BXPL’s Application for Support for the DCCPP Has Been Approved

The Research Council of Norway has announced that they, under the Petromaks
program, have approved BXPL’s application for support for the DCCPP (Drilling in
a Closed Cavity near Pore Pressure) project. The project is planned to start in
June 2010 and will run until the end of 2013.
The project’s goal is to develop a set of mathematical models that will enable a
better understanding of the interaction between the Badger Explorer and the
surrounding formation whilst drilling in a closed cavity. BXPL considers the
project to be important for the design, analysis and the monitoring and control
of the tool during drilling. The planned budget for the project mounts up to
17,5 MNOK of which 4,9 MNOK will come from the RCN. The project is contingent
upon support from BXPL’s partners with an amount of 10,5 MNOK.
 
For further information, please contact:
 
Kjell Erik Drevdal, CEO, Badger Explorer ASA, office +47 52 97 45 15, mob +
47 916 43552
Gunnar Dolven, CFO, Badger Explorer ASA, office +47 52 97 45 40, mob +47
908 53168
 
www.bxpl.com
 
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
 
[HUG#1365631]