Bellamont Exploration Ltd. announces increases to its 2010 capital budget,
production guidance and credit facility

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

CALGARY, May 3 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to announce increases to its 2010 capital budget, production guidance and credit facility.

Bellamont's Board of directors have approved an increase to the Corporation's 2010 capital budget from $30.0 million to $35.0 million (net of Alberta Royalty Drilling Credits). This increase has enabled the Corporation to acquire a partner's interest in a common property. As a result of successful drilling to date, the acquisition and the increased capital program, the Corporation has increased its year end production guidance from 2550 boe/d to 2750 boe/d.

The Corporation is also pleased to announce it has executed a letter agreement banking proposal with the National Bank of Canada, increasing the Corporation's revolving credit facility from $30.0 million to $42.5 million. This increase was the result of our lender's interim review and reflects the Corporation's production additions since January 22, 2010, the date of the banking facility agreement.

Bellamont will be presenting at the Small Explorers and Producers Association of Canada (SEPAC) Investor Showcase, at 10:40 a.m. on Thursday June 3, 2010 at the Westin Calgary, 320- 4th Avenue S.W.

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 140,787,690 Class A shares and 1,012,000 Class B shares outstanding.

    
    ANNUAL MEETING
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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, capital expenditures and number and drilling locations to be drilled in 2010. 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.

The TSX Venture Exchange has not reviewed and does not accept 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.

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For further information: Steve Moran, President and Chief Executive Officer, [phone]; 200, 1324-17th Avenue S.W., Calgary, Alberta, T2T 5S8, Email: [email protected], www.bellamont.com