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Founded in Calgary, Canada, NXT Energy Solutions Inc. (NSFDF) is a technology company that has developed the stress field detection (SFD®) geophysical survey technology. SFD® is a reservoir-scale gravitational detection method used for rapid identification and ranking of prospect-level leads in exploration efforts. This airborne geophysical tool provides information on areas suitable for fluid entrapment in sedimentary basins. The technology has been successfully used worldwide, including in various geological settings onshore and offshore. NXT Energy Solutions has collaborated with multiple countries and published technical publications endorsing the efficacy of the SFD® technology.
NXT Energy Solutions announced changes to its Board of Directors. John Tilson, a substantial long-term shareholder who served on the Board since 2015, has retired. His son, Jeffrey S. Tilson, has been appointed as his replacement. Jeffrey brings 23 years of experience as an Investment Advisor and currently manages JST Investment Consulting Inc., a Registered Investment Advisor firm. He holds Bachelor of Science degrees in Finance and Information Systems E-Commerce from California State University-Long Beach. Both Jeffrey and his wife maintain significant shareholdings in NXT, and Jeffrey serves as a trustee for the Tilson Family Trust.
NXT Energy Solutions has been named a finalist for the Energy Transition Award - Upstream category at the Annual Platts Global Energy Awards. This recognition follows their recent win of 'Best Exploration Technology' at the 2024 Gulf Energy Information Excellence Awards. The Platts Global Energy Awards acknowledge corporate and individual innovation, leadership, and performance across 19 categories in the energy and chemicals value chain. Winners will be announced at a gala in Manhattan on December 12, 2024.
NXT Energy Solutions has completed the final tranche of a planned private placement of US$900,000 convertible debentures to Ataraxia Capital, with the final amount being US$400,000. The debentures bear 10% annual interest, are payable in two years, and are convertible to common shares at US$0.24 per share. Ataraxia now owns US$2.3 million in debentures, potentially representing 14.7% of outstanding shares upon conversion. The proceeds will support working capital needs for upcoming SFD® surveys in Africa and Southeast Asia, along with administrative and business development activities.
NXT Energy Solutions reported its Q3 2024 financial results, showing a net loss of $1.48 million for the quarter and $6.28 million year-to-date. The company secured several new contracts, including a repeat SFD® survey in Africa and a geothermal survey in Alberta. Cash and short-term investments stood at $0.94 million, with negative working capital of $2.94 million. Revenue was $0.60 million YTD 2024, with no revenue in Q3. General and administrative expenses increased by 19% compared to Q3-23. Post-quarter, NXT secured a new survey contract and received US$500,000 of a US$900,000 convertible debenture from Ataraxia.
NXT Energy Solutions has secured a contract to conduct an SFD® survey for AL-Haj Enterprises Private (AEPL) in the Northern Suleiman Fold Belt region. The data acquisition phase is scheduled to begin in Q2 2025, with interpretations and recommendations expected to be delivered in Q3 2025. AEPL's CEO Taj Muhammad Afridi highlighted their pioneering role in introducing SFD® technology to this emerging petroleum basin, while NXT's CEO Bruce G. Wilcox expressed enthusiasm about returning to South Asia for another survey project.
NXT Energy Solutions has received the first US$500,000 tranche of a planned US$900,000 convertible debenture from Ataraxia Capital. The debentures carry a 10% annual interest rate, payable quarterly, with a two-year maturity. They are convertible into common shares at US$0.24 per share or into voting preferred shares. Ataraxia currently holds US$1.4M in previous debentures and could own up to 14.7% of outstanding shares after full conversion. The proceeds will support working capital needs for upcoming SFD® surveys in Africa and Southeast Asia, with operations expected to commence in Q4 2024.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) has announced that its CEO, Bruce G. Wilcox, will be presenting at the 17th Annual LD Micro Main Event. The presentation is scheduled for Tuesday, October 29, 2024, at 9:00 am PDT/12:00 pm EDT at the Luxe Sunset Boulevard Hotel.
Interested parties can register to watch the presentation virtually at https://me24.sequireevents.com/. For those wishing to schedule a one-on-one meeting with the Company at the conference, please contact registration@ldmicro.com.
For further information, investors and media can contact Eugene Woychyshyn, Vice President of Finance & CFO, or Michael Baker, Investor Relations, at NXT Energy Solutions.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) has been awarded the 'Best Exploration Technology' at the 2024 Gulf Energy Information Excellence Awards in Houston on October 9, 2024. The award recognizes NXT's Stress Field Detection (SFD®) technology for its innovative contribution to the energy industry.
CEO Bruce G. Wilcox expressed pride in the achievement, noting that NXT won over formidable competitors like SLB and Aramco Americas. The company was among 29 winners out of approximately 500 nominees, placing them in the 94th percentile.
The Gulf Energy Information Excellence Awards, which combines several respected industry awards, celebrates technological advancements and leadership in the energy sector, focusing on innovations that enhance safety, efficiency, and sustainability in hydrocarbon exploration and production.
NXT Energy Solutions has been named a finalist for Best Exploration Technology at the 2024 Gulf Energy Information Excellence Awards. This recognition highlights the company's Stress Field Detection (SFD®) technology in the energy exploration sector. The awards ceremony will take place on October 9, 2024, in Houston, Texas.
CEO Bruce G. Wilcox expressed pride in this achievement, noting it's the second consecutive year NXT has been a finalist. The Gulf Energy Information Excellence Awards, which combine several prestigious industry awards, celebrate innovation and leadership in the energy sector.
This nomination underscores NXT's continued prominence in developing cutting-edge exploration technologies for the energy industry. The company's stock is traded on the TSX under the symbol SFD and on the OTCQB as NSFDF.
NXT Energy Solutions has secured a contract to conduct an SFD® survey for an oil and gas exploration company in Africa. The contract was established through NXT's Strategic Alliance Partner, Synergy Exploration and Production Technologies . Data acquisition for this project is slated to begin in Q4 2024, with NXT's interpretations and recommendations expected to be delivered in Q1 2025.
Bruce G. Wilcox, CEO of NXT, expressed enthusiasm about returning to Africa for another SFD® survey and working with a repeat customer. Notably, Synergy Exploration and Production Technologies is affiliated with Ataraxia Capital, which currently holds convertible debentures in NXT Energy Solutions.
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