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Bankers Petroleum Announces Results of the Binding Third-Party Audit Regarding the 2011 Tax Dispute
Bankers Petroleum Announces Results of the Binding Third-Party Audit Regarding the 2011 Ta...
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[{"type":"text","content":"\n\n\n\nBankers Petroleum Announces Results of the Binding Third-Party Audit Regarding the 2011 Tax Dispute\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBankers Petroleum Announces Results of the Binding Third-Party Audit Regarding the 2011 Tax Dispute\nCanada NewsWire\nCALGARY, Aug. 29, 2016\n\n\n\nCALGARY, 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. \n\nAs 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. \n\nThe 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.\n\nAbout Bankers Petroleum Ltd.\n\nBankers 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...