Second Wave Petroleum Completes Sale of South Tableland and Coronation Assets

TSX Venture Exchange: SCS

60,287,940 Common Shares

CALGARY, Jan. 14 /CNW/ - Second Wave Petroleum Inc. ("Second Wave" or the "Company") has closed the previously announced disposition of assets to TriOil Resources Ltd. ("TriOil") for a purchase price of $7.55 million comprised of $5,432,000 in cash and 2,118,000 common shares of TriOil at a deemed value of $1.00 per share. The assets include approximately 130 boe/d of operated production at South Tableland in southeast Saskatchewan and Coronation in southern Alberta together with associated gathering systems, batteries, compression facilities and approximately 13,000 acres of undeveloped land.

With respect to the share component of the purchase price, One Exploration Inc. ("OneEx") has today confirmed completion of its acquisition of all of the outstanding TriOil shares pursuant to a private agreement under which each common share of TriOil was exchanged for 5.8824 Class A shares of OneEx issued from treasury. Second Wave agreed to this share exchange and now owns 12,458,923 Class A shares of OneEx, which the Company understands to represent approximately 10.91% of the outstanding Class A shares and approximately 10.79% of the total number of OneEx voting shares. The Company did not previously own or control any OneEx securities, does not have any current intention to acquire additional OneEx securities and does not act jointly or in concert with any other person in connection with ownership of OneEx securities. Second Wave will review, on a continuous basis, its holding of OneEx shares and may at any time dispose of all or any portion of the investment.

READER ADVISORIES

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Barrels of Oil Equivalent (BOEs). The term BOE refers to barrel of oil equivalent. 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.

%SEDAR: 00021382E

SOURCE Second Wave Petroleum Inc.

For further information: For further information: Colin B. Witwer, President and CEO; Randy Denecky, VP, Finance and CFO; Second Wave Petroleum Inc., Telephone: (403) 451-0165, Email: info@secondwavepetroleum.com, Web: www.secondwavepetroleum.com

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Second Wave Petroleum Inc.

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