STABILISATION ACTIVITIES IN BADGER EXPLORER ASA

The stabilisation Manager, SEB Enskilda ASA, on its own behalf and on behalf of Carnegie ASA, together joint managers for the listing of Badger Explorer ASA and the share issue and secondary sale in this connection, has carried out stabilisation activities in BXPL on Oslo Børs in the period from June 12 and until July 11th, 2007. The only day of stabilisation activity was June 20, 2007. In total, SEB Enskilda has bought 25,000 shares in connection with the stabilisation activities in BXPL, please refer to the table below for details. As a result of this SEB Enskilda has exercised its right to purchase 475,000 shares (out of a total greenshoe of 500,000) from the Selling Shareholder, at the Offering Price of NOK 32. SEB Enskilda ASA has thus covered the short position of 500.000 shares created through the over allotment facility in connection with the IPO. For further details on the over allotment facility, please see the prospectus of 25 May 2007 section 10.11. It is hereby notified that the stabilisation period has ended. Detailed stabilisation overview: Date 20 June 2007 Shares bought 25,000 Max price 32.00 Min price 32.00