Second Wave Petroleum Increases Year-End 2008 Net Asset Value by 41%, Reserves Volumes by 122% and Q4 Production by 131%

Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS) is
pleased to release the results of its reserves evaluation for the fiscal year
ended December 31, 2008 along with estimates of certain unaudited items from its
2008 year-end financial results. In accordance with National Instrument 51-101
Standards for Disclosure of Oil and Gas Activities ("NI 51-101"), the Company's
independent qualified reserves evaluators, GLJ Petroleum Consultants Ltd., have
prepared a report (the "GLJ Report") evaluating all of the Company's oil,
natural gas and liquids reserves as at December 31, 2008. The reserves data set
forth in this news release is derived from the GLJ Report.


All present value figures referred to in this news release are based on forecast
prices and costs.


Highlights:

- Increased net asset value as of December 31, 2008 by 22% year-over-year to
$1.88 per fully diluted share based on proved plus probable reserves ("P+P")
discounted at 10%. This represents an increase of 41% from the prior year's net
asset value per share based on the outstanding share count after the January 18,
2008 re-capitalization of the Company and the December 31, 2007 P+P reserves
values. This increase in net asset value per share more than offsets a
substantial drop in near-term commodity prices on a year-over-year basis.


- Increased P+P reserves volumes by 122% through 2008 to 4,365 mboe. Net present
value of the P+P reserves discounted at 10% increased 127% to $73.4 mm. The 2008
year-end P+P reserves represent a 91% increase in P+P reserves volumes on a per
share basis from January 18, 2008.


- Finding, development and acquisition ("FD&A") costs for 2008 on a P+P basis
were $20.64 per boe, including changes to future development capital ("FDC").
Excluding land and seismic purchases in 2008, FD&A costs for 2008 were $18.68
per boe (including changes to FDC).


- Recycle ratios in 2008 were 1.79 including land and seismic purchases and 2.00
when land and seismic purchases are excluded. A recycle ratio of 1.79 means that
for every dollar reinvested by Second Wave in 2008, the return potential was
$1.79 given stable netbacks. The calculation is based on 2008 FD&A costs of
$20.64 per boe and corporate netbacks for 2008 of $36.97 per boe.


- Average quarterly production increased 131% on a year-over-year basis to 1,042
boe/d in the fourth quarter of 2008 including 590 bbls/d of oil and natural gas
liquids and 2.7 mmcf/d of natural gas. The fourth quarter average production
rate represents a 77% increase on a per share basis from the first quarter of
2008 based on the outstanding share count after the January 18, 2008
re-capitalization. Based on fourth quarter production the reserve life index as
of December 31, 2008 was 11.5 years.




Summary of Oil and Gas Reserves

----------------------------------------------------------------------------

                                                                      Total
                                                                     Proved
                                       Proved     Total     Total      plus
                                    Producing    Proved  Probable  Probable
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Oil (Mbbl)
 Working Interest                       1,037     1,480     1,371     2,852
 Net After Royalty                        915     1,332     1,220     2,553
Natural Gas (MMcf)
 Working Interest                       3,894     5,492     2,384     7,875
 Net After Royalty                      3,233     4,553     1,926     6,479
Natural Gas Liquids (Mbbl)
 Working Interest                          95       130        71       201
 Net After Royalty                         65        89        49       138
Oil Equivalent (Mboe)
 Working Interest                       1,780     2,525     1,840     4,365
 Net After Royalty                      1,519     2,180     1,590     3,770
----------------------------------------------------------------------------


Before Tax Present Value ($000) (forecast prices and costs)
----------------------------------------------------------------------------
Discounted at
                   0%                $ 44,785  $ 62,786  $ 59,918  $122,703
                   5%                $ 37,223  $ 50,003  $ 42,518  $ 92,521
                  10%                $ 31,975  $ 41,422  $ 31,957  $ 73,379
                  15%                $ 28,094  $ 35,278  $ 24,960  $ 60,238
----------------------------------------------------------------------------



Net Asset Value

As detailed in the table below, the net asset value for the Company discounted
at 10% as of December 31, 2008 on the basis of P+P reserves was $1.88 per
diluted share. This represents an increase of 41% from the post
re-capitalization net asset value per share of the Company as of January 18,
2008. The producing reserve base in Alberta has been evaluated using the New
Royalty Framework ("NRF") as outlined by the Alberta Government. All future
drilling in Alberta has been evaluated using the Transition Royalty Rates as
announced by the Alberta Government on November 19, 2008.


The net present value of the Company is based on the independent evaluation of
the Company's P+P reserves values (using forecast prices and costs) in the GLJ
Report and management's internal estimates of undeveloped land and proprietary
seismic values. These estimates may not be comparable year-over-year and are
only taken at one point in time.


The estimates of the net asset value of the Company are calculated using
year-end forecasted commodity prices and do not currently reflect fair market
value.




