NXT Energy Solutions Inc.

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NXT Energy Solutions Inc. (“NXT”) is a publicly traded company based in Calgary, Canada. The Company offers a unique geophysical service to the upstream oil and gas industry using its proprietary gravity-based Stress Field Detection (“SFD®”) remote-sensing survey system. SFD®is used to rapidly i...

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NXT Energy Solutions Inc.

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NXT Energy Solutions Inc. (“NXT”) is a publicly traded company based in Calgary, Canada. The Company offers a unique ......

people15 Members       (0)

8020Admin posted a press release NXT Receives an Additional $2.1 Million Payment Under Its $8.9 Million USD Nigerian SFD® Survey Contract in NXT ENERGY SOLUTIONS INC.


CALGARY, Alberta, July 09, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that it has received an additional $2.1 Million USD on its $8.9 million USD Nigerian SFD® survey bringing total payments to date to $5.7 million.  A further payment of $0.4 million for performing the second milestone is expected to be paid later this month.


NXT will present preliminary interpretation findings for the entire 5,000 line-kilometer survey during the week of July 22, 2019 in Nigeria.  The Company will also discuss the potential utilization of SFD® technology in NNPC’s future exploration programs based upon the successful completion of the Department of Petroleum Resources (“DPR”) near-shore flight and the initial onshore SFD® data review conducted in April by the Frontier Exploration Services (“FES”) of the Nigerian National Petroleum Corporation (“NNPC”).  


The technical teams of NNPC/FES/NXT will commence integration of SFD® recommendations with available geological and geophysical data during the third week of August, following which the remaining balance under the contract of approximately $2.8 million USD will be payable.


NXT has been invited to Beijing in August to meet with BGP Inc. (“BGP”), a subsidiary of China National Petroleum Corporation, to explore opportunities to collaborate together on projects in Africa and other jurisdictions in which BGP has interests.  In 2018, the Company signed a two year MOU with BGP that contemplates:



  1. securing one or more SFD® contracts with BGP and affiliates;

  2. jointly bidding with BGP and affiliates to provide services, including SFD®, to clients;

  3. establishing a special purposes vehicle with BGP and affiliates to conduct multi-client surveys; and

  4. establishing a special purpose vehicle with BGP and affiliates to drill and develop prospects based on integrated SFD® with seismic data.


George Liszicasz, President and CEO of NXT, commented, “Today we are announcing we have been paid almost two thirds of the $8.9 million USD contracted amount from our Nigerian SFD® survey.  These payments have been made on time in accordance with our performance of milestones and are a tribute to the value that we are bringing to exploration in Nigeria and the professionalism of our clients and partners.  Shortly after we present preliminary interpretation findings to our Nigerian clients we will build upon our strengths in the region through local discussions and then through conversations in Beijing with BGP and affiliates.  BGP is the largest seismic company in the world with a significant presence in Africa.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Eugene Woychyshyn
Corporate Controller and Interim CFO
+1 403 206 0805
nxt_info@nxtenergy.com
www.nxtenergy.com


or


Mr. George Liszicasz
President & CEO 
+1-403-206-0800 
nxt_info@nxtenergy.com
www.nxtenergy.com 


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data interpretation, complete the SFD® recommendations within the contract parameters, receipt of payments for all contract milestones, and future SFD® contracts.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the quarter ended March 31, 2019, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise. 


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8020Admin

7 days

8020Admin posted a press release NXT Receives $2.3 Million to Finalize the First Milestone Payment of $3.3 Million on Its $8.9 Million USD Nigerian SFD® Survey Contract in NXT ENERGY SOLUTIONS INC.


CALGARY, Alberta, July 03, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that it has received an additional $2.3 Million USD on its $8.9 million USD Nigerian SFD® survey that was payable following the completion in May 2019 of the data acquisition phase of 5,000 line kilometers of SFD® data.  A $1 million advance payment was received in May 2019. 


A further payment of $2.5 million under the contract is due later this month.


NXT has been invited to present preliminary interpretation findings of the entire survey on an accelerated basis later this month and to discuss the potential utilization of SFD® in NNPC’s ongoing and future exploration programs based upon the completion of the Department of Petroleum Resources (“DPR”) near-shore flight and the initial onshore SFD® data review conducted in April by the Frontier Exploration Services (“FES”) of the Nigerian National Petroleum Corporation (“NNPC”).


Final recommendations are expected to be delivered during the third quarter of 2019 at which time estimated final payments of $3.1 million under the contract are expected to be received.


NXT and PE Energy Limited (“PE”), its contractual intermediary in Nigeria, have now signed an exclusive distribution agreement (the “Distribution Agreement”) which includes the territories of Equatorial Guinea, Gabon, Congo, Angola, Cameroon and Tanzania to build upon the success of the performance of the survey in Nigeria.


George Liszicasz, President and CEO of NXT, commented, “Today we are announcing two significant milestones.  First, we have now received 40% of the total payment of the Nigerian SFD® survey. Second, I am delighted that we are extending the Distribution Agreement for PE further into Africa.  The African continent is still a frontier region for hydrocarbon exploration.  PE has been an invaluable local partner and mentor for NXT in all phases of the Nigerian SFD® survey.  Together NXT and PE completed the data acquisition in under three weeks and soon will deliver the final report to NNPC.  I look forward to a long and productive partnership with PE in Africa.”


NXT will be posting its presentation from the Annual Meeting of Shareholders after market close today.


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Eugene Woychyshyn
Corporate Controller and Interim CFO
+1 403 206 0805
nxt_info@nxtenergy.com
www.nxtenergy.com


or


Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data interpretation, complete the SFD® recommendations within the contract parameters, receipt of payments for all contract milestones, and future SFD® contracts with PE Energy Limited.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the quarter ended March 31, 2019, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise. 


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8020Admin

13 days

8020Admin posted a press release NXT Energy Solutions Announces Results of Annual Meeting of Shareholders in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, June 27, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to provide the voting results from its Annual Meeting of Shareholder held on June 25, 2019.


Shareholders voted on and approved the following proposals:



  • Number of Directors.  Set the number of directors to be elected at the meeting at five (5).
     

  • Re-elect Directors.  Re-elect the incumbent five directors of the Company.
     

  • Auditors.  Appoint KPMG LLP, Chartered Professional Accountants, as the auditors of the Company for the ensuing year at a remuneration to be determined by the Board of Directors of the Company.
     

  • Extension of Warrants. To seek approval for a twelve month (12) month extension of the expiry date of AGV 3,421,648 warrants to February 16, 2020. This vote was conducted on a disinterested basis (i.e. excluding shares voted by interested shareholders)
     

  • Unallocated Options. To seek approval for the Company’s Amended and Restated Stock Option Plan for an additional three years.
     

  • Deferred Share Unit Plan.  To seek approval for the Company’s new Deferred Share Unit Plan.


Read more here:  https://www.quotemedia.com/portal/quote?qm_symbol=SFD%3ACA&qmodStoryID=5965848020434035 

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8020Admin

2 months

8020Admin posted a press release NXT Energy Solutions Announces First Quarter 2019 Results in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, May 15, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX:SFD; OTC QB:NSFDF) today announced the Company’s financial and operating results for the quarter ended March 31, 2019.  All dollar amounts herein are in Canadian Dollars.  


Q1 Financial and Operating Highlights


Key financial and operational highlights for the first quarter include:



  • The Company began the mobilization phase of its Nigerian SFD® survey valued at approximately $US8.9 million dollars with PE Energy Limited, a Nigerian oil and gas service company.  PE Energy Limited has a contract with the Nigerian National Petroleum Company (“NNPC”), to provide 5,000-line kilometers of SFD® surveys in Nigeria.  Data acquisition operations for this contract were completed in early May 2019.  NXT’s recommendations are expected to be delivered during the third quarter of 2019.  The contracts have resulted from more than six (6) months of negotiations and the exchange of substantial technical information on the performance of the SFD®.

  • To date the Company has received $US1.3 million payments from PE Energy Limited for the SFD® Surveys in Nigeria.  Further payments under the $US8.9 million contract will be made upon completion of each of three (3) project milestones and as per contract payment terms as follows: data acquisition (likely now due in June 2019), interpretation and delivery of the final report.

  • In February 2019, NXT entered into a Co-operative Agreement with Alberta Green Ventures (“AGV”), to propose up to three SFD® surveys within two years.  The Co-operative Agreement is based on a cost plus formula and a gross overriding royalty interest in oil and gas production arising on lands subject to the surveys.   NXT and AGV are currently evaluating potential SFD® surveys subject to the logistics of scheduling the NXT’s aircraft.  The Company has received a $US100,000 non-refundable deposit in connection with this Co-operative Agreement.

  • As the result of the Co-operation Agreement between AGV and NXT, the Company has received conditional approval from the Toronto Stock Exchange (“TSX”) to extend the expiry date of the common share warrants held by AGV for an additional 12 months until February 16, 2020, subject to disinterested shareholder approval at the Company’s Annual General Meeting on June 25, 2019.

