Second Wave Petroleum Completes $20 Million Recapitalization Plan

Second Wave Petroleum Ltd. has completed its recently announced private placement. Together with the recent exercise of all of the Share Purchase Warrants held by Brookfield Bridge Lending Fund Inc. (the "Fund") and the conversion of the Fund's Senior Secured Convertible Debenture, the Company has completed the final steps in its recapitalization plan through which it has raised approximately $19.7 million since the beginning of September, 2007. Funds raised have been used to transform the Company through retirement of virtually all outstanding debt obligations, acquire producing oil and gas assets in east central Alberta and to meet the Company's previously outstanding flow-through expenditure obligations. The Company is now well positioned with a clean balance sheet and a new senior management team to ensure the successful execution of the Company's exciting growth opportunities in Alberta, its prospective Bakken acreage in south-eastern Saskatchewan and to take advantage of other distressed corporate opportunities in the junior E&P landscape. Management is currently in the process of evaluating its 2008 drilling opportunities and finalizing its capital budget for 2008, which the Company expects to announce in the next several weeks.