BXPL Enters Final Agreements with ExxonMobil, Shell, StatoilHydro

Badger Explorer ASA (BXPL) has entered into final agreements with ExxonMobil and StatoilHydro on an addendum to the partner agreements. The addendum is structured as individual agreements between BXPL and each of the partners. Signature from Shell is pending.

The new agreements give the partners first right of refusal to buy an equal share of the full manufacturing and operational capacity of all Badger Explorers at market price for a period of three years from commercialization. Should a partner not employ its first right of refusal, this right and the corresponding share of manufacturing capacity will fall to the remaining partner(s).

In return, Badger Explorer will receive from the partners the necessary operational and technical support with regards to access to onshore facilities, offshore facilities, vessels, equipment, technology, other facilities, data and skill sets for the completion of the Badger Explorer prototype, through to and including commercial operations on a reasonable endeavor basis.

The three major oil companies ExxonMobil, Shell and StatoilHydro have been sponsors to Badger Explorer prototype development program since 2005. The oil companies are all members of the projects steering committee and the new agreement is a consequence of the significant strategic potential the oil companies envisage for the Badger Explorer technology, with the completion of the full scale test program in the near future as an important milestone.

The agreement secures BXPL vital resources for completion of Badger Explorer through to and including commercial operations that, with respect to the present project schedule, are anticipated to commence during 2010.

Badger Explorer ASA on February 28th, 2008 announced to have negotiated the above mentioned addendum to the partner agreement with its industry partners.

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