/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES OF AMERICA./

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.