Second Wave Petroleum Announces Exercise of Warrants by Brookfield Bridge Lending Fund Inc.

Second Wave Petroleum Ltd. ("Second Wave" or the "Company") (TSX VENTURE:SCS.A)
(TSX VENTURE:SCS.B) is pleased to announce that Brookfield Bridge Lending Fund
Inc. (the "Fund"), an existing shareholder of Second Wave, has exercised Share
Purchase Warrants to acquire 37,788,636 Class A Shares (the "Class A Shares") of
the Company for proceeds of approximately $4.7 million to the Company. This
results in the Fund holding an aggregate of 67,077,272 Class A Shares of Second
Wave, or 40.1% of the issued and outstanding Class A Shares of the Company.


In addition to the Class A Shares described above, the Fund holds a $9 million
aggregate principal amount variable rate secured convertible debenture (the
"Debenture") which is convertible, in whole or in part, into an aggregate of
81,818,181 Class A Shares of the Company. If the Fund were to convert the entire
Debenture into Class A Shares, then together with the Class A Shares it
currently holds, the Fund would hold approximately 60% of the then total issued
and outstanding Class A Shares of the Company, assuming that Second Wave has not
issued any additional Class A Shares.


About Second Wave Petroleum

Second Wave is a newly recapitalized junior oil and gas company focused on
exploration and development of oil and natural gas in Alberta, Saskatchewan and
British Columbia.


READER ADVISORY

This news release may contain forward-looking statements including management's
assessment of future plans and operations, and capital expenditures and the
timing thereof, that involve substantial known and unknown risks and
uncertainties, certain of which are beyond the Company's control. Such risks and
uncertainties include, without limitation, risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, inability to retain drilling rigs and other services,
delays resulting from or inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external sources, the
impact of general economic conditions in Canada, the United States and overseas,
industry conditions, changes in laws and regulations (including the adoption of
new environmental laws and regulations) and changes in how they are interpreted
and enforced, increased competition, the lack of availability of qualified
personnel or management, fluctuations in foreign exchange or interest rates,
stock market volatility and market valuations of companies with respect to
announced transactions and the final valuations thereof, and obtaining required
approvals of regulatory authorities. The Company's actual results, performance
or achievements could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurances 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, including the amount
of proceeds, that the Company will derive therefrom. Readers are cautioned that
the foregoing list of factors is not exhaustive. All subsequent forward-looking
statements, whether written or oral, attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by these
cautionary statements. Furthermore, the forward-looking statements contained in
this news release are made as at the date of this news release and the Company
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable securities
laws.


The term BOE or BOEs may be misleading, particularly if used in isolation. A BOE
(barrel of oil equivalent) conversion rate of 6 Mcf per one (1) BOE is based on
an energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.


167,357,767 Class A Shares

935,616 Class B Shares