REG-Bankers Petroleum Limited: Obtaining commitment to resolve outstanding audit <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

14/09/2015 13:00

Bankers Petroleum announces obtaining commitment to resolve outstanding audit
through international third-party

CALGARY, Sept. 14, 2015 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that it has obtained a
commitment from the Albanian National Agency for Natural Resources (AKBN) to
engage a third-party international auditor to resolve an outstanding audit
regarding eligible operating and capital expenses for cost recovery, as has
been previously disclosed in the company's financial statements.

Over the coming weeks, the parties will select an international auditor and
expect to reach a conclusion on the matter over the next several months. This
effort is expected to also resolve a recently received tax balance assessment
of US$57 million based on the aforementioned outstanding audit.

"This represents a significant step towards enhancing transparency in the
administration and regulation of oil and gas activities in Albania. Bankers
views this commitment by the authorities as an important milestone in the
ongoing improvement of our operations." commented David French, President and
Chief Executive Officer of Bankers Petroleum.

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.


 

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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