Monday, November 05, 2012 12:07:55 PM
Highlights
- First US $2.9 million progress payment received from PEMEX
- Additional US $2.9 million payments anticipated by year end
- NXT well capitalized to execute its growth strategy
Source: http://yhoo.it/VO1ys4
CALGARY, ALBERTA--(Marketwire - Nov 5, 2012) - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX VENTURE:SFD)(NSFDF) announces an update on the status of its US $5.8 million SFD® aerial survey contract with Petroleos Mexicanos ("PEMEX"), the National Oil Company of Mexico, and the 4th largest exploration & production company in the world.
The project had an initial value of US $4.73 million, which was expanded to a total of US $ 5.8 million shortly after completion of the initial SFD® data acquisition operations. NXT has collected, as scheduled, its first US $2.87 million, which was due under the initial project scope of US $4.73 million. A second contract progress billing of US $1 million will be issued shortly, with payment due 30 days thereafter.
Data interpretation operations for the expanded project are well underway and NXT has delivered preliminary findings to PEMEX. NXT''s final recommendations report is scheduled to occur in November, 2012, following which the final contract billing of US $1.9 million will be issued under the US $5.8 million project.
"We are pleased with how smoothly the project is progressing and are looking forward to presenting the final results to PEMEX when they visit our data interpretation center in the coming weeks", noted George Liszicasz, NXT''s President and CEO. "With $4 million cash, no debt, and additional PEMEX contract billings of US $2.9 million expected to be received by year-end, we are well positioned to continue to expand our client base and execute our growth strategy."
NXT also advises that it will be holding its Annual and Special General Meeting for the fiscal year ended December 31, 2011 on Tuesday November 27, 2012 at 3 pm at the Petroleum Club in Calgary.
In addition, NXT has been invited to present at the International Oil & Gas Conference being hosted by Mackie Research Capital Corporation in Toronto on November 7, 2012. Andy Steedman, V-P of Operations, will be presenting and meeting with institutional investors at the conference.
Recent NSFDF News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/08/2024 06:21:51 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/29/2024 10:00:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/12/2024 01:01:25 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/03/2024 09:01:04 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/27/2023 02:19:41 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/16/2023 09:49:56 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/14/2023 09:14:50 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/09/2023 12:00:16 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/05/2023 11:50:36 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/11/2023 01:25:06 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/04/2023 06:16:53 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/26/2023 08:15:05 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/10/2023 09:22:26 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/07/2023 09:27:54 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM