Second Wave Petroleum Announces Closing of Flow-Through Financing

Second Wave Petroleum Inc. (TSX VENTURE:SCS) ("Second Wave" or the "Company")
announces completion of its previously announced equity financing for aggregate
gross proceeds of approximately $3,980,000. A total of 6,015,131 common shares
were issued and sold by the Company on a "flow through" basis, with 5,757,575
common shares (the "CDE Shares") purchased by Brookfield Bridge Lending Fund
Inc. at an issue price of $0.66 per share for gross proceeds of $3,800,000, and
257,556 common shares (the "CEE Shares") purchased by certain members of Company
management at an issue price of $0.70 per share for gross proceeds of
approximately $180,000.


The CDE Shares were sold on a basis requiring that Second Wave incur $3,800,000
in eligible Canadian Development Expenses during the period ending February 28,
2011, with expended amounts to be renounced in the year of expenditure. With
respect to the CEE Shares, the Company is committed to incur approximately
$180,000 in eligible Canadian Exploration Expenses before December 31, 2010 and
to renounce such amount to subscribers for the 2009 tax year.


36,932,340 Common Shares