Disclosure of shareholding

As a result of a share transaction concluded on 18

March 2010, the holdings of Invesco Ltd., for and on

behalf of funds managed by its affiliates, now

represent less than 5% of the voting rights and share

capital in Badger Explorer ASA (see Appendix). Under

Chapter 4 of the Securities Trading Act, we hereby

notify the Stock Exchange of the following.

1. Name of company in which holdings have been

disposed

Badger Explorer ASA

2. Date of change in holdings

18 March 2010

3. Exact proportion of voting rights and share

capital in Badger Explorer ASA, by type of shares

Holdings by Invesco Ltd., for and on behalf of funds

managed by its affiliates, are now as follows:

Number: 870,500

Proportion of share capital: 4.72%

Proportion of voting rights: 4.72%

4. Shareholder's complete name, trade register number

Invesco Ltd. for and on behalf of funds managed by

its affiliates. Invesco Ltd. is the holding company

of the Invesco Group. Company Number: 308372

London, 19 March 2010

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