NXT (SFD.V) Announces US $1.04 Million Expansion of Survey Contract for Petroleos Mexicanos ("PEMEX")
|An SI Board Since October 2012|
CALGARY, ALBERTA--(Marketwire - Oct. 4, 2012) - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX VENTURE:SFD) (OTCBB:NSFDF) announces that it has been granted a US $1.04 million expansion of its existing US $4.73 million SFD® aerial survey contract with Petroleos Mexicanos ("PEMEX"), the National Oil Company of Mexico, and the 4th largest exploration & production company in the world.
This brings the value of this current project, which covers large offshore and onshore areas in Mexico, to a combined total of US $5.8 million. SFD® data acquisition operations for this contract expansion are complete. Data interpretation is ongoing with delivery to PEMEX of NXT's final recommendations report, covering the expanded project, scheduled to occur by December, 2012.
"We are pleased that PEMEX has decided to expand this project and are looking forward to an ongoing mutually beneficial relationship with PEMEX for years to come." noted George Liszicasz, NXT's President and CEO.
Unlike other exploration methods, NXT can conduct preliminary data interpretation simultaneously with ongoing data acquisition. This enables clients to very quickly make key decisions regarding the areas identified by SFD® to show high prospectivity and then expand the project by adding new infill flight lines to further delineate these areas. This flexibility to expand and or modify the project virtually "on the go" is a key advantage of the SFD® system versus conventional survey methods.
Compared to traditional seismic surveys, SFD® programs, in general, are dramatically shorter in the permitting and execution phases, giving NXT clients enhanced flexibility. SFD® projects are executed at a fraction of the cost and time of a comparable 2D reconnaissance seismic program, and most importantly, provide our clients essential new information for focusing their exploration.
NXT also advises that it plans to have its operations group depart from Mexico this week and following the completion of scheduled aircraft maintenance, intends to commence a US $2.67 million SFD® survey contract in South Asia.
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.