Bellamont Exploration Ltd. announces closing of Peace River Arch core area
light oil acquisition and appointment of Mr. Stu Clark to its Board of
Directors
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
Bellamont is also pleased to announce the appointment of
As a result of the closing of the Acquisition, the subscription receipts ("Receipts") issued pursuant to Bellamont's previously announced bought deal financing have been deemed to be exchanged for Class A shares of Bellamont, without any further payment or further action by the holders of the Receipts.
The Acquisition is consistent with Bellamont's strategy 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. The Corporation has a strong, technically focused management team that internally generates and develops high quality, large resource based prospects. Bellamont trades on the TSX Venture Exchange under the symbols "BMX.A" and "BMX.B". The Corporation now has 81,861,426 Class A shares and 1,012,000 Class B shares outstanding.
FORWARD-LOOKING STATEMENTS --------------------------
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the Corporation's future plans and strategy.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Corporation, including, assumptions in respect of the Corporation's ability to carry out its business plan.
Although the Corporation 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 the Corporation 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, 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), risks surrounding the ability of the Corporation to access equity and debt markets and risks associated with commodity price and exchange rate fluctuations. Certain of these risks are set out in more detail in the Corporation's Annual Information Form for the year ended
The forward-looking statements contained in this document are made as of the date hereof and the Corporation 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.
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For further information: Bellamont Exploration Ltd., Suite 200, 1324 - 17 th Avenue S.W.,Calgary, Alberta, T2T 5S8, Telephone: (403) 802-6840, Fax: (403) 802-1315, Steve Moran, President and Chief Executive Officer, www.bellamont.com
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