AGREEMENTS WITH INDUSTRY PARTNERS EXXONMOBIL AND STATOILHYDRO FINALIZED

AGREEMENTS WITH INDUSTRY PARTNERS EXXONMOBIL AND STATOILHYDRO FINALIZED Badger Explorer ASA (BXPL) has entered into final agreements with ExxonMobil and StatoilHydro on an addendum to the partner agreements. The addendum is structured as individual agreements between BXPL and each of the partners. Signature from Shell is pending. The new agreements give the partners first right of refusal to buy an equal share of the full manufacturing and operational capacity of all Badger Explorers at market price for a period of three years from commercialization. Should a partner not employ its first right of refusal, this right and the corresponding share of manufacturing capacity will fall to the remaining partner(s). In return, Badger Explorer will receive from the partners the necessary operational and technical support with regards to access to onshore facilities, offshore facilities, vessels, equipment, technology, other facilities, data and skill sets for the completion of the Badger Explorer prototype, through to and including commercial operations on a reasonable endeavor basis. The three major oil companies ExxonMobil, Shell and StatoilHydro have been sponsors to Badger Explorer prototype development program since 2005. The oil companies are all members of the projects steering committee and the new agreement is a consequence of the significant strategic potential the oil companies envisage for the Badger Explorer technology, with the completion of the full scale test program in the near future as an important milestone. The agreement secures BXPL vital resources for completion of Badger Explorer through to and including commercial operations that, with respect to the present project schedule, are anticipated to commence during 2010. Badger Explorer ASA on February 28th, 2008 announced to have negotiated the above mentioned addendum to the partner agreement with its industry partners. For further information, please contact: BXPL; Kjell Erik Drevdal, CEO, +47 916 43 552 StatoilHydro; Ola Morten Aanestad, v.p. media relations, +47 48 08 02 12 ExxonMobil; Eirik Hauge, ass. director corporate affairs, + 47 906 49 499 About Badger Explorer ASA Badger Explorer ASA is developing a revolutionary method for exploration and verification of oil and gas prospects, called Badger Explorer. Badger Explorer drills down and buries itself in the underground, equipped with numerous sensors, which measure and register vital formation and physical data. The method provides a substantially lower risk, cost and complex operation compared to utilising an expensive conventional drilling rig. The crushed formation cuttings are transported through the tool, deposited and compressed in the void behind the unit. Potential excess volume is injected into fractures generated by Badger Explorer. The unit is connected to a combined power and signal cable which again is connected to the surface. The unit is powered by electricity and transmits data signals to the surface through the cable. In addition, the wholly owned Badger Plasma Technology AS subsidiary has an exclusive licence to exploit the patented plasma channel drilling (PCD) technique developed at Britain`s University of Strathclyde. The solution is removing scale and other obstructions in production/injection wells with the aid of sparks generated at high electrical voltages. www.bxpl.com