Badger Explorer ASA - Determination of Settlement Regarding Employee Share Option Program

Badger Explorer ASA - Determination of Settlement Regarding Employee
Share Option Program

Reference is made to the press release sent on 9 May 2011.

The settlement regarding all exercised shares has been determined based
on a selling price of NOK 23.5875 per share.
Primary insider CTO Erling A. Woods purchased 3,000 shares at a price of
NOK 23.5875 per share. This leaves Mr. Woods holding 16,667 unexercised
share options in the Company at a strike price of NOK 10.00. As of today
Mr. Woods holds 4,000 shares in the Company.  
Stavanger, 26 May 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