AWARD OF SHARE OPTIONS TO NEW KEY PERSONNEL

The Board of Badger Explorer ASA has awarded Sr. System Developer Peder Pedersen stock options with a striking price of NOK 41,00. The number of shares awarded is 20 000 and these options may be exercised in the period 2008-2010. The 20 000 share option can be exercised as follows: 1/3 in the period 15. Nov. 2008 - 15. Dec. 2008, 1/3 in the period 15. Nov. 2009 - 15. Dec. 2009, 1/3 in the period 15. Nov. 2010 - 15. Dec. 2010. Peder Pedersen started working for the company on 1st of January 2007 and has a holding of 2 858 shares in Badger Explorer ASA. The total number of outstanding stock options after this award is 76 000 shares.