismic program, Bellamont is optimistic the program will generate numerous
additional drilling opportunities.
    The Farm-in lands are prospective in five separate zones which include
the Birdbear, Duperow, Winnipegosis, Red River and Winnipeg. All of these
prospective formations are light oil prone (35-37 degrees API) and would be
eligible for the Saskatchewan Crown royalty holiday for deep vertical oil
wells. This royalty holiday provides for a 2.5% royalty for wells located on
Crown lands for the first 16,000 cubic metres (approx. 100,000 bbls) of oil
for exploratory wells, or 8,000 cubic metres (approx. 50,000 bbls) of oil for
development wells. In the event a well is located on freehold lands, the
freehold production tax rate is reduced to zero. For more information
regarding the Farm-in agreement, please see the corporate presentation on
Bellamont's web page 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 presently has 21,349,821 Class A shares and 1,012,000
Class B shares outstanding.

    This document contains forward-looking statements. More particularly,
this document contains statements concerning the Corporation's future
production levels and planned exploration, development and acquisition
activities.
    The forward-looking statements are based on certain key expectations and
assumptions made by Bellamont, including expectations and assumptions
concerning prevailing commodity prices and exchange rates, availability and
cost of labour and services, the timing of receipt of regulatory approvals,
the performance of existing wells, the success obtained in drilling new wells,
the performance of new wells, the sufficiency of budgeted capital expenditures
in carrying out the Corporation's planned activities and the timing for the
completion of the Privateco Acquisition.
    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, risks that Privateco
shareholders do not accept Bellamont's offer, risks relating to the receipt of
regulatory and third party approvals for the Privateco acquisition, the 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. These risks
are set out in more detail in the Corporation'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 press 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.

    Boe means barrel of oil equivalent on the basis of 1 boe to 6,000 cubic
feet of natural gas. Boe's may be misleading, particularly if used in
isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas
is based on an energy equivalent conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00024373E




For further information:

For further information: Bellamont Exploration Ltd., Suite 200, 1324 -
17th Avenue S.W., Calgary, Alberta, T2T 5S8, Telephone: (403) 802-6840, Fax:
(403) 802-1315; Steve Moran, President and Chief Executive Officer, or Danny
Geremia, Vice President Finance and Chief Financial Officer,
www.bellamont.com

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BELLAMONT EXPLORATION LTD.

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