World News: 01:15 GMT Thursday 16th May 2019. [NXT Energy Solutions Inc. via Globe Newswire via SPi World News]
CALGARY, Alberta, May 15, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX:SFD; OTC QB:NSFDF) today announced the Company’s financial and operating results for the quarter ended March 31, 2019. All dollar amounts herein are in Canadian Dollars.
Key financial and operational highlights for the first quarter include:
George Liszicasz, President, and CEO of NXT, commented, “NXT had a very busy first quarter planning and finalizing operational details for the Nigerian SFD Survey. Since this project was our first in Africa, a number of logistical issues needed to be overcome. The Company has delivered more than 10,000 pages of documents to NNPC and the Department of Petroleum Resources (“DPR”) as part of the qualification process. I would like to thank our partner, PE Energy Limited in Nigeria, for their tireless efforts to make this project possible within seven months of initiating discussions. Before receiving approval for the survey, NXT had to complete a test flight onshore. Within days, we presented our preliminary results to NNPC and received approval for the project. From April 17 to early May, NXT completed 5,000 line kilometers of data acquisition and is currently processing the data for interpretation. More importantly, now that the first phase is completed and approved by NNPC, the first milestone payment is to be received in June as per contract payment terms.
The offshore test designed by DPR and the Nigerian Petroleum Development Corporation was carried out on April 28, 2019. Final results will be presented in Nigeria in the near future. Our aircraft is back in Calgary and undergoing scheduled maintenance in order to prepare for additional SFD surveys. We continue to pursue opportunities in Nigeria and are building on the momentum within Africa and the Middle East. On behalf of our board of directors and myself as CEO, I want to thank all of our employees and service providers that supported the acquisition phase of the Nigerian SFD survey. We are looking forward to the rest of 2019.” Summary highlights of NXT's 2019 first quarter financial statements (with comparative figures to 2018) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company's first quarter 2019 unaudited condensed consolidated interim financial statements and the related management's discussion and analysis ("MD&A").
NXT's 2019 first quarter financial and operating results have been filed in Canada on SEDAR at , and will soon be available in the USA on EDGAR at , as well as on NXT's website at .
Details of the conference call to discuss the 2019 first quarter financial and operating results are as follows:
NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which 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 Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
For investor and media inquiries please contact:
Globe Newswire: 01:15 GMT Thursday 16th May 2019
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