Bellamont Exploration Ltd. announces grant of stock options



    /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/

    CALGARY, Dec. 21 /CNW/ - Bellamont Exploration Ltd. ("Bellamont" or "the
Company") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce the grant of stock
options pursuant to its stock option plan. Bellamont has issued an additional
750,000 options to the Company's officers and directors. These options are
exercisable for a five year term at $0.95 per Class A share and vest over
three years from the date of grant. Following the grant, 2,045,000 Class A
shares are reserved for issuance pursuant to Bellamont's stock option plan.

    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 34,292,449 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 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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