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

/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.


SOURCE Bellamont Exploration Ltd.

For further information:

Steve Moran, President and Chief Executive Officer, (403) 802-1355; or
Tavis Carlson, Vice President Finance and Chief Financial Officer, (403) 802-0117
1208, 250- 2nd Street S.W. Calgary, Alberta T2P 0C1
Email: info@bellamont.com
www.bellamont.com

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Bellamont Exploration Ltd.

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