REG-Bankers Petroleum Limited: Albanian Government has not Yet Complied with ICC Order <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

30/11/2015 13:10

Albanian Government has not Yet Complied with ICC Order to Cease Enforcement of
                   Tax Assessment against Bankers Petroleum                    

Bankers Petroleum Forced to Consider Operational Impact

CALGARY, Nov. 30, 2015 /CNW/ - The Government of Albania (the "Government") has
not yet complied with the order issued by the Tribunal constituted by the
International Court of Arbitration of the International Chamber of Commerce
("ICC Tribunal") to cease enforcement of the tax assessment and revoke
suspension of Bankers Petroleum Ltd.'s ("Bankers" or the "Company") (TSX: BNK,
AIM: BNK) Albanian bank accounts. The ICC Tribunal issued the stop order on
November 21, which if complied with, would allow Bankers to operate as usual
while the ICC process and third-party cost recovery audit run their course. At
this time, Bankers is now forced to consider a phasedown of its Albanian
operations since lack of access to the bank accounts will begin to restrict its
ability to pay local contractors, import goods and export oil.

Late last week, the Company completed payment of the required royalty tax on an
export cargo ship, freeing additional storage space at the port. However, this
cargo volume was restricted to 85% capacity as a result of funds limitation to
pay royalty tax in excess of the pre-existing credit balance. Without access to
its Albanian bank accounts, the Company's ability to pay the taxes on
subsequent shipments is compromised, which may force the Company to curtail
production towards the end of this week as available storage reaches maximum
capacity.

Through some communications with various Government representatives, the
Company received assurances that the Government does intend to comply with the
order. Additionally, the Government has been engaged in the dispute resolution
process as demonstrated by its communications with the ICC Tribunal. It is
expected that the Government will comply with the stop order in order to
continue participation in the ICC Tribunal process. Bankers remains hopeful
that a solution to this situation can be reached before further disruption to
operations occurs.

Bankers has operated in Albania for the past eleven years, investing over $1.4
billion dollars in the redevelopment and environmental restoration of the
country's largest oilfield. During that time, the Company grew to be Albania's
largest foreign direct investor and largest tax payer, accounting for six
percent of the country's gross domestic product and paid over $550 million in
taxes to the Country. The Company is one of the largest employers, employing
over 1,500 people both directly and indirectly. Bankers is proud of its
contribution to Albania, bringing the latest western technology in oilfield
development and the best international business practices to the country.
Bankers continues to monitor the situation closely and will update the market
with new developments as they occur.

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, 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". Bankers' shares are traded on the Toronto Stock
Exchange and the AIM Market in London, England under the stock symbol BNK.

About the International Chamber of Commerce (ICC)

The International Chamber of Commerce is the largest and most diverse, business
organization in the world with thousands of member companies representing over
130 countries and a vast array of business interests.
ICC is a leading provider of dispute resolution services for individuals,
businesses, states, state entities, and international organizations seeking
alternatives to court litigation.

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 Analyst, (403) 513-3428, Email:
investorrelations@bankerspetroleum.com; Website: www.bankerspetroleum.com; AIM
NOMAD: Canaccord Genuity Limited, Henry Fitzgerald-O'Connor/Wei Loon Yap, +44 0
207 523 8000; AIM BROKER: FirstEnergy Capital LLP, Hugh Sanderson / David van
Erp, +44 0 207 448 0200



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