BMX.B Bellamont Exploration Ltd, CL B

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 entered
into a bought deal financing agreement with a syndicate of underwriters led by
GMP Securities L.P. and including Blackmont Capital Inc., FirstEnergy Capital
Corp. and Tristone Capital Inc. (collectively, the "Underwriters") to issue
6,900,000 Class A shares on a private placement basis at a price of $1.45 per
share for gross proceeds of $10,005,000 (the "Offering"). In addition, the
Underwriters have been granted an over-allotment option (which may be exercised
prior to the closing of the Offering) to purchase an additional 1,725,000 Class
A Shares at a price of $1.45 per Class A share for further gross proceeds of
$2,501,250, which if fully exercised, would increase the gross proceeds from the
Offering to $12,506,250.


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


Proceeds from this 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 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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