REG-Bankers Petroleum Limited: BNK reaches agreement to unfreeze Albanian bank accounts <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

04/12/2015 18:10

Bankers Petroleum reaches agreement to unfreeze Albanian bank accounts

CALGARY, Dec. 4, 2015 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) announces that the Company and the Albanian
Government have reached an agreement allowing the Company to regain control of
its Albanian bank accounts and to operate under normal conditions at
Patos-Marinza. Bankers has agreed to make the following payments to the Tax
Office: a deposit of 10% of the $57MM original tax assessment amount, and then
further deposits of $4.275MM each month during the 2016 calendar year amounting
to the $57MM total. Such payments are made without prejudice to the ongoing
dispute over the validity of these tax claims and in full reservation of
Bankers' rights. This arrangement will allow the Company and the Government to
cooperatively seek a resolution on the 2011 cost recovery audit through the
third-party expert audit which is expected to follow an expeditious timetable,
and if necessary through a finding from the ICC arbitration process that is
proceeding in parallel. Upon conclusion of the independent dispute-resolution
process (expert audit or, if necessary the arbitration), both parties agree to
revisit the 2011 Profit Tax assessment and payments made thereto in accordance
with the outcome of the process.

------------

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

(BNK. BNK)



END



Copyright © 2015 PR Newswire Association, LLC. All Rights Reserved