  • Effective February 26, 2019, NXT has entered into a three year exclusive sales representative agreement with AGV, in nine jurisdictions in the Middle East and Latin America.  This agreement includes an at-market subscription right to purchase treasury shares of NXT in a dollar amount equal to 25% of the contracts introduced by AGV to NXT in the first year of the agreement, subject to approval from the TSX.

  • The memorandum of understanding entered into between Generation Resource Discoveries (“GRD”), NXT’s regional representative and the Government of Aceh, Indonesia on February 22, 2018, GRD has expired.

  • No survey revenues were recorded in the first quarter of 2019 ended March 31, 2019.

  • A net loss of $1.76 million was recorded for Q1 2019, including amortization expense of $0.44 million.

  • Operating activities used $0.88 million of cash during Q1 2019 and net cash used for financing activities was $0.01 million.

  • Losses per common share were $0.03 for Q1 2019 (basic and diluted).

  • General and administrative costs for Q1 2019 as compared to Q1 2018 have been reduced by $0.06 million or 6% primarily due to a reduction in headcount partially offset by the Nigerian contract negotiation and legal costs.

  • Cash and short-term investments at the end of the Q1 2019 were $3.35 million.


Message to Shareholders


George Liszicasz, President, and CEO of NXT, commented, “NXT had a very busy first quarter planning and finalizing operational details for the Nigerian SFD® Survey.  Since this project was our first in Africa, a number of logistical issues needed to be overcome.  The Company has delivered more than 10,000 pages of documents to NNPC and the Department of Petroleum Resources (“DPR”) as part of the qualification process.  I would like to thank our partner, PE Energy Limited in Nigeria, for their tireless efforts to make this project possible within seven months of initiating discussions.  Before receiving approval for the survey, NXT had to complete a test flight onshore.  Within days, we presented our preliminary results to NNPC and received approval for the project.  From April 17th to early May, NXT completed 5,000 line kilometers of data acquisition and is currently processing the data for interpretation.  More importantly, now that the first phase is completed and approved by NNPC, the first milestone payment is to be received in June as per contract payment terms.


The offshore test designed by DPR and the Nigerian Petroleum Development Corporation was carried out on April 28, 2019.  Final results will be presented in Nigeria in the near future.  Our aircraft is back in Calgary and undergoing scheduled maintenance in order to prepare for additional SFD® surveys.  We continue to pursue opportunities in Nigeria and are building on the momentum within Africa and the Middle East.  On behalf of our board of directors and myself as CEO, I want to thank all of our employees and service providers that supported the acquisition phase of the Nigerian SFD® survey.  We are looking forward to the rest of 2019.”
       
Summary highlights of NXT's 2019 first quarter financial statements (with comparative figures to 2018) are noted below.  All selected and referenced financial information noted below should be read in conjunction with the Company's first quarter 2019 unaudited condensed consolidated interim financial statements and the related management's discussion and analysis ("MD&A"). 


Read more here:  https://quotemedia.com/portal/quote/?qm_symbol=SFD%3ACA&qmodStoryID=4931188750415475 

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8020Admin

2 months

8020Admin posted a press release NXT Receives the Advance Payment on the $8.9 Million SFD® Survey Contract and Completes Data Acquisition in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, May 02, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that of the $1.0 Million USD, it has received a $0.9 Million USD advance payment from PE Energy Limited (“PE”) following successful completion of data acquisition and delivery of preliminary interpretation results to the Frontier Exploration Services (“FES”) of the Nigerian National Petroleum Corporation (“NNPC”).  An additional $100,000 USD will be received in the next few days once the international transfer formalities are completed.  PE is the Nigerian oil and gas service company that has the contract with NNPC, to provide 5,000 line kilometers of airborne SFD® Surveys in Nigeria.


NXT has now completed the acquisition of 5,000 line kilometers of SFD® data. The SFD® surveys were conducted over NNPC’s exploration interests in the inland basins of Nigeria.  All flight lines were designed by NNPC/FES.  The final report is expected to be delivered during the third quarter of 2019.


Further payments under the $8.9 Million contract will be made upon completion of each of three (3) project milestones as follows: data acquisition, interpretation and delivery of the final report.


George Liszicasz, President and CEO of NXT, commented, “Africa is still a frontier region for hydrocarbon exploration.  Many African national oil companies want to develop the vast potential that has been neglected for decades to supplement mature declining offshore fields.  The SFD® technology has the potential to deliver significant value to clients in any exploration environment.  I am pleased that we not only completed the surveys required by the contract, but have also acquired nearly 5,000 kilometers of data in record time.  I wish to thank our employees and our partner, PE, for the initial success of this SFD® Survey.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Eugene Woychyshyn
Corporate Controller and Interim CFO
+1 403 206 0805
nxt_info@nxtenergy.com
www.nxtenergy.com


or


Mr. George Liszicasz                                        
President & CEO                                              
+1-403-206-0800                                               
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data acquisition, complete the SFD® recommendations within the contract parameters, and receipt of payments for all contract milestones.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent Annual Information Report for the year ended December 31, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

3 months

8020Admin posted a press release NXT Energy Solutions Announces 2018 Year End Results and Update on $US8.9 Million SFD® Survey in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, April 01, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) today announced the Company's financial and operating results for the year ended December 31, 2018.  All dollar amounts herein are in Canadian Dollars. Please see details of the conference call scheduled for 4:30 P.M. EST today at the end of this letter.


Read more here:   https://quotemedia.com/portal/quote?qm_symbol=SFD%3ACC&qmodStoryID=7695121134295260 

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8020Admin

3 months

8020Admin posted a press release NXT Energy Solutions Announces $8.9 Million USD SFD® Survey Contract in Nigeria in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, March 28, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that it has signed an $8.9 Million USD contract with PE Energy Limited (“PE”), a Nigerian oil and gas service company that has a contract with the Nigerian National Petroleum Company (“NNPC”), to provide 5,000 line kms of SFD® Surveys in Nigeria.  Data acquisition operations for this contract are expected to commence in early April 2019 and NXT’s interpretations and recommendations are expected to be delivered during the third quarter of 2019.


The Company has received a $300,000 USD mobilization fee and a $1 Million USD pre-survey payment must be paid to NXT within five (5) days of performing a 100 line km pilot survey.  The pilot survey must be completed to the satisfaction of NNPC to evaluate the response of the SFD® in the Nigerian geological environment.  Thereafter, payments will be made upon completion of each of three (3) project milestones: data acquisition, interpretation and delivery of a report and upon satisfaction of all performance conditions under the contracts.  The contracts have resulted from more than six months of negotiations and the exchange of substantial technical information on the performance of the SFD®


George Liszicasz, President and CEO of NXT, commented: “Nigeria is seeking to improve the effectiveness of their offshore exploration activity.  The SFD® survey will provide NNPC with information on potential oil and gas traps that will open up new areas for oil and gas exploration.  We are also currently working with other companies in the region to become an integral part of their future on-shore and off-shore exploration programs.  As Nigeria is a new jurisdiction for us, we conducted significant due diligence to ensure we understand the business environment with special attention to compliance with NXT’s Anti-Bribery and Anti-Corruption Policy.  I want to thank our advisors, especially Norton Rose Fulbright, Kreller Group, and our Board of Directors for providing guidance to ensure the integrity of these contracts.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data acquisition, complete the SFD® recommendations within the contract parameters, and ensuring payments of all contract amounts.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent Annual Information Report for the year ended December 31, 2017, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

4 months

8020Admin posted a press release NXT Energy Solutions Announces Sales Representative Agreement With Alberta Green Ventures in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, March 05, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that it has entered into a three year exclusive sales representative agreement (“Agreement”) with Alberta Green Ventures Limited Partnership (“AGV“), in nine jurisdictions in the Middle East and Latin America.  These are jurisdictions in which AGV and its affiliates have long-standing business relationships in the oil and gas service sector.  Contingent on achieving a $2,000,000USD sales quota in the first year of the Agreement term, AGV will be granted an at-market subscription right to purchase treasury shares of NXT in a dollar amount equal to 25% of the contracts introduced by AGV to NXT in the first year of the Agreement, up to a maximum of $5,000,000USD, subject to approval from the TSX.  


George Liszicasz, President and CEO of NXT, commented, “This Agreement is the next step in our continuing relationship with AGV.  AGV invests in oil and gas service companies with emerging technologies.  We recently announced the signing of the Co-operation Agreement with AGV where we will conduct surveys in Canada and the United States and will earn royalties in addition to our typical fees.  The sales representation and the agreement to provide surveys, coupled with a material investment by AGV, firmly align the interest of our two companies.  We are looking forward to exploring opportunities with AGV and welcome their participation in our investment strategy.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the satisfaction of all required conditions (including regulatory and shareholder approvals, if necessary) for completion of a private placement, the ability to generate revenue, and the ability of AGV to fund a private placement.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the period ended September 30, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

5 months

8020Admin posted a press release NXT Energy Solutions Announces Commercial Agreement With Alberta Green Ventures in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, Feb. 20, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce it has entered into a binding commercial and co-operation agreement (“Agreement”) with one of its largest shareholders, Alberta Green Ventures Limited Partnership (“AGV”), to conduct up to three SFD® surveys within two years. The Agreement is based on a cost plus formula and a gross overriding royalty interest in oil and gas production arising on lands subject to the surveys.


