NOTIFICATION REFERRED TO IN CHAPTER 4 OF THE SECURITIES TRADING ACT ON A CHANGE IN HOLDINGS

As a result of a share transaction concluded on 28

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

behalf of funds managed by its affiliates, now

represent more 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

28 April 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 Propotion of Propotions of

share capital voting rights

Number 1,109,910 6.01% 6.01%

Total 1,109,910 6.01% 6.01%

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, 29 April 2010

Appendix:

28 April 2010 Purchase 29,000 21.8276 NO

28 April 2010 Purchase 169,823 21.6050 NO

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