Bellamont Exploration Ltd. announces December 31, 2009 year end reserves and
operational update

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

CALGARY, March 16 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to provide a summary of its 2009 year end reserves and an update on current operations.

Bellamont intends to file its audited financial statements and related management's discussion and analysis ("MD&A") for the year ended December 31, 2009, with Canadian securities regulatory authorities on the System for Electronic Document Analysis and Retrieval ("SEDAR") on or around April 16, 2010. Readers are cautioned that certain financial estimates contained herein are unaudited.

    
    BELLAMONT 2009 YEAR END HIGHLIGHTS:
    -----------------------------------

    -   Finding and development ("F&D") costs of $9.21/Boe on proved plus
        probable reserve additions, excluding changes in future development
        capital;
    -   Increased proved plus probable reserves by 95% (16% on a per share
        basis) to a total of 5.166 million Boe worth $63.3 million (@
        NPV10% before tax);
    -   Reserve replacement was 669% on proved reserves and 937% on proved
        plus probable;
    -   Working capital deficit of $3.5 million as at December 31, 2009;
    -   Achieved 100% success rate in drilling 6 wells (4.1 net) resulting
        in:
        -  5 (3.1 net) oil wells;
        -  1 (1.0) net) gas wells;
    -   Increased average production 73% from 2008 to 820 Boe/d;
    -   Exited the year with 1,072 Boe/d of production comprising 47% oil and
        liquids, resulting in a $25.61 operating netback (December averages);
    -   Based on $32.3 million of capital spending in 2009, incurred finding,
        development and acquisitions ("FD&A") costs on a proved plus probable
        basis of:
        -  $11.49/Boe when excluding changes in future development capital;
        -  $16.97/Boe when including changes in future development capital;
    -   Based on a current operating netback of approximately $22.00/Boe,
        achieved a recycle ratio of 1.3 on proved plus probable F&D costs
        when including changes in future development capital;
    -   Acquired light oil properties in the core Sinclair and Saddle Hills
        areas and in the process, issued 5,080,645 Bellamont Class A shares
        issued to the vendor, Storm Exploration Inc.;
    -   Successfully closed three separate equity financings raising a total
        of $20.5 million;
    -   Shot a 70 square kilometer 3D seismic program covering 16 gross
        sections of lands in the Rycroft area.
    -   Welcomed Mr. Greg Bay and Mr. Stu Clark to its Board of Directors.
    

Subsequent to year end on February 11, 2010, the Corporation closed a plan of arrangement to acquire Standard Energy Inc. ("Standard"). Bellamont previously announced the acquisition of 4,029 mBoe based on 4,246 mBoe of proved plus probable reserves as at December 31, 2008, as assessed by GLJ Petroleum Consultants ("GLJ") in accordance with National Instrument 51-101 ("NI 51-101"), adjusted for production up to December 31, 2009. Subsequently, GLJ has evaluated the Standard assets and assigned 5,154 mboe on a proved plus probable basis, an increase of 1,125 mBoe (810 mBoe of oil) from the December 31, 2008 evaluation. As a result, Bellamont's realized acquisition cost was $10.26 per Boe. On a pro forma basis, current production based on field estimates is approximately 2,300 Boe/d comprised of 35% oil and liquids.

    
    OIL & GAS RESERVES
    ------------------
    

The Corporation's December 31, 2009 reserves were independently evaluated by GLJ in accordance with 51-101. The reserve information presented herein utilizes GLJ's January 1, 2010 price forecast and cost assumptions.

The reserve data provided in this release represents only a portion of the disclosure required under NI 51-101. All of the required disclosure information will be contained in the Corporation's Annual Information Form to be filed with SEDAR before the end of April 2010, which will be accessible electronically at www.sedar.com.

