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To buy company.

Second Wave Petroleum Ltd., Calgary, (Toronto Venture: SCS) plans to acquire Milagro Energy Inc., Calgary, (Toronto: MIG). Second Wave will pay one unit per Milagro unit. Each unit consists of 0.0298 Second Wave share and 0.0298 warrant of $0.40 per share for one year from the closing. Milagro's Saskatchewan assets are near Battle Creek. The west-central Alberta prospect area is 75 miles northwest of Edmonton near Judy Creek with an undeveloped land base of approximately 30,000 net acres. Pro forma, the combined company will have an undeveloped land base of approximately 74,000 net acres and more than 40 drilling locations in southwestern Saskatchewan, northwestern Alberta and central Alberta. Proved reserves will be approximately 2.5 million barrels of oil equivalent and proved plus probable reserves of approximately 8.7 million barrels equivalent.