Second Wave Petroleum Releases Second Quarter 2009 Results; Focuses on Oil Resource Plays at Judy Creek and Battle Creek

Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS) is
pleased to announce its financial and operating results for the three months
ended June 30, 2009. Second Wave's full second quarter financial statements and
management's discussion and analysis have been filed on SEDAR at www.sedar.com
and are also available on the Company's website at www.secondwavepetroleum.com.


Second Quarter 2009 Highlights

- Second Wave's production averaged 987 boe/d, up 26% from 783 boe/d during the
second quarter of 2008. The production mix was weighted 55% to oil and natural
gas liquids. Production remained relatively stable from the first quarter
average of 979 boe/d.


- Second Wave initiated production from its first 100% working interest
horizontal oil well in the Pekisko F pool in Judy Creek which is currently
producing 50 boe/d (50% oil) after five months of production. Subsequent to the
quarter end, the Company drilled its first horizontal oil well in the Pekisko G
pool which has tested at production rates in excess of 180 boe/d (55% oil and
liquids) and is now on production with expected initial production rates of 100
to 150 boe (65% oil and liquids).


- Second Wave completed a $10.6 million private placement equity financing with
proceeds of $4.6 million from a common share offering at $0.90 per share and
$6.0 million from a flow through placement at $1.05 per share.


- Despite increased production volumes, petroleum and natural gas revenues
decreased to $3.8 million for the quarter, down from $6.3 million in the second
quarter of 2008. This can be mainly attributed to significantly lower overall
commodity prices.


- The Company generated cash flow from operating activities of $1.0 million
($0.02 per share) for the three months ended June 30, 2009. A net loss of $4.1
million ($0.11 per share) was recorded for the quarter due primarily to
depletion charges of $2.3 million and unrealized losses on financial derivatives
of $1.5 million. This compares to net income of $0.3 million ($0.01 per share)
in the second quarter of 2008.




Selected Financial and Operating Information

----------------------------------------------------------------------------
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                             Three months ended            Six months ended
($000s, except share                    June 30,                    June 30,
 amounts)               2009     2008  % Change    2009      2008  % Change
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Petroleum and
 natural gas sales     3,798    6,326       (40)  7,124     9,733       (27)
Royalties               (347)    (803)     (131)   (754)   (1,269)      (41)
Lease operating
 costs                (2,355)  (1,558)       51  (4,318)   (2,388)       81
Transportation          (106)     (77)       38    (205)     (131)       56
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Operating netback        990    3,888       (75)  1,847     5,945       (69)

Production Volumes
Crude oil (bbls/d)       509      408        25     510       368        39
Natural gas liquids
 (bbls/d)                 38       40        (5)     36        31        16
Natural gas (mcf/d)    2,637    2,012        31   2,605     1,466        78
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Combined (6:1) boe/d     987      783        26     979       643        52

Crude oil and
 liquids weighting (%)    55       57        (3)     56        62       (10)

Operating netback
 per boe               11.02    54.58       (80)  10.42     50.77       (79)
Total capital
 expenditures          2,163    4,070       (48)  7,045     5,696        24
Net income (loss)     (4,138)     296    (1,498) (6,266)      676    (1,027)
----------------------------------------------------------------------------
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Funds from
 operations per
 share (1):                -     0.09         -       -      0.16         -
Cash flow from (used
 in) operating
 activities per
 share:                 0.02    (0.02)      200    0.03      0.03         -
Net income (loss)
 per share:            (0.11)    0.01    (1,200)  (0.18)     0.03      (700)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Funds from operations is a non-GAAP measure that does not have a
    standardized meaning as prescribed by GAAP and is therefore unlikely to
    be comparable to similar measures presented by other oil and gas
    companies. Management considers it an important measure as it
    demonstrates the Company's ability to generate the cash flow necessary
    to fund future growth through capital investment.



Operational Review

Average production during the second quarter in 2009 of 987 boe/d was slightly
higher than the first quarter as new production additions were mitigated by
downtime associated with facility turn arounds in Battle Creek and Judy Creek.
Production for the quarter was weighted 55% to oil and natural gas liquids.


With the addition of recent volumes in Judy Creek the Company increased its
current production to 1,075 boe/d (55% oil and liquids). In light of weakening
natural gas prices the Company will continue to remain diligent by shutting in
or curtailing low netback gas production as prices and operating parameters
dictate. To this extent the Company is evaluating shutting in an additional
50-100 boe/d of gas production which is currently processed at third party
facilities. The Company currently has approximately 100 boe/d of low netback
production that is shut in. The Company views the current gas price environment
as short term and as such these potential production curtailments on marginal
netback gas production will preserve the Company's long term share value with
negligible effects on current cash flows.


In Judy Creek, the Company has added incremental production in 2009 with August
production rates reaching approximately 250 boe/d, significantly higher than the
first quarter and second quarter average of 30 boe/d and 101 boe/d,
respectively. These additional production volumes are expected to substantially
improve area netbacks and ultimately reduce corporate operating costs on a per
unit basis. The Company believes that it will be able to continue to improve its
operating costs in Judy Creek and hence its overall corporate operating costs in
2009 and 2010 as the existing facilities still have sufficient capacity to
accommodate planned production additions.


Prior to attaining production increases in Judy Creek, the Company has
historically experienced operating costs higher than the corporate average in
its core areas of Judy Creek and Battle Creek due to underutilized processing
facilities. Second Wave experienced a substantial amount of downtime and costs
at these facilities in the second quarter as a result of scheduled maintenance
and facility upgrades. Aggregate facility maintenance costs amounted to
$2.25/boe or $200,000 in the second quarter. The facilities in both areas were
initially constructed with substantially larger production capacities than
currently required. Going forward this excess capacity will provide the Company
with the ability to produce future drilling volumes at lower capital costs per
unit.


At Battle Creek, production has remained level since the first quarter when
low-netback oil production was shut in and capital allocated to Judy Creek. With
oil prices strengthening, the Company has planned to re-direct capital to its
100% Madison oil pool development project in the second half of 2009. Based on
the timing of these expenditures and anticipated production adds corporate per
unit costs are not expected to benefit from anticipated production and related
operating efficiencies until after the third quarter of 2009.


Outlook

Second Wave continues to position itself to take advantage of its drilling
inventory assembled on oil resource plays. Second Wave has identified the
potential for an additional 50 100% working interest horizontal drilling
locations on its Judy Creek Pekisko F & G pools and is focused on strategically
drilling this oil resource play to maximize growth for the Company's
shareholders.


The recent drilling success at Judy Creek is translating to an increase in
overall production capability and has improved netbacks at that property. While
some of this success will begin to become more evident in our third quarter
results, Second Wave is most enthusiastic about the medium and long-term growth
potential from a full development drilling program on this and other oil
resource plays in our inventory.


The remaining 2009 capital program is concentrated on Second Wave's horizontal
oil well development plays in Judy Creek and Battle Creek, where management
expects to generate further production adds and operating cost improvements as
these projects are advanced. The Company continues to review opportunities to
further improve corporate netbacks by reducing operating expenditures and
improving efficiencies in all other areas as well.


To view the Company's current 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 scope and timing of a follow-up drilling program for
the Pekisko F and G pools; future horizontal drilling locations; expected
production rates; the possible shut-in of additional production; and
expectations with respect to improvements in netbacks, operating costs and
production efficiencies. 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.


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.


47,807,340 Common Shares