    
                                               Reserves Summary
    -------------------------------------------------------------------------
                               Light and Medium Oil         Natural Gas
    -------------------------------------------------------------------------
                               Corporate   Corporate   Corporate   Corporate
                                   Gross         Net       Gross         Net
                                  Mbbl(1)     Mbbl(2)     MMcf(1)     MMcf(2)
    -------------------------------------------------------------------------
    PROVED
      Producing                    1,125         859       4,326       3,613
      Developed Non-Producing         74          68       1,237       1,032
      Undeveloped                    182         166       3,583       3,078
    -------------------------------------------------------------------------
    TOTAL PROVED                   1,380       1,093       9,146       7,723
    TOTAL PROBABLE                   949         698       7,356       6,009
    -------------------------------------------------------------------------
    TOTAL PROVED PLUS PROBABLE(3)  2,329       1,791      16,502      13,733
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                               Reserves Summary
    -------------------------------------------------------------------------
                                Natural Gas Liquids    Total Oil Equivalent
    -------------------------------------------------------------------------
                               Corporate   Corporate   Corporate   Corporate
                                   Gross         Net       Gross         Net
                                  Mbbl(1)     Mbbl(2)     Mbbl(1)     Mbbl(2)
    -------------------------------------------------------------------------
    PROVED
      Producing                       30          18       1,876       1,479
      Developed Non-Producing          5           3         285         243
      Undeveloped                     15           9         793         688
    -------------------------------------------------------------------------
    TOTAL PROVED                      50          30       2,955       2,410
    TOTAL PROBABLE                    36          21       2,211       1,720
    -------------------------------------------------------------------------
    TOTAL PROVED PLUS PROBABLE(3)     86          51       5,166       4,130
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



       Net Present Value of Future Net Revenue of Oil and Gas Reserves

                                    Net Present Values of Future Net Revenue
                                   Before Income Taxes Discounted At (%/year)

    -------------------------------------------------------------------------

                                      0%       5%      10%      15%      20%
    Reserves Category                (M$)     (M$)     (M$)     (M$)     (M$)
    -------------------------------------------------------------------------

    PROVED
      Producing                   62,748   45,160   36,207   30,700   26,908
      Developed Non-Producing      4,826    3,739    2,964    2,401    1,982
      Undeveloped                 10,433    5,501    2,482      533     -781
    -------------------------------------------------------------------------
    TOTAL PROVED                  78,007   54,400   41,653   33,633   28,109
    TOTAL PROBABLE                65,027   34,485   21,629   14,784   10,620
    TOTAL PROVED PLUS
     PROBABLE(3)                 143,034   88,885   63,282   48,418   38,729
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) "Corporate Gross" reserves means Bellamont's working interest share
        before deduction of royalties and without including any royalty
        interests owned by Bellamont
    (2) "Corporate Net" reserves means Bellamont's working interest share
        after deduction of royalties and including royalty interests owned by
        Bellamont
    (3) Numbers may not add up due to rounding



               Corporate Gross Reserve Reconciliation for 2009

                                                                    Proved +
                                                  Proved  Probable  Probable
                                                   (MBoe)    (MBoe)    (MBoe)
                                                -----------------------------
    December 31, 2008 Opening Balance              1,247     1,407     2,654
    Discoveries                                       13         6        19
    Extensions                                       673       740     1,413
    Improved Recovery                                127        66       193
    Technical Revisions                              414      -300       114
    Acquisitions Less Dispositions                   781       292     1,073
                                                -----------------------------
    Production                                      -300         0      -300
    December 31, 2009 Closing Balance              2,955     2,211     5,166


    2009 FINDING AND DEVELOPMENT COSTS
    ----------------------------------
    

NI 51-101 specifies how F&D costs should be calculated if they are to be reported. NI 51-101 requires that the total of the exploration and development costs incurred in the most recent financial year together with the change in future development costs during the most recent financial year be divided by the reserve additions for such year. The costs are to be reported on both a proved and a proved plus probable basis, after eliminating the effects of acquisitions and dispositions. Bellamont has chosen to report its F&D cost using the two following methods: 1) after eliminating the effects of acquisitions and disposition; and 2) including the effect of acquisitions and dispositions ("FD&A"). In addition, we have shown the F&D costs for 2008 and the three year average.

