SCS Second Wave Petroleum Inc.

Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS) is
pleased to provide an update on the testing operations conducted from its
Tableland Sanish well in Saskatchewan, a significant increase to its Tableland
undeveloped land holdings and an upward revision to its 2008 capital budget.


Tableland Completion and Testing Results

Second Wave's partners finished completion operations on the Tableland HZ 14-4
01-04-001-10W2 horizontal Sanish well in mid June and initiated testing
operations shortly there after. The Dolomitic Sanish Sandstone is a fractured,
low permeability, oil-saturated unit that lies conformably below the Lower
Bakken Shale Member. The stimulation on the 1,434m horizontal interval within
the Sanish formation involved 11 separate staged fracture stimulations utilizing
approximately 8,500 bbls of load oil. To date approximately 6,800 bbls of load
and formation oil has been recovered from the well with daily production rates
being restricted to 350 boe/d of emulsion as a result of surface pumping
capacity. Oil production rates are currently 88 boe/d (25% oil cut) with recent
fluid analysis data indicating that the quality of the produced oil is becoming
lighter with specific liquid gravities trending upwards from 29 degree API load
oil towards 40 degree API Sanish formation oil. This well was drilled at no cost
to Second Wave however the Company will retain a 30% working interest in the
well after capital pay-out has been reached and will receive a 5% GORR during
the pay-out period.


Based on the current production rates from the well Second Wave would expect
that an additional 30 days of testing will be required before the produced oil
volume exceeds the initial volume of load fluid utilized. However Second Wave is
encouraged by the testing results to date in both the presence of produced
formation oil and the high fluid level in the well bore that has remained
throughout the testing period. The 14-4 01-04-001-10W2 well if successful will
be Second Wave's second producing Sanish horizontal well in Tableland (Tableland
HZ 12-11 8-11-001-10W2 well came on production in November of 2007) and it will
re-confirm the extension of a developing light oil resource play that is taking
place in North Dakota.


Based on the testing results the Company and its partners are currently
preparing to drill several follow up locations with plans to spud at least one
additional well in 2008 at a 30% working interest to Second Wave.


Tableland Undeveloped Land Purchase

Second Wave is also pleased to announce it has recently acquired approximately
11,520 acres (18 sections) of contiguous undeveloped crown land adjacent to the
previous Tableland land block at a 100% working interest in the mineral rights
from surface to basement. The land was purchased in July from a private Canadian
based oil and gas company and has a significant amount of tenure remaining. This
land purchase materially increases Second Wave's net land position in the
Tableland Bakken/Sanish play from approximately 8,640 acres to 20,160 acres
(31.5 sections). Second Wave is currently planning to drill a 100% working
interest Sanish exploration well on the newly acquired land block in 2009.


Production Forecast and 2008 Outlook

Second Wave's Board of Directors has approved an increase to the Company's 2008
capital budget from $17.0mm to $20.4mm. The increase in capital will be financed
through existing credit facilities and cash flow. The Company expects to drill
13 wells (11.3 net) during the year focusing on oil prospects in its core areas
of Tableland, Provost and Judy Creek. Exit production is forecast to be between
1,200 and 1,250 boe/d with full year average production at 860 boe/d.


To date in 2008 the Company has drilled seven (6.6 net) wells with five (5.0
net) wells being cased and completed successfully. Current production is at
1,025 boe/d with an additional 50 boe/d behind pipe that is forecasted to be
online by the end of 2008. For the remainder of the year the Company has
budgeted two 100% working interest horizontal oil wells in both the Provost and
Battle Creek fields and one 30% working interest horizontal oil well in the
Tableland field. The first of these four horizontal wells is scheduled to be
spud in September with the remaining three wells being drilled in Q4. All four
of these wells are forecasted to be on line by the end of 2008. In Judy Creek
the Company plans to shoot a 5,760 acre 3-D seismic program in Q3 followed by
one vertical oil well budgeted for late in Q4.


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 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.

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