CALGARY, ALBERTA--(Marketwire - Jan. 10, 2013) - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX VENTURE:SFD)(OTCBB:NSFDF) announces that it ended 2012 as a record year, with revenues of approximately $11 million.
NXT's in-country SFD® data acquisition operations for its US $2.66 million South Asia survey project, which commenced in December for a major National Oil Company, have now been completed. Data interpretation operations are now underway, and the project is expected to be completed and delivered to the client before the end of Q1-2013.
"We are very proud that we achieved record revenues of approximately $11 million in 2012, almost a 100% increase over our previous record of $5.6 million," noted George Liszicasz, President and CEO of NXT. "We are also proud that we were able to very rapidly conduct our in-country data acquisition operations on our South Asia survey contract, and look forward to completing this project in Q1-2013. This project represents another National Oil Company as a client, and an expansion of the international regions where we conducted surveys in 2012."
NXT also advises that in December, 2012 it received, as scheduled, the remaining contract payments of US $3 million which were due under its US $5.8 million SFD® aerial survey contract with Petrolēos Mexicanos ("PEMEX"), the National Oil Company of Mexico, and the 4th largest exploration & production company in the world. This contract in Mexico, NXT's largest to date, was executed and delivered in December in approximately four months. NXT is well positioned financially entering 2013, with approximately $5 million unrestricted cash on hand, prior to billings related to the US $2.66 million South Asia survey project.
NXT is a Calgary based company whose proprietary airborne Stress Field Detection ("SFD®") survey system provides a survey method that can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.
This news release may include forward-looking statements. When used in this document, words such as "intends", "plans", "anticipates", "expects" 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 forward-looking statements 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 statements. Risk factors facing NXT are described in its most recent MD&A for the year ended December 31, 2011 which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.
Specific forward-looking statements include the planned timing of completion of the South Asia survey project.
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