BNK Bankers Pet

 
TIDMBNK 
 
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 
 
 
 
END 
 

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August 30, 2016 02:00 ET (06:00 GMT)

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