Under the Agreement, NXT and AGV agree to conduct two SFD® Surveys in North America and one internationally.  The first SFD® Survey is to be completed by August 31, 2019 and the fees payable by AGV are partially secured by a $200,000USD non-refundable deposit payable within two months of signing the agreement.  AGV has committed to completing an exploration drilling program on each of the lands subject to the SFD® surveys within 2 years of completion of the surveys. 


George Liszicasz, President, and CEO of NXT, commented, “NXT and AGV have been working closely together for the last 12 months and this Agreement shows AGV’s commitment to NXT and its confidence in our SFD® technology.  This also provides an opportunity to directly share in the success of our SFD® recommendations through participation via a royalty component.  Furthermore, this arrangement will continue the verification of our SFD® technology in the field.”


As part of the consideration for the agreement, the Company has agreed to seek approval to a 12-month extension of the expiry date of certain common share purchase warrants held by AGV.  The TSX has granted conditional approval to the extension, subject to disinterested shareholder approval.  The Company intends to table a resolution for the approval of disinterested shareholders at the 2019 Annual Shareholder Meeting of the Company to ratify a twelve (12) month extension of AGV’s 3,421,648 warrants (“Warrants”) to February 16, 2020.  If approved each Warrant entitles the holder to acquire one Common Share at an exercise price of $1.20 for an additional twelve months to February 16, 2020.  The date of the Annual Shareholder Meeting is to be set for a date in the second quarter of 2019.  Until the extension is approved by shareholders at the meeting, the warrants will not be exercisable by AGV.  If the extension is not approved, then the warrants will terminate.


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the satisfaction of all required conditions (including regulatory and shareholder approvals) for completion of the Warrant extension, the receipt of the non-refundable deposit, completion of each of the SFD surveys, commercially successful wells that will produce gross overriding royalties, and the planned timing of the Annual Shareholder Meeting.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the period ended September 30, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

7 months

8020Admin posted a press release NXT Energy Solutions Announces Appointment of Interim CFO in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, Dec. 03, 2018 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) announces that Eugene Woychyshyn, NXT’s Corporate Controller, has been appointed Interim Chief Financial Officer effective today.


Mr. Woychyshyn has been serving as NXT’s Controller since late November 2017.  He has extensive international experience in North America, Europe and Asia working in numerous industries and has previous experience in the CFO role of a TSX Venture listed company.  Mr. Woychyshyn is a Chartered Professional Accountant who holds a Bachelor of Commerce from the University of Manitoba and a Masters of Business Administration from St. Joseph’s University, Philadelphia PA. 


George Liszicasz, President, and CEO of NXT, said: “Eugene has been a valued member of our financial team for over a year and played a vital role in providing financial controls and leadership.  His appointment ensures continuity in our finance function.  I look forward to continue working closely with Eugene.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Mr. George Liszicasz                                        
President & CEO                                              
+1-403-206-0800                                               
nxt_info@nxtenergy.com                                     
www.nxtenergy.com                                           


 


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8020Admin

11 months

8020Admin posted a press release NXT Energy Solutions Announces Second Quarter Results for 2018 in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, Aug. 07, 2018 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) today announced the Company's financial and operating results for the quarter-ended June 30, 2018.  All dollar amounts herein are in Canadian Dollars.


Q2 Financial and Operating Highlights


Key financial and operational highlights for the second quarter of 2018 include:



  • Completed a private placement financing on July 3, 2018 of $9,484,810 through the issuance of an aggregate of 10,264,946 units at $0.924 per unit, marginally less than the original target of $10,076,416 and the issuance of 10,905,212 units that was announced in the first quarter (the "Private Placement").

    • Closed on an aggregate of $4,200,000 during the second quarter over two separate closings on May 15 and June 15, 2018.

    • Subsequent to the quarter-end on July 3, 2018 we closed on a further amount of $974,311.



  • Entered into an Investor Rights Agreement with Alberta Green Ventures Limited Partnership (the "Subscriber" or "AGV") in conjunction with the completion of the Private Placement.  The Subscriber now holds approximately 20.0% of the Company’s 68,432,746 outstanding common shares (including common shares issuable through the exercise of its warrants).

  • SHINE Quests FZC continued working towards securing government approvals for a larger scale infrastructure and resource development within the Mannar Basin of Sri Lanka which will include a commitment to use SFD®.

  • Generation Resource Discoveries advanced discussions with various Indonesian authorities on securing financing and permits required for a geophysical survey over an area of up to 20,000 km2 in the North Sumatra basin offshore Aceh, Indonesia, with discussions expected to conclude by August 2018.  Upon successful conclusion, NXT will initiate SFD® survey contract discussions with Generation Resource Discoveries.

  • Reinitiated discussions with the governments of Ghana and Nigeria regarding potential SFD® surveys for offshore exploration acreage.

  • Engaged in discussions with private counterparties in Canada and the USA regarding the utilization of SFD® for the identification of new reservoir horizons with limited prior geophysical information in mature conventional and unconventional areas. 

  • Received notification of the granting of NXT's SFD® patent in China on April 13, 2018.

  • No survey revenues were recorded for the first two quarters of 2018.

  • A net loss of $1.96 million was recorded for the three months ended June 30, 2018, including amortization expense of $0.45 million and stock-based compensation expense of $0.15 million.

  • A net loss of $3.92 million was recorded for the six months ended June 30, 2018, including amortization expense of $0.89 million and stock-based compensation expense of $0.45 million.

  • Operating activities used $1.94 million of cash during the second quarter, and net cash proceeds provided from financing activities was $4.09 million.

  • Operating activities used $3.28 million of cash during the six months ended June 30, 2018, and net cash from financing activities provided was $8.38 million.  

  • Losses per common share were $0.03 for the second quarter and $0.06 for the six months ended June 30, 2018 (basic and diluted).

  • Continued progress in our corporate cost reduction program with a decrease in general and administrative costs of 17% compared to the same quarter last year and a reduction of 23% year to date.

  • Cash and short-term investments at the end of the second quarter of 2018 were $6.20 million.

  • Subsequent to quarter-end on July 19, 2018, NXT received Notice of Allowance for a CIP (continuation-in-part) patent in the United States regarding a new sensor design we term the “Cascade” configuration.  The patent will be granted and issued in the coming months.

    • The Cascade sensor is the result of NXT’s continued research & development efforts and builds upon our existing US patent.  The Company’s Cascade sensors will provide enhanced ability for identifying trapped fluid bodies indicative of potential hydrocarbon accumulations along with improved reliability and flexibility during SFD® survey operations.




Message to Shareholders
       
George Liszicasz, President, and CEO of NXT commented, “The second quarter of 2018 was an active one for our Company with continued activity in three main areas: business development, IP and research & development and financing.


We continued intensive marketing efforts during the quarter for the SFD® technology across South East Asia, China, and Latin America.  In addition we reinitiated discussions with the African governments and their respective national oil companies in Ghana and Nigeria as we have seen oil and gas exploration interest increase across the continent.  We also held discussions and technical presentations with multiple large players regarding SFD® surveys in proven and underdeveloped onshore hydrocarbon regions in Africa which will significantly bolster our 2019 business pipeline.  This was coupled with NXT making a presentation at the Dakar (Senegal) Upstream West Africa Summit in June 2018 which was very well received.


Our sales agents in Sri Lanka and Indonesia advanced discussions regarding financing and regulatory permits required in advance of SFD® contract negotiations and we remain focused on securing SFD® contracts as soon as these requirements are successfully concluded.


We are also awaiting the results of a data integration exercise being conducted by a major oil and gas player regarding our multi-client survey data in the Gulf of Mexico and are planning further meetings in the third quarter following the completion of the integration.


NXT continued its investment in technology research & development during the quarter and reached another important milestone in developing its SFD® IP.  Shortly following the quarter-end we received Notice of Allowance for an extension of our United States SFD® patent to incorporate our new Cascade sensor design.  The Cascade sensors were field tested using a vehicle driven through some areas with known oil and gas accumulations and geological features in Alberta.  Testing was then carried out on specific R&D flights conducted as part of our multi-client survey in the Gulf of Mexico.  The Cascade sensors allow us to more clearly and effectively identify trapped fluid bodies subsurface while providing greater flexibility for sensor adjustment and improved sensor stability during SFD® survey operations.  These continued developments and investments in our proprietary technology demonstrate our commitment to transforming oil and gas exploration globally.


