Second Wave Petroleum Inc.
TSX VENTURE : SCS.A

Second Wave Petroleum Inc.

October 17, 2007 14:03 ET

Second Wave Petroleum Announces Results of Rowley Exploratory Well

CALGARY, ALBERTA--(Marketwire - Oct. 17, 2007) - Second Wave Petroleum Ltd. (TSX VENTURE:SCS.A) (TSX VENTURE:SCS.B) ("Second Wave" or the "Company") is pleased to announce that it has drilled a successful exploratory gas well at 2-14-31-20 W4M in the Rowley Area, Alberta. The well flowed raw gas at a stabilized rate of 640 mcf/day (106 boe/d) at a surface pressure of 4700 kPa during production testing. Plans are underway to tie the well in for commercial production which should be completed before the end of November, 2007. In accordance with good production practices, initial production is estimated to be at the rate of 390 mcf/d (65 boe/d). The Company holds a 100% working interest in the producing zone in the well and also holds a 100% working interest in 3 1/4 sections of petroleum and natural gas rights on and adjacent to the discovery well. Geology and seismic data indicate potential for several follow-up locations to delineate pool size.

About Second Wave Petroleum

Second Wave Petroleum is a newly recapitalized junior oil and gas company focused on exploration and development of oil and natural gas in Alberta, Saskatchewan and British Columbia.

READER ADVISORY

This news release may contain 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.

127,744,131 Class A Shares

935,616 Class B 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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