Second Wave Petroleum Inc. Announces Closing of $10.6 Million Equity Financing and Issue of $4.0 Million Convertible Debenture

Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS) is
pleased to announce completion today of its previously announced $10.6 million
equity financing and $4.0 million convertible debenture issue. Under the equity
financing, the Company issued and sold 5,165,000 common shares at a price of
$0.90 per share and 5,710,000 flow-through common shares at a price of $1.05
shares, of which 4,445,000 common shares were purchased by Brookfield Bridge
Lending Fund Inc. ("Brookfield") and the remainder were sold on a "bought deal"
private placement basis through Wellington West Capital Markets Inc. and CIBC
World Markets Inc. as underwriters. Brookfield now holds approximately 60.9% of
the outstanding Second Wave shares.


Proceeds from the equity financing will be used to fund the Company's ongoing
exploration and development programs at Judy Creek and for general corporate
purposes.


Concurrently with completion of the equity financing, Second Wave issued to
Brookfield a $4.0 million principal amount subordinate convertible secured
debenture, the proceeds of which were used to reduce the Company's $7.5 million
term loan facility with Brookfield that matures on May 10, 2010. The debenture
bears interest at a fixed rate of 7% per annum, matures on June 30, 2011 and is
convertible at the holder's option into common shares of the Company at a
conversion price of $1.20 per share.


All shares sold today are subject to a four-month "hold period" expiring October
31, 2009 pursuant to applicable regulatory requirements.


Statements made herein concerning the anticipated use of the proceeds of the
equity financing constitute forward-looking information. Although Second Wave
currently expects that the proceeds will be used for the purposes stated, the
directors and management of the Company may later determine to expend the funds
on different projects or for other purposes.