Second Wave Petroleum Ltd. (”Second Wave” or the “Company”) is pleased to announce that it has closed the acquisition of certain oil and natural gas assets in the East Central area of Alberta and Southeast Saskatchewan for approximately $8.9 million subject to certain adjustments. The acquisition increases Second Wave’s current production to approximately 535 boe/d, with another 65 boe/d temporarily shut in pending access to gas processing facilities. The Company also has another 65 boe/d behind pipe from the Company’s recently completed successful Rowley exploration well.

Pursuant to an Assignment Agreement, Brookfield Bridge Lending Fund Inc., who currently owns approximately 23% of the Class A Shares of Second Wave and have two representatives on the Board, has assigned to Second Wave the right to purchase these assets from a third party. The proceeds paid by Second Wave include sufficient funds to satisfy any outstanding liens or encumbrances that may be outstanding on the properties.

The acquisition is characterized by the following key attributes:

- Reserves in place of approximately 830 Mboe gross proved plus probable, as determined by an independent engineering reserves report dated March 31, 2007.

- The assets consist of approximately 325 boe/d of low decline mature production and are comprised of 80% oil (21% to 34% API) and 20% natural gas.

- Acquisition metrics of $10.72 per boe proved plus probable and $27,400 per flowing barrel.

- Significant growth through several low risk development drilling locations and workover opportunities.

- Facility optimization opportunities to expand productive capacity at a reasonable capital cost to the Company.

DeGolyer & McNaughton Canada Limited (”DeGolyer”) has evaluated the properties to be acquired by Second Wave in a Reserve Report dated as of March 31, 2007 (the “Report”). DeGolyer has assigned 830 Mboe of gross total proved plus probable reserves with an indicated aggregate value of $9,525,000 discounted at 10% (before income tax) using the DeGolyer March 31, 2007 Forecast Price Case. The estimated Forecast Price Case company gross and net proved, probable and possible reserves, as of March 31, 2007, of the properties evaluated in the Report are summarized below, expressed in thousands of barrels (Mbbl) for oil and natural gas liquids and millions of cubic feet (MMcf) for natural gas.

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