REG-Bankers Petroleum Limited: Results of the Binding Third-Party Audit <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

30/08/2016 07:05

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



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