Net Asset Value Discounted at 10% (forecast prices and costs)
($000 except acreage and share amounts)
----------------------------------------------------------------------------
                                     December 31,  December 31,  January 18,
                                            2008          2007         2008
----------------------------------------------------------------------------
Present Value of Reserves                 73,379        32,306       32,306

Value of Undeveloped Land and
Proprietary Seismic                       10,027         3,994        3,994

Total Net Debt (1)                       (25,100)      (14,909)      (1,000)
----------------------------------------------------------------------------
Total                                     58,306        21,391       35,300

Shares Outstanding (mm)                   30.954        13.893       26.454
----------------------------------------------------------------------------
NAV Per Share                              $1.88         $1.54        $1.33

Future Development Capital(2)             11,370         2,903        2,903
Net Undeveloped Land (acres)             116,327        44,837       44,837

Notes:

1. Total Net Debt as of December 31, 2008 and January 18, 2008 is an
   unaudited estimate.

2. Future Development Capital is included within the Present Value of
   Reserves on a discounted basis.



The increase in net asset value in 2008 resulted from successful implementation
of the Company's drilling and acquisition strategy. The Company invested $47.7
million of capital in 2008 and added 2,697 mboe of reserves on a P+P basis. This
volume is calculated using the closing reserve balances for 2007 and 2008 of
1,966 mboe and 4,365 mboe, respectively, and the cumulative production for 2008
of 298 mboe. Future development capital associated with the year-end reserves
evaluations on a 10% discounted basis have increased by $8.5 million from $2.9
million on December 31, 2007 to $11.4 million on December 31, 2008. FD&A costs
for 2008 are estimated to be $20.64 per boe including changes to future
development capital and costs associated with land and seismic purchases.
Excluding the land and seismic capital costs in 2008 of $5.8 million 2008 FD&A
costs are estimated to be $18.52 per boe.


Operations Update

Second Wave's production in the fourth quarter of 2008 averaged approximately
1,042 boe/d which represents an increase of 131% from the 2007 fourth quarter
average of 451 boe/d. On a per share basis, production in 2008 increased by 77%
from the first quarter of 2008 average production rate of 504 boe/d and the
outstanding share count after the January 18, 2008 re-capitalization of the
Company (26.5 million shares). On a quarter-to-quarter basis, fourth quarter
production was up 12% from the third quarter average of 933 boe/d.


The Company added production in the fourth quarter of 2008 by successfully
drilling one 100% working interest well and implementing several production
optimization projects in its core areas of Provost and Coronation. In Provost,
the Company successfully drilled its second horizontal Mannville oil well which
came on production in October 2008. To date, the Company's first two horizontals
wells in Provost have performed within expectations with current production
rates exceeding 60 boe/d from each of the wells after the initial 100 days of
production. Based on the results of these first two wells the Company has
prepared an additional four horizontal well locations for license and will look
to move these wells into the capital budget as cash flow and credit allows.


In response to the current commodity price environment, the Company shut-in
certain negative operating netback wells at the outset of 2009. The total amount
of production that was shut in during December 2008 and January 2009 was
approximately 110 boe/d. To date this production has remained shut-in and the
majority of the reserves associated with these well bores have been removed from
the year-end report. In a higher commodity price environment, the production and
reserves have the potential to be added back to Second Wave.


In the first quarter of 2009 Second Wave successfully drilled three 100% working
interest wells and re-completed two 100% working interest wells. All five
operations took place in the Province of Alberta within existing core areas. All
five new wells were scheduled to commence production in the second quarter to
coincide with the Alberta Government's 5% Royalty Incentive program, which
became effective on April 1, 2009. Four of the five new wells commenced
production in April with the remaining re-completion to be started up later in
the second quarter.


2009 Outlook

Production for the first quarter of 2009 is expected to average approximately
950 boe/d (60% oil and natural gas liquids). The decline in production on a
quarterly basis was a result of natural declines on base production and the
above-noted curtailments.


The Company is budgeting average yearly production for 2009 to be in the range
of 1,050 to 1,100 boe/d. Capital expenditures for the year are budgeted at $8
million with $4 million of this capital expended during the first quarter. The
Company expects to utilize the remaining $4 million of capital to drill an
additional three 100% working interest horizontal oil wells and to complete
various facility projects required to initiate CO2 injection at its Madison Oil
pool in Battle Creek, Saskatchewan.


In 2009, the Company has no further pending mineral rights expiries or capital
commitments, so the capital program can be reduced if commodity prices and
operating netbacks dictate prudent reductions in spending. At the same time, the
Company has an additional 10 horizontal oil wells either licensed or ready to
license and is therefore well positioned to expand its capital program in the
second half of 2009 if the business environment improves.


READER ADVISORIES

BOE Conversion. 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
per one bbl 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 that are expressly qualified, in their entirety, by this caution.
Such statements include all disclosure concerning the plans, intentions or
expectations of the Company or its management in future periods. Although the
Company believes that these forward-looking statements are reasonable, undue
reliance should not be placed on them as they are inherently uncertain, based on
estimates and assumptions, and subject to substantial 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, performance or achievements may differ from those
expressed or implied in the forward-looking statements. The difference may be
material.


Statements relating to "reserves" are forward-looking statements, as they
involve an implied assessment, based on certain estimates and assumptions, that
the reserves described exist in the quantities predicted or estimated and can
profitably be produced in the future. This news release also includes
forward-looking statements regarding the re-completion of one additional 100%
working interest well in the second quarter of 2009, expected average production
for the first quarter of 2009, budgeted average yearly production for 2009, and
budgeted capital expenditures for 2009 and expected use of funds.


In making the forward-looking statements contained in this news release, Second
Wave has made various assumptions regarding, among other things: future oil and
natural gas prices; future capital requirements; 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.


All forward-looking statements contained in this news release and any subsequent
forward-looking statements, whether written or oral, attributable to the Company
or persons acting on its behalf are qualified in their entirety by these
cautionary statements. Further, the included forward-looking statements are made
as of the date of this news release and Second Wave undertakes no obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by law.