Business
NXT Executes and Commences Operations On $2.9 Million SFD® Contracts in Latin America
CALGARY, Oct. 31, 2011 /CNW/ - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX-V:SFD;...
About this update from Nxt Energy Solutions Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Oct. 31, 2011 /CNW/ - NXT Energy Solutions Inc. (\"NXT\" or the\n \"Company\") (TSX-V:SFD; NASDAQ-OTCBB:NSFDF), announces that it has now\n signed contracts for US $2.9 million with an existing Canadian client\n that has significant oil and gas exploration and production operations\n throughout Latin America. The contracts cover four separate exploration\n blocks in Colombia for which the aircraft is now in Colombia and SFD® survey operations are commencing.\n\n\nThese four contracts relate to a letter of intent as previously\n announced on June 30, 2011. NXT is in the process of finalizing the\n terms of two remaining contracts, which have an additional revenue\n value of US $1.70 million, and cover the last two of the six total\n exploration blocks, one of which is in Guatemala.   These six SFD® contracts are in addition to a separate, recently announced $1.65\n million contract to conduct an SFD® survey in Argentina.  NXT's contracts provide for progress billings in\n phases, including a significant portion for initial set-up and\n mobilization.\n\n\n\"2011 has been a pivotal year for NXT, as we have delivered revenue\n growth and increased industry awareness of the SFD® technology,\" said George Liszicasz, NXT's President and CEO. \"Executing\n significant contracts with a repeat customer that is focused on\n exploring new Latin American regions indicates the growing industry\n acceptance of our innovative technology as a key, early-stage\n exploration tool.  NXT is also in active discussions with other\n exploration clients to secure additional SFD® contracts in new areas of Latin America\".\n\n\nArgentina operations are planned to commence following the completion of\n the data acquisition on the initial four blocks in Colombia.  It is\n expected that data acquisition for all of the Colombia and Argentina\n contracts could be completed by year end.\n\n\nNXT is awaiting final regulatory clearances to schedule the previously\n announced $2.7 million south-east Asia SFD® survey, and potentially acquiring SFD® data as soon as permitted in 2012. These contracts with three separate\n clients represent a significant milestone in the Company's expansion,\n and once the last portion is finalized, it will bring NXT's total\n backlog of revenue contracts to U...