Badger Explorer ASA - Innovation Norway awards 20 MNOK to the Badger Demonstrator Development Program

Badger Explorer ASA - Innovation Norway awards 20 MNOK to the Badger
Demonstrator Development Program

Innovation Norway has awarded a public grant of 20 MNOK toward Badger
Explorer ASA's (BXPL's) ongoing Badger Demonstrator Development Program.
BXPL is in active discussion regarding further sponsorship with several
operating companies, including previous sponsors of the Badger Prototype
Program and potential new sponsors.

The Badger Demonstrator Program is designed to develop and qualify the
technical solutions necessary for the delivery of future commercial
versions of the Badger tool. The program has an estimated time-frame of
three years, and will culminate in a Field Pilot of the first commercial
application. The actual deployment of the Field Pilot will be funded
separately, and has already achieved significant support in the form of
an award of 8 MNOK, announced in BXPL's stock exchange release of 16
November, under the Norwegian Research Council's Demo 2000 program.

CEO David Blacklaw said today: "I am very pleased with the substantial
public grants BXPL has received recently. The combined grants from
Innovation Norway and the Norwegian Research Council, totaling 28 MNOK,
represent significant support of - and belief in - the Badger Explorer
development. This is an important step toward our first commercial
deployment."

Stavanger, 23 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