NXT Energy Solutions Inc.
OTC Bulletin Board : NSFDF

January 04, 2011 09:44 ET

NXT Announces a Letter of Award to Conduct a US $ 2.66 Million SFD® Survey in Pakistan

CALGARY, ALBERTA--(Marketwire - Jan. 4, 2011) - NXT Energy Solutions Inc. ("NXT" or "the Company") (TSX VENTURE:SFD) (OTCBB:NSFDF) (FRANKFURT:EFW) is pleased to announce the receipt of a Letter of Award (LOA) from Pakistan Petroleum Limited ("PPL") for NXT to conduct an SFD® airborne survey in Pakistan for a total estimated value of US $ 2.66 million. This LOA represents the formal acceptance of the bid submitted by NXT to PPL on November 2, 2010 referred to in the Company's "Q3 2010 FINANCIAL AND OPERATIONAL RESULTS".

South Asia is a region with great exploration potential and is one of the major under-explored regions in the world. PPL is the second largest oil and gas producer in Pakistan which discovered and is now the operator of the Sui Gas Field, the largest natural gas field in South Asia. PPL also carries one of the largest exploration portfolios in Pakistan and is listed on the Karachi Stock Exchange under PPL.

The award of the contract is subject to execution of a definitive contract and the submission by the Company of a 10% performance bond. The SFD survey for PPL is scheduled to commence in the first quarter of 2011.

"Winning this new contract offers us an opportunity to enter South Asia building upon our recent successes in Colombia" says George Liszicasz NXT's CEO and President. "NXT engaged a regional representative in November 2010 to expand our opportunities with National and international companies operating in Pakistan".

NXT is a Calgary based company providing airborne detection solutions to support hydrocarbon exploration enabling our clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization onto the areas with the greatest potential. NXT's proprietary airborne Stress Field Detection ("SFD®") survey system provides a unique survey method that remotely identifies potential traps and reservoirs. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain and is effective both onshore and offshore. NXT provides its clients an efficient and reliable method to conduct frontier surveys to support exploration. SFD® is the registered trademark of NXT Energy Solutions Inc.

Forward-Looking Statement

This news release includes forward-looking statements. When used in this document, words such as "plan", "see", "anticipate" and "scheduled", are 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 a forward-looking statement are reasonable; there can be no assurance that such expectations will be realized. Any number of factors can cause actual results to differ materially from those in the forward-looking statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor NASDAQ OTCBB Exchanges accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • NXT Energy Solutions Inc.
    Ken Rogers
    VP Finance and CFO
    (403) 264-7020
    (403) 264-6442 (FAX)
    NXT Energy Solutions Inc.
    Suite 1400, 505 3rd Street, S.W.
    Calgary, Alberta, Canada T2P 3E6