Bellamont Exploration Ltd. announces closing of $15.0 million financing



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    CALGARY, June 4 /CNW/ - Bellamont Exploration Ltd. ("Bellamont" or "the
Company") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce that it has closed
its previously announced financing with a syndicate of underwriters led by GMP
Securities L.P. and including Blackmont Capital Inc., FirstEnergy Capital
Corp. and Tristone Capital Inc.
    The Company issued 10,345,000 Class A Shares at a price of $1.45 per
share for total gross proceeds of $15,000,250 (the "Offering"). The shares
were issued on a private placement basis pursuant to exemptions from
applicable prospectus requirements and will be subject to a four month hold
period from the date hereof.
    Proceeds from the Offering will be used to expand Bellamont's development
and exploration of its 70 gross well drilling location inventory in the Peace
River Arch and for working capital purposes. The Company's board of directors
has approved an increase to the Company's 2008 capital budget from $14 million
to $24 million, including asset acquisitions. If deemed warranted by
Bellamont's Board of Directors, a portion of the proceeds of the Offering may
be allocated to fund future strategic acquisition opportunities.

    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 44,637,449 Class A shares and 1,012,000 Class
B shares outstanding.

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND 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 SW, Calgary, Alberta, T2T 5S8, Telephone: (403) 802-6840, Fax:
(403) 802-1315, www.bellamont.com, Steve Moran, President and CEO, or Danny
Geremia, Vice President Finance and CFO

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BELLAMONT EXPLORATION LTD.

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