Bellamont Exploration Ltd. increases production guidance, provides corporate
update and releases year-end results

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

CALGARY, April 16 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to provide a corporate update and a summary of its financial and operating results for the three months and year ended December 31, 2009. Bellamont has filed its audited financial statements and related management's discussion and analysis pertaining to the year as well. These documents are available on Bellamont's website at www.bellamont.com and on SEDAR at www.sedar.com.

CORPORATE UPDATE

Recent corporate highlights include:

    
    -   Based on recent drilling successes, the Corporation will be adding in
        excess of 400 Boe/d of production during May and is increasing its
        production guidance for the full year from 2100 Boe/d to 2,300 Boe/d
        and its year end exit from 2350 Boe/d to 2,550 Boe/d;

    -   During the first quarter the Corporation drilled 4 (3.5 net)
        resulting:
           -  2 (1.5 net) completed oil wells; and
           -  2 (2 net) potential oil wells;

    -   On February 11, 2010, the Corporation closed a plan of arrangement to
        acquire Standard Energy Inc. ("Standard"). Total consideration paid
        by Bellamont to Standard shareholders was $20.0 million in cash and
        33,926,264 Class A shares of Bellamont;

    -   On February 11, 2010, Bellamont closed a bought-deal financing
        agreement pursuant to which the Corporation issued 25,000,000 Class A
        shares for gross proceeds of $20.0 million; and

    -   On January 22, 2010, the Corporation secured a $32.0 million
        revolving operating demand loan.
    

FINANCIAL AND OPERATIONAL HIGHLIGHTS

    
                                              Three Months Ended December 31,
    -------------------------------------------------------------------------
                                                2009        2008    % Change
    FINANCIAL ($)
    Petroleum and natural gas sales        3,390,364   2,649,561        28.0
    Funds generated from operations(1)     1,175,661     739,498        59.0
      Per share basic and diluted               0.02        0.01       100.0
    Net loss                                (670,172)   (936,851)      (28.5)
      Per share basic and diluted              (0.01)      (0.02)      (50.0)
    Net capital expenditures              25,379,403   5,213,566       386.8
    Working capital surplus/(deficit)
    -------------------------------------------------------------------------
    OPERATING
    Production
      Crude Oil (Bbls per day)                   271         173        56.6
      Natural gas (Mcf per day)                3,501       2,702        29.6
      Natural gas liquids (Bbls per day)          21          11        90.9
      Total (Boe per day)                        875         634        38.0
    Average realized prices
      Crude Oil ($ per Bbl)                    71.44       54.55        31.0
      Natural gas ($ per Mcf)                   4.65        6.84       (32.0)
      Natural gas liquids ($ per Bbl)          60.23       79.44       (24.2)
      Average realized price ($ per Boe)       42.13       45.40        (7.2)
    Netbacks(1) ($ per Boe)
      Petroleum and natural gas sales          42.13       45.40        (7.2)
      Royalties                                (7.50)      (9.49)      (21.0)
      Operating expenses                      (13.46)     (14.88)       (9.5)
      Transportation expenses                  (1.12)      (1.85)      (39.5)
      Operating netback                        20.05       19.18         4.5
    Undeveloped land holdings
      Gross acres
      Net acres
      Average working interest
    -------------------------------------------------------------------------
    COMMON SHARES
    Shares outstanding, end of period
      Class A shares
      Class B shares
    Weighted average shares
      Basic and diluted(2)                76,594,715  54,769,115        39.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                   Year Ended December 31,
    -------------------------------------------------------------------------
                                                2009        2008    % Change
    FINANCIAL ($)
    Petroleum and natural gas sales       10,245,507  10,861,879        (5.7)
    Funds generated from operations(1)     2,674,265   3,782,122       (29.3)
      Per share basic and diluted               0.04        0.08       (50.0)
    Net loss                              (4,568,718) (1,610,764)      183.6
      Per share basic and diluted              (0.08)      (0.03)      166.7
    Net capital expenditures              32,708,765  19,966,651        63.8
    Working capital surplus/(deficit)     (3,490,103)  4,563,738      (176.5)
    -------------------------------------------------------------------------
    OPERATING
    Production
      Crude Oil (Bbls per day)                   203         138        47.1
      Natural gas (Mcf per day)                3,593       1,962        83.1
      Natural gas liquids (Bbls per day)          18          10        80.0
      Total (Boe per day)                        820         475        72.6
    Average realized prices
      Crude Oil ($ per Bbl)                    62.26       93.00       (33.1)
      Natural gas ($ per Mcf)                   4.00        8.08       (50.5)
      Natural gas liquids ($ per Bbl)          57.66      101.68       (43.3)
      Average realized price ($ per Boe)       34.21       62.52       (45.3)
    Netbacks(1) ($ per Boe)
      Petroleum and natural gas sales          34.21       62.52       (45.3)
      Royalties                                (4.93)     (11.67)      (57.8)
      Operating expenses                      (12.26)     (16.24)      (24.5)
      Transportation expenses                  (1.25)      (2.11)      (40.8)
      Operating netback                        15.77       32.50       (51.5)
    Undeveloped land holdings
      Gross acres                             64,531      67,478
      Net acres                               41,573      39,796
      Average working interest                   64%         59%
    -------------------------------------------------------------------------
    COMMON SHARES
    Shares outstanding, end of period
      Class A shares                      81,861,426  44,649,115        83.3
      Class B shares                       1,012,000   1,012,000         0.0
    Weighted average shares
      Basic and diluted(2)                60,703,704  50,353,237        20.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Funds generated from operations and Netbacks as presented do not have
        any standardized meaning prescribed by Canadian GAAP and therefore
        may not be comparable with the calculation of similar measures for
        other entities. Please refer to the Non-GAAP Measures section of the
        MD&A for more details.
    (2) For the three months and year ended December 31, 2009 the Class B
        shares are converted at the minimum Class A share price of $1.00 and
        added to the Class A shares. Thus each Class B share converted to 10
        Class A shares for the basic and diluted share calculation.
    

