Second Wave Petroleum Drilling Success Extends Judy Creek Oil Resource Play; 50 Locations Identified for Development

Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS)
has successfully drilled and commenced production from its first horizontal oil
well in the Pekisko G Pool in Judy Creek in Northwest Alberta. This well
augments the Company's recently announced horizontal oil well in the Pekisko F
pool in Judy Creek that was drilled during the first quarter of 2009. Based on
drilling results to date, Second Wave has identified the potential for an
additional 50 horizontal drilling locations at a 100% working interest within
the Pekisko F and G pools.


The Company drilled the 100% working interest Pekisko G Pool horizontal well to
a measured depth of 2,903 meters with the horizontal portion of the well bore
intersecting 1,160 meters of the Pekisko formation prior to reaching the pool
boundary. The well was tied into the Company's battery and tested in line with
an average production test rate of 180 boe/d (56% oil) over a five day period
with final pumping rates of 210 boe/d (59% oil). The Company expects that the
well will initially produce at rates of 100 to 150 boe/d (65% oil). 


The Company utilized its 23 square kilometers (5,760 acres) of proprietary 3-D
seismic data in Judy Creek to delineate and start horizontally developing both
the Pekisko F and Pekisko G pools. The cost to drill, complete and tie-in this
latest horizontal well was approximately $1.1 million, which the Company expects
to be representative of the cost per well to drill, complete and tie-in
additional horizontal wells in the pool.


The project economics in Judy Creek are enhanced by the Alberta Government's
recently announced royalty reduction program, which provides for a 5% maximum
royalty for the first twelve months of production or 50,000 barrels of oil
production, whichever is reached first. In addition, the Company expects that
the horizontal wells will qualify for the drilling royalty credit program
announced by the Alberta Government, which would provide a credit equivalent of
$200 per meter drilled to be applied against corporate Crown royalties payable
from April 2009 to March 31, 2011. Based on the depth drilled of 2,903 meters
and the available guidance on this drilling royalty credit program, the Company
expects that its capital expenditure of $1.1 million for this latest well would
qualify it for a $0.6 million corporate royalty credit. Although this drilling
royalty credit program has yet to be passed into law, it is anticipated that
legislative approval will occur later in 2009 and that the program will enhance
the economics of the Company's horizontal drilling program.


Future Judy Creek Resource Development

Second Wave continues to build momentum in Judy Creek with the drilling of three
successful wells in 2009. The Company has accelerated its drilling program in
Judy Creek and has licensed its next three wells to further develop the Pekisko
G Pool. All three wells will be drilled off of the same surface location pad,
with the first well scheduled to be spud early in the fourth quarter of 2009.


Second Wave currently holds 46,500 net undeveloped acres (100% working interest)
on its Pekisko oil resource play in Judy Creek with 12% of its landholdings
evaluated using 3-D seismic technology. The Company is planning to shoot up to
an additional 35 square kilometers (9,000 acres) of 3-D seismic in the area
during the first quarter of 2010. Although there can be no assurances as to
future results, based on by-passed Pekisko pay and internal geological mapping,
the Company believes that this exploration acreage has a similar or larger oil
resource potential than its existing development in the Pekisko F & G oil pools.



To view the Company's most recent Corporate Presentation, please visit the
Second Wave website at www.secondwavepetroleum.com. 


READER ADVISORIES

Barrels of Oil Equivalent (BOEs). The term BOE refers to barrel of oil
equivalent. BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of six mcf (six thousand cubic feet) to one bbl (one barrel) is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.


Forward-Looking Statements. This news release contains forward-looking
statements as to the Company's internal projections, expectations and beliefs
relating to future events or circumstances. Forward-looking statements are
typically (but not necessarily) identified by words such as "anticipate",
"believe", "plan", "estimate", "expect", "plan", "intend", "potential", "may",
"will", "should" or similar words suggesting future outcomes. Although the
Company believes that these forward-looking statements are reasonable, undue
reliance should not be placed on them as they are subject to 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 may differ from those expressed or implied in the
forward-looking statements. The difference may be material.


Second Wave is subject to the inherent risks associated with the exploration,
development, exploitation and production of oil and gas. More particularly,
material risk factors that could cause actual results to differ materially from
those expressed or implied in the forward-looking statements contained in this
news release include: adverse changes in commodity prices, interest rates or
currency exchange rates; accessibility of capital when required and on
acceptable terms; lower than expected production of crude oil and natural gas;
production delays; lower than expected reserve volumes on the Company's
properties; increased operating costs; ability to attract and retain qualified
personnel or to secure drilling rigs and other services on acceptable terms;
competition for labour, equipment and materials necessary to advance the
Company's projects; unforeseen engineering, environmental or geological
problems; ability to obtain all required regulatory approvals on a timely basis
and on satisfactory terms; and changes in laws and governmental regulations
(including with respect to taxes and royalties). This list is not exhaustive.
Readers should also review the risk factors described in other documents filed
by the Company from time to time with securities regulatory authorities in
Canada, including its most recent annual information form, copies of which are
available electronically at www.sedar.com and at www.secondwavepetroleum.com. 


Specific forward-looking statements contained in this news release include
statements regarding: the Company's ability to economically develop its Pekisko
pools using new horizontal drilling technology; the scope and timing of a
follow-up drilling program for the Pekisko F and G pools; future horizontal
drilling locations; expected costs to drill, complete and tie-in future
horizontal wells; the anticipated effect of royalty reduction and drilling
royalty credit programs announced by the Alberta Government (including the
amount of any anticipated credit); and the Company's plans to shoot additional
seismic in 2010. In making such forward-looking statements, Second Wave has made
various assumptions regarding, among other things: the accuracy of geological
and geophysical data and interpretations of that data; future oil and natural
gas prices; future capital requirements; future exchange rates; the
accessibility and cost of capital (including credit); the Company's ability to
economically produce oil and gas from its properties and the timing and cost to
do so; and its ability to obtain qualified staff, equipment and supplies in a
timely and cost-efficient manner.


Statements relating to the Company's belief as to the resource potential of its
exploration acreage in the Judy Creek area are also forward-looking statements.
There can be no assurance that exploration acreage will in fact contain any
reserves or resources, or that any resources that may be identified can be
economically produced.


The forward-looking statements included herein are made as of the date of this
news release and Second Wave undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by securities laws.


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