NXT Energy Announces New US $2.2 Million SFD(R) Survey Contract With Kerogen Exploration
16 December 2013 - 10:30PM
Marketwired
NXT Energy Announces New US $2.2 Million SFD(R) Survey Contract
With Kerogen Exploration
Highlights
- Additional SFD(R) survey contract for US $2.22 million secured
by NXT
- Cumulative contracts total of US $3.68 million awarded by
Kerogen Exploration
- Data acquisition operations underway
CALGARY, ALBERTA--(Marketwired - Dec 16, 2013) - NXT Energy
Solutions Inc. ("NXT Energy" or the "Company")
(TSX-VENTURE:SFD)(OTCBB:NSFDF) announces that it has been awarded
an additional US $2.22 million SFD® survey contract by
Kerogen Exploration LLC ("Kerogen"). This new survey brings the
cumulative value of the four individual survey projects which have
recently been awarded by Kerogen to US $3.68 million.
Kerogen is a private company financed by Riverstone Holdings
LLC, a New York based private equity firm, and holds sizeable land
positions in both Texas and Florida.
Murray Grigg, Kerogen's President and CEO noted "We are very
pleased with the initial results from our first Florida survey, as
the SFD® data confirmed exploration leads which we were
aware of through existing geophysical data. On this basis, we have
now expanded the geographic areas which are covered by this second
SFD® survey in Florida."
George Liszicasz, NXT's President & CEO noted "We recently
delivered our preliminary findings on the initial Florida
SFD® survey for Kerogen. We are very impressed with how
quickly Kerogen was able to assess these results, and then act to
add additional flight lines, which expanded the scope of the
initial survey significantly. This clearly illustrates how our
rapid survey project design and execution fits well with our
exploration client's goals."
Data acquisition operations for this new Florida survey have
commenced, and are expected to be completed this week. The
Company's recommendations on the SFD® survey data for this
new Florida project, as well on Kerogen's initial Florida and Texas
surveys, are planned to be delivered in Q1-2014.
NXT Energy Solutions Inc. is a Calgary based company whose
proprietary Stress Field Detection ("SFD®")
survey system provides an effective and reliable method to reduce
time, costs, and risks related to hydrocarbon exploration. The
SFD® system utilizes quantum-scale sensors to
detect gravity field perturbations in an airborne exploration
survey method. SFD® can be used both onshore and
offshore to remotely identify areas with exploration potential for
traps and reservoirs, and 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.
Forward-Looking Statements:
This news release may include forward-looking statements.
When used in this document, words such as "intends", "plans",
"anticipates", "expects" 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 forward-looking statements 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.
Risk factors facing NXT are described in its most recent MD&A
for the year ended December 31, 2012 which has been filed
electronically by means of the System for Electronic Document
Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such
forward-looking statements are made as at the date of this news
release, and the Company assumes no obligation to update or revise
them, either publicly or otherwise, to reflect new events,
information or circumstances, except as may be required under
applicable securities law.
Specific forward-looking statements include the estimated
timing of completion of the Kerogen survey projects.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) nor the OTC Exchange accept responsibility for
the adequacy or accuracy of this release.
Investor Relationskin communications inc.604-684-6730 /
1-866-684-6730sfd@kincommunications.comsfd@kincommunications.comGreg
LeavensNXT Energy Solutions Inc.V-P Finance &
CFO403-206-0805George LiszicaszNXT Energy Solutions Inc.President
& CEO403-206-0800www.nxtenergy.com
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