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NXT Energy Solutions Inc. (“NXT” or the “Company”) (TSX-V:SFD; OTCBB:NSFDF), today provided an update on operating and other activities.
NXT advises that SFD® data interpretation operations are well underway on its US $0.7 million Guatemala survey contract. Data interpretation on our prior US $1.65 million Argentina survey contract have now been completed and final recommendations have been provided to the Argentina based Client. NXT and the Client will undertake the integration of SFD® results with known geological and geophysical data, including seismic, covering the exploration prospect block. The final progress billing to be issued under the contract is US $450,000.
Also, NXT has recently extended its aircraft supply agreement with a Calgary air service provider for an additional one year term to January 2013. This agreement gives NXT priority access to multiple Citation 560 jet aircraft, and pilots, for use in worldwide SFD survey operations. The agreement has a minimum annual charter hour requirement, which NXT has already fulfilled for 2012.
NXT also advises that it has engaged Patton Boggs LLP, a leader in Intellectual Property Protection, headquartered in Washington DC, USA with additional offices throughout the United States of America and worldwide, to assist with designing and implementing the Company’s Intellectual Property strategy. This process has resulted in filing the first of a number of applicable patent applications.
Marketing and other initiatives
NXT will be presenting at the following conferences:
1. Grafton Withers, VP Sales & Marketing and Greg Leavens, CFO will be presenting at 13th Annual B. Riley & Co. Investor Conference, on Wednesday, May 23, 2012 at the Loews Santa Monica Beach Hotel in Santa Monica, Southern California. NXT presenters will be.
2. Azer Mustaqeem, Senior Geoscientist, will be presenting at the 36
th Annual Indonesian Petroleum Association (“IPA”) Convention and Exhibition in Jakarta on May 23-25, 2012.
3. George Liszicasz, CEO and Grafton Withers, VP Sales & Marketing, will be presenting at the NGO CIS Summit 2 in St. Petersburg, Russia on July 3-5, 2012.