NXT Announces Contract Completion and Expansion of Marketing Activities
07 February 2012 - 10:00PM
PR Newswire (Canada)
CALGARY, Feb. 7, 2012 /CNW/ - NXT Energy Solutions Inc. ("NXT" or
the "Company") , is pleased to announce the completion of a
US $2.9 million survey contract and commencement of SFD® survey
operations in Argentina. Operations: NXT has recently
delivered its final reports to a major exploration and production
company for a US $2.9 million survey contract covering four
separate exploration blocks in Colombia. NXT has now
commenced data acquisition operations on its previously announced
US $1.7 million SFD® survey contract in Argentina. This is a
new foothold for NXT, and is another emerging market that has high
potential for using NXT's revolutionary survey technology, which is
ideally suited for frontier areas. Progress billings of US
$500,000 have been received on the Argentina survey, and the
remaining final progress billings of approximately US $1.3 million
have now been issued on the Colombia project. This is in
addition to the initial progress billings of US $1.6 million that
were received in December, 2011. Marketing and Sales: NXT is
pleased to announce that it has retained two separate independent
sales agents to advance its presence in Latin America and to
penetrate the market in Mexico. The agents have long term
relationships with numerous of NXT's key target clients. Also, as
part of Company's marketing efforts, NXT will be attending,
exhibiting and/or presenting at various conferences this year,
which in the short term include: 1. Shale Gas & Tight Oil
Argentina 2012 in Buenos Aires (Jan 24-26) 2. International
Petroleum Technology Conference in Bangkok Thailand (Feb 7-9), 3.
North American Prospect Exhibition in Houston, Texas (Feb 21-23) 4.
NGO&G Africa, Cape Town, South Africa (Feb 28 - Mar 1) 5.
Arctic Oil and Gas Conference, Calgary, Alberta (Mar 13-14) 6.
Colombia Oil and Gas Conference, Cartagena, Colombia (Mar 13-16) 7.
Rio Gas Forum, Rio De Janeiro, Brazil (Mar 21-23) George Liszicasz,
NXT's President & CEO, noted "I am very pleased with our
progress. We are capitalizing on our recent successes in South
America and paying close attention to other emerging opportunities
in North America and the Arctic. At the same, we continue exploring
new opportunities in Mexico and Latin America. These expanded sales
and marketing efforts will enable NXT to take advantage of our
recent successes and drive revenue growth to new highs in 2012".
NXT also advises that it has issued 150,000 stock options to a
newly hired officer of the Company. The options have an
exercise price of $0.89 per share, a five year term, and will vest
over 3 years. NXT is a Calgary based company whose
proprietary airborne Stress Field Detection ("SFD®") survey system
provides a revolutionary survey method that can be used both
onshore and offshore to remotely identify potential hydrocarbon
traps and reservoirs. NXT provides its clients an efficient and
reliable method to reduce time, costs, and risks related to
exploration surveys. The SFD® survey system enables our clients to
more efficiently focus their hydrocarbon exploration decisions
concerning land commitments, data acquisition expenditures and
prospect prioritization onto the 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. Forward-Looking Statements This news release
includes forward-looking statements. When used in this document,
words such as "intended", "anticipate", "expected" 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 statements. Neither the 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. NXT Energy Solutions Inc. CONTACT: Greg Leavens, VP
Finance & CFONXT Energy Solutions Inc.505 - 3rd Street SW,
Suite 1400Calgary, Alberta, Canada T2P 3E6Tel: (403)
206-0805gleavens@nxtenergy.comwww.nxtenergy.comJeremy DietzThe
Equicom Group300 - 5th Avenue SW, 10th Floor Calgary, Alberta,
Canada T2P 3C4Tel: (403) 218-2833jdietz@equicomgroup.com
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