NXT Signs Letter of Intent for SFD® Surveys in Six Blocks and in Two Countries
01 July 2011 - 12:31AM
PR Newswire (Canada)
CALGARY, June 30, 2011 /CNW/ -- CALGARY, June 30, 2011 /CNW/ - NXT
Energy Solutions Inc ("NXT") (TSX-V:SFD; NASDAQ-OTCBB:NSFDF), today
announced the signing of a Letter of Intent ("LOI") with an
existing client to execute six SFD® contracts, which includes five
surveys in Colombia and one survey in Guatemala. NXT has commenced
project planning and is scheduled to mobilize and complete flight
operations in the third quarter of 2011. "This LOI with an existing
client further validates our SFD® technology as an integral tool
for the exploration of hydrocarbons. This client's expanded use of
SFD® into multiple countries and geological regions speaks directly
to the growing confidence in our technology," said George
Liszicasz, NXT President and CEO. "We look to leverage this success
as we continue to expand our presence in Latin America." The LOI
and work program have an estimated value in excess of USD $4
million, which is subject to certain conditions and the execution
of definitive agreements. The definitive agreements shall
follow the form and terms of a previous agreement executed by the
parties. The LOI does not impose a binding obligation on
either party but does document the intentions of the parties to
proceed expeditiously to the execution of the definitive
agreements. NXT is a Calgary based company providing airborne
detection solutions to support hydrocarbon exploration enabling our
clients to focus their exploration decisions concerning land
commitments, data acquisition expenditures and prospect
prioritization onto the areas with the greatest potential. NXT's
proprietary airborne Stress Field Detection ("SFD®") survey system
provides a unique survey method that remotely identifies potential
traps and reservoirs. SFD® is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
effective both onshore and offshore. NXT provides its clients an
efficient and reliable method to conduct frontier surveys to
support exploration. SFD® is the registered trademark of NXT Energy
Solutions Inc. Forward-Looking Statement This news release includes
a forward-looking statement. When used in this document,
words such as "see", "anticipate" and "scheduled", are
forward-looking statements. Forward-looking statements are
subject to a wide range of risks and uncertainties, and although
the Company believes that the expectations represented by such a
forward-looking statement are reasonable; there can be no assurance
that such expectations will be realized. Any number of
factors can cause actual results to differ materially from those in
the forward-looking statement. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) nor NASDAQ OTCBB Exchanges
accept responsibility for the adequacy or accuracy of this release.
To view this news release in HTML formatting, please use the
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http://www.newswire.ca/en/releases/archive/June2011/30/c2488.html p
bcontact:/b /p table cellspacing="0" border="1"
class="cnwBorderedTable" tr valign="top" td align="left" George
Liszicasz CEO and President /td td align="left" valign="top" Jeremy
Dietz /td /tr tr valign="top" td align="left" NXT Energy Solutions
Inc. /td td align="left" valign="top" The Equicom Group /td /tr tr
valign="top" td align="left" 505 - 3rd Street, S.W., Suite 1400 /td
td align="left" valign="top" 300 - 5th Avenue SW, 10th
Floor /td /tr tr valign="top" td align="left" Calgary,
Alberta, Canada T2P 3E6 /td td align="left" valign="top" Calgary,
AB, Canada T2P 3C4 /td /tr tr valign="top" td align="left"
Tel: (403) 264-7020 /td td align="left" valign="top" Tel:
(403)218-2833 /td /tr tr valign="top" td align="left" Fax: (403)
264-6442 /td td align="left" valign="top" a
href="mailto:jdietz@equicomgroup.com"jdietz@equicomgroup.com/a /td
/tr tr valign="top" td align="left" a
href="mailto:nxt_info@nxtenergy.com"nxt_info@nxtenergy.com/a /td td
align="left" valign="top" /td /tr tr valign="top" td
align="left" a href="http://www.nxtenergy.com"www.nxtenergy.com/a
/td td align="left" valign="top" /td /tr /table p /p
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