MANDATORY NOTIFICATION OF TRADE

Rolf E. Ahlqvist, Chairman of Badger Explorer ASA has today 15. August purchased 1 600 shares in Badger Explorer ASA through his company Ahlqvist Invest AS at a price of NOK 41.00 per share. His total holding after this is 443 407 shares. The shares have been purchased from Kenneth O. Rosén, Business Manager in Badger Explorer ASA. Rosén`s new total holding is 13 880 shares and 4 000 stock options.