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.


Bellamont Exploration Ltd. ("Bellamont" or the "Corporation") (TSX
VENTURE:BMX.A)(TSX VENTURE:BMX.B) is pleased to announce that it has increased
its bought deal financing agreement previously announced on May 20, 2008 by
$2,494,000, and has now agreed to issue 8,620,000 Class A shares ("Class A
Common Shares") on a private placement basis at a price of $1.45 per share for
gross proceeds of $12,499,000 (the "Offering"). At the option of the
underwriters , prior to the Closing, the Offering may be increased by up to an
additional 1,725,000 Class A Common Shares at a price of $1.45 per Class A
Common Share for further gross proceeds of approximately $2,501,250, which would
increase the Offering to approximately $15,000,250, if fully exercised.


The Class A shares issued pursuant to the Offering will be subject to a four
month hold from the date of closing, currently scheduled for June 4, 2008. The
transaction is subject to the receipt of all necessary regulatory and stock
exchange approvals.


Proceeds from the Offering will be used to expand Bellamont's development and
exploration of its 70 gross well drilling location inventory in the Peace River
Arch and for working capital purposes. The Corporation's board of directors has
approved an increase to the Corporation's 2008 capital budget from $14 million
to $24 million, including asset acquisitions. If deemed warranted by Bellamont's
Board of Directors, a portion of the proceeds of the Offering may be allocated
to fund future strategic acquisition opportunities.


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.


THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF
AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. THE SHARES OFFERED WILL NOT BE
AND HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 AND
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENT.
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