SCS Second Wave Petroleum Inc.

Second Wave Petroleum Inc. (TSX VENTURE:SCS), as successor to Second Wave
Petroleum Ltd. ("Second Wave" or the "Company") announces that the offer (the
"Offer") of Second Wave and its wholly-owned subsidiary Second Wave Holdings
Ltd. ("Holdings") to acquire all of the issued and outstanding common shares
(the "Milagro Shares") of Milagro Energy Inc. ("Milagro") has been extended
until 4:30 p.m. (Calgary time) on August 28, 2008. In the last extension which
expired on July 30, 2008, 956,365 Milagro Shares were tendered and Second Wave
has taken-up and paid for those shares resulting in Second Wave holding
approximately 88.90% of the issued and outstanding Milagro Shares. The Company
anticipates that it will obtain adequate shares in the current extension to
achieve the 90% threshold required to complete a compulsory acquisition. Milagro
shareholders are encouraged to tender their Milagro Shares to the extended
Offer, as the Milagro Shares were delisted from trading on the TSX on May 30,
2008.


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

This news release may contain certain forward-looking statements, including
management's assessment of future plans and operations, and capital expenditures
and the timing thereof, that involve substantial known and unknown risks and
uncertainties, certain of which are beyond the Company's control. Such risks and
uncertainties include, without limitation, risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, inability to retain drilling rigs and other services,
delays resulting from or inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external sources, the
impact of general economic conditions in Canada, the United States and overseas,
industry conditions, changes in laws and regulations (including the adoption of
new environmental laws and regulations) and changes in how they are interpreted
and enforced, increased competition, the lack of availability of qualified
personnel or management, fluctuations in foreign exchange or interest rates,
stock market volatility and market valuations of companies with respect to
announced transactions and the final valuations thereof, and obtaining required
approvals of regulatory authorities. The Company's actual results, performance
or achievements could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurances can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits, including the amount
of proceeds, that the Company will derive therefrom. Readers are cautioned that
the foregoing list of factors is not exhaustive. All subsequent forward-looking
statements, whether written or oral, attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by these
cautionary statements. Furthermore, the forward-looking statements contained in
this news release are made as at the date of this news release and the Company
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable securities
laws.


The term BOE or BOEs may be misleading, particularly if used in isolation. A BOE
(barrel of oil equivalent) conversion rate of 6 Mcf per one (1) BOE is based on
an energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.


31,104,296 Common Shares

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