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

Energy Exploration Technologies Inc.

April 17, 2007 03:00 ET

NXT Announces Completion of Flight Operations and Receipt of Progress Payment for SFD Contracts

CALGARY, ALBERTA--(CCNMatthews - April 17, 2007) - Energy Exploration Technologies Inc. ("NXT" or "the Company") (OTCBB:ENXTF) (FRANKFURT:EFW):

NXT is pleased to announce the completion of flight operations for the two previously announced SFD survey contracts. With the completion of flight operations the Company received additional progress payments of Cdn. $1.2 million to bring the total cash received to date to Cdn. $2.1 million under these contracts. The interpretation process for the acquired data is well under way and the review of the results with the customers will begin shortly. The proceeds from these contracts will enable NXT to add additional technical staff and undertake other activities to increase survey capacity.

Following receipt of these progress payments NXT holds on account cash and cash equivalents of approximately Cdn $3.7 million.

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.
    George Liszicasz
    President and CEO
    (403) 264-7020
    (403) 264-6442 (FAX)
    or
    Energy Exploration Technologies Inc.
    Ken Rogers
    VP-Finance, 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