On behalf of our Board of Directors and the entire team at NXT, I want to thank all of our shareholders for their continued support.”
       
Summary highlights of NXT's 2018 second quarter financial statements (with comparative figures to 2017) are noted below.  All selected and referenced financial information noted below should be read in conjunction with the Company's second quarter 2018 unaudited consolidated financial statements and the related management's discussion and analysis ("MD&A"). 



 



NXT's 2018 second quarter financial and operating results have been filed in Canada on SEDAR at www.sedar.com, and will soon be available in the USA on EDGAR at www.sec.gov/edgar, as well as on NXT's website at www.nxtenergy.com.


Details of the conference call are as follows:

























Date: Tuesday, August 7, 2018
Time: 4:15 p.m. Eastern Time (2:15 p.m. Mountain Time)
North American Participants Call: 1-800-952-5114
International Dial In Numbers: https://www.confsolutions.ca/ILT?oss=7P1R8009525114
Participant Pass Code 4625944#

About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:











Mr. George Liszicasz  
President & CEO  
+1-403-206-0800  
nxt_info@nxtenergy.com
www.nxtenergy.com  
                  Mr. Jakub Brogowski
Chief Financial Officer
+1-403-206-0807
nxt_info@nxtenergy.com
www.nxtenergy.com

Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the timing and extent of potential future growth opportunities in new international markets, including new business ventures, and the satisfaction by third-parties of certain necessary conditions related thereto including obtaining financing and government and regulatory approvals.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the period ended June 30, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

1 year

8020Admin posted a press release NXT Energy Solutions Announces Closing of $2,200,000 of Financing and Provides Operational Update in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, June 18, 2018 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX:SFD) (OTC QB:NSFDF) today announced it has closed on an additional $2,200,000 of its previously announced Private Placement on June 15, 2018 and is pleased to provide an operational update.


Closing of a Further $2,200,000 of the Second Tranche of the Private Placement


On February 16, 2018, we announced a three-tranche private placement of 10,905,212 Units at a price of $0.924 per Unit for total gross proceeds of approximately $10,076,416 (“Private Placement”) to Alberta Green Ventures Limited Partnership (the "Subscriber").  Each Unit consists of one Common Share and one-third of one Common Share purchase warrant (each whole warrant, a "Warrant"), and each Warrant entitles the holder to acquire one Common Share at an exercise price of $1.20 for twelve (12) months from closing of the first tranche of the Private Placement.  The first tranche of the Private Placement was completed on February 16, 2018, and the Company received approximately $4,310,500 in connection with the issuance of 4,665,043 Units.


The second tranche of the Private Placement consists of 5,538,203 Units for gross proceeds of approximately $5,117,300.  On May 15, 2018, the Company closed on a portion of the second tranche in the amount of $2,000,000 by issuing a further 2,164,502 Units.  As a result, the Subscriber owned a total of 6,829,545 Units representing approximately 14.0% of the Company’s 64,997,345 outstanding Common Shares at the time (including the Common Shares to be issued upon exercise of the Warrants) and became an “Insider” of the Company for securities law purposes.


On May 15, 2018, the Company agreed to an extension on closing the second and third tranches of the Private Placement until June 15, 2018.  Approval for the extension was received by the TSX subject to Shareholder approval for the subscription price of $0.924 per Unit, which was received at the Company’s annual and special meeting of shareholders held on June 7, 2018 (the “AGM”). 


On June 15, 2018, the Company closed on a further portion of the second tranche in the amount of $2,200,000 by issuing a further 2,380,952 Units for gross proceeds of approximately $2,200,000.  The Unit price of $0.924 represents a premium of approximately 7.3% to NXT’s 5-day weighted average trading price immediately prior to June 15 of $0.86/share.  As a result of this closing and our two prior closings announced on February 20, 2018 and May 16, 2018, NXT has closed on a total financing amount of $8,510,500 and issued a total of 9,210,497 Units to the Subscriber representing approximately 18.2% of the Company’s 67,378,297 outstanding Common Shares (including the Common Shares to be issued upon exercise of the Warrants).


The Subscriber has requested a further extension to July 3, 2018 to close the remaining portion of the second tranche, consisting of the issuance of 992,749 Units for gross proceeds of approximately $917,300, and the third tranche, consisting of the issuance of 701,966 Units for gross proceeds of approximately $648,616, which in aggregate will now consist of 1,694,715 Units for gross proceeds of approximately $1,565,916.  The Company has agreed to the extension and has received approval from the Toronto Stock Exchange. 


Operational Update


On June 7, 2018, the Company reconvened, in Calgary, its AGM, that was adjourned on May 16, and provided a short update to shareholders in attendance.  The annual presentation to shareholders is available on our website at www.nxtenergy.com and a short trading and operations update follows.


George Liszicasz, President, and CEO of NXT commented:


“It has been a difficult time for exploration in the oil and gas industry over the past couple of years with low oil prices and a focus on shale oil development.  However, as oil prices have moved up significantly we are confident we will obtain sales for the Company given the excellent historical drilling results associated with the utilization of the SFD® technology.  Despite the absence of new contracts, we have achieved a number of positives steps for the Company over this period that will provide a framework for future success including: reorganized management, reduced corporate costs and overhead, a refocused business strategy, global patent protection,  a strengthened balance sheet by securing substantial new funding, an enhanced marketing program and initiation of a new business line for NXT of SFD® related to multi-client data acquisition and data sales beginning in the Gulf of Mexico.  With a healthy balance sheet and no debt, the Company is now focused on advancing and closing several current contract discussions.  We also greatly appreciate the continued support of Alberta Green Ventures in closing this further tranche of our funding and believe it is a strong indication of confidence in NXT’s business plan and prospects.  We especially want to thank our shareholders for the continued patience and confidence they have shown in NXT.”


Asia


In Sri Lanka, SHINE Quests FZC (“SQ”) has informed us that they have made progress in financing arrangements on a contract for a larger scale infrastructure and resource development within the Mannar Basin which will include a commitment to use SFD®.  SQ is now focused on securing government approvals for the financing from the United Arab Emirates (“UAE”) and Sri Lanka.  The Company expects to provide a further update in the reporting of its second quarter financial results for 2018.


In Indonesia, NXT’s appointed sales representative, Generation Resource Discoveries (“GRD”) entered into an MOU with the Government of Aceh in February to finance and carry out a geophysical survey over an area of up to 20,000 km2 in the underexplored but proven North Sumatra basin offshore Aceh.  As part of the MOU, GRD has proposed to utilize NXT’s SFD® survey technology for a part of a geophysical data acquisition.  GRD has targeted securing of permits and funding for the geophysical survey by the end of August 2018.  SFD® survey contract discussions will begin thereafter.


Latin America


NXT has engaged in active discussions with both state-owned and privately owned oil & gas companies operating in the Gulf of Mexico on NXT’s multi-client SFD® survey data in the region.  In June 2017, NXT acquired SFD® data over approximately 8,900 km2 of offshore exploration acreage in the Gulf of Mexico.  In addition to creating a new potential revenue stream for the Company, our multi-client data is proprietary property of NXT and can be sold to multiple parties without NXT having to incur additional costs to collect further SFD® data.  NXT also believes a successful initial sale of its multi-client data in the Gulf of Mexico will support future multi-client data sales as exploration interest builds in the Gulf of Mexico region. 


During the first quarter NXT also engaged two new sales agents in Latin America focused in Mexico and Peru. 


Africa


NXT has reinitiated discussions with the governments of Ghana and Nigeria regarding potential SFD® surveys for offshore exploration acreage.  In addition, NXT will also be presenting at the 4th Annual Upstream West Africa Summit from June 20 to June 22 in Dakar, Senegal.


North America


NXT has engaged in discussions with private counterparties in Canada and the USA regarding the utilization of SFD® for the identification of new reservoir horizons with limited prior geophysical information in mature conventional and unconventional areas.  These discussions are currently focused on heavy oil resources and other previously untapped unconventional resources.  NXT also plans to employ a new contracting strategy in these discussions where the Company conducts SFD® surveys incrementally on a cost-plus basis and in return for a lower upfront charge is granted other contractual benefits, such as overriding royalties over areas where the SFD® surveys would be conducted.  This alternative contracting approach would generate lower upfront revenue for NXT relative to our traditional fee for survey strategy, however, it would provide potential future benefits further up the value chain upon drilling success associated with discovered resources and create a “win-win” contracting approach.


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:




















     
Mr. George Liszicasz
President & CEO 
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com
  Mr. Jakub Brogowski
Chief Financial Officer
+1-403-206-0807
nxt_info@nxtenergy.com
www.nxtenergy.com
     

Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the satisfaction of all required conditions (including regulatory and shareholder approvals) for completion of the Private Placement, the completion of the second and third tranches of the Private Placement, and the planned timing of the AGM.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the period ended March 31, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.


