Second Wave Petroleum Inc SCSZF

RE: PEKISKO: OILY & WATERFLOOD

[puntabeach]

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In 2012, the amount of capital directed to its 100% working interest Pekisko medium grade oil play in Judy Creek was not significant. However the Company advanced its ongoing water flood pilot project and also drilled its first dual leg horizontal oil well in the Pekisko formation. The first positive production response to the pilot water flood was experienced in the third quarter of 2012, with monthly production rates on the three Pekisko oil wells within the pilot project area (16-32-063-09W5, 12-31-063-09W5 and 05-31-063-09W5) increasing on average 100% from the first half of 2012 to December 2012 . The pilot water flood results to date have met the Company expectations however additional production history will be needed to properly assess the full economic value of the water flood in the Company's Pekisko reservoir.