NXT Energy Solutions Provides Operational Update
16 September 2021 - 1:00PM
NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC
QB: NSFDF) today announced an update on the Company's recent
research and development programs.
NXT is pleased to report that progress continues
with respect to the development of the “SFD-GT” geothermal sensor
family for which NXT is receiving advisory services and funding
from the National Research Council of Canada’s Industrial Research
Assistance Program. To facilitate SFD-GT sensor development, NXT
tested existing SFD® sensors under different operating parameters
associated with subsurface conditions favourable for geothermal
resources. The test results have demonstrated that the development
of a dedicated SFD® Geothermal sensor family can be accelerated.
This will allow NXT to undertake commercial ventures in the
geothermal field in the near and midterm.
NXT is also pleased to provide an update on
processing algorithms that will assist in the attribute mapping,
interpretation and integration of SFD® data. A number of new
approaches, algorithms, and models have been successfully trialed
that provide a more definitive approach to corroborating SFD®
results by direct spatial comparison with subsurface properties
that are pertinent to both hydrocarbon and geothermal applications.
Whilst these methods require final formalization and further field
testing, NXT expects that the eventual implementation of these
enhancements will help drive the integration of SFD® data and
results into the overall upstream exploration cycle.
NXT also announces its patent application in
India has now been officially granted by the Office of the
Controller General of Patents, Designs and Trade Marks bringing the
total number of countries granting NXT’s patents to 45 which is
indicative of the successful technical scrutiny of the underlying
concepts and principles of the SFD® geophysical method.
George Liszicasz, President and CEO of NXT,
commented, “On the business development side, hydrocarbon
survey opportunities continue to progress well in our core areas of
focus in Africa, Mexico, Asia, and in South America. In
addition, we are in discussions with multiple geothermal
companies about providing SFD® services to them. For
these reasons, we are optimistic about the remainder of 2021, and
will remain focused on contract execution in order to deliver value
to our shareholders.”
About NXT Energy Solutions
Inc.
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 traps and reservoirs with exploration
potential. The SFD® survey system enables our clients to focus
their 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.
Contact Information
For investor and media inquiries please contact:
Eugene Woychyshyn |
George
Liszicasz |
Vice President of Finance &
CFO |
President & CEO |
302, 3320 – 17th AVE SW |
302, 3320 – 17th AVE SW |
Calgary, AB, T3E 0B4 |
Calgary, AB, T3E 0B4 |
+1 403 206 0805 |
+1 403 206 0800 |
nxt_info@nxtenergy.com |
nxt_info@nxtenergy.com |
www.nxtenergy.com |
www.nxtenergy.com |
Forward-Looking
Statements
Certain information provided in this press
release may constitute forward-looking information within the
meaning of applicable securities laws. Forward-looking information
typically contains statements with words such as "anticipate",
"believe", "estimate", "will", "expect", "plan", "schedule",
"intend", "propose" or similar words suggesting future outcomes or
an outlook. Forward-looking information in this press release
includes, but is not limited to, information regarding: completing
additional phases of the SFD-GT project, completing additional
phases of the algorithms and mapping methods, that the processing
algorithms will help drive the integration of SFD® data and results
into the overall upstream exploration cycle, business negotiations,
opportunities, discussions, including the timing thereof and
business strategies. Although the Company believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Company can
give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks, including those
related to the novel coronavirus (2019-nCoV/COVID-19), and the
potentially negative effects thereof on the Company's workforce,
its supply chain or demand for its products. Additional risk
factors facing the Company are described in its most recent Annual
Information Form for the year ended December 31, 2020 and MD&A
for the three and six month periods ended June 30, 2021, which have
been filed electronically by means of the System for Electronic
Document Analysis and Retrieval (“SEDAR”) located at www.sedar.com.
The forward-looking statements contained in this press release are
made as of the date hereof, and except as may be required by
applicable securities laws, the Company assumes no obligation to
update publicly or revise any forward-looking statements made
herein or otherwise, whether as a result of new information, future
events or otherwise.
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