 

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NXT Energy Solutions Inc. (“NXT”) is a publicly traded company based in Calgary, Canada. The Company offers a unique geophysical service to the upstream oil and gas industry using its proprietary gravity-based Stress Field Detection (“SFD®”) remote-sensing survey system. SFD®is used to rapidly i...

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NXT Energy Solutions Inc. (“NXT”) is a publicly traded company based in Calgary, Canada. The Company offers a unique ......

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8020Admin posted a press release NXT Receives an Additional $2.1 Million Payment Under Its $8.9 Million USD Nigerian SFD® Survey Contract in NXT ENERGY SOLUTIONS INC.


CALGARY, Alberta, July 09, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that it has received an additional $2.1 Million USD on its $8.9 million USD Nigerian SFD® survey bringing total payments to date to $5.7 million.  A further payment of $0.4 million for performing the second milestone is expected to be paid later this month.


NXT will present preliminary interpretation findings for the entire 5,000 line-kilometer survey during the week of July 22, 2019 in Nigeria.  The Company will also discuss the potential utilization of SFD® technology in NNPC’s future exploration programs based upon the successful completion of the Department of Petroleum Resources (“DPR”) near-shore flight and the initial onshore SFD® data review conducted in April by the Frontier Exploration Services (“FES”) of the Nigerian National Petroleum Corporation (“NNPC”).  


The technical teams of NNPC/FES/NXT will commence integration of SFD® recommendations with available geological and geophysical data during the third week of August, following which the remaining balance under the contract of approximately $2.8 million USD will be payable.


NXT has been invited to Beijing in August to meet with BGP Inc. (“BGP”), a subsidiary of China National Petroleum Corporation, to explore opportunities to collaborate together on projects in Africa and other jurisdictions in which BGP has interests.  In 2018, the Company signed a two year MOU with BGP that contemplates:



  1. securing one or more SFD® contracts with BGP and affiliates;

  2. jointly bidding with BGP and affiliates to provide services, including SFD®, to clients;

  3. establishing a special purposes vehicle with BGP and affiliates to conduct multi-client surveys; and

  4. establishing a special purpose vehicle with BGP and affiliates to drill and develop prospects based on integrated SFD® with seismic data.


George Liszicasz, President and CEO of NXT, commented, “Today we are announcing we have been paid almost two thirds of the $8.9 million USD contracted amount from our Nigerian SFD® survey.  These payments have been made on time in accordance with our performance of milestones and are a tribute to the value that we are bringing to exploration in Nigeria and the professionalism of our clients and partners.  Shortly after we present preliminary interpretation findings to our Nigerian clients we will build upon our strengths in the region through local discussions and then through conversations in Beijing with BGP and affiliates.  BGP is the largest seismic company in the world with a significant presence in Africa.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Eugene Woychyshyn
Corporate Controller and Interim CFO
+1 403 206 0805
nxt_info@nxtenergy.com
www.nxtenergy.com


or


Mr. George Liszicasz
President & CEO 
+1-403-206-0800 
nxt_info@nxtenergy.com
www.nxtenergy.com 


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data interpretation, complete the SFD® recommendations within the contract parameters, receipt of payments for all contract milestones, and future SFD® contracts.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the quarter ended March 31, 2019, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise. 


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8020Admin

7 days

8020Admin posted a press release NXT Receives $2.3 Million to Finalize the First Milestone Payment of $3.3 Million on Its $8.9 Million USD Nigerian SFD® Survey Contract in NXT ENERGY SOLUTIONS INC.


CALGARY, Alberta, July 03, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that it has received an additional $2.3 Million USD on its $8.9 million USD Nigerian SFD® survey that was payable following the completion in May 2019 of the data acquisition phase of 5,000 line kilometers of SFD® data.  A $1 million advance payment was received in May 2019. 


A further payment of $2.5 million under the contract is due later this month.


NXT has been invited to present preliminary interpretation findings of the entire survey on an accelerated basis later this month and to discuss the potential utilization of SFD® in NNPC’s ongoing and future exploration programs based upon the completion of the Department of Petroleum Resources (“DPR”) near-shore flight and the initial onshore SFD® data review conducted in April by the Frontier Exploration Services (“FES”) of the Nigerian National Petroleum Corporation (“NNPC”).


Final recommendations are expected to be delivered during the third quarter of 2019 at which time estimated final payments of $3.1 million under the contract are expected to be received.


NXT and PE Energy Limited (“PE”), its contractual intermediary in Nigeria, have now signed an exclusive distribution agreement (the “Distribution Agreement”) which includes the territories of Equatorial Guinea, Gabon, Congo, Angola, Cameroon and Tanzania to build upon the success of the performance of the survey in Nigeria.


George Liszicasz, President and CEO of NXT, commented, “Today we are announcing two significant milestones.  First, we have now received 40% of the total payment of the Nigerian SFD® survey. Second, I am delighted that we are extending the Distribution Agreement for PE further into Africa.  The African continent is still a frontier region for hydrocarbon exploration.  PE has been an invaluable local partner and mentor for NXT in all phases of the Nigerian SFD® survey.  Together NXT and PE completed the data acquisition in under three weeks and soon will deliver the final report to NNPC.  I look forward to a long and productive partnership with PE in Africa.”


NXT will be posting its presentation from the Annual Meeting of Shareholders after market close today.


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Eugene Woychyshyn
Corporate Controller and Interim CFO
+1 403 206 0805
nxt_info@nxtenergy.com
www.nxtenergy.com


or


Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data interpretation, complete the SFD® recommendations within the contract parameters, receipt of payments for all contract milestones, and future SFD® contracts with PE Energy Limited.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the quarter ended March 31, 2019, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise. 


Primary Logo


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8020Admin

13 days

8020Admin posted a press release NXT Energy Solutions Announces Results of Annual Meeting of Shareholders in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, June 27, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to provide the voting results from its Annual Meeting of Shareholder held on June 25, 2019.


Shareholders voted on and approved the following proposals:



  • Number of Directors.  Set the number of directors to be elected at the meeting at five (5).
     

  • Re-elect Directors.  Re-elect the incumbent five directors of the Company.
     

  • Auditors.  Appoint KPMG LLP, Chartered Professional Accountants, as the auditors of the Company for the ensuing year at a remuneration to be determined by the Board of Directors of the Company.
     

  • Extension of Warrants. To seek approval for a twelve month (12) month extension of the expiry date of AGV 3,421,648 warrants to February 16, 2020. This vote was conducted on a disinterested basis (i.e. excluding shares voted by interested shareholders)
     

  • Unallocated Options. To seek approval for the Company’s Amended and Restated Stock Option Plan for an additional three years.
     

  • Deferred Share Unit Plan.  To seek approval for the Company’s new Deferred Share Unit Plan.


Read more here:  https://www.quotemedia.com/portal/quote?qm_symbol=SFD%3ACA&qmodStoryID=5965848020434035 

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8020Admin

2 months

8020Admin posted a press release NXT Energy Solutions Announces First Quarter 2019 Results in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, May 15, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX:SFD; OTC QB:NSFDF) today announced the Company’s financial and operating results for the quarter ended March 31, 2019.  All dollar amounts herein are in Canadian Dollars.  


Q1 Financial and Operating Highlights


Key financial and operational highlights for the first quarter include:



  • The Company began the mobilization phase of its Nigerian SFD® survey valued at approximately $US8.9 million dollars with PE Energy Limited, a Nigerian oil and gas service company.  PE Energy Limited has a contract with the Nigerian National Petroleum Company (“NNPC”), to provide 5,000-line kilometers of SFD® surveys in Nigeria.  Data acquisition operations for this contract were completed in early May 2019.  NXT’s recommendations are expected to be delivered during the third quarter of 2019.  The contracts have resulted from more than six (6) months of negotiations and the exchange of substantial technical information on the performance of the SFD®.

  • To date the Company has received $US1.3 million payments from PE Energy Limited for the SFD® Surveys in Nigeria.  Further payments under the $US8.9 million contract will be made upon completion of each of three (3) project milestones and as per contract payment terms as follows: data acquisition (likely now due in June 2019), interpretation and delivery of the final report.

  • In February 2019, NXT entered into a Co-operative Agreement with Alberta Green Ventures (“AGV”), to propose up to three SFD® surveys within two years.  The Co-operative Agreement is based on a cost plus formula and a gross overriding royalty interest in oil and gas production arising on lands subject to the surveys.   NXT and AGV are currently evaluating potential SFD® surveys subject to the logistics of scheduling the NXT’s aircraft.  The Company has received a $US100,000 non-refundable deposit in connection with this Co-operative Agreement.

  • As the result of the Co-operation Agreement between AGV and NXT, the Company has received conditional approval from the Toronto Stock Exchange (“TSX”) to extend the expiry date of the common share warrants held by AGV for an additional 12 months until February 16, 2020, subject to disinterested shareholder approval at the Company’s Annual General Meeting on June 25, 2019.

