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NXT (SFD.V) Announces Update On Status of US $5.8 Million Survey Contract for Petrole

Discussion in 'Canadian Stocks' started by mickymoose99, Nov 5, 2012.

  1. mickymoose99

    mickymoose99 Member

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    NXT (SFD.V) Announces Update On Status of US $5.8 Million Survey Contract for Petroleos Mexicanos ("PEMEX")

    Highlights - First US $2.9 million progress payment received from PEMEX - Additional US $2.9 million payments anticipated by year end - NXT well capitalized to execute its growth strategy


    CALGARY, ALBERTA--(Marketwire - Nov 5, 2012) - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX VENTURE:SFD)(NSFDF) announces an update on the status of its US $5.8 million SFD® aerial survey contract with Petrolēos Mexicanos ("PEMEX"), the National Oil Company of Mexico, and the 4th largest exploration & production company in the world.

    The project had an initial value of US $4.73 million, which was expanded to a total of US $ 5.8 million shortly after completion of the initial SFD® data acquisition operations. NXT has collected, as scheduled, its first US $2.87 million, which was due under the initial project scope of US $4.73 million. A second contract progress billing of US $1 million will be issued shortly, with payment due 30 days thereafter.

    Data interpretation operations for the expanded project are well underway and NXT has delivered preliminary findings to PEMEX. NXT''s final recommendations report is scheduled to occur in November, 2012, following which the final contract billing of US $1.9 million will be issued under the US $5.8 million project.

    "We are pleased with how smoothly the project is progressing and are looking forward to presenting the final results to PEMEX when they visit our data interpretation center in the coming weeks", noted George Liszicasz, NXT''s President and CEO. "With $4 million cash, no debt, and additional PEMEX contract billings of US $2.9 million expected to be received by year-end, we are well positioned to continue to expand our client base and execute our growth strategy."

    NXT also advises that it will be holding its Annual and Special General Meeting for the fiscal year ended December 31, 2011 on Tuesday November 27, 2012 at 3 pm at the Petroleum Club in Calgary.

    In addition, NXT has been invited to present at the International Oil & Gas Conference being hosted by Mackie Research Capital Corporation in Toronto on November 7, 2012. Andy Steedman, V-P of Operations, will be presenting and meeting with institutional investors at the conference.

    NXT is a Calgary based company whose proprietary airborne Stress Field Detection ("SFD®") survey system provides a survey method that can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration
     
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