Badger Explorer ASA - Exercise of Employee Share Options in Badger Explorer ASA

Badger Explorer ASA - Exercise of Employee Share Options in Badger
Explorer ASA

On 4 November 2011 participants in the Company's share option program
have exercised a total number of 8 333 share options. Following the
share option exercise, the Board of Directors has resolved to increase
the Company's share capital from NOK 2 316 119.375 to NOK 2 317 161 by
issuing 8 333 new shares at a par value of NOK 0.125.

After the share increase the Company's share capital will amount to NOK
2 317 161 divided into 18 537 288 shares. 

The pre-emption rights of existing shareholders have been waived to be
able to carry out a share incentive scheme for the Company's employees. 

The share capital increase will be registered in the Norwegian Register
of Business Enterprises (Foretaksregisteret) as soon as practically
possible.  

Stavanger, 7 November 2011

For further information, please contact:
David W. Blacklaw, CEO, cell phone +47 406 44 010, office +47 52 97 45
50
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40