Second Wave Petroleum Inc.
TSX VENTURE : SCS

Second Wave Petroleum Inc.

August 01, 2008 12:21 ET

Second Wave Petroleum Announces Extension of Offer for Milagro Energy

CALGARY, ALBERTA--(Marketwire - Aug. 1, 2008) - 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

The TSXV has neither approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.

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