Energy Exploration Technologies Inc.
OTC Bulletin Board : ENXTF
FRANKFURT : EFW

Energy Exploration Technologies Inc.

January 11, 2007 18:07 ET

NXT Announces Revised Agreements to Purchase SFD Technology

CALGARY, ALBERTA--(CCNMatthews - Jan. 11, 2007) - Energy Exploration Technologies Inc. (OTCBB:ENXTF) (FWB:EFW) ("NXT" or "the Company")

NXT announces the execution of several agreements, ( the "2006 Agreements") to purchase the stress field detection technology for the exploration of hydrocarbon resources ("SFD Technology") from the Company's founder and CEO George Liszicasz replacing the 10 year exclusive license of the SFD Technology executed December 31, 2005 (the "2005 Agreement").

The 2005 Agreement and the 2006 Agreements have similar economic terms. The 2006 Agreements will be available on SEDAR at www.sedar.com.

As consideration for Mr. Liszicasz' acceptance of the 2006 Agreements the Company modified the conversion attributes of the preferred shares that remain unchanged in number from the 2005 Agreement at 10,000,000 preferred shares. Following negotiations conducted between the Company and Mr. Liszicasz, with the benefit of independent representation, the Company approved modified performance thresholds for the conversion of the preferred shares that are both realistic and if reached should generate significant value for the shareholders of NXT.



The major changes to the conversion attributes of these convertible
preferred shares are as follows:

---------------------------------------------------------------------------
2005 Agreement 2006 Agreements
---------------------------------------------------------------------------
2,000,000 Preferred shares are
immediately convertible to
common shares No change
---------------------------------------------------------------------------
2,000,000 preferred shares are 2,000,000 preferred shares are
convertible into common shares convertible into common shares upon
upon the Company achieving the Company achieving cumulative
gross revenue in any year of aggregate gross revenue of US $50
of US $50 million million
---------------------------------------------------------------------------
A further 2,000,000 preferred A further 2,000,000 preferred shares
shares are convertible into are convertible into common shares
common shares upon the upon the Company achieving
Company achieving gross revenue cumulative aggregate gross revenue
in any year of US $100 million of US $100 million
---------------------------------------------------------------------------
A further 2,000,000 preferred shares A further 2,000,000 preferred shares
are convertible into common shares are convertible into common shares
upon the Company achieving gross upon the Company achieving
revenue in any year of US $250 cumulative aggregate gross revenue
million of US $250 million
---------------------------------------------------------------------------
A further 2,000,000 preferred shares A further 2,000,000 preferred shares
are convertible into common shares are convertible into common shares
upon the Company achieving gross upon the Company achieving
revenue in any year of US $500 cumulative aggregate gross revenue
million of US $500 million
---------------------------------------------------------------------------
At December 31, 2015, upon At December 31, 2015 the SFD
expiration of the license term, Technology can be retained by the
the SFD Technology will revert Company by either: (i) if the
to Mr. Liszicasz Company earned cumulative
aggregate gross revenue of US $500
million or more in the 9 year period
ended December 31, 2015 then the
Company can retain the SFD
Technology by issuing Mr. Liszicasz
an additional 1,000,000 common
shares; or (ii) if the Company did
not earn cumulative aggregate gross
revenue of US $500 million or more
in the 9 year period ended December
31, 2015, then the Company can
retain the SFD Technology by
immediately making any remaining
preferred shares convertible. If NXT
chooses not to retain the SFD
Technology it can be acquired by Mr.
Liszicasz for $10.00
---------------------------------------------------------------------------


Gross revenue shall be determined in accordance with generally accepted accounting principles as reported in the Company's annual audited consolidated financial statements and will include the proceeds on the sale of assets.

All other terms contained in the 2006 Agreements are largely unchanged from the superseded 2005 Agreement.

National Instrument 62-103 Early Warning Information

NXT has issued 10,000,000 convertible preferred shares of the Company ("Preferred Shares") to Mr. Liszicasz representing, assuming the occurrence of all vesting events and conversion by Mr. Liszicasz, 27 percent of the outstanding shares of NXT. Mr. Liszicasz currently holds 5,062,490 common shares of NXT which, along with the Preferred Shares represent 40 percent of the outstanding shares of NXT.

Mr. Liszicasz was issued the Preferred Shares in connection with the 2006 Agreements and will hold the Preferred Shares for investment purposes. Mr. Liszicasz may acquire or dispose of shares from time to time.

NXT is in the business of providing wide-area airborne exploration services to the oil and gas industry. The Company utilizes its proprietary SFD Survey System to offer its clients a unique, low cost service to rapidly identify sub-surface structures with reservoir potential in sedimentary basins with no environmental impact. The value of the service is providing clients with an efficient, cost effective method of surveying large areas and delivering an inventory of SFD prospects with high potential. The SFD-based exploration process substantially reduces the need for 2-D reconnaissance seismic thus saving clients valuable time and money.

Additional information about NXT and the SFD technology is available on the Company's website www.nxtenergy.com.

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," "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 NASDAQ OTCBB nor the Frankfurt or Berlin Exchanges have reviewed and do not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Energy Exploration Technologies Inc.
    Ken Rogers
    Vice President Finance and CFO
    (403) 264-7020
    (403) 264-6442 (FAX)
    or
    Energy Exploration Technologies Inc.
    505 - 3rd Street, S.W., Suite 1400
    Calgary, Alberta, Canada T2P 3E6
    Email: info@nxtenergy.com
    Website: www.nxtenergy.com