NXT Energy Solutions Provides Operational Update

CALGARY, Alberta, Feb. 29, 2024 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTCQB: NSFDF) is pleased to provide the following operational update.

Completion of Turkish Survey

NXT has delivered the final SFD survey results to its Turkish customer and is currently in Türkiye supporting the integration of SFD data with their existing geological and geophysical data.  As announced earlier, the Company’s Turkish customer and one of its partners had requested NXT to add additional line kilometers to the original SFD survey.  All flight operations related to the data acquisition survey phase were completed in January 2024 with NXT's aircraft and equipment subsequently returning to Calgary. As part of NXT's SFD services, recommendations with rankings are provided to the customer identifying their highest value prospects for exploration.   

Business Development

NXT personnel have recently returned to Türkiye and are actively pursuing near-term opportunities with additional prospective customers.  Following these scheduled meetings, the team will then travel to Southeast Asia to further ongoing discussions related to multiple SFD survey opportunities.  With regards to Africa, the Company continues to work with its strategic partner, Synergy E&P Technologies Limited, in pursuit of new SFD survey opportunities in the region.

Sales Agency Agreement

NXT and HULOOLQ LTD (known as “Qamia”), an Abu Dhabi based startup focused on “deep tech” disruptive technologies, have entered into a Sales Agency Agreement covering the territory of the United Arab Emirates (“UAE”). Qamia has close senior contacts with UAE energy industry operators. Jesse Berwald, PhD, Co-Founder & CTO of Qamia, a recognized expert in disruptive technologies commented, “Qamia is excited to enter into the Agency Agreement with NXT, whose SFD technology meets our criteria for a high value-added disruptive technology”.

Bruce G. Wilcox, Interim CEO of NXT, stated, "NXT is pleased and excited to have entered into this agreement with Qamia, and looks forward to working together in growing SFD business development opportunities within the UAE.  The UAE is among the world’s ten largest oil producers. About 96% of the country’s roughly 100 billion barrels of proven oil reserves are located in Abu Dhabi, ranking number six worldwide. The UAE produces an average of 3.2 million barrels of petroleum and liquids per day.  Together with our strategic alliance partnership with Synergy E