CALGARY, ALBERTA--(Marketwire - July
15, 2009) - NXT Energy Solutions Inc. (TSX VENTURE:SFD) (OTCBB:NSFDF)
(FRANKFURT:EFW) ("NXT" or "the Company") is pleased
to announce the completion of the previously announced U.S. $2.3
million SFD Survey in Colombia on June 30, 2009 for a Colombian
subsidiary of Pacific Rubiales Energy Corp.(TSX "PRE").
NXT shall recognize this revenue in the second quarter of 2009. To date the Company has
received payments of US $1.0 million and the remaining payments are due
within 30 days. The Company's balance sheet remains strong, currently
holding cash and short term investments of Cdn. $5.5 million with no
debt.
NXT is in the business of providing wide-area airborne services to
clients utilizing its proprietary SFD Survey System to search for new
oil and gas fields. The Company rapidly identifies and ranks
prospective areas with sub-surface structure and reservoir potential.
Our service provides an efficient, cost effective method for surveying
large tracts of land and delivering an inventory of high impact SFD
qualified prospects.
Forward-Looking Statements
This news release may include forward-looking statements including
opinions, assumptions, estimates and expectations of future prospects
for the Company and financial projections. When used in this document,
the words "anticipate," "believe,"
"estimate," "expect," "intend,"
"may," "project," "plan,",
"schedule", "will," "should" and similar
expressions are intended to be among the statements that identify
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 important factors could cause actual
results to differ materially from those in the forward-looking
statements including, but not limited to, the volatility of oil and gas
prices, the ability to implement corporate strategies, the state of
capital markets, the ability to obtain financing, changes in the oil
and gas industry, operating risks, reserve estimates, changes in
general economic conditions and other factors more fully described from
time to time in the reports and filings made by the Company with
securities regulatory authorities.
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
Neither the TSX-Venture nor NASDAQ OTCBB Exchanges accept
responsibility for the adequacy or accuracy of this news release.
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