Obtaining commitment to resolve outstanding audit

BANKERS PETROLEUM LIMITED - Obtaining commitment to resolve outstanding audit

PR Newswire

London, September 14

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: [email protected], 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