APPROVED PROSPECTUS

Oslo Børs has approved the following prospectus: Badger Explorer ASA Prospectus Prospectus in connection with the listing of Badger Explorer ASA`s shares on Oslo Axess Offering of up to 5,000,000 New Sharesand up to 1,725,956 Secondary Shares Indicative Price Range: NOK 32 - NOK 43 per share Book-building Period for the Institutional Offering:29 May to 7 June 2007 at 15:00 hours (Norwegian time) Application Period for the Retail Offering 29 May to 7 June 2007 at 12:00 hours (Norwegian time) Managers: Carnegie and SEB Enskilda 25 May 2007 The prospectus is available to the public at: http://www.sebenskilda.no http://www.carnegie.no