CALGARY, Aug. 29, 2016 /PRNewswire/ - Bankers Petroleum Ltd.
("Bankers" or the "Company") (TSX: BNK, AIM: BNK) announces that the binding third-party audit report has been released with
respect to the 2011 tax dispute, determining that Bankers correctly stated its 2011 expenses as cost recoverable according to the
Petroleum Agreement and the License Agreement.
As previously agreed to by the Albanian National Agency for Natural Resources ("AKBN"), the Minister of Energy and
Industry and Bankers, the decision is a final resolution, and, as such, the Albanian tax authority will recalculate Bankers' tax
obligations for 2011 and determine the appropriate mechanism to settle or reimburse Bankers for the payments made to date. The
Company had paid a total of $37 million as of June 30, 2016 to the
Albania tax office as deposits for the 2011 profit tax assessment.
The third-party audit was conducted by a joint panel of individuals from PricewaterhouseCoopers and Navigant Consulting
Company, pursuant to the Terms of Reference signed and announced on February 24, 2016. All parties
have committed to using the results of this third party audit as the basis for determining recoverable petroleum costs in
subsequent years.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil
and gas reserves in Albania and Eastern Europe. In Albania, Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield, has a 100%
interest in the Kuçova oilfield, and a 100% interest in Exploration Block "F". In 2015 Bankers acquired an 85% interest in
the rights to explore the Püspökladány Block concession within the Pannonian Basin located in north eastern Hungary. The
Bankers Shares are traded on the TSX and the AIM Market in London, England under the stock
symbol BNK.
Caution Regarding Forward-looking Information
Certain information set forth in this press release, including information and statements which may contain words such as
"could", "plans", "intends" "should", "anticipate", "expects", "will", "propose", "opportunity", "future", "continue", and
similar expressions and statements relating to matters that are not historical facts, contain forward-looking statements,
including but not limited to statements regarding: the recalculation of the Company's 2011 tax assessment and the certification
of petroleum costs in future years. By their nature, forward-looking statements are subject to numerous risks and uncertainties,
some of which are beyond Bankers' control. The foregoing list is not exhaustive. Readers are cautioned that the assumptions used
in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and,
as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of
Bankers could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of
them do so, what benefits that Bankers will derive therefrom. Bankers disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by
applicable securities laws.
SOURCE Bankers Petroleum Ltd.