REG-Bankers Petroleum Limited: Stop order injunction of Albanian tax assessment <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

23/11/2015 11:00

ICC issues stop order injunction of Albanian tax assessment in favour of    
                               Bankers Petroleum                               

CALGARY, Nov. 23, 2015 /CNW/ - The Tribunal constituted by the International
Court of Arbitration of the International Chamber of Commerce ("ICC") has
issued a stop order requiring the Albanian tax department to revoke the
suspension of Bankers Petroleum Ltd.'s ("Bankers" or the "Company") (TSX: BNK,
AIM: BNK) Albanian bank accounts, and protecting the Company against
enforcement of the previously announced Albanian profit tax assessment.  This
stop order will remain in place until the Tribunal decides otherwise.
Subsequent to receiving the ICC Tribunal ruling, Bankers will submit an
application for a longer term injunction which will be heard by the ICC
Tribunal in the coming weeks.  Bankers will continue to operate as usual in
Albania.

The ICC injunction supports the independent handling of the process in
accordance with applicable international principles.  The third-party
international cost recovery audit process continues in accordance with the
Terms of Reference signed September 25, 2015 with the Albanian National Agency
for Natural Resources (AKBN) and the Ministry of Energy and Industry.  Based on
the strength of our eleven year relationship with the Albanian Government as
the largest foreign direct investor and tax payer in Albania, we expect full
cooperation in compliance with the ICC Tribunal ruling and the third-party
international cost recovery audit process.

On November 19, 2015, Bankers received notification that the Albanian tax
department suspended the use of the Company's Albanian bank accounts in an
attempt to collect an amount of $75 million, increased due to assessed interest
and penalties from the previously announced $57 million tax assessment. 
Bankers does not hold a significant balance in its Albanian bank accounts, and
this suspension is expected to be lifted immediately.    Bankers will update
the market regularly as the third-party international cost recovery audit and
ICC Tribunal processes proceed.

Conference Call

Management of Bankers will host a conference call on November 23, 2015 at 6:30
am MST (8:30 am EST, 1:30 pm GMT). Following Management's presentation there
will be a question and answer session for analysts and investors.

To participate in the conference call, please contact the conference operator
ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450.  A live
audio web cast of the conference call will also be available on Bankers website
at http://www.bankerspetroleum.com./ or by entering the following URL into your
web browser, https://event.on24.com/eventRegistration/EventLobbyServlet?target=
registration.jsp&eventid=1100485&sessionid=1&key=
DF319D8B0E8E6E4C448B64A191B09191&sourcepage=register.

The web cast will be archived two hours after the presentation on the website,
and posted on the website for 90 days.  A replay of the call will be available
until December 12, 2015 by dialing 1-855-859-2056 or 1-416-849-0833 and
entering access code 88307600.

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



END



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