Terrace Resources Inc.

Bowram Energy Inc.

Woodbridge Energy Ltd.

Chinook Capital Corp.

Fortriu Capital Corp.

June 02, 2009 14:25 ET

Five Capital Pool Companies Complete Combination of Funds and Share Distribution

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2009) - Terrace Resources Inc. (TSX VENTURE:TZR.P) ("Terrace"), Bowram Energy Inc. (TSX VENTURE:BRO.P) ("Bowram"), Woodbridge Energy Ltd. ("Woodbridge") (TSX VENTURE:WMD.P), Chinook Capital Corp. (TSX VENTURE:CNK.P) ("Chinook") and Fortriu Capital Corp. (TSX VENTURE:FTC.P) ("Fortriu") (collectively, the "Companies") are pleased to announce that the Companies have completed the private placement and distribution of Terrace shares described in the joint news release dated May 25, 2009.

The Companies have now completed the steps noted below as part of the business combination transaction pursuant to which the Companies have aggregated their capital into one entity (Terrace) so that a qualifying transaction can be pursued with significant funding on hand during a renewed two year period.

Terrace Share Consolidation

Effective May 29, 2009 Terrace consolidated its 18,000,000 outstanding shares into 10,550,501 post-consolidation shares on the basis of a consolidation ratio of 1.70608 pre-consolidation shares for one (1) post-consolidation share.

Terrace Private Placement

On June 2, 2009, Terrace issued a total of 20,331,320 post-consolidation common shares at a price of $0.10 per share to Bowram, Woodbridge, Chinook and Fortriu (collectively, the "Investing CPCs") for aggregate gross proceeds, before transaction costs, of $2,033,132, as a result of which the Investing CPCs have combined their cash with the cash holdings of Terrace.

Share Distribution

In conjunction with the completion of the private placement, each of the Investing CPCs will distribute the shares of Terrace it acquired under the private placement to the Investing CPC's shareholders, on a pro rata basis, as at the distribution record date of June 2, 2009.

Dissolution of Investing CPCs

Pursuant to the business combination transaction, the Investing CPCs will be dissolved on or about June 5, 2009 under the provisions of the Business Corporations Act (British Columbia).

Following the dissolutions Terrace will make its final filing with the TSX Venture Exchange in connection with the transaction, including confirmation of the cash escrow pursuant to which 90% of all cash held by Terrace, net of transaction costs, will be placed in trust, subject to either being released to Terrace upon the completion of a qualifying transaction or returned to the shareholders of Terrace if it does not complete a qualifying transaction within 24 months after the closing of the transaction.

Trading in Terrace's shares remains halted by the Exchange, under the new symbol "TZR.P", until the completion of the remaining steps under the business combination transaction. The Investing CPCs will be de-listed from the Exchange in conjunction with the dissolutions.


Terrace Resources Inc.

William McCartney, Chief Executive Officer

Bowram Energy Inc.

David Winter, Chief Executive Officer

Woodbridge Energy Ltd.

Eric Boehnke, Chief Executive Officer

Chinook Capital Corp.

Paul Clough, Chief Executive Officer

Fortriu Capital Corp.

Aaron Keay, Chief Executive Officer

Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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