Badger Explorer ASA - 2Q/1H 2011 Report

Badger Explorer ASA releases its 2Q/1H 2011 Report today. BXPL’s 2Q/1H 2011 investor presentations will take place at Hotel Continental in Oslo today at 11:00 CET and in Stavanger at the Company’s premises at Forusskogen 1 on Thursday, 25 August at 09:00 CET.

Badger Explorer ASA has during the first half of 2011 prepared for and conducted the two Milestone 3 tests. On 18 August 2011BXPL informed the market that the three sponsoring oil companies, ExxonMobil, Shell and Statoil, had unanimously and unconditionally approved the Milestone 3 results as a successful completion of the Prototype phase.

The Board regards the conclusion of the prototype project as a conceptual breakthrough for the Badger Explorer technology and the latest important milestone in the Company’s history.

The Company is now entering the pre-commercial phase. Discussions with oil companies regarding their participation in the next phase of the development of the Badger Explorer technology, the 125 Demonstrator program, are ongoing. For 3Q 2011 it is a prioritized task to finalize these and to obtain firm commitments.

The preparations for providing the oil & gas industry with the first commercial Badger Explorer services will continue and are expected to gain momentum during the coming months as the Company has identified several early Badger Explorer applications.

The Badger Explorer Group's gross cash reserves amount to MNOK 62.4 as of 30 June 2011. The Badger Explorer Group (including the Company’s 75% owned subsidiary Calidus Engineering Ltd.) had revenues amounting to kNOK 2 928 for 2Q 2011and kNOK 5 986 for 1H 2011 (compared to kNOK 1 723 for 2Q 2010 and kNOK 3 013 for 1H 2010). Operating expenses for 2Q 2011 amounted to kNOK 9 300 and to kNOK 17 590 for 1H 2011(compared to kNOK 7 274 for 2Q 2010 and kNOK 11 514 for 1H 2010), while the EBITDA for 2Q 2011 amounted to kNOK –6 371 and to kNOK -11 603 for 1H 2011 (compared to kNOK –5 551for 2Q 2010 and kNOK -8 501 for 1H 2010).

As Badger Explorer ASA experiences an increased industry interest from a variety of prospective partners, operators, suppliers, the oil service industry and others, and in combination with the technical and operational achievements over the past months the Board of Directors retains its optimistic view on the future development of the technology and its markets.

Stavanger, 24 August 2011

For further information, please contact:
Kjell Erik Drevdal, CEO, cell phone +47 916 43 552, office +47 52 97 45 15
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40



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