Second Wave Petroleum Announces $27 Million Bought Deal Equity Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Second Wave Petroleum Inc. (TSX VENTURE:SCS) ("Second Wave" or the "Company") is
pleased to announce that it has entered into an equity financing agreement with
a syndicate of underwriters co-led by Wellington West Capital Markets Inc. and
GMP Securities L.P. (together the "Underwriters") pursuant to which the
Underwriters have agreed to purchase, on a 'bought deal' basis pursuant to a
short form prospectus 6,670,000 common shares ("Common Shares") at a price of
$3.00 per common share (the "Common Share Offering Price") and 2,000,000 flow
though common shares ("Flow Though Shares") at a price of $3.55 per flow though
share for aggregate gross proceeds of $27,110,000 (the "Offering"). 


Second Wave has also granted the Underwriters an over-allotment option to
purchase on the same terms, up to an additional 1,000,500 Common Shares at the
Common Share Offering Price for additional gross proceeds of up to $3,001,500.
This option is exercisable, in whole or in part, by the Underwriters, in their
sole discretion, at any time up to 30 days after the closing. The maximum gross
proceeds raised under the Offering will be approximately $30,111,500.


The net proceeds of the Offering will be used for Second Waves Pekisko oil
resource development and Beaverhill Lake exploration programs in Judy Creek,
Alberta and for general corporate developments. 


Closing of the Offering is scheduled to occur on or about July 20, 2010 and is
subject to the satisfaction of certain conditions, including settlement of
definitive documentation and the receipt of necessary approvals (including the
approval of the TSX Venture Exchange). 


READER ADVISORIES 

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 securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. The
securities to be offered have not been and will not be registered under the
United States Securities Act of 1933, as amended, or any state securities laws,
and may not be offered or sold in the United States or to or for the account or
benefit of a U.S. person absent registration or an applicable exemption from the
registration requirements of such Act or laws. 


Certain statements made herein constitute forward-looking statements, including
statements concerning the anticipated closing date of the Offering and the
anticipated amount and use of proceeds. Although Second Wave believes these
statements to be reasonable, the assumptions upon which they are based may prove
to be incorrect. The closing of the Offering could be delayed if the Company is
not able to obtain necessary approvals on expected timelines, or not completed
at all if any condition to closing is not satisfied. Accordingly, there is a
risk that the Offering will not be completed within the anticipated time or at
all.


70,864,295 Common Shares