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CALGARY, June 2 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the"Company") (TSX-V - FMT) is pleased to announce a 43% increase in the beforeincome tax value of Proved plus Probable oil and natural gas reserves asdetermined by GLJ Petroleum Consultants Ltd. ("GLJ") as at March 31, 2008.Fairmount has received its updated independent reserve evaluation report,compliant with National Instrument 51-101 ("NI 51-101") and the Canadian Oiland Gas Evaluation Handbook ("COGEH") from GLJ. Under NI 51-101 and COGEH,Proved reserve assignments are based on a 90 percent probability that totalquantities recovered will equal or exceed Proved reserve estimates. Provedplus Probable reserves are the most likely case and are based on a 50 percentprobability that the quantities actually recovered will equal or exceed thesum of Proved plus Probable estimates. The reserves committee of Fairmount'sboard of directors, which is made up of a majority of independent directors,met with GLJ representatives and has reviewed the independent evaluator'sreserves report. Summary information is presented below. Additionaldisclosure, in accordance with NI 51-101, will be provided in the company's NI51-101 filings at a later date.

Certain information contained in this press release, including reserveestimations and related future net revenues, constitute forward lookinginformation which are subject to risks and uncertainties.