OVERALLOTMENT AND STABILISATION ACTIVITIES IN CONNECTION WITH THE IPO OF BXPL

The Lead Managers of the Offering, Carnegie ASA and SEB Enskilda ASA have utilized the Over-Allotment Facility of 500.000 shares. The board of Badger Explorer ASA has granted SEB Enskilda ASA, as Stabilisation Manager, an Over-Allotment Option pursuant to which the Stabilisation Manager may acquire up 500.000 shares at the Offering Price; this Option may be used only for the purpose of closing out the net short position established under the Over Allotment Facility. The Over-Allotment Option may be exercised on one or more occasions at any time during a 30 calendar day period starting on the first day of trading of the BXPL share at Oslo Axess. Any exercise of the Over-Allotment Option will be announced by the Stabilisation Manager through the information system of Oslo Børs. As described in the Prospectus Section 10.11, the Stabilisation Manager has entered into an agreement with a shareholder pursuant to which the Stabilisation Manager may borrow a number of shares which equals the over-allotment up to said 10 per cent of the Offer Shares. The Stabilisation Manager has borrowed from the shareholder 500.000 shares. The Stabilisation Manager may effect transactions with a view to stabilising the market price of the Company`s shares at a level higher than what might otherwise prevail. However, there is no obligation on the Stabilisation Manager to do so. Stabilisation may be stopped at any time. Stabilisation transactions may be undertaken from the opening of trading on Oslo Børs June 12th, 2007 until the end of trading July 11th 2007. For further details see Section 10.11 of the Prospectus. Any stabilisation activities will be conducted in accordance with Section 2-12 of the Securities Trading Act of 19th June 1997 no 79, as regards exemptions for buy-back programmes and stabilisation of financial instruments. The Offering price was NOK 32,00 per share. For further details regarding the Offering, reference is made to the stock exchange notice published by Badger Explorer ASA May 25, 2007