    
                       ------------------------------------------------------
                                                           Three Year Average
                             2009              2008           (2007-2009)
                       ------------------------------------------------------
                                 Proved            Proved            Proved
                         Total    Plus     Total    Plus     Total    Plus
                        Proved  Probable  Proved  Probable  Proved  Probable
    -------------------------------------------------------------------------
    Exploration and
     Development
     Expenditures
     (M$)(1)            $16,008  $16,008  $12,737  $12,737  $44,972  $44,972
    -------------------------------------------------------------------------
    Acquisitions
     Expenditures(2)    $16,302  $16,302   $6,955   $6,955  $27,284  $27,284
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Change in Future
     Development
     Costs (M$)         $15,450  $15,421     $777   $8,344  $17,387  $30,658
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Reserve Additions
     (mBoe)(3)
      - Exploration and
       Development(4)     1,227    1,739      548    1,175    1,906    3,330
      - Acquisitions(5)     781    1,073      235      334    1,351    1,932
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Finding and
     Development Costs
     ($/Boe)(6)
      - Excluding FDC    $13.05    $9.21   $23.24   $10.84   $23.60   $13.51
      - Including FDC    $25.64   $18.06   $24.66   $17.18   $32.72   $22.70
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Acquisition Costs
     ($/Boe)             $20.87   $15.19   $29.60   $20.82   $20.19   $14.12
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Finding,
     Development and
     Acquisition Costs
     ($/Boe)
      - Excluding FDC    $16.09   $11.49   $25.15   $13.05   $22.18   $13.73
      - Including FDC    $23.78   $16.97   $26.14   $18.58   $27.52   $19.56
    -------------------------------------------------------------------------

    (1) Exploration and development expenditures exclude capitalized
        administration costs
    (2) The acquisition expenditures include the purchase price of corporate
        acquisitions rather than the amounts allocated to property, plant and
        equipment for accounting purposes and exclude acquisition costs
    (3) Gross Corporation interest reserves are used in this calculation
        (interest reserves before deduction of any royalties and without
        including any royalty interests of the Corporation)
    (4) Includes Technical Revisions
    (5) Includes production from acquisitions during the applicable time
        period
    (6) Total exploration and development costs incurred in the most recent
        financial year and the change during that year in estimated future
        development costs generally not reflect the total costs of reserve
        additions for that year


    PRO-FORMA OIL AND GAS RESERVES
    ------------------------------
    

The Corporation also had the Standard reserves as of December 31, 2009 independently evaluated by GLJ in accordance with NI 51-101 utilizing GLJ's January 1, 2010 price forecast and cost assumptions. The following table presents the pro-forma oil and gas reserves of Bellamont and Standard combined.

    
                              Reserves Summary
    -------------------------------------------------------------------------
                               Light and Medium Oil         Natural Gas
    -------------------------------------------------------------------------
                               Corporate   Corporate   Corporate   Corporate
                                   Gross         Net       Gross         Net
                                  Mbbl(1)     Mbbl(2)     MMcf(1)     MMcf(2)
    -------------------------------------------------------------------------
    PROVED
      Producing                    1,332       1,023       9,871       8,512
      Developed Non-Producing        134         119       2,098       1,712
      Undeveloped                    638         546      10,189       8,378
    -------------------------------------------------------------------------
    TOTAL PROVED                   2,104       1,688      22,158      18,601
    TOTAL PROBABLE                 1,421       1,053      14,584      11,438
    -------------------------------------------------------------------------
    TOTAL PROVED PLUS PROBABLE(3)  3,525       2,741      36,743      30,039
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                              Reserves Summary
    -------------------------------------------------------------------------
                                Natural Gas Liquids    Total Oil Equivalent
    -------------------------------------------------------------------------
                               Corporate   Corporate   Corporate   Corporate
                                   Gross         Net       Gross         Net
                                  Mbbl(1)     Mbbl(2)     Mbbl(1)     Mbbl(2)
    -------------------------------------------------------------------------
    PROVED
      Producing                      193         116       3,170       2,557
      Developed Non-Producing          6           3         490         408
      Undeveloped                    230         154       2,566       2,097
    -------------------------------------------------------------------------
    TOTAL PROVED                     429         273       6,226       5,062
    TOTAL PROBABLE                   242         145       4,094       3,104
    -------------------------------------------------------------------------
    TOTAL PROVED PLUS PROBABLE(3)    671         418      10,320       8,166
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



