Fairborne Energy Ltd : Fairborne Announces Director Retirement

PRESS RELEASE FAIRBORNE ANNOUNCES DIRECTOR RETIREMENTS

CALGARY, ALBERTA, October 15, 2012 - Fairborne Energy Ltd. ("Fairborne" or the "Company") (TSX:FEL) announces the retirement of Dr. Richard Walls and Mr. Rod Wimer from the Board of Directors of the Company effective November 6, 2012.
Dr. Walls is a co-founder of Fairborne and was the President and CEO from 2002 until
2005 when he took on the Chairman's role. The Company would like to thank Dr. Walls for his decade of commitment to the Company and for his guidance and support including
through the Company's startup, conversion to a trust in 2005 and the sector's first
successful conversion of an oil and gas trust back to a corporation in 2007.
Mr. Wimer has served on the Fairborne Board since the Company's inception in 2002 and has been an active and valuable member of the Board, chairing a number of committees through the years.
Johannes Nieuwenburg will continue in his role as Fairborne's Lead Independent Director, a position he has held since March 2009.
Fairborne is a crude oil and natural gas exploration, development and production company headquartered in Calgary, Alberta, Canada. Fairborne's common shares trade on the Toronto Stock Exchange under the symbol "FEL".
For further information contact:

Fairborne Energy Ltd.

Steven R. VanSickle Aaron G. Grandberg President and Chief Executive Officer Chief Financial Officer Tel: [phone] Tel: [phone]
Fax: [phone] Fax: [phone]
[e-mail] [e-mail] www.fairborne-energy.com www.fairborne-energy.com

Forward-Looking Statements:

Certain information set forth in this press release, contain forward-looking statements including the timing of the resignations from the board of directors. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fairborne's control. Additional information on risks that could affect Fairborne's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), or at Fairborne's website (www.fairborne-energy.com). Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Fairborne could differ materially from those expressed in, or implied by,

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these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Fairborne will derive therefrom. Fairborne disclaims any intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

W:57383049Press Release - 2012 Board Retirement Release.doc