CALGARY, ALBERTA--(Marketwire
- May 13, 2009) - NXT Energy Solutions Inc. (TSX VENTURE:SFD)
(OTCBB:NSFDF) (FRANKFURT:EFW) ("NXT" or "the
Company") is pleased to announce the execution of a contract with
a Canadian-based international oil and gas company to conduct an SFD
survey in Colombia and the commencement of these survey operations. The
fee for this survey is U.S. $2.3 million. This contract represents the
negotiated "definitive agreement" as discussed in NXT's December 31, 2009 Financial Statements and
Management's Discussion and Analysis.
Murray Christie, NXT's COO states
"Colombia, with attractive fiscal terms, political stability and
strong industry growth, is an exciting country for NXT to initiate
operations in Latin America. Our SFD survey system is well suited to
meet the technical, logistical and financial challenges associated with
surveying the large under-explored basins of Colombia."
The Company has executed an aircraft charter agreement with Air
Partners Corp. to provide aircraft, crew and maintenance services for
SFD survey operations utilizing their fleet of Cessna Citation 560
series jet aircraft. NXT's minimum aircraft
charter commitment under this agreement is Cdn.
$400,000 over the next 12 months.
NXT and Air Partners are preparing for an immediate aircraft ferry
flight from Canada to Colombia. SFD surveys are planned to commence in
Colombia this month with delivery of the preliminary SFD survey report
to our client scheduled for the end of June.
Air Partners Corp., in conjunction with its parent Morgan Air Services,
has provided aviation related services worldwide since 1983. The Air
Partner team consists of respected aviation experts and industry
leaders including, most notably, their President & CEO, Mr. Tim
Morgan. In 1995, Mr. Morgan became one of four founding shareholders of
WestJet Airlines Ltd. and served as Executive
Vice-President of Operations until 2005. Today Westjet
is the second largest air carrier in Canada.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
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 nor NASDAQ OTCBB Exchanges accept
responsibility for the adequacy or accuracy of this news release.
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