Second Wave Petroleum Announces Granting of Options

Second Wave Petroleum Inc. (TSX VENTURE:SCS) ("Second Wave" or the "Company")
announces the granting of 665,000 stock options to an officer and certain
employees of the Company, subject to TSX Venture Exchange and shareholder
approvals. The options are exercisable at $2.80 per share and, in the case of
100,000 options granted to an employee, $2.65 per share. They have a five year
term and are subject to standard vesting provisions, provided that none will
vest prior to required approvals being obtained. The options were granted
concurrent with the cancellation of 655,000 options previously granted to the
same optionees at an exercise price of $3.90 per share and honour commitments
previously made to the optionees in connection with their joining the Company
earlier this year.


About Second Wave Petroleum

Second Wave Petroleum is a publicly traded, newly recapitalized junior oil and
gas company focused on exploration and development of oil and natural gas in
Alberta and south eastern Saskatchewan. Second Wave remains focused on organic
growth through the drill bit on its existing acreage while continuing a process
of adding accretive acquisitions in 2008.


31,101,447 Common Shares