Second Wave Petroleum Inc. Announces Financial and Operating Results for the Three Months Ended March 31, 2009

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 March 31, 2009. Second Wave's first quarter financial statements and
management's discussion and analysis have been filed on SEDAR at www.sedar.com
and are available on the Company's website at www.secondwavepetroleum.com.


Highlights of the Company's operating and financial results for the three months
ended March 31, 2009 include:


- Production averaged 972 boe/d, up 91% from 510 boe/d in the first quarter of
2008. Production mix was 56% oil and natural gas liquids.


- The Company drilled three gross wells (3 net) in the quarter with a 100%
success rate. In Judy Creek the Company successfully drilled the first
horizontal Pekisko oil well in the Pekisko F pool and successfully delineated
the Pekisko G pool with a vertical well. In Provost the Company successfully
delineated the Dina M7M pool with a vertical oil well. Production from these
three drills was brought on stream during the second quarter to take advantage
of the Alberta Government's recently announced royalty incentive program.


- Petroleum and natural gas sales of $3.3 million were down slightly from $3.4
million in the first quarter of 2008. Higher production volumes in the quarter
were offset by lower commodity prices.


- The Corporation incurred a net loss of $2.1 million ($0.06 per share) for the
three months ended March 31, 2009 compared to net income of $0.4 million ($0.02
per share) in the first quarter of 2008.


- The Company spent $4.9 million on its first quarter capital program ($1.6
million in the first quarter of 2008) of which $3.4 million was spent on
drilling, $1.4 million on facilities and $0.1 million on land and seismic.




Selected Financial Information

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                                     Three months ended March 31,
($000s, except per share amounts)                  2009     2008   % Change
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Petroleum and natural gas sales                   3,325    3,407         (2)
Royalties                                          (407)    (466)       (13)
Lease operating costs                            (1,962)    (829)       137
Transportation                                      (99)     (54)        83
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Operating netback                                   857    2,058        (58)
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Production volumes
Crude oil (bbls/d)                                  510      334         53
Natural gas liquids (bbls/d)                         33       21         57
Natural gas (mcf/d)                               2,573      930        177
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Combined (6:1)                                      972      510         91

Operating netback per boe                          9.81    44.87        (78)
Total capital expenditures                        4,882    1,627        200
Net income (loss)                                (2,128)     380       (660)
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Funds from operations per share:
 Basic and diluted ($)                                -     0.07          -
Net income (loss) per share:
 Basic and diluted ($)                            (0.06)    0.02       (400)
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Outlook

Average daily production during the remainder of 2009 is expected to be in the
range of 1,000 to 1,100 boe/d. Currently production is between 1,050 boe/d and
1,100 boe/d with a 60% weighting to oil and natural gas liquids.


Due to the volatility in the current commodity price environment the Company has
decided to carefully monitor its cash flows throughout the summer before
determining whether to proceed with its remaining capital expenditures program
late in Q3 and early Q4 of this year.


In the fourth quarter the Company intends to drill its next two gross (2 net)
Pekisko horizontal oil wells in Judy Creek to further develop the Pekisko G
pool. The Company's first horizontal oil well in the Pekisko F pool continues to
meet or exceed expectations and as such the Company has moved forward on
surveying and preparing to license an additional 9 drilling locations in Judy
Creek. These drilling projects can be accelerated if economic conditions improve
considerably over the second and third quarter.


Second Wave believes that the junior oil and gas industry will see substantial
consolidation in 2009 and as such the Company has continued to review potential
merger and acquisition opportunities.


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: expected daily production during the remainder of 2009;
and the scope and timing of a follow-up drilling program for the Pekisko F and G
pools in Judy Creek. 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.