BAM Brookfield Asset Management Ltd

1439442 Alberta Ltd. ("1439442"), a wholly-owned subsidiary of Tricap Partners Ltd. ("Tricap"), announced that it has acquired $29,280,000 aggregate principal amount of 6.0% convertible unsecured subordinated debentures (the "Unsecured Debentures") of Birch Mountain Resources Ltd. (TSX: BMD) (the "Corporation"). The Corporation has been under the direction of a court-appointed receiver since November 5, 2008. The Unsecured Debentures were acquired pursuant to a private agreement. 1439442 paid nominal cash consideration and other non-cash consideration to acquire the Unsecured Debentures.

As a result of this transaction, assuming conversion of the entire principal amount of the Unsecured Debentures at their conversion price of $3.30, 1439442 would have ownership and control over 8,872,727 common shares of the Corporation ("Common Shares"), representing approximately 9.5% of the aggregate issued and outstanding Common Shares of the Corporation as at June 30, 2008, based on information publicly disclosed by the Corporation. In addition, as reported in its early warning report filed September 19, 2008, Tricap, the sole shareholder of 1439442, owns a convertible debenture of the Corporation in the aggregate principal amount of $34.5 million convertible into Common Shares at the lower of $0.40 per Common Share and current market price of the Common Shares at the time of conversion (the "Debenture"). Given the Corporation's current receivership proceedings, neither Tricap nor 1439442 currently intends to exercise any conversion rights under the Debenture or the Unsecured Debentures.

The Unsecured Debentures were acquired to provide Tricap, as a creditor in the Corporation's current receivership proceedings, with greater flexibility. For additional information, or for a copy of the early warning report filed in respect of the above transaction, please contact:

Jim Reid
Tricap Partners Ltd.
Suite 1700, 335-8th Avenue SW
Calgary Alberta T2P 1C9
Tel: (403) 770-7215

Tricap Partners Ltd. was established by Brookfield Asset Management to provide a source of patient, long-term capital and strategic assistance to mid-market companies based in North America. With strong industry and financial management expertise, Tricap is well positioned to assist companies in building value over the long term.

NOTE: This press release contains forward-looking information and other "forward-looking statements" within the meaning of certain securities laws including Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words "will" and "expected" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Although Tricap believes that the anticipated actions expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual outcome to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: economic and financial conditions; the behaviour of financial markets including fluctuations in interest and exchange rates. We caution that the foregoing list of important factors that may affect future results is not exhaustive. The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contacts: Tricap Partners Ltd. Jim Reid (403) 770-7215