Badger Explorer ASA – 1Q 2010 Report

Badger Explorer ASA releases its 1Q 2010 report today. Reference is made to the press release dated 28 April 2010 in which BXPL informed the market about the Company’s successful ground-breaking demonstration of the Badger Explorer concept. Both 1Q 2010 investor presentations will be held on Friday, 30 April 2010 - in Oslo at 09:00 CET and in Stavanger at 15:00 CET. The main activities of the first quarter have focused on the Badger Explorer Demo50 version2 full-scale burial test which includes preparations for testing, measures to work in extreme cold, adjustments of the tool and finally the concept demonstration. The Badger Explorers successful closed cavity drilling is the world’s first operation of its kind and BXPL acknowledges it as ground-breaking. It is considered to be proof of the patented Badger Explorer concept as well as a concluding step of the Company’s prototype phase. The Badger Explorer development program is now entering the pre-commercial phase. Badger Explorer ASA’s solid financial position is a good foundation for a further ramp up of activities as well as an organizational expansion. As of 31 March 2010 the Badger Explorer Group had a net equity of MNOK 197.0 (equity ratio of 91.4%), and a total cash position equaling MNOK 127. The strong cash position, public grants and the support during the pre-commercial phase by the client partner - the oil majors ExxonMobil, Shell and Statoil - is considered to be sufficient funding to reach the commercial phase. The Badger Explorer Group (includes 50% owned Calidus Engineering Ltd.) had 1Q 2010 revenues of kNOK 1 289 (kNOK 2 532). Operating expenses for 1Q 2010 amounted to kNOK 4 240 (kNOK 5 254). EBITDA for 1Q 2010 amounted to kNOK – 2 951 (kNOK – 2 722). Stavanger, 29 April 2010 For further information, please contact: Kjell Erik Drevdal, CEO, +47 916 43 552 Gunnar Dolven, CFO, +47 908 53 168 www.bxpl.com

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