NXT (SFD.V) Finalizes US $4.73 Million PEMEX Contract, Initiates New Survey in Belize, and Expands Geosciences Advisory Board
CALGARY, ALBERTA--(Marketwire - Sept. 20, 2012) - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX VENTURE:SFD)(OTCBB:NSFDF) announces that it has now completed formal execution of its US $4.73 million SFD® survey contract (as announced on September 12, 2012) with Petroleos Mexicanos ("PEMEX"), the National Oil Company of Mexico, and the 4th largest oil & gas exploration & production company in the world.
SFD® data acquisition operations, covering large offshore and onshore areas in Mexico and have now been completed. Interpretation of the SFD® data is well underway with preliminary findings in process of being presented. NXT's final recommendations report is scheduled to be delivered to PEMEX by December, 2012.
"We are pleased with how the project has progressed so far and look forward to building a long-term relationship with PEMEX" said George Liszicasz, NXT's President and CEO. "This contract with a premier client shows the growing industry acceptance of our patent pending technology and builds upon our growth strategy to expand SFD® adoption beyond our core area in Latin America."
NXT also advises that it has conducted an SFD® survey on a prospect in Belize for a private oil and gas exploration and production company. The survey aims to independently confirm a seismically identified structural trap and evaluate its reservoir potential. The project has a minimum value of US $450,000, with additional success-based contingent consideration in the form of a royalty and bonus. This project is also expected to be completed and delivered in Q4 2012.
NXT announces that Professor Cleveland Jones has joined its Geosciences Advisory Board. Professor Jones is currently with the National Oil & Gas Institute of Brazil, in Rio de Janeiro and is involved primarily with research of innovative new oil & gas exploration technologies and methodologies, and energy policies. He has consulted to international oil and gas companies worldwide, and is a sought after academic commentator on energy policy issues. Professor Jones graduated in Physics and Economics from Cornell University (Ithaca, NY) and obtained a post-graduate degree in Oil and Gas Engineering, as well as a Masters in Geology, from the State University of Rio de Janeiro. Professor Jones is fluent in English, Portuguese and Spanish.
"We are pleased to have Professor Jones join NXT's existing Geosciences Advisory Board, which has a mandate of expanding awareness and acceptance of the SFD technology in the oil & gas industry", noted George Liszicasz. "Professor Jones will be actively working with NXT management in a technical advisory capacity to help us further expand into Brazil's large potential onshore and offshore exploration markets".
