Second Wave Petroleum Inc. Announces Closing of $18 Million Equity Financing

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THE UNITED STATES


Second Wave Petroleum Inc. (TSX VENTURE:SCS) ("Second Wave" or the "Company") is
pleased to announce that it has closed its previously announced bought deal
financing (the "Offering") led by Wellington West Capital Markets Inc. and
including CIBC World Markets Inc. and Acumen Capital Finance Partners Limited.
Pursuant to the Offering and the exercise in full of the over-allotment option
granted to the underwriters, the Company issued 10,715,600 common shares
("Common Shares") at a price of $1.40 per share and 1,765,000 common shares
issued on a flow-through basis (the "Flow-Through Shares") at a price of $1.70
per share for total gross proceeds of $18,002,424.


The Company's principal shareholder, Brookfield Bridge Lending Fund Inc.
("Brookfield"), purchased 2,500,000 Common Shares under the Offering.


The proceeds from the Offering will be used to fund the Company's ongoing
exploration and development programs at Judy Creek, to repay debt of
approximately $3,500,000 under a term loan owing to Brookfield, and for general
corporate purposes. The gross proceeds from the sale of the Flow-Through Shares
will be used to fund expenditures on ongoing exploration activities that qualify
as Canadian exploration expenses, which will be renounced in favour of the
subscribers of the Flow-Through Shares effective on or before December 31, 2009.


READER ADVISORIES

Certain statements made herein constitute forward-looking statements, including
the anticipated use of proceeds and the renunciation of Canadian exploration
expenses to the subscribers of the Flow-Through Shares. Although Second Wave
believes these statements to be reasonable, the assumptions upon which they are
based may prove to be incorrect and undue reliance should not be placed on the
forward-looking information as Second Wave can give no assurance that they will
prove to be correct. Since forward-looking information addresses future events
and conditions, by their very nature they involve inherent risks and
uncertainties. The forward-looking information contained in this press release
is presented as of the date hereof and Second Wave undertakes no obligation to
update publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise, unless so required by applicable
securities laws.


60,287,940 Common Shares