  • Effective February 26, 2019, NXT has entered into a three year exclusive sales representative agreement with AGV, in nine jurisdictions in the Middle East and Latin America.  This agreement includes an at-market subscription right to purchase treasury shares of NXT in a dollar amount equal to 25% of the contracts introduced by AGV to NXT in the first year of the agreement, subject to approval from the TSX.

  • The memorandum of understanding entered into between Generation Resource Discoveries (“GRD”), NXT’s regional representative and the Government of Aceh, Indonesia on February 22, 2018, GRD has expired.

  • No survey revenues were recorded in the first quarter of 2019 ended March 31, 2019.

  • A net loss of $1.76 million was recorded for Q1 2019, including amortization expense of $0.44 million.

  • Operating activities used $0.88 million of cash during Q1 2019 and net cash used for financing activities was $0.01 million.

  • Losses per common share were $0.03 for Q1 2019 (basic and diluted).

  • General and administrative costs for Q1 2019 as compared to Q1 2018 have been reduced by $0.06 million or 6% primarily due to a reduction in headcount partially offset by the Nigerian contract negotiation and legal costs.

  • Cash and short-term investments at the end of the Q1 2019 were $3.35 million.


Message to Shareholders


George Liszicasz, President, and CEO of NXT, commented, “NXT had a very busy first quarter planning and finalizing operational details for the Nigerian SFD® Survey.  Since this project was our first in Africa, a number of logistical issues needed to be overcome.  The Company has delivered more than 10,000 pages of documents to NNPC and the Department of Petroleum Resources (“DPR”) as part of the qualification process.  I would like to thank our partner, PE Energy Limited in Nigeria, for their tireless efforts to make this project possible within seven months of initiating discussions.  Before receiving approval for the survey, NXT had to complete a test flight onshore.  Within days, we presented our preliminary results to NNPC and received approval for the project.  From April 17th to early May, NXT completed 5,000 line kilometers of data acquisition and is currently processing the data for interpretation.  More importantly, now that the first phase is completed and approved by NNPC, the first milestone payment is to be received in June as per contract payment terms.


The offshore test designed by DPR and the Nigerian Petroleum Development Corporation was carried out on April 28, 2019.  Final results will be presented in Nigeria in the near future.  Our aircraft is back in Calgary and undergoing scheduled maintenance in order to prepare for additional SFD® surveys.  We continue to pursue opportunities in Nigeria and are building on the momentum within Africa and the Middle East.  On behalf of our board of directors and myself as CEO, I want to thank all of our employees and service providers that supported the acquisition phase of the Nigerian SFD® survey.  We are looking forward to the rest of 2019.”
       
Summary highlights of NXT's 2019 first quarter financial statements (with comparative figures to 2018) are noted below.  All selected and referenced financial information noted below should be read in conjunction with the Company's first quarter 2019 unaudited condensed consolidated interim financial statements and the related management's discussion and analysis ("MD&A"). 


Read more here:  https://quotemedia.com/portal/quote/?qm_symbol=SFD%3ACA&qmodStoryID=4931188750415475 

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8020Admin

2 months

8020Admin posted a press release NXT Receives the Advance Payment on the $8.9 Million SFD® Survey Contract and Completes Data Acquisition in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, May 02, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that of the $1.0 Million USD, it has received a $0.9 Million USD advance payment from PE Energy Limited (“PE”) following successful completion of data acquisition and delivery of preliminary interpretation results to the Frontier Exploration Services (“FES”) of the Nigerian National Petroleum Corporation (“NNPC”).  An additional $100,000 USD will be received in the next few days once the international transfer formalities are completed.  PE is the Nigerian oil and gas service company that has the contract with NNPC, to provide 5,000 line kilometers of airborne SFD® Surveys in Nigeria.


NXT has now completed the acquisition of 5,000 line kilometers of SFD® data. The SFD® surveys were conducted over NNPC’s exploration interests in the inland basins of Nigeria.  All flight lines were designed by NNPC/FES.  The final report is expected to be delivered during the third quarter of 2019.


Further payments under the $8.9 Million contract will be made upon completion of each of three (3) project milestones as follows: data acquisition, interpretation and delivery of the final report.


George Liszicasz, President and CEO of NXT, commented, “Africa is still a frontier region for hydrocarbon exploration.  Many African national oil companies want to develop the vast potential that has been neglected for decades to supplement mature declining offshore fields.  The SFD® technology has the potential to deliver significant value to clients in any exploration environment.  I am pleased that we not only completed the surveys required by the contract, but have also acquired nearly 5,000 kilometers of data in record time.  I wish to thank our employees and our partner, PE, for the initial success of this SFD® Survey.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Eugene Woychyshyn
Corporate Controller and Interim CFO
+1 403 206 0805
nxt_info@nxtenergy.com
www.nxtenergy.com


or


Mr. George Liszicasz                                        
President & CEO                                              
+1-403-206-0800                                               
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data acquisition, complete the SFD® recommendations within the contract parameters, and receipt of payments for all contract milestones.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent Annual Information Report for the year ended December 31, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

3 months

8020Admin posted a press release NXT Energy Solutions Announces 2018 Year End Results and Update on $US8.9 Million SFD® Survey in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, April 01, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) today announced the Company's financial and operating results for the year ended December 31, 2018.  All dollar amounts herein are in Canadian Dollars. Please see details of the conference call scheduled for 4:30 P.M. EST today at the end of this letter.


Read more here:   https://quotemedia.com/portal/quote?qm_symbol=SFD%3ACC&qmodStoryID=7695121134295260 

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8020Admin

3 months

8020Admin posted a press release NXT Energy Solutions Announces $8.9 Million USD SFD® Survey Contract in Nigeria in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, March 28, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that it has signed an $8.9 Million USD contract with PE Energy Limited (“PE”), a Nigerian oil and gas service company that has a contract with the Nigerian National Petroleum Company (“NNPC”), to provide 5,000 line kms of SFD® Surveys in Nigeria.  Data acquisition operations for this contract are expected to commence in early April 2019 and NXT’s interpretations and recommendations are expected to be delivered during the third quarter of 2019.


The Company has received a $300,000 USD mobilization fee and a $1 Million USD pre-survey payment must be paid to NXT within five (5) days of performing a 100 line km pilot survey.  The pilot survey must be completed to the satisfaction of NNPC to evaluate the response of the SFD® in the Nigerian geological environment.  Thereafter, payments will be made upon completion of each of three (3) project milestones: data acquisition, interpretation and delivery of a report and upon satisfaction of all performance conditions under the contracts.  The contracts have resulted from more than six months of negotiations and the exchange of substantial technical information on the performance of the SFD®


George Liszicasz, President and CEO of NXT, commented: “Nigeria is seeking to improve the effectiveness of their offshore exploration activity.  The SFD® survey will provide NNPC with information on potential oil and gas traps that will open up new areas for oil and gas exploration.  We are also currently working with other companies in the region to become an integral part of their future on-shore and off-shore exploration programs.  As Nigeria is a new jurisdiction for us, we conducted significant due diligence to ensure we understand the business environment with special attention to compliance with NXT’s Anti-Bribery and Anti-Corruption Policy.  I want to thank our advisors, especially Norton Rose Fulbright, Kreller Group, and our Board of Directors for providing guidance to ensure the integrity of these contracts.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data acquisition, complete the SFD® recommendations within the contract parameters, and ensuring payments of all contract amounts.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent Annual Information Report for the year ended December 31, 2017, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

4 months

8020Admin posted a press release NXT Energy Solutions Announces Sales Representative Agreement With Alberta Green Ventures in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, March 05, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that it has entered into a three year exclusive sales representative agreement (“Agreement”) with Alberta Green Ventures Limited Partnership (“AGV“), in nine jurisdictions in the Middle East and Latin America.  These are jurisdictions in which AGV and its affiliates have long-standing business relationships in the oil and gas service sector.  Contingent on achieving a $2,000,000USD sales quota in the first year of the Agreement term, AGV will be granted an at-market subscription right to purchase treasury shares of NXT in a dollar amount equal to 25% of the contracts introduced by AGV to NXT in the first year of the Agreement, up to a maximum of $5,000,000USD, subject to approval from the TSX.  


George Liszicasz, President and CEO of NXT, commented, “This Agreement is the next step in our continuing relationship with AGV.  AGV invests in oil and gas service companies with emerging technologies.  We recently announced the signing of the Co-operation Agreement with AGV where we will conduct surveys in Canada and the United States and will earn royalties in addition to our typical fees.  The sales representation and the agreement to provide surveys, coupled with a material investment by AGV, firmly align the interest of our two companies.  We are looking forward to exploring opportunities with AGV and welcome their participation in our investment strategy.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the satisfaction of all required conditions (including regulatory and shareholder approvals, if necessary) for completion of a private placement, the ability to generate revenue, and the ability of AGV to fund a private placement.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the period ended September 30, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

5 months

8020Admin posted a press release NXT Energy Solutions Announces Commercial Agreement With Alberta Green Ventures in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, Feb. 20, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce it has entered into a binding commercial and co-operation agreement (“Agreement”) with one of its largest shareholders, Alberta Green Ventures Limited Partnership (“AGV”), to conduct up to three SFD® surveys within two years. The Agreement is based on a cost plus formula and a gross overriding royalty interest in oil and gas production arising on lands subject to the surveys.


