Delphi Owns 79.0% of Fairmount Energy Inc. and Closes Take-Over Bid

Fairmount Energy Inc. (TSX VENTURE:FMT) ("Fairmount" or the "Company") announced
today that it has been informed that Delphi Energy Corp. ("Delphi") (TSX:DEE)
has acquired an additional 544,730 common shares of Fairmount under Delphi's
previously announced offer to acquire all of the issued and outstanding common
shares of Fairmount (the "Offer"). Delphi will now own 12,915,916 Fairmount
common shares representing approximately 79.0 percent of Fairmount's issued and
outstanding common shares.


Fairmount also intends to cause the Fairmount common shares to be de-listed from
the TSX Venture Exchange as soon as practicable and to apply to the securities
regulatory authorities for Fairmount to cease to be a reporting issuer.


Holders of Fairmount common shares are cautioned that the de-listing of the
Fairmount common shares and/or the subsequent acquisition transaction may result
in Canadian income tax consequences that are materially different from those
that arise on the disposition of shares under the Offer. (See "Certain Canadian
Federal Income Tax Considerations" under the take-over bid circular.) Holders
should consult their own tax advisors with respect to the potential income tax
consequences to them of not disposing of their Fairmount common shares pursuant
to the Offer.


Delphi made its Offer on August 28, 2009 when it mailed a take-over bid circular
to Fairmount shareholders. The deposit period under the Offer expired at 5:00
p.m. (Calgary time) on October 19, 2009. Delphi has also announced its
intentions to complete a subsequent acquisition transaction prior to the end of
November 2009. In this regard, Fairmount intends to mail an information circular
to its shareholders in the coming weeks.


Fairmount is a junior oil and natural gas exploration, development and
production company with oil and gas properties located in Alberta, Canada.


Forward-Looking Statements. This release contains forward-looking statements and
forward-looking information within the meaning of applicable securities laws.
The use of any of the words "expect", "anticipate", "continue", "estimate",
may", "will", "should", believe", "intends", "forecast", "plans", "guidance" and
similar expressions are intended to identify forward-looking statements or
information.


Forward-looking statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by Fairmount as of the date of
such statements, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. The forward-looking statements and
information contained in this press release, which may prove to be incorrect,
include, but are not limited to, the various assumptions set forth herein and in
Delphi's take-over bid circular prepared and filed in accordance with applicable
securities laws as well as the ability of Delphi to effect a subsequent
acquisition transaction and Fairmount to de-list the Fairmount common shares
from the TSX-V.


Although the Company believes that the expectations reflected in such
forward-looking statements and information are reasonable, it can give no
assurance that such expectations will prove to be correct. Since forward-looking
statements and information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated due to a number of factors and
risks. These include, but are not limited to, the risks associated with the oil
and gas industry in general such as 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
estimates and projections relating to production rates, costs and expenses,
commodity price and exchange rate fluctuations, marketing and transportation,
environmental risks, competition, the ability to access sufficient capital from
internal and external sources and changes in tax, royalty and environmental
legislation. These risks, factors, estimates and assumptions are not exhaustive.
The forward-looking statements and information contained in this press release
are made as of the date hereof for the purpose of providing the readers with the
Company's expectations in respect of the acquisition of Fairmount by Delphi. The
forward-looking statements and information may not be appropriate for other
purposes. Fairmount 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.