       Net Present Value of Future Net Revenue of Oil and Gas Reserves

                                    Net Present Values of Future Net Revenue
                                   Before Income Taxes Discounted At (%/year)

    -------------------------------------------------------------------------

                                      0%       5%      10%      15%      20%
    Reserves Category                (M$)     (M$)     (M$)     (M$)     (M$)
    -------------------------------------------------------------------------

    PROVED
      Producing                   98,457   72,905   58,829   49,825   43,525
      Developed Non-Producing     11,051    8,559    6,901    5,740    4,892
      Undeveloped                 57,866   37,205   25,026   17,280   12,049
    -------------------------------------------------------------------------
    TOTAL PROVED                 167,375  118,669   90,757   72,845   60,467
    TOTAL PROBABLE               128,482   67,478   41,340   27,790   19,814
    TOTAL PROVED PLUS
     PROBABLE(3)                 295,857  186,147  132,097  100,636   80,281
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) "Corporate Gross" reserves means the Corporation's working interest
        share before deduction of royalties and without including any royalty
        interests owned by Standard
    (2) "Corporate Net" reserves means the Corporation's working interest
        share after deduction of royalties and including royalty interests
        owned by the Corporation
    (3) Numbers may not add up due to rounding


    PROFORMA NET ASSET VALUE
    ------------------------
    

The following table provides a calculation of the Corporation's net asset value based on the estimated future net revenue associated with Bellamont and Standard's combined proved plus probable reserves discounted at 10% (before tax) as presented in the December 31, 2009 reserve reports as evaluated by GLJ.

    
    -------------------------------------------------------------------------
                                                                   Value (M$)
    -------------------------------------------------------------------------
    Proved plus probable reserves - discounted at 10%(1)            $132,097
    Undeveloped land value(2)                                          6,704
    Working capital (deficit) estimate as of February 28, 2010       (13,700)
    Net asset value (basic shares outstanding)                       125,101
    Proceeds from stock options                                        5,861
    -------------------------------------------------------------------------
    Net asset value (fully diluted)                                 $130,962
    -------------------------------------------------------------------------
    Net asset value per share Class A Share(3)                         $0.93
    -------------------------------------------------------------------------
    Net asset value per fully diluted Class A Share(4)(5)              $0.82
    -------------------------------------------------------------------------

    (1) Utilizes GLJ's January 1, 2010 price forecast.
    (2) Internal estimate equivalent to $100 per net corporate acre.
    (3) As of the date hereof, there is 140,787,690 Class A shares issued and
        outstanding.
    (4) Assumes the issuance of additional 9,190,000 Class A shares issued
        pursuant to the Corporation's stock option plan.
    (5) Assumes conversion of 1,012,000 Class B shares into 10,120,000 Class
        A shares on a 10:1 basis. The Class B shares are convertible, at the
        option of the Corporation, at any before March 1, 2012; or, if the
        Corporation fails to exercise the option to convert the Class A
        shares to Class B shares by such time, at the option of the
        shareholder after March 1, 2012 and before April 2, 2012. The number
        of Class A shares obtained upon conversion of each Class B shares
        will be equal to $10.00 divided by the greater of $1.00 and the
        current market price for the Class A shares at the time of the
        conversion.


    OPERATIONAL UPDATE
    ------------------
    

The first quarter of 2010 has been the most active in the Corporation's history with 4 drilling rigs active in the Grimshaw, Rycroft, Grande Prairie and Pembina areas.

At Bellamont's Montney oil pool discovery at Grimshaw, the Corporation now has four wells (one vertical and three horizontals) on production at an estimated gross daily rate of 350 Boe/d (305 Boe/d net) comprising 83% oil. The Corporation's first three horizontal wells are producing at an approximate average rate of 110 Boe/d, with the best well averaging approximately 150 Boe/d over its first 60 days of production. The Corporation has also drilled and cased a fourth horizontal well (100% working interest.) as a potential oil well. This well will be completed following spring breakup and is expected to produce comparably with the existing horizontal wells. The Corporation will commence drilling its fifth Montney horizontal well after spring breakup and has plans for an additional 2 horizontal wells (1.8 net) by year end.

