Fairmount closes sale of non-core Harmattan property


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    /NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
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CALGARY, Sept. 30 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") 
(TSX-V - FMT) is pleased to announce it has closed the previously announced 
sale of its working interests in the Harmattan area of Alberta to Pengrowth 
Energy Trust for aggregate gross proceeds of $12,000,000 before closing 
adjustments. 
About Fairmount 
The sale of the Harmattan property represents completion of Fairmount's full 
cycle business model with respect to this property. Over the past four years, 
Fairmount participated in the drilling and the construction of infrastructure 
to bring this property onto production and create reserve value. The 
exploration and development opportunity for this property was fulfilled and its 
reserve value confirmed through production history. As a mature long life 
producing asset, this property no longer fit with the Company's high growth 
business model. Proceeds from the sale of this property will allow Fairmount to 
pay down borrowings under its operating line of credit and free up liquidity to 
fund exploration and development opportunities in the Company's higher growth 
focus areas. 
Fairmount is an emerging junior oil and gas exploration, development and 
production company with oil and gas properties located in Alberta, Canada. 
Fairmount trades on the TSX Venture Exchange as FMT and currently has 
16,973,389 common shares outstanding. 
Additional information regarding Fairmount can be found at their website 
www.fairmountenergy.com and on Sedar at www.sedar.com. 
Forward-Looking Information 
This news release contains forward-looking information, including but not 
limited to future exploration and development plans. This information relates 
to future events or the Company's future performance. All statements other than 
statements of historical fact are forward-looking information. By its nature, 
forward-looking information involves numerous assumptions, known and unknown 
risks and uncertainties, both general and specific, that contribute to the 
possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. 
Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such 
expectations will prove to be correct. The Company can not guarantee future 
results, levels of activity, performance, or achievements. Moreover, neither 
the Company nor any other person assumes responsibility for the accuracy and 
completeness of the forward-looking information. Subject to the company's 
obligations under applicable securities laws, the Company is not under any duty 
to update any of the forward-looking information after the date of this news 
release to conform such information to actual results or to changes in the 
Company's expectations. 


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    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
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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) 350-0440; Fairmount 
Energy Inc., 2200, 520 - 5th Avenue SW, Calgary, Alberta, T2P 3R7, Phone: (403) 
355-0440, Fax: (403) 355-0465; Visit us at our website www.fairmountenergy.com

CO: Fairmount Energy Inc.
ST: Alberta
NI: OIL
-0- Sep/30/2008 22:17 GMT


 
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