Bankers Petroleum
Announces Results of the Binding Third-Party Audit Regarding the
2011 Tax Dispute
CALGARY, Aug. 29, 2016 /CNW/ - 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.
David French, President and Chief
Executive Officer, (403) 513-6930; Doug
Urch, Executive VP, Finance and Chief Financial Officer,
(403) 513-2691; Laura Bechtel,
Investor Relations and Corporate Communications Specialist, (403)
513-3428; Email: investorrelations@bankerspetroleum.com; Website:
www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited,
Henry Fitzgerald-O'Connor, +44 0 207
523 8000; AIM BROKER AND FINANCIAL ADVISOR: FirstEnergy Capital
LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200