Bellamont Exploration Ltd. closes private company acquisition



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

    CALGARY, Nov. 23 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or
"Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce it has closed
the acquisition of a private oil and gas company (the "Privateco") as press
released on November 19, 2007. The acquisition of the Privateco increases
Bellamont's current working capital surplus to approximately $3.3 million and
based on an independent reserve report dated March 31, 2007 prepared by
McDaniel & Associates Consultants Ltd. adds probable reserves of 50 MBOE from
the properties located in the Red Creek Area of British Columbia and the
Radway and Jarvie areas of Alberta.
    The total consideration paid to the Privateco shareholders for all of the
outstanding shares of Privateco was 2,882,250 Bellamont Class A shares and
$387,043.

    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 presently has 25,770,532 Class A shares (including
1,538,461 Class A shares issued pursuant to the asset acquisition which closed
on October 22, 2007) and 1,012,000 Class B shares outstanding.

    This document contains forward-looking statements. More particularly,
this document contains statements concerning the Corporation's oil and gas
reserves.
    The forward-looking statements are based on certain key expectations and
assumptions made by Bellamont, including expectations and assumptions
concerning prevailing commodity prices and exchange rates, availability and
cost of labour and services, the timing of receipt of regulatory approvals,
the performance of existing wells, the success obtained in drilling new wells,
the performance of new wells and the sufficiency of budgeted capital
expenditures in carrying out the Corporation's planned activities. Although
Bellamont believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Bellamont can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risks associated with the oil and gas
industry in general (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 and exchange rate fluctuations and uncertainties resulting
from potential delays or changes in plans with respect to exploration or
development projects or capital expenditures. These risks are set out in more
detail in the Corporation's Annual Information Form which has been filed on
SEDAR and can be accessed at www.sedar.com.
    The forward-looking statements contained in this press 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.
    Boe means barrel of oil equivalent on the basis of 1 boe to 6,000 cubic
feet of natural gas. Boe's may be misleading, particularly if used in
isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas
is based on an energy equivalent conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.

    The TSX Venture Exchange 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, Steve Moran, President and Chief Executive Officer or Danny
Geremia, Vice President Finance and Chief Financial Officer,
www.bellamont.com

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BELLAMONT EXPLORATION LTD.

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