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

Energy Exploration Technologies Inc.

November 05, 2007 09:00 ET

NXT Reports Third Quarter Financial And Operational Update

CALGARY, ALBERTA--(Marketwire - Nov. 5, 2007) - Energy Exploration Technologies Inc, (OTCBB:ENXTF) (FRANKFURT:EFW) ("NXT" or the "Company") is pleased to announce its financial and operating results for the nine months ended September 30, 2007.

Third Quarter Interim Report:

The unaudited consolidated financial statements and management discussion and analysis were filed November 1, 2007 on SEDAR at www.sedar.com. These reports are also available on EDGAR at www.sec.gov/edgar.shtml or on the Company's website at www.nxtenergy.com.

Operational Update:

We are projecting, based upon our known SFD work program for the year, profitability in Q4 and a profit for the year. In addition we project that our revenue base will grow in 2008. The following factors support our confidence in future revenue growth.

- In Q3 we completed one SFD contract for Cdn. $500,000 giving us year-to-date survey revenue of $2,958,000 or Cdn. $3,264,000; a substantial growth from the total annual revenue in 2006 of Cdn. $1,200,000. Our 2007 revenue was earned from two new customers, with one customer representing the majority of this revenue.

- On October 16, 2007 we received Cdn. $2,700,000 from an existing 2007 customer as a progress payment towards an additional Cdn. $8,500,000 of surveys to be completed throughout the last quarter of 2007 and the first half of 2008. This customer has expressed an intention to contract NXT for an additional Cdn. $12,000,000 of SFD surveys that shall be commenced in 2008.

- Our 2006 customers are active in pursuing SFD identified prospects. They have acquired land, obtained seismic confirmation and have announced and commenced drilling programs in the winter of 2007/08 over SFD prospects. Our customers have expressed satisfaction with the value of the SFD surveys and are currently exploring other opportunities to utilize our services.

- We are in regular discussions with several prospective customers and individuals who have expressed interest in utilizing SFD surveys in many diverse geographical regions of the world.

Based upon these factors we anticipate that we will grow our revenue based from existing levels by completing an increasing number of SFD surveys in 2008 for both repeat and new customers. To prepare for this anticipated revenue growth we are actively pursuing an increase in our operational capability.

We plan to acquire a pre-owned Lear 35 aircraft to meet our aircraft requirements for SFD surveys conducted in 2008. We will continue to meet our survey obligations for the balance of 2007 through an agreement with a local charter operator utilizing a Piaggio aircraft. The Lear 35 offers performance characteristics required for SFD surveys with a more stable flight profile and extended range. The Lear 35 is suitable for both domestic as well as most international surveys.

The capital required to purchase the aircraft, including modification costs, is planned to be obtained from existing cash on hand and debt financing.

From a staffing perspective we are currently seeking senior geoscientists with extensive exploration experience to become a member of our management team as well as intermediate to junior geoscientists to continue to increase our interpretation capability.

All shareholders are reminded to attend our 2007 Annual General Meeting, scheduled at 10:00 am, November 29, 2007 at the Calgary Petroleum Club located at 319 - 5th Avenue S.W. Calgary, Alberta, Canada

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.

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