Monday, 26 October 2009

NXT Signs Second Colombian SFD™ Contract with New Client

NXT Energy Solutions Inc.
Basic Shares - 30.6 million
Fully diluted - 42.7 million


Today, NXT Energy announced its second Colombian SFD™ (Stress Field Detector) survey contract in less than six months. Although the name of the client isn’t disclosed, management acknowledges that NXT began conversations with the company at the Exploration Symposium in Cartegena, Colombia in late July.

The contract has a two tier structure.

Upon the successful completion of the initial $576,000 (USD) survey, the company will conduct a second survey for an additional $360,000 (USD). This payment does not include the cost of mobilizing the aircraft, as the client will be paying that cost separately.

What the market should appreciate is that in a relatively short period of time NXT has secured a bridgehead in Colombia. It is one of the world’s most sought after areas by energy companies because of its abundance of opportunities for major discoveries combined with a friendly political and tax environment. However, the terrain is not always the most hospitable, which makes NXT’s airborne technology ideally suited for Colombia.

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