AGREEMENTS WITH INDUSTRY PARTNERS EXXONMOBIL AND STATOILHYDRO FINALIZED

4/23/2008, 9:29 AM (Source: GlobeNewswire)
AGREEMENTS WITH INDUSTRY PARTNERS EXXONMOBIL AND STATOILHYDRO
FINALIZED
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.
 
For further information, please contact:
BXPL;                    Kjell Erik Drevdal, CEO, +47 916 43 552
StatoilHydro;    Ola Morten Aanestad, v.p. media relations, +47 48 08
02 12
ExxonMobil;      Eirik Hauge, ass. director corporate affairs, +
47 906 49 499
 
 
About Badger Explorer ASA
Badger Explorer ASA is developing a revolutionary method for
exploration and verification of oil and gas prospects, called Badger
Explorer. Badger Explorer drills down and buries itself in the
underground, equipped with numerous sensors, which measure and
register vital formation and physical data. The method provides a
substantially lower risk, cost and complex operation compared to
utilising an expensive conventional drilling rig.
 
The crushed formation cuttings are transported through the tool,
deposited and compressed in the void behind the unit. Potential
excess volume is injected into fractures generated by Badger
Explorer. The unit is connected to a combined power and signal cable
which again is connected to the surface. The unit is powered by
electricity and transmits data signals to the surface through the
cable.
In addition, the wholly owned Badger Plasma Technology AS subsidiary
has an exclusive licence to exploit the patented plasma channel
drilling (PCD) technique developed at Britain`s University of
Strathclyde. The solution is removing scale and other obstructions in
production/injection wells with the aid of sparks generated at high
electrical voltages.
www.bxpl.com
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