Second Wave Petroleum Announces $4,000,000 Flow-Through Financing

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


Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS) is
pleased to announce that it has agreed to a non-brokered equity financing with
Brookfield Bridge Lending Fund Inc. ("Brookfield") pursuant to which Brookfield
will subscribe for a minimum of 5,757,575 common shares at an issue price of
$0.66 per share for gross proceeds of $3,800,000. The shares will be issued on a
"flow through" basis with proceeds used by the Company to incur eligible
Canadian Development Expenses during 2009.


Concurrently with the Bookfield financing, Second Wave intends to complete a
non-brokered financing with certain management and insiders for up to an
additional 285,714 common shares at a price of $0.70 per share for additional
gross proceeds of up to approximately $200,000. These shares will also be issued
on a "flow through" basis but with proceeds used to incur eligible Canadian
Exploration Expenses during 2009.


Closing is scheduled to occur on or about February 20, 2009 and is subject to
satisfaction of certain conditions, including settlement of definitive
documentation and the receipt of all necessary approvals (including the approval
of the TSX Venture Exchange).


Second Wave will continue to evaluate its 2009 Exploration Budget and may seek
additional exploration funding in 2009 if warranted.


Staffing Change

Second Wave also advises that Mr. Vince Cushieri has resigned as Vice President,
Exploration effective January 1, 2009. The Company thanks Mr. Cuschieri for his
past service and contribution to Second Wave, and is pleased that he will
continue to provide geophysical consulting services on a part-time basis. Mr.
Douglas Hibbs, currently Manager of Geology of Second Wave, has assumed the role
of Vice President, Exploration. Mr. Hibbs brings 28 years of experience to the
role having previously served as President or Vice President at three successful
growth oriented juniors.


READER ADVISORIES

This news release does not constitute an offer to sell or the solicitation of an
offer to buy any securities of the Company within the United States. The
securities to be offered have not been and will not be registered under the U.S.
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.


Forward-Looking Statements. This news release contains forward-looking
statements that are expressly qualified, in their entirety, by this caution.
Such statements include all disclosure concerning the plans, intentions or
expectations of the Company or its management in future periods. Although the
Company believes that these forward-looking statements are reasonable, undue
reliance should not be placed on them as they are inherently uncertain, based on
estimates and assumptions, and subject to substantial known and unknown risks
and uncertainties, many of which are beyond the Company's control.
Forward-looking statements are not guarantees of future outcomes. There can be
no assurance that the plans, intentions or expectations contained in the
forward-looking statements or upon which they are based will in fact occur or be
realized, and actual results, performance or achievements may differ from those
expressed or implied in the forward-looking statements. The difference may be
material.


More particularly, this news release includes statements regarding the
anticipated closing date of the offering and the anticipated amount and use of
proceeds. 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,
or that it will not be fully subscribed.


All forward-looking statements contained in this news release and any subsequent
forward-looking statements, whether written or oral, attributable to the Company
or persons acting on its behalf are qualified in their entirety by these
cautionary statements. Further, the included forward-looking statements are made
as of the date of this news release and Second Wave undertakes no obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by law.


30,917,209 Common Shares