Bellamont Exploration Ltd. announces closing of transaction to dispose non-core property for $7.1 million
September 12 2011 - 10:54PM
PR Newswire (Canada)
CALGARY, Sept. 12, 2011 /CNW/ -- /NOT FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Sept. 12, 2011 /CNW/ - Bellamont Exploration Ltd. (the
"Corporation" or "Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased
to announce it has closed a transaction, previously announced
August 29, 2011, to sell a non-core property for proceeds of $7.1
million. Proceeds from the sale will be used initially to reduce
bank indebtedness and ultimately redeployed into further
development of Bellamont's core properties. As a result of the
disposition, Bellamont's credit facility has been reduced from
$60.0 million to $57.0 million. 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 140,997,699 Class A shares and 1,012,000 Class B
shares outstanding. FORWARD LOOKING STATEMENTS This press release
may contain forward-looking statements. More particularly, this
press release contains statements concerning the use of sale
proceeds. 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 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/12/c2666.html
p Steve Moran, President and Chief Executive Officer, (403)
802-1355; orbr/ Tavis Carlson, Vice President Finance and Chief
Financial Officer, (403) 802-0117br/ 1208, 250- 2supnd/sup Street
S.W. Calgary, Alberta T2P 0C1br/ Email: a
href="mailto:info@bellamont.com"info@bellamont.com/abr/ a
href="http://www.bellamont.com"www.bellamont.com/a /p
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