Terrace Resources Inc.

Bowram Energy Inc.

Woodbridge Energy Ltd.

Chinook Capital Corp.

Fortriu Capital Corp.

March 30, 2009 14:19 ET

Five Capital Pool Companies Enter Into Definitive Agreement for Business Combination and Call Shareholder Meetings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2009) - Terrace Resources Inc. (TSX VENTURE:TER.P) ("Terrace"), Bowram Energy Inc. (TSX VENTURE:BRO.P) ("Bowram"), Woodbridge Energy Ltd. (TSX VENTURE:WMD.P) ("Woodbridge"), 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 they have entered into a definitive business combination agreement respecting the combination of their respective assets and liabilities (the "Business Combination") as contemplated by the letter agreement announced in the joint news release dated January 26, 2009.

The primary purpose for the Business Combination is to aggregate the Companies' capital in one entity so that a qualifying transaction can be pursued with significant funding on hand during a renewed two year period.

The principal features of the proposed Business Combination may be summarized as follows:

1. Terrace will effect a consolidation of its outstanding shares pursuant to a consolidation ratio to be determined by the board of directors of Terrace on the basis of one post-consolidation share for every $0.10 of Terrace's net cash as at a specified date following receipt of all necessary shareholder and regulatory approvals for the Business Combination (the "Investment Determination Date").

2. Bowram, Woodbridge, Chinook and Fortriu (collectively, the "Investing CPCs") will each purchase post-consolidation common shares of Terrace at a price of $0.10 per share on a private placement basis. Each Investing CPC will invest an amount equal to its net cash as at the Investment Determination Date.

3. Upon completion of the private placements, each of the Investing CPCs will distribute the Terrace shares that the Investing CPC acquires under its private placement (the "Distribution Shares") to its shareholders (other than U.S. shareholders) on a pro rata basis.

4. In connection with the share distributions, each of the Investing CPCs will effect a voluntary dissolution under the Business Corporations Act (British Columbia) and will thereafter cease to exist.

5. Terrace will assume any remaining liabilities and assets of the Investing CPCs prior to the effective date of the dissolutions.

Upon completion of the Business Combination, the existing shareholders of the Companies will become shareholders of Terrace which will continue as a capital pool company with a renewed two year period in which to complete a qualifying transaction.

As required by the TSX Venture Exchange, 90% of all cash held by Terrace at the closing of the Business Combination 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 Business Combination.

A copy of the business combination agreement is available under the Companies' profiles on the SEDAR website at www.sedar.com.

Each of the Companies has called an extraordinary general meeting to be held on April 24, 2009 for the purpose of approving each of the steps involved to complete the Business Combination. The Terrace meeting will also address customary annual general meeting matters including the election of directors who are expected to continue as directors following completion of the Business Combination. A detailed joint information circular describing the Business Combination will be mailed to the Companies' shareholders on or about March 30, 2009 and will also be available on the SEDAR website.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Distribution Shares in any state or jurisdiction, including the United States, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any public offering of securities to be made in the United States can only be made pursuant to an effective registration statement. The Distribution Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or under any state securities laws, and may not be offered, sold or otherwise transferred in the United States, or to or for the account or benefit of any U.S. persons (as defined in Regulation S under the US Securities Act). Accordingly, any U.S. shareholders of the Companies will not be eligible to receive such Distribution Shares. Brokers, dealers or other intermediaries who receive Distribution Shares that would otherwise be deliverable to U.S. shareholders under the Business Combination will be requested to sell those shares for the accounts of such U.S. shareholders and to deliver any net proceeds of sale to those U.S. shareholders.

The Business Combination remains conditional on the receipt of all required shareholder and regulatory approvals, including final approval of the TSX Venture Exchange. Any of the Companies may withdraw from the business combination agreement if all necessary approvals have not been obtained prior to July 31, 2009.

Following receipt of necessary approvals at the shareholder meetings, the closing of the Business Combination is expected to occur on or about April 30, 2009.

Trading in the Companies' shares remains halted by the Exchange until the Business Combination has closed or been terminated.


Terrace Resources Inc.

William Hayden, 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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