Second Wave Petroleum Announces Normal Course Issuer Bid

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Second Wave Petroleum Inc. (TSX VENTURE:SCS) ("Second Wave" or the "Company")
announces that the TSX Venture Exchange (the "Exchange") has accepted for filing
its notice of intention to make a normal course issuer bid pursuant to which the
Company may purchase through the facilities of the Exchange up to a maximum of
1,559,000 common shares of Second Wave, representing approximately 5% of the
total number of common shares currently outstanding.


Purchases under the bid may be made at the prevailing market price at the time
of purchase during the 12-month period commencing October 6, 2008. The actual
number of shares purchased and the timing of any such purchase will be
determined by the Company. Purchases, if any, will be made through Evergreen
Capital Inc.


Any shares purchased by Second Wave will be immediately cancelled, which will
increase the proportionate equity interest in the Company of every other share
that remains outstanding. Accordingly, while Second Wave remains focused on
exploration, development and production activities to build shareholder value,
the normal course issuer bid provides another avenue to do so by purchasing
common shares at times when management believes that the market price does not
properly reflect the underlying value of the Company.


Shareholders may obtain a copy of Second Wave's notice of intention to make a
normal course issuer bid, as filed with the Exchange, without charge, by
contacting the Company.


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.


READER ADVISORY

There can be no assurance that any purchases of Second Wave common shares will
in fact be made under the normal course issuer bid that is the subject of this
press release, and readers are cautioned not to rely on the possibility of them
occurring when making any investment decision in respect of the Company's
securities.


31,160,631 Common Shares