Second Wave Petroleum Announces Equity Financings Totalling $20 Million

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 entered into an equity financing agreement with
a syndicate of underwriters led by Wellington West Capital Markets Inc. pursuant
to which the underwriters have agreed to purchase, on a 'bought deal' basis
pursuant to a short form prospectus 5,000,000 common shares at a price of $2.00
per common share for gross proceeds of $10,000,000 (the "Offering").


In addition to the Offering, the Company's principal shareholder, Brookfield
Bridge Lending Fund Inc. ("Brookfield"), has agreed to purchase a further
5,000,000 common shares, concurrent with closing of the Offering, at the same
price of $2.00 per share for gross proceeds of $10,000,000 (the "Private
Placement"). Through the Private Placement, Brookfield will maintain its
majority ownership position in the Company at approximately 52%. 


Total gross proceeds from the Offering and the Private Placement will be
$20,000,000.


The Company intends to use the net proceeds from the Offering and the Private
Placement to accelerate the Company's ongoing exploration and development
programs on its emerging Judy Creek and Milo Pekisko oil plays, and for general
corporate purposes.


Closing of the Offering and the Private Placement is scheduled to occur on or
about February 12, 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
Private Placement 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 and
the Private Placement 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 and/or the Private Placement will not be completed within the
anticipated time or at all.


60,730,960 Common Shares