Under the Agreement, NXT and AGV agree to conduct two SFD® Surveys in North America and one internationally.  The first SFD® Survey is to be completed by August 31, 2019 and the fees payable by AGV are partially secured by a $200,000USD non-refundable deposit payable within two months of signing the agreement.  AGV has committed to completing an exploration drilling program on each of the lands subject to the SFD® surveys within 2 years of completion of the surveys. 


George Liszicasz, President, and CEO of NXT, commented, “NXT and AGV have been working closely together for the last 12 months and this Agreement shows AGV’s commitment to NXT and its confidence in our SFD® technology.  This also provides an opportunity to directly share in the success of our SFD® recommendations through participation via a royalty component.  Furthermore, this arrangement will continue the verification of our SFD® technology in the field.”


As part of the consideration for the agreement, the Company has agreed to seek approval to a 12-month extension of the expiry date of certain common share purchase warrants held by AGV.  The TSX has granted conditional approval to the extension, subject to disinterested shareholder approval.  The Company intends to table a resolution for the approval of disinterested shareholders at the 2019 Annual Shareholder Meeting of the Company to ratify a twelve (12) month extension of AGV’s 3,421,648 warrants (“Warrants”) to February 16, 2020.  If approved each Warrant entitles the holder to acquire one Common Share at an exercise price of $1.20 for an additional twelve months to February 16, 2020.  The date of the Annual Shareholder Meeting is to be set for a date in the second quarter of 2019.  Until the extension is approved by shareholders at the meeting, the warrants will not be exercisable by AGV.  If the extension is not approved, then the warrants will terminate.


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com


Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the satisfaction of all required conditions (including regulatory and shareholder approvals) for completion of the Warrant extension, the receipt of the non-refundable deposit, completion of each of the SFD surveys, commercially successful wells that will produce gross overriding royalties, and the planned timing of the Annual Shareholder Meeting.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the period ended September 30, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin

7 months

8020Admin posted a press release NXT Energy Solutions Announces Appointment of Interim CFO in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, Dec. 03, 2018 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) announces that Eugene Woychyshyn, NXT’s Corporate Controller, has been appointed Interim Chief Financial Officer effective today.


Mr. Woychyshyn has been serving as NXT’s Controller since late November 2017.  He has extensive international experience in North America, Europe and Asia working in numerous industries and has previous experience in the CFO role of a TSX Venture listed company.  Mr. Woychyshyn is a Chartered Professional Accountant who holds a Bachelor of Commerce from the University of Manitoba and a Masters of Business Administration from St. Joseph’s University, Philadelphia PA. 


George Liszicasz, President, and CEO of NXT, said: “Eugene has been a valued member of our financial team for over a year and played a vital role in providing financial controls and leadership.  His appointment ensures continuity in our finance function.  I look forward to continue working closely with Eugene.”


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:


Mr. George Liszicasz                                        
President & CEO                                              
+1-403-206-0800                                               
nxt_info@nxtenergy.com                                     
www.nxtenergy.com                                           


 


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8020Admin

11 months

8020Admin posted a press release NXT Energy Solutions Announces Second Quarter Results for 2018 in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, Aug. 07, 2018 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) today announced the Company's financial and operating results for the quarter-ended June 30, 2018.  All dollar amounts herein are in Canadian Dollars.


Q2 Financial and Operating Highlights


Key financial and operational highlights for the second quarter of 2018 include:



  • Completed a private placement financing on July 3, 2018 of $9,484,810 through the issuance of an aggregate of 10,264,946 units at $0.924 per unit, marginally less than the original target of $10,076,416 and the issuance of 10,905,212 units that was announced in the first quarter (the "Private Placement").

    • Closed on an aggregate of $4,200,000 during the second quarter over two separate closings on May 15 and June 15, 2018.

    • Subsequent to the quarter-end on July 3, 2018 we closed on a further amount of $974,311.



  • Entered into an Investor Rights Agreement with Alberta Green Ventures Limited Partnership (the "Subscriber" or "AGV") in conjunction with the completion of the Private Placement.  The Subscriber now holds approximately 20.0% of the Company’s 68,432,746 outstanding common shares (including common shares issuable through the exercise of its warrants).

  • SHINE Quests FZC continued working towards securing government approvals for a larger scale infrastructure and resource development within the Mannar Basin of Sri Lanka which will include a commitment to use SFD®.

  • Generation Resource Discoveries advanced discussions with various Indonesian authorities on securing financing and permits required for a geophysical survey over an area of up to 20,000 km2 in the North Sumatra basin offshore Aceh, Indonesia, with discussions expected to conclude by August 2018.  Upon successful conclusion, NXT will initiate SFD® survey contract discussions with Generation Resource Discoveries.

  • Reinitiated discussions with the governments of Ghana and Nigeria regarding potential SFD® surveys for offshore exploration acreage.

  • Engaged in discussions with private counterparties in Canada and the USA regarding the utilization of SFD® for the identification of new reservoir horizons with limited prior geophysical information in mature conventional and unconventional areas. 

  • Received notification of the granting of NXT's SFD® patent in China on April 13, 2018.

  • No survey revenues were recorded for the first two quarters of 2018.

  • A net loss of $1.96 million was recorded for the three months ended June 30, 2018, including amortization expense of $0.45 million and stock-based compensation expense of $0.15 million.

  • A net loss of $3.92 million was recorded for the six months ended June 30, 2018, including amortization expense of $0.89 million and stock-based compensation expense of $0.45 million.

  • Operating activities used $1.94 million of cash during the second quarter, and net cash proceeds provided from financing activities was $4.09 million.

  • Operating activities used $3.28 million of cash during the six months ended June 30, 2018, and net cash from financing activities provided was $8.38 million.  

  • Losses per common share were $0.03 for the second quarter and $0.06 for the six months ended June 30, 2018 (basic and diluted).

  • Continued progress in our corporate cost reduction program with a decrease in general and administrative costs of 17% compared to the same quarter last year and a reduction of 23% year to date.

  • Cash and short-term investments at the end of the second quarter of 2018 were $6.20 million.

  • Subsequent to quarter-end on July 19, 2018, NXT received Notice of Allowance for a CIP (continuation-in-part) patent in the United States regarding a new sensor design we term the “Cascade” configuration.  The patent will be granted and issued in the coming months.

    • The Cascade sensor is the result of NXT’s continued research & development efforts and builds upon our existing US patent.  The Company’s Cascade sensors will provide enhanced ability for identifying trapped fluid bodies indicative of potential hydrocarbon accumulations along with improved reliability and flexibility during SFD® survey operations.




Message to Shareholders
       
George Liszicasz, President, and CEO of NXT commented, “The second quarter of 2018 was an active one for our Company with continued activity in three main areas: business development, IP and research & development and financing.


We continued intensive marketing efforts during the quarter for the SFD® technology across South East Asia, China, and Latin America.  In addition we reinitiated discussions with the African governments and their respective national oil companies in Ghana and Nigeria as we have seen oil and gas exploration interest increase across the continent.  We also held discussions and technical presentations with multiple large players regarding SFD® surveys in proven and underdeveloped onshore hydrocarbon regions in Africa which will significantly bolster our 2019 business pipeline.  This was coupled with NXT making a presentation at the Dakar (Senegal) Upstream West Africa Summit in June 2018 which was very well received.


Our sales agents in Sri Lanka and Indonesia advanced discussions regarding financing and regulatory permits required in advance of SFD® contract negotiations and we remain focused on securing SFD® contracts as soon as these requirements are successfully concluded.


We are also awaiting the results of a data integration exercise being conducted by a major oil and gas player regarding our multi-client survey data in the Gulf of Mexico and are planning further meetings in the third quarter following the completion of the integration.


NXT continued its investment in technology research & development during the quarter and reached another important milestone in developing its SFD® IP.  Shortly following the quarter-end we received Notice of Allowance for an extension of our United States SFD® patent to incorporate our new Cascade sensor design.  The Cascade sensors were field tested using a vehicle driven through some areas with known oil and gas accumulations and geological features in Alberta.  Testing was then carried out on specific R&D flights conducted as part of our multi-client survey in the Gulf of Mexico.  The Cascade sensors allow us to more clearly and effectively identify trapped fluid bodies subsurface while providing greater flexibility for sensor adjustment and improved sensor stability during SFD® survey operations.  These continued developments and investments in our proprietary technology demonstrate our commitment to transforming oil and gas exploration globally.


On behalf of our Board of Directors and the entire team at NXT, I want to thank all of our shareholders for their continued support.”
       
