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CALGARY, Feb. 11 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce it has closed its previously announced plan of arrangement (the "Arrangement") to acquire Standard Energy Inc. ("Standard"). Standard's assets are located primarily in the Corporation's Peace River Arch core area and the Pembina Cardium Fairway. Standard's shareholders unanimously approved a written resolution in favor of the Arrangement. Total consideration payable by Bellamont to the Standard shareholders pursuant to the Arrangement was $20,000,000 in cash and 33,926,264 Class A shares of Bellamont.
As a result of the closing of the Arrangement Agreement, the subscription receipts ("Receipts") issued pursuant to Bellamont's previously announced bought deal financing have been exchanged for Class A shares of Bellamont, on a one for one basis, without any further payment or further action by the holders of the Receipts.
Bellamont is also pleased to announce, in connection with the Arrangement, Bellamont is in the process of closing its previously announced $32 million credit facility with the National Bank of Canada. In connection therewith, the Corporation's previous credit facility with Bank of Montreal will been repaid in full.
For more information regarding the Corporation, please refer to the corporate presentation on Bellamont's webpage at www.bellamont.com.
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.
Bellamont trades on the TSX Venture Exchange under the symbols "BMX.A" and "BMX.B".
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE BELLAMONT EXPLORATION LTD.
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 CEO