Bellamont Exploration Ltd. Announces Closing Of $7.25 Million Financing



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    CALGARY, Dec. 13 /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 agreement with a syndicate of agents led by
GMP Securities L.P. and including Blackmont Capital Inc., Tristone Capital
Inc. and FirstEnergy Capital Corp. (collectively, the "Agents").
    The Corporation issued 4,061,250 Class A Shares at a price of $0.80 per
share and 4,444,000 flow-though Class A Shares at a price of $0.90 per share
for total gross proceeds of $7,248,600. 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 expiring on April 14, 2008.
    Proceeds from this offering will be used to expand Bellamont's
development and exploration of its 40 drilling locations in the Peace River
Arch and its previously announced southeast Saskatchewan farm in agreement,
and if deemed warranted by Bellamont's Board of Directors, to pursue 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 34,275,782 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 S.W., Calgary, Alberta, T2T 5S8, Telephone: (403) 802-6840, Fax:
(403) 802-1315, www.bellamont.com, Steve Moran, President and C.E.O., or Danny
Geremia, Vice President Finance and CFO

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BELLAMONT EXPLORATION LTD.

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