Fairmount Energy Inc. and Rundle Energy Partners announce information package available.


    CALGARY, Feb. 4 /CNW/ - Pursuant to the previously announced examination
of strategic alternatives available to Fairmount Energy Inc. ("Fairmount" or
the "Company") (TSX-V - FMT) for enhancing shareholder value, Fairmount
announced today that an information package prepared by Fairmount's
independent financial adviser (the "Package"), Rundle Energy Partners
("Rundle"), is available on Rundle's website at www.rundleenergy.com and on
Fairmount's website at www.fairmountenergy.com.
    The Package contains information about Fairmount's existing oil and gas
properties as well as pro-forma reserves information as at December 31, 2008.
The pro-forma reserves information was prepared by Fairmount's independent
reservoir engineering firm, GLJ Petroleum Consultants Ltd. ("GLJ"), based upon
their previously prepared NI 51-101 Reserves Report as at March 31, 2008 with
mathematical adjustments made to reflect the January 1, 2009 GLJ price
forecast, production since March 31, 2008, changes to Alberta royalties under
the New Royalty Framework, property dispositions, and the addition or
reclassification of reserves as a result of wells drilled since March 31, 2008
in accordance with applicable criteria from the COGE Handbook. Fairmount's NI
51-101 Reserves Data as at March 31, 2008 was filed on Sedar on June 27, 2008
and is available at www.sedar.com.
    The Package also identifies potential future drilling locations on
Company lands.

    Update on strategic alternatives:

    No decision on any particular alternative has been reached at this time
and there can be no assurance that the process will result in any change in
the Company's current plan to explore and develop its current oil and gas
properties or that the Company will pursue any particular transaction or
course of action. Fairmount does not intend to make any further announcements
regarding the process unless and until its Board of Directors has approved a
specific transaction or other course of action or otherwise deems disclosure
of developments is appropriate.
    Parties interested in participating in Fairmount's evaluation of
strategic alternatives should contact Rundle Energy Partners directly:

    Mark McMurray phone:403 298 9727 email: mmcmurray@rundleenergy.com
    Bevin Wirzba phone: 403 298 9736 email:bwirzba@rundleenergy.com
    Chris Poole phone: 403 298 9743 email: cpoole@rundleenergy.com

    Forward Looking Information

    This news release contains forward looking information relating to the
Company's plans to review strategic alternatives for maximizing shareholder.
Forward looking information is based on management's expectations regarding
future economic conditions, commodity prices, results of operation,
production, future capital and other expenditures (including the amount,
nature and sources of funding thereof), plans for and results of drilling
activity, environmental matters, business prospects and opportunities.
Forward-looking information involves significant known and unknown risks and
uncertainties, which could cause actual results to differ materially 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 and resource estimates; the uncertainty of estimates
and projections relating to production, costs and expenses, and health, safety
and environmental risks), the risk of commodity price and foreign exchange
rate fluctuations and risks and uncertainties associated with securing
financing to proceed with planned capital programs. In addition, the current
financial crisis has resulted in severe economic uncertainty and resulting
illiquidity in capital markets which increases the risk that actual results
will vary from forward looking expectations in this press release and these
variations may be material. Readers are cautioned that there can be no
assurance that the review of strategic alternatives will result in the
announcement or completion of any specific transaction or the adoption of any
new policy. Although Fairmount believes that the expectations in such
forward-looking information are reasonable, there can be no assurance that
such expectations shall prove to be correct. The forward-looking information
included in this press release is expressly qualified in their entirety by
this cautionary statement. The forward-looking information included in this
press release is made as of the date hereof and Fairmount assumes no
obligation to update or revise any forward-looking information to reflect new
events or circumstances, except as required by law.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Joseph S. Durante, President and CEO,
JDurante@Fairmountenergy.com, Phone: (403) 355-0440; or Ryan A. Michaluk, VP
Finance and CFO, RMichaluk@Fairmountenergy.com, Phone: (403) 355-0440;
Fairmount Energy Inc., 2200, 520- 5th Avenue SW, Calgary, Alberta, T2P 3R7;
Visit us at our website www.fairmountenergy.com

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