Second Wave Petroleum Completes Sale of South Tableland and Coronation Assets
TSX Venture Exchange: SCS
60,287,940 Common Shares
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
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: [email protected], Web: www.secondwavepetroleum.com
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