Badger Explorer ASA - Manager Quality, Risk and Supply Chain has been granted Options in BXPL

Badger Explorer ASA - Manager Quality, Risk and Supply Chain has been

granted Options in BXPL

Badger Explore ASA's new Manager Quality, Risk and Supply Chain, Thor

Arne Håland, has been granted 25,000 share options at a strike price of

NOK 15.00 due to his employment in BXPL.

The options can be exercised within 29 months from the time of issue and

can be exercised only in tranches, at the earliest on 15 September 2010

and thereafter at up to 4 occasions during each year, between 3 and 10

days after presentation of the Company's quarterly results.

Subsequent to the exercise of the options, the issuance of shares to the

option holder shall take place through an increase of the share capital

by the Board of Directors pursuant to the authority granted by the

Company's Annual General Meeting, held on 21 April 2010.

For further information, please contact:

Kjell Erik Drevdal, CEO, cell phone +47 916 43 552, office +47 52 97 45

Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40

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