AREA UPDATES

Grande Prairie

At the Grande Prairie property acquired from Standard, Bellamont drilled, cased and completed via multi-stage fracture stimulation a horizontal step-out well (100% working interest) in the Grande Prairie Montney I pool. The well is expected to commence production on May 1st. Bellamont has 4 sections of contiguous land offsetting this well and has licensed one additional horizontal well.

Grimshaw

The Corporation now has four wells (one vertical and three horizontals) on production in its Montney oil pool discovery in Grimshaw. The Corporation has also drilled and cased a fourth horizontal oil well (100% working interest) which will be completed after spring breakup. This well encountered 1,275 meters of reservoir, comparable to the offsetting producers, the best of which produced an average of 150 Boe/d over its first 60 days of production. Bellamont will drill its fifth Montney horizontal well after spring breakup and plans to drill 2 (1.5 net) additional horizontal wells in this pool by year end.

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 light (39 degrees API) oil pool discovery in the area and will be completed after spring breakup. A successful completion of this well would extend the current pool boundaries significantly and is expected to lead to a multi-well horizontal development plan. Two horizontal wells drilled by a competitor in an analogous Montney oil pool located approximately 6 miles south of Bellamont's discovery are producing an average of 197 Boe/d (85.0% oil) after five months of production.

Pembina

On another property acquired in the Standard acquisition, the Corporation has drilled, cased and completed a second Cardium oil well (52% working interest). The well was recently put on production and is currently producing back load oil. Bellamont is proceeding with licensing its third horizontal Cardium well in the second half of 2010 extending the Cardium oil play to its 100% working interest undeveloped land in 48-05-W5M.

OUTLOOK

Bellamont has now successfully integrated its operations with Standard and has been active drilling wells on the combined asset base. Based on successful drilling to date, the company has increased its production guidance for the full year from 2,100 Boe/d to 2,300 Boe/d and year end exit from 2,350 Boe/d to 2,550 Boe/d. Bellamont's capital budget is weighted 84% towards oil projects. With continued drilling success, the Company expects its oil and natural gas liquids production to reach approximately 50% of total production by year end.

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 (71 net). 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 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.

Neither the TSX Venture Exchange nor its Regulation 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.

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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