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 September 30, 2009. Second Wave's full third quarter financial statements
and management's discussion and analysis have been filed on SEDAR at
www.sedar.com and are also available on the Company's website at
www.secondwavepetroleum.com.



Third Quarter 2009 Highlights



--  Second Wave's production averaged 990 boe/d, up 6% from 933 boe/d during
    the third quarter of 2008 and unchanged from the second quarter average
    of 987 boe/d. The production mix was weighted 56% to oil and natural gas
    liquids.
--  Second Wave initiated production from its first 100% working interest
    horizontal oil well in the Pekisko G pool in Judy Creek late in the
    third quarter, and subsequent to quarter end drilled two additional
    horizontal oil wells and one vertical well in Judy Creek.
--  Second Wave completed the interim review on its bank lines, which were
    increased to $20 million from $18 million. Subsequent to the end of the
    quarter the Company completed an $18 million common share financing on
    October 20, 2009 with all senior debt then outstanding being
    substantially repaid from the proceeds of the offering, thereby
    providing the full facility to assist the Company in its fourth quarter
    2009 and 2010 capital programs.
--  During the third quarter the Company continued to reduce operating
    expenditures and administrative costs from previous periods.
--  Petroleum and natural gas revenues totaled $4.0 million for the quarter,
    down from $7.2 million for the third quarter of 2008 due to
    significantly lower overall commodity prices.
--  The Company generated a field operating netback of $1.3 million ($0.01
    per share) for the third quarter. A net loss of $1.6 million ($0.03 per
    share) was recorded for the quarter due primarily to depletion charges
    of $2.7 million. This compares to net income of $0.7 million ($0.08 per
    share) in the third quarter of 2008. Funds from operations in the third
    quarter increased on a quarter over quarter basis to $0.3 million from
    ($0.1) million in the second quarter.



Selected Financial and Operating Information



  ------------------------------------------------------------------------
  ------------------------------------------------------------------------
                               Three months ended        Nine months ended
                                     September 30,            September 30,
  ($000s, except per boe
   and per share amounts)    2009   2008 % Change    2009    2008 % Change
  ------------------------------------------------------------------------

  Petroleum and natural gas
   sales                    4,006  7,197      (44) 11,130  16,929      (34)
  Royalties                  (342)  (905)     (62) (1,096) (2,174)     (50)
  Lease operating costs    (2,224)(2,588)     (14) (6,542) (4,975)      31
  Transportation              (98)   (90)       9    (303)   (211)      44
  ------------------------------------------------------------------------
  Operating netback         1,342  3,614      (63)  3,189   9,569      (67)

  Operating netback per boe 14.74  42.10      (65)  11.89   47.10      (75)
  Total capital
   expenditures             4,346  9,169      (53) 11,390  14,866       23
  Net income (loss)        (1,645)   665     (347) (7,912)  1,341     (690)
  ------------------------------------------------------------------------
  ------------------------------------------------------------------------

  Cash flow from (used in)
   operating activities per
   share:                   (0.01)  0.08     (113)   0.02    0.12      (83)
  Net income (loss) per
   share:                   (0.03)  0.02     (250)  (0.20)   0.05     (500)
  ------------------------------------------------------------------------
  ------------------------------------------------------------------------

  Production Volumes
  Crude oil (bbls/d)          499    515       (3)    506     418       21
  Natural gas liquids
   (bbls/d)                    54     36       50      42      32       31
  Natural gas (mcf/d)       2,624  2,293       14   2,612   1,743       50
  ------------------------------------------------------------------------
  Combined (6:1) boe/d        990    933        6     993     741       34

  Crude oil and liquids
   weighting (%)               56     59       (5)     56      61       (8)
  ------------------------------------------------------------------------
  ------------------------------------------------------------------------



Review

Production in 2009 has remained stable with third quarter rates of 990 boe/d
being marginally higher than second and first quarter rates of 987 boe/d and 972
boe/d, respectively. Production additions through capital and optimization
programs have been offset by base production declines of 22% and approximately
160 boe/d of production curtailments. Based on current commodity strip pricing
the majority of these curtailed volumes are scheduled to be placed back on
production during the fourth quarter of 2009 and 2010.

 
In the third quarter the Company has continued to improve its cost structure and
in 2009 it has successfully reduced its operating costs and general and
administrative expenses on a per unit basis. As a result of its fourth quarter
capital programs in Judy Creek and Battle Creek the Company is expected to
continue to show improvements on its corporate operating costs as production
from these oil resource plays commence production.


