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


Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS) is
pleased to announce that it has entered into an equity financing agreement with
a syndicate of underwriters led by Wellington West Capital Markets Inc. pursuant
to which the underwriters have agreed to purchase on a 'bought deal' basis
pursuant to a short form prospectus 9,644,000 common shares at a price of $1.40
per common share and 1,765,000 flow through common shares at a price of $1.70
per share, for total gross proceeds to the Company of $16,502,100 (the
"Offering").


Second Wave has also granted the underwriters an option to purchase up to an
additional 1,071,600 common shares at $1.40 per share for additional gross
proceeds of up to $1,500,240.


The Company's principal shareholder, Brookfield Bridge Lending Fund Inc., is
expected to subscribe for $3,500,000 of common shares under the Offering.


The proceeds from the Offering will be used to fund the Company's ongoing
exploration and development programs on its emerging Judy Creek Pekisko oil play
and general corporate purposes.


Closing of the Offering is scheduled to occur on or about October 20, 2009 and
is subject to the satisfaction of certain conditions, including settlement of
definitive documentation and the receipt of necessary approvals (including the
approval of the TSX Venture Exchange).


READER ADVISORIES

This news release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. The
securities to be offered have not been and will not be registered under the
United States Securities Act of 1933, as amended, or any state securities laws,
and may not be offered or sold in the United States or to or for the account or
benefit of a U.S. person absent registration or an applicable exemption from the
registration requirements of such Act or laws.


Certain statements made herein constitute forward-looking statements, including
statements concerning the anticipated closing date of the Offering and the
anticipated amount and use of proceeds. Although Second Wave believes these
statements to be reasonable, the assumptions upon which they are based may prove
to be incorrect. The closing of the Offering could be delayed if the Company is
not able to obtain necessary approvals on expected timelines, or not completed
at all if any condition to closing is not satisfied. Accordingly, there is a
risk that the Offering will not be completed within the anticipated time or at
all.


47,807,340 Common Shares

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