2010-01-14-2009-11-04

To purchase assets in Peace River Arch area.

Bellamont Exploration Ltd., Calgary, (Toronto Venture: BMX) plans to acquire assets in the Peace River Arch area of Alberta from Storm Exploration Inc., Calgary, (Toronto: SEO) for C$17.15 million in cash and stock. Bellamont will pay C$14 million in cash and 5.08 million shares valued at C$0.62 per share. The assets are in the central area of the Peace River Arch adjacent to Bellamont's Sinclair and Saddle Hills properties. Current production from the properties is approximately 214 barrels of oil equivalent per day (164 barrels oil, 279,000 cubic feet of gas, 80% operated). Estimated proved plus probable reserves are approximately 1.16 million barrels of oil equivalent, 90% of which is light gravity oil producing from the Doe Creek formation. The reserve-life index is 15.2 years. In addition to the Saddle Hills and Sinclair pools, the assets have two gross (0.5 net) horizontal drilling locations on a section of land offsetting a recent successful Doe Creek horizontal well that is producing at an initial rate in excess of 300 barrels per day. Bellamont estimates it is paying $14.83 per proved plus probable barrel. The effective date is Nov. 1.