Hunter Group ASA

Earnings Release • Oct 28, 2015

Badger Explorer ASA - Q3 2015 Report

Badger Explorer ASA - Q3 2015 Report

Badger Explorer ASA (BXPL) releases its Q3 2015 Report today. The Company's Q3

2015 investor presentation in Oslo will take place at Arctic Securities ASA's

premises at Haakon VII's gate 5, 0123 Oslo on Thursday, 29th October 2015 at

13:00 - 14:00 CET. The investor presentation in Stavanger will take place at

Badger Explorer ASA's premises at Forusskogen 1, 4033 Stavanger on Friday, 30th

October 2015 at 09:00 - 10:00 CET.

BXPL is currently working on the Badger Development Program (2015-2018),

including the Petromaks2 supported program for development of HPHT Ultrasonic

Transducers (2014-2016).

Statoil signed up on the first phase of the Badger Development Program on the

8th June 2015.

As Statoil is the first and so far only partner in the Development Program,

scope and expenses have to be kept at a minimum until a broader sponsorship

group is in place. BXPL and Statoil are in close and frequent contact regarding

the progress of the Development Program. Agreed focus areas for 2015 are:

. Locomotion system

. Ultrasonic transducer for compaction

. Cuttings transport system

The Petromaks2 supported program for development of HPHT Ultrasonic Transducers

(2014-2016) comprises ultrasonic transducers for compaction and for drilling.

Through Q3 2015, the Development Program including the Petromaks2 Program

proceeds according to plan.

Summarizing the Q3 2015 financial results for BXPL:

. Revenues for Q3 2015 were NOK 0.00 and NOK 0.00 as of 30th September 2015,

compared to NOK 0.00 for Q3 2014 and NOK 0.00 as of 30th September 2014.

. Operating expenses for Q3 2015 were NOK 3.647 million and NOK 11.197 million

as of 30th September 2015, compared to NOK 5.677 million for Q3 2014 and NOK

15.735 million as of 30th September 2014.

. EBITDA for Q3 2015 was NOK -3.647 million and NOK -11.197 million as of 30th

September 2015, compared to NOK -5.677 million for Q3 2014 and NOK -15.735

million as of 30th September 2014.

. The cash position at BXPL was NOK 1.091 million as of 30th September 2015,

compared to NOK 411,616 as of 30th September 2014.

The current on-going restructuring within the global oil industry is massive and

has had a serious impact for BXPL as well. BXPL is confident that the agreed

technical deliveries for 2015 are achievable.

BXPL is currently experiencing a delay in the commitment for further support

from our other sponsors and additional financial support must be secured. BXPL's

management is working with several options including discussions with oil

service companies.

During 2016 we expect to see an improving business climate that will enable BXPL

to ramp up the ongoing development activities.

For further information, please contact:

Steinar Bakke, CEO, cell phone +47 930 70 466, office +47 52 97 45 50

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

www.bxpl.com