Second Wave Petroleum Ltd fka SCS

[NYBob]

Second Wave Petroleum Announces Second Quarter Results and Completion of the Milagro Acquisition -
Tue Sep 2, 7:01 AM

http://ca.news.finance.yahoo.com/s/02092008/28/link-f-ccnmatthews-second-wave-petroleum-announces-second-quarter-results-completion.html

CALGARY, ALBERTA--(Marketwire - Sept. 2, 2008) -

Second Wave Petroleum Inc. -
("Second Wave" or the "Company") (TSX VENTURE: SCS.V) is pleased
to announce its operating and financial results for the three
and six months ended June 30, 2008 and the successful completion
of its Milagro Energy Inc. (Milagro) acquisition.

Highlights:

- Production increased to 783 boe/d -
up 55% from the first quarter of 2008 -
and up 27% on a fully diluted share basis -
from the first quarter.
Exit rate for the quarter was 925 boe/d -
with current production rates at 1,025 boe/d.

- Cash Flow from operations increased to $2,596,000 -
up 60% from the first quarter of 2008 -
and up 31% on a fully diluted share basis -
from the first quarter

- Operating Netbacks increased to $54.58 per boe up 22% from
the first quarter

- Successfully completed the corporate acquisition of
Milagro Energy Inc.

- Closed an equity financing for net proceeds of $10,000,000

- 2008 capital program expanded to $17mm and subsequently
in August, 2008 expanded to $20.4mm

- Hired 5 professionals and 1 administrative manager to
the staff in the second quarter

The following table summarizes some of the key financial results
for the second quarter.
Complete financial statements and management's discussion and
analysis for the period ended June 30, 2008 have been filed on
SEDAR ( www.sedar.com)
and can also be found on the Company's website at

http://www.secondwavepetroleum.com

http://ca.news.finance.yahoo.com/s/02092008/28/link-f-ccnmatthews-second-wave-petroleum-announces-second-quarter-results-completion.html

God Bless