ENXTF from yesterday. I think I would sell and let it retrace from here but it certainly looks safe to hold over the long term. Anyway..I would take profits right now..glta
NXT Announces Completion of Flight Operations and Receipt of Progress Payment for SFD Contracts
4/17/2007 3:00:43 AM
CALGARY, ALBERTA, Apr 17, 2007 (MARKET WIRE via COMTEX) -- Energy Exploration Technologies Inc. ("NXT" or "the Company") ( ENXT.F ) (FRANKFURT: EFW):
NXT is pleased to announce the completion of flight operations for the two previously announced SFD survey contracts. With the completion of flight operations the Company received additional progress payments of Cdn. $1.2 million to bring the total cash received to date to Cdn. $2.1 million under these contracts. The interpretation process for the acquired data is well under way and the review of the results with the customers will begin shortly. The proceeds from these contracts will enable NXT to add additional technical staff and undertake other activities to increase survey capacity.
Following receipt of these progress payments NXT holds on account cash and cash equivalents of approximately Cdn $3.7 million.
NXT is in the business of providing wide-area airborne exploration services to the oil and gas industry. The Company utilizes its proprietary SFD Survey System to offer its clients a unique, low cost service to rapidly identify sub-surface structures with reservoir potential in sedimentary basins with no environmental impact. The value of the service is providing clients with an efficient, cost effective method of surveying large areas and delivering an inventory of SFD prospects with high potential. The SFD-based exploration process substantially reduces the need for 2-D reconnaissance seismic thus saving clients valuable time and money.
Additional information about NXT and the SFD technology is available on the Company's website www.nxtenergy.com.
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