At Rycroft, Bellamont has drilled and cased a vertical well (100% working interest) as a potential Montney oil well. This well was drilled to delineate Bellamont's Montney oil pool discovery in the area. Completion of this well is expected after spring breakup. A successful completion of this well would re-enforce the Corporation's interpretation for the potential of a significant Montney oil accumulation on its lands, which could lead to a multiple horizontal well development plan in the future.

At Grande Prairie, the Corporation has drilled and cased a horizontal development well (100% working interest) in its liquids rich Montney natural gas pool. Completion and tie-in of this well is planned to proceed immediately, pending any weather related surface access restrictions. The first three wells in this pool averaged in excess of 2.2 mmcf per producing day over their first three months of production with an average liquids yield of approximately 60 bbls per mmcf, for a total of 425 Boe/d.

At Pembina, the Corporation has drilled and cased a potential Cardium oil well (52% working interest). Completion of this well is expected to be imminent, once again, pending any weather related surface access restrictions. In addition, Bellamont plans to drill its third horizontal Cardium well in the third quarter of 2010 extending the Cardium oil play to its additional 100% WI undeveloped land in 48-05-W5M.

    
    OUTLOOK
    -------
    

2009 was a transformational year for Bellamont. The Corporation's successful exploitation of its Grimshaw Montney oil discovery via multi-staged fraced horizontal wells, together with the emergence of the Corporation's Fahler natural gas resource play in Valhalla, created significant operating momentum for Bellamont. The core area acquisition of light oil properties in the Sinclair and Saddle Hills from Storm Exploration Inc. built upon the momentum. The Standard acquisition, though completed in early 2010, was an initiative launched mid-way through 2009 and ultimately capped a very successful year for the Corporation.

The recent acquisitions have significantly enhanced the financial capacity of the Corporation while adding high quality oil projects to its inventory. The Corporation is currently producing approximately 2,300 Boe/d (35.0% oil and liquids). The 2010 capital budget is $30 million and 84% weighted towards oil targets. Taking into account natural declines, the Corporation expects to average 2,100 Boe/d in 2010 and exit at 2,350 Boe/d. Based on the oil focus in the 2010 budget, the Corporation expects to increase its current oil and liquids production weighting from 35% currently to in excess of 50% by year end. This would result in an increase of the Corporation's netback from an estimated $22.00/Boe currently to approximately $30.00/Boe by year end (based on a year-end price forecast of $75.00 WTI - US$ and $5.50/mmbtu AECO-C - CDN.$).

As of the end of February, Bellamont's estimated net debt was $13.7 million, well within its $32 million bank line. Bellamont has financial flexibility to pursue acquisition and exploration opportunities. The Corporation intends to maintain its discipline and concentrate on strategic opportunities that are accretive on cash flow, production, and reserves on a per share basis, while maintaining a strong balance sheet.

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. Bellamont has a strong technically focused management team that internally generates and develops high quality large resource based prospects. The Company has a drilling inventory of 90 wells. In addition, the Company has compiled an undeveloped land inventory of 102,403 gross acres (67,048 net), of which 79,441 gross acres (56,942 net) is located in the Peace River Arch area of Alberta.

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 has 140,787,690 Class A shares and 1,012,000 Class B shares outstanding.

    
    ANNUAL MEETING
    --------------
    

Bellamont's annual shareholder meeting will be held at 3:00 p.m. on June 3, 2010 in the Plaza Room at the Metropolitan Centre, 333 Fourth Avenue S.W., Calgary Alberta.

FORWARD LOOKING STATEMENTS

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. More particularly, this press release contains statements concerning Bellamont's future production estimates, expansion of oil and gas property interests, exploration and development drilling and capital expenditures. 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.

%SEDAR: 00024373E

SOURCE BELLAMONT EXPLORATION LTD.

For further information: For further information: Steve Moran, President and Chief Executive Officer, (403) 802-1355, 200, 1324-17th Avenue S.W., Calgary, Alberta, T2T 5S8, Email: info@bellamont.com, www.bellamont.com

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