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CALGARY, July 30 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or
"Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) announces it has potential financial
exposure to SemCanada Crude Co. ("SemCanada Crude") and SemCanada Energy Co.
("SemCanada Energy"), Canadian subsidiaries of U.S. based SemGroup LP relating
to the marketing of a portion of the Company's natural gas and crude oil
On July 22, 2008 SemGroup LP and certain of its U.S. based direct and
indirect subsidiaries (collectively "SemGroup") filed a petition for relief
under Chapter 11 of the U.S. Bankruptcy Code. SemCanada Crude filed an
application to and obtained an order under the Companies' Creditors
Arrangement Act (Canada) in the Court of Queen's Bench of Alberta Judicial
District of Calgary. SemCanada Energy has filed a Notice of Intention to make
a Proposal under the Bankruptcy and Insolvency Act (Canada).
Bellamont believes it has a potential financial exposure of approximately
$950,000.00 relating to crude oil sales for the period from June 1st, 2008 to
July 22, 2008 and natural gas sales from June 1, 2008 to June 25, 2008. At
this time Bellamont cannot determine the ultimate amount of financial
exposure, but will aggressively pursue all options to recover amounts owing.
Bellamont has sufficient working capital and cashflow to maintain its
capital budget at $24 million as previously announced (May 21, 2008).
Bellamont trades on the TSX Venture Exchange under the symbols "BMX.A"
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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; or Danny
Geremia, Vice President Finance and CFO