Second Wave Petroleum Announces Successful Beaverhill Lake Well in Judy Creek

Toronto Stock Exchange: SCS
82,922,629 Common Shares

CALGARY, April 21 /CNW/ - Second Wave Petroleum Inc. ("Second Wave" or the "Company") is pleased to announce that it has drilled and completed its first successful Judy Creek Beaverhill Lake horizontal oil well under the terms of its previously announced Joint Venture and Farm-Out Agreement. The well was drilled from the surface location of 04-31-063-09W5 with the final bottom hole located at 15-36-063-10W5 ("the 15-36 well"). The 15-36 well was drilled by Second Wave to a total depth of 4,005 meters and will qualify for a 5% incentive royalty rate for 42 months or 90,000 boe of production, whichever comes first.

The Company completed the 15-36 well using multi-stage acid fracture technology on April 2, 2011 and initiated flow back from the well on April 3, 2011. During the first seven and fifteen days of testing the 15-36 well flowed at average gross rates of 2,145 boe/d (86% light oil) and 1,825 boe/d (86% light oil), respectively. Prior to being shut in for an initial pressure build-up the 15-36 well had cumulative production of 27,600 boe comprised of 23,700 bbl of 40 APIo light oil and 24 mmcf of liquids rich natural gas.

The 15-36 well represents the Company's first well drilled under its previously announced Joint Venture and Farm-Out Agreement under which Second Wave's joint venture partner will have the ability to earn a 60% interest in the Company's 50,000 net acres of Beaverhill Lake mineral rights at Judy Creek by drilling a total of 13 horizontal earning wells. The agreement requires the Company's joint venture partner to pay 85% of the total costs to drill and complete each of the earning wells in exchange for a 60% working interest in each 3,840 acre earning land block. Second Wave will pay the remaining 15% of the drilling and completions costs to retain a 40% working interest in the earning block. As per the terms of the agreement Second Wave retains a 40% working interest in the 15-36 well after contributing 15% of the drilling and completion costs.

Second Wave is proceeding with plans to drill an additional eight (3.2 net) Beaverhill Lake horizontal oil wells in 2011. The first of these eight wells is scheduled to be spud as soon as ground and road conditions allow.

READER ADVISORIES

Barrels of Oil Equivalent (BOEs). The term BOE refers to barrel of oil equivalent, with natural gas converted to crude oil equivalent at a ratio of six thousand cubic feet to one barrel. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six mcf (six thousand cubic feet) to one bbl (one barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Statements.  This news release contains forward-looking statements as to the Company's internal projections, expectations and beliefs relating to future events or circumstances. Forward-looking statements are typically (but not necessarily) identified by words such as "anticipate", "believe", "budget", "estimate", "expect", "plan", "intend", "potential", "may", "will", "should" or similar words suggesting future outcomes. Although the Company believes that these forward-looking statements are reasonable based on currently available information, undue reliance should not be placed on them as they are subject to known and unknown risks and uncertainties, many of which are beyond the Company's control. Forward-looking statements are not guarantees of future outcomes. There can be no assurance that the plans, intentions or expectations contained in the forward-looking statements or upon which they are based will in fact occur or be realized, and actual results may differ from those expressed or implied in the forward-looking statements. The difference may be material.

Second Wave is subject to the inherent risks associated with the exploration, development, exploitation and production of oil and gas. More particularly, material risk factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in this news release include: adverse changes in commodity prices, interest rates or currency exchange rates; accessibility of capital when required and on acceptable terms; lower than expected production of crude oil and natural gas; production delays; lower than expected reserve volumes on the Company's properties; increased operating costs; ability to attract and retain qualified personnel or to secure drilling rigs and other services on acceptable terms; competition for labour, equipment and materials necessary to advance the Company's projects; unforeseen engineering, environmental or geological problems; ability to obtain all required regulatory approvals on a timely basis and on satisfactory terms; and changes in laws and governmental regulations (including with respect to taxes and royalties). This list is not exhaustive. Readers should also review the risk factors described in other documents filed by the Company from time to time with securities regulatory authorities in Canada, including its most recent annual information form, copies of which are available electronically at www.sedar.com and at www.secondwavepetroleum.com.

Specific forward-looking statements contained in this news release include statements regarding: royalties payable in respect of production from the 15-36 well; and the timing and number of additional Beaverhill Lake horizontal wells in 2011. In making such forward-looking statements, Second Wave has made various assumptions regarding, among other things: the accuracy of geological and geophysical data and interpretations of that data; future oil and natural gas prices; future capital requirements; future exchange rates; the accessibility and cost of associated services; the Company's ability to economically produce oil and gas from its properties and the timing and cost to do so; and its ability to obtain qualified staff, equipment and supplies in a timely and cost-efficient manner.

The forward-looking statements included herein are made as of the date of this news release and Second Wave undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by securities laws.

SOURCE Second Wave Petroleum Inc.

For further information:

Colin B. Witwer, President and CEO
Randy Denecky, VP, Finance and CFO
Telephone: (403) 451-0165
Email: info@secondwavepetroleum.com
Web:  www.secondwavepetroleum.com

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Second Wave Petroleum Inc.

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