BELLAMONT EXPLORATION LTD. ANNOUNCES INCREASES TO ITS 2010 CAPITAL BUDGET AND
CREDIT FACILITY

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

CALGARY, Nov. 1 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce an increase to its 2010 capital budget and its revolving credit facility.

Highlights include the following:

• The corporation's board of directors have approved a $4.0 million increase in the 2010 capital budget to a total of $39.0 million (excluding capital for the acquisition of Standard Energy Inc. in February of 2010); and
• Bellamont lenders have agreed to an increase of the Corporation's revolving credit facility from $42.5 million to $50.0 million.

INCREASE TO CAPITAL BUDGET

Bellamont's board of directors has approved an increase to the Corporations capital budget by $4.0 million to a total of $39.0 million (excluding capital for the purchase of Standard Energy Inc.). With the increased budget, Bellamont intends to drill an additional well in its prolific Grande Prairie Montney I Oil pool. Volumes from the additional drill are not forecasted until January of 2011. Bellamont's most recent well in this pool, drilled at 3-30-71-4W6 was placed on production on August 14, 2010 and is currently producing in excess of 500 boe/d, comprised of 85 bbl/d of light oil, 35 bbl/d of natural gas liquids and 2.3 mmcf/d of natural gas.

INCREASE TO THE CORPORATION'S LINE OF CREDIT

The Corporation is also pleased to announce an increase to its revolving credit facility from $42.5 million to $50.0 million. This increase was the result of our lender's interim review and reflects the Corporation's production additions since the last review in May of 2010.

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.

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 140,787,699 Class A shares and 1,012,000 Class B shares outstanding.

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

For further information:

Steve Moran, President and Chief Executive Officer, [phone]; or
Tavis Carlson, Vice President Finance and Chief Financial Officer, [phone]
1208, 250 - 2nd Street S.W. Calgary, Alberta T2T 5S8
Email: [email protected]
www.bellamont.com