SCS Second Wave Petroleum Inc.

Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS) is
pleased to announce its operating and financial results for the three and six
months ended June 30, 2008 and the successful completion of its Milagro Energy
Inc. (Milagro) acquisition.


Highlights:

- Production increased to 783 boe/d up 55% from the first quarter of 2008 and up
27% on a fully diluted share basis from the first quarter. Exit rate for the
quarter was 925 boe/d with current production rates at 1,025 boe/d.


- Cash Flow from operations increased to $2,596,000 up 60% from the first
quarter of 2008 and up 31% on a fully diluted share basis from the first quarter


- Operating Netbacks increased to $54.58 per boe up 22% from the first quarter

- Successfully completed the corporate acquisition of Milagro Energy Inc.

- Closed an equity financing for net proceeds of $10,000,000

- 2008 capital program expanded to $17mm and subsequently in August, 2008
expanded to $20.4mm


- Hired 5 professionals and 1 administrative manager to the staff in the second
quarter


The following table summarizes some of the key financial results for the second
quarter. Complete financial statements and management's discussion and analysis
for the period ended June 30, 2008 have been filed on SEDAR (www.sedar.com) and
can also be found on the Company's website at www.secondwavepetroleum.com.




Second Quarter Summary:

                                 -------------------------------------------
                                      2008                  2007
----------------------------------------------------------------------------
($000's except per boe and
 per share amounts)                 Q2     Q1      Q4      Q3      Q2    Q1
----------------------------------------------------------------------------

Average production (boe/d)         783    504     451     244     243   220

Petroleum and natural gas
 sales                           6,326  3,407   2,494   1,120   1,203 1,045
Royalties                         (803)  (466)   (338)   (197)   (196) (165)
Operating expenses              (1,558)  (829) (1,047)   (275)   (153) (273)

Operating netback (per boe)      54.58  44.87   25.51   28.86   37.40 29.72

Funds from operations            2,596  1,617    (344)   (446)     18  (273)
 Per share - basic                0.09   0.07   (0.03)  (0.06)      - (0.05)
 Per share - diluted              0.09   0.07   (0.03)  (0.06)      - (0.05)

Net income (loss)                  296    380  (1,640) (1,102) (1,200)  395
 Per share - basic                0.01   0.01   (0.13)  (0.10)  (0.19) 0.07
 Per share - diluted              0.01   0.01   (0.13)  (0.10)  (0.19) 0.05

Capital expenditures             4,070  1,627  14,303   1,034      52   396

Fully diluted weighted
 average shares outstanding 
 (000's)                        30,105 24,716  11,381   8,697   7,020 7,576

----------------------------------------------------------------------------



In the three months ended June 30, 2008 the capital program included the
drilling of three wells at a 100% working interest. These drills resulted in one
gas well, one oil well and one dry and abandoned well for a 67% success rate.


For the six months ended June 30, 2008, Second Wave has drilled four gross wells
(3.6 net), which included one (1.0 net) gas well, one (1.0 net) oil well and two
(1.6 net) dry and abandoned wells for a 55% success rate.


Operational Update:

To the end of August 2008 the Company has drilled seven (6.6 net) wells with
five (5.0 net) wells being cased and completed successfully. A total of nine
(9.0 net) recompletions at a 100% success rate have been completed in 2008.
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
each of the Provost and Battle Creek fields and one 30% working interest
horizontal oil well in the Tableland field. The first of these five horizontal
wells is scheduled to be spud in September with the remaining four wells planned
to be drilled in Q4. All five 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.


Milagro Acquisition:

Second Wave is also pleased to announce that it has successfully concluded the
acquisition, through its wholly-owned subsidiary Second Wave Holdings Ltd.
(Holdings), of all of the issued and outstanding shares of Milagro. The Holdings
offer for Milagro expired on August 28, 2008, as of which time more than 90% of
the outstanding Milagro shares had been tendered. Holdings has taken up and paid
for all such shares under the offer and subsequently exercised its right to
acquire the remaining Milagro shares not tendered pursuant to the compulsory
acquisition provisions of the Business Corporations Act (Alberta). Milagro is
now an indirect, wholly-owned subsidiary of Second Wave.


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.


31,160,631 Common Shares

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