Badger Explorer ASA - Increase of the Company's Share Capital

Reference is made to the stock exchange notifications sent on 4 and 17
March 2011.

The share capital increase has now been registered in the Norwegian
Registry of Business Enterprises (Foretaksregisteret). Badger Explorer
ASA's new share capital amounts to NOK 2,314,036.12 divided into
18,512,289 shares each with a nominal value of NOK 0.125.

Through the issue of 73,249 new shares at a price of NOK 10.00 each the
Company's equity increased by NOK 732,490.

Stavanger, 23 March 2011

For further information, please contact:
Kjell Erik Drevdal, CEO, cell phone +47 916 43 552, office +47 52 97 45
15
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40