Second Wave Petroleum Inc. Increases Bought Deal Equity Financing to $10.6 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 in connection with its previously announced public
offering, the Corporation and its underwriters Wellington West Capital Markets
Inc. and CIBC World Markets (the "Underwriters"), have agreed to increase the
size of the offering to an aggregate of 5,165,000 common shares at a price of
$0.90 per share and 5,710,000 flow through shares at $1.05 per share, for total
gross proceeds of $10,644,000 (the "Offering") Brookfield Bridge Lending Fund
Inc. ("Brookfield") has agreed to purchase 4,445,000 common shares under the
Offering. Upon close of the offering Brookfield will control 29,092,120 shares
of Second Wave or 60.9% of the then outstanding shares. 


The proceeds from the Offering will be used to fund the Company's ongoing
exploration and development programs at Judy Creek and for general corporate
purposes.


Closing of the Offering and Debenture financing is scheduled to occur on or
about June 30, 2009 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 equity and debenture
financings 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 such financings 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 financings will not be completed within
the anticipated time or at all.


36,932,340 Common Shares