Operations

Since its recapitalization in January 2008, Second Wave has focused on a
strategy of building large contiguous land positions with oil resource potential
where the Company has full control of the infrastructure and processing
facilities. In response to lower commodity prices and resulting cash flows the
Company has prudently reduced its debt levels with three separate financings
completed in 2009. With these financings completed and commodity prices
strengthening the Company is well positioned to initiate development and
exploration of its oil resource plays Since its recapitalization in January
2008, Second Wave has focused on a strategy of building large contiguous land
positions with oil resource potential where the Company has full control of the
infrastructure and processing facilities. In response to lower commodity prices
and resulting cash flows the Company has prudently reduced its debt levels with
three separate financings completed in 2009. With these financings completed and
commodity prices strengthening the Company is well positioned to initiate
development and exploration of its oil resource plays


Judy Creek:

Since the end of the second quarter the Company has successfully drilled 4 (4.0
net) wells and signed a significant farm-in agreement in its Judy Creek core
area. The four wells targeted the Pekisko G pool with 3 (3.0 net) wells being
horizontal drilled into the pool and 1 (1.0 net) vertical well being drilled as
a vertical stratigraphic test well.


In the fourth quarter the Company drilled and cored a vertical well in the
Pekisko G pool at its 8-31 pad site. Core analysis has indicated that the
Pekisko reservoir intersected in the 8-31 well bore had an average porosity of 9
percent and 26 meters of total pay. The net pay encountered was the thickest to
date in the Pekisko G pool which was consistent with the Company's
interpretation of its 3-D seismic data.


The Company has continued to optimize its Pekisko completion techniques using
prior operational experience and the recently acquired core data. To improve
well bore stability and to facilitate larger acid stimulation over the
horizontal intervals, the Company has installed slotted liner systems in the
open hole sections of the two new horizontal drills (7-32 and 5-31 drills) and
its previously drilled 12-30 horizontal well. The 12-30 well was drilled and put
on production in the third quarter prior to being stimulated and was
subsequently shut in to facilitate the installation of the slotted liner system
in November 2009.


The 5-31 horizontal well is the first of the three horizontals wells that have
been completed, tested and put on production. During a seven day flow test to
the Company's battery, the 5-31 horizontal well had an average test rate of 420
boe/d (40% oil) with a final flowing rate of 350 boe/d (45% oil). The Company
expects the 5-31 well will be set up as a pumping oil well within the next
couple of weeks. Stabilized production rates are expected to be 100-150 boe/d
(60% oil) in 2-3 months time. The Company has currently scheduled its completion
on the 12-30 horizontal well in early December with the 7-32 completion
scheduled for early January. The completions have been scheduled to ensure that
improvements in completion techniques can be implemented into each successive
operation while allowing the Company to prudently manage its capacities.


The Company has commenced preparations for its 52 square kilometer (12,800
acres) 3-D seismic shoot with field work scheduled for the first week of
December. In conjunction with it's previously announced farm-in on 44,640 acres
of mineral rights in Judy Creek the Company is developing a multi-year
exploration and development program in Judy Creek targeting oil resource plays
in the Pekisko and Mannville formations. Subsequent to the completion of its 3-D
program in the first quarter of 2010 the Company will have 18,560 acres of
proprietary 3-D seismic data and access to 66,400 acres of contiguous
undeveloped land in Judy Creek.


Battle Creek:

Subsequent to the third quarter, Second Wave has drilled and completed 2 (2.0
net) horizontal oil wells and 1 (1.0 net) re-entry horizontal oil well in its
100% working interest Madison oil pool. The three wells are currently being
production tested and the Company expects aggregate initial rates from the wells
to be approximately 125 to 150 boe/d. Tie-in operations are underway and the
Company expects to have all three wells tied in and on production by year end.


The Company received approval for its CO2 injection pilot earlier in 2009 and
has now begun to order all of the required long lead equipment. Construction of
the pipeline, compression and measurement system is scheduled for early in the
first quarter of 2010 with actual CO2 injection expected by the end of the first
quarter.


Outlook

As a result of Second Wave's drilling activity in the fourth quarter the Company
is expecting a 2009 exit production rate in the range of 1,300 to 1,400 boe/d
(55% oil and natural gas liquids). The average production rate for the fourth
quarter will not differ materially from the third quarter due to the late timing
of the production additions.


Second Wave has moved forward with licensing and preparing to license its next
15 (15.0 net) horizontal oil wells in its core areas of Judy Creek and Battle
Creek for its 2010 capital program. The Company is preparing to drill 7 (7.0
net) horizontal oil wells and 2.0 (2.0 net) vertical oil wells during the first
half of 2010. The timing of these drills will be dependent upon commodity prices
and corporate cash flows and as such these projects may be delayed if commodity
prices weaken or drilling results do not meet expectations.


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: 2009 year-end exit rate production level and product mix;
drilling plans in 2010, including the expected number of wells and timing;
scheduled resumption of production that is currently curtailed; expected
improvements in corporate operating costs; stabilized production rates expected
for the 12-31 well at Judy Creek; scheduled timing of well completions on the
12-30 and 7-32 wells at Judy Creek; stabilized aggregate production rates
expected for the three Battle Creek wells drilled subsequent to the end of the
third quarter and the related expectation that such wells will be on production
by year-end; and scheduled timing for the CO2 injection project at Battle Creek.
Statements herein relating to "reserves" are also 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. 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.


60,287,940 Common Shares

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