Second Wave Petroleum Inc SCSZF

RE: Insider Report

[vandenp]

"They've purchased approximatley 1.6 million shares and disposed of 100,000 shares, for a Net of 1.5 million shares, in the last 2 months!! " Not totally true TM. As I previously stated: "The 1 million shares you eluded to are actually options. None of us truly know how these were bought. At the end of the 3rd quarter of 2001 SCS only had $39,000 in working capital, therefore one could just as easily guess that the 1 million options were purchased by the company and then given to these employees instead of a salary. This is probably the case considering the nature of the trade was a “95” which stands for “Compensation for services” We really have no idea what is going on behind closed doors. Another thing that is not really factual is that Mr. Sparks did not buy 200,000 shares on Jan 08 at $.95. Only 23,000 shares traded that day at $.12."