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.
SOURCE Bankers Petroleum Ltd.