Summary highlights of NXT's 2018 second quarter financial statements (with comparative figures to 2017) are noted below.  All selected and referenced financial information noted below should be read in conjunction with the Company's second quarter 2018 unaudited consolidated financial statements and the related management's discussion and analysis ("MD&A"). 



 



NXT's 2018 second quarter financial and operating results have been filed in Canada on SEDAR at www.sedar.com, and will soon be available in the USA on EDGAR at www.sec.gov/edgar, as well as on NXT's website at www.nxtenergy.com.


Details of the conference call are as follows:

























Date: Tuesday, August 7, 2018
Time: 4:15 p.m. Eastern Time (2:15 p.m. Mountain Time)
North American Participants Call: 1-800-952-5114
International Dial In Numbers: https://www.confsolutions.ca/ILT?oss=7P1R8009525114
Participant Pass Code 4625944#

About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:











Mr. George Liszicasz  
President & CEO  
+1-403-206-0800  
nxt_info@nxtenergy.com
www.nxtenergy.com  
                  Mr. Jakub Brogowski
Chief Financial Officer
+1-403-206-0807
nxt_info@nxtenergy.com
www.nxtenergy.com

Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the timing and extent of potential future growth opportunities in new international markets, including new business ventures, and the satisfaction by third-parties of certain necessary conditions related thereto including obtaining financing and government and regulatory approvals.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the period ended June 30, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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8020Admin posted a press release NXT Energy Solutions Announces Closing of $2,200,000 of Financing and Provides Operational Update in NXT ENERGY SOLUTIONS INC.

CALGARY, Alberta, June 18, 2018 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX:SFD) (OTC QB:NSFDF) today announced it has closed on an additional $2,200,000 of its previously announced Private Placement on June 15, 2018 and is pleased to provide an operational update.


Closing of a Further $2,200,000 of the Second Tranche of the Private Placement


On February 16, 2018, we announced a three-tranche private placement of 10,905,212 Units at a price of $0.924 per Unit for total gross proceeds of approximately $10,076,416 (“Private Placement”) to Alberta Green Ventures Limited Partnership (the "Subscriber").  Each Unit consists of one Common Share and one-third of one Common Share purchase warrant (each whole warrant, a "Warrant"), and each Warrant entitles the holder to acquire one Common Share at an exercise price of $1.20 for twelve (12) months from closing of the first tranche of the Private Placement.  The first tranche of the Private Placement was completed on February 16, 2018, and the Company received approximately $4,310,500 in connection with the issuance of 4,665,043 Units.


The second tranche of the Private Placement consists of 5,538,203 Units for gross proceeds of approximately $5,117,300.  On May 15, 2018, the Company closed on a portion of the second tranche in the amount of $2,000,000 by issuing a further 2,164,502 Units.  As a result, the Subscriber owned a total of 6,829,545 Units representing approximately 14.0% of the Company’s 64,997,345 outstanding Common Shares at the time (including the Common Shares to be issued upon exercise of the Warrants) and became an “Insider” of the Company for securities law purposes.


On May 15, 2018, the Company agreed to an extension on closing the second and third tranches of the Private Placement until June 15, 2018.  Approval for the extension was received by the TSX subject to Shareholder approval for the subscription price of $0.924 per Unit, which was received at the Company’s annual and special meeting of shareholders held on June 7, 2018 (the “AGM”). 


On June 15, 2018, the Company closed on a further portion of the second tranche in the amount of $2,200,000 by issuing a further 2,380,952 Units for gross proceeds of approximately $2,200,000.  The Unit price of $0.924 represents a premium of approximately 7.3% to NXT’s 5-day weighted average trading price immediately prior to June 15 of $0.86/share.  As a result of this closing and our two prior closings announced on February 20, 2018 and May 16, 2018, NXT has closed on a total financing amount of $8,510,500 and issued a total of 9,210,497 Units to the Subscriber representing approximately 18.2% of the Company’s 67,378,297 outstanding Common Shares (including the Common Shares to be issued upon exercise of the Warrants).


The Subscriber has requested a further extension to July 3, 2018 to close the remaining portion of the second tranche, consisting of the issuance of 992,749 Units for gross proceeds of approximately $917,300, and the third tranche, consisting of the issuance of 701,966 Units for gross proceeds of approximately $648,616, which in aggregate will now consist of 1,694,715 Units for gross proceeds of approximately $1,565,916.  The Company has agreed to the extension and has received approval from the Toronto Stock Exchange. 


Operational Update


On June 7, 2018, the Company reconvened, in Calgary, its AGM, that was adjourned on May 16, and provided a short update to shareholders in attendance.  The annual presentation to shareholders is available on our website at www.nxtenergy.com and a short trading and operations update follows.


George Liszicasz, President, and CEO of NXT commented:


“It has been a difficult time for exploration in the oil and gas industry over the past couple of years with low oil prices and a focus on shale oil development.  However, as oil prices have moved up significantly we are confident we will obtain sales for the Company given the excellent historical drilling results associated with the utilization of the SFD® technology.  Despite the absence of new contracts, we have achieved a number of positives steps for the Company over this period that will provide a framework for future success including: reorganized management, reduced corporate costs and overhead, a refocused business strategy, global patent protection,  a strengthened balance sheet by securing substantial new funding, an enhanced marketing program and initiation of a new business line for NXT of SFD® related to multi-client data acquisition and data sales beginning in the Gulf of Mexico.  With a healthy balance sheet and no debt, the Company is now focused on advancing and closing several current contract discussions.  We also greatly appreciate the continued support of Alberta Green Ventures in closing this further tranche of our funding and believe it is a strong indication of confidence in NXT’s business plan and prospects.  We especially want to thank our shareholders for the continued patience and confidence they have shown in NXT.”


Asia


In Sri Lanka, SHINE Quests FZC (“SQ”) has informed us that they have made progress in financing arrangements on a contract for a larger scale infrastructure and resource development within the Mannar Basin which will include a commitment to use SFD®.  SQ is now focused on securing government approvals for the financing from the United Arab Emirates (“UAE”) and Sri Lanka.  The Company expects to provide a further update in the reporting of its second quarter financial results for 2018.


In Indonesia, NXT’s appointed sales representative, Generation Resource Discoveries (“GRD”) entered into an MOU with the Government of Aceh in February to finance and carry out a geophysical survey over an area of up to 20,000 km2 in the underexplored but proven North Sumatra basin offshore Aceh.  As part of the MOU, GRD has proposed to utilize NXT’s SFD® survey technology for a part of a geophysical data acquisition.  GRD has targeted securing of permits and funding for the geophysical survey by the end of August 2018.  SFD® survey contract discussions will begin thereafter.


Latin America


NXT has engaged in active discussions with both state-owned and privately owned oil & gas companies operating in the Gulf of Mexico on NXT’s multi-client SFD® survey data in the region.  In June 2017, NXT acquired SFD® data over approximately 8,900 km2 of offshore exploration acreage in the Gulf of Mexico.  In addition to creating a new potential revenue stream for the Company, our multi-client data is proprietary property of NXT and can be sold to multiple parties without NXT having to incur additional costs to collect further SFD® data.  NXT also believes a successful initial sale of its multi-client data in the Gulf of Mexico will support future multi-client data sales as exploration interest builds in the Gulf of Mexico region. 


During the first quarter NXT also engaged two new sales agents in Latin America focused in Mexico and Peru. 


Africa


NXT has reinitiated discussions with the governments of Ghana and Nigeria regarding potential SFD® surveys for offshore exploration acreage.  In addition, NXT will also be presenting at the 4th Annual Upstream West Africa Summit from June 20 to June 22 in Dakar, Senegal.


North America


NXT has engaged in discussions with private counterparties in Canada and the USA regarding the utilization of SFD® for the identification of new reservoir horizons with limited prior geophysical information in mature conventional and unconventional areas.  These discussions are currently focused on heavy oil resources and other previously untapped unconventional resources.  NXT also plans to employ a new contracting strategy in these discussions where the Company conducts SFD® surveys incrementally on a cost-plus basis and in return for a lower upfront charge is granted other contractual benefits, such as overriding royalties over areas where the SFD® surveys would be conducted.  This alternative contracting approach would generate lower upfront revenue for NXT relative to our traditional fee for survey strategy, however, it would provide potential future benefits further up the value chain upon drilling success associated with discovered resources and create a “win-win” contracting approach.


About NXT Energy Solutions Inc.


NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.


Contact Information


For investor and media inquiries please contact:




















     
Mr. George Liszicasz
President & CEO 
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com
  Mr. Jakub Brogowski
Chief Financial Officer
+1-403-206-0807
nxt_info@nxtenergy.com
www.nxtenergy.com
     

Forward-Looking Statements


Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements in this press release include, but are not limited to, the satisfaction of all required conditions (including regulatory and shareholder approvals) for completion of the Private Placement, the completion of the second and third tranches of the Private Placement, and the planned timing of the AGM.  Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Risk factors facing the Company are described in its most recent MD&A for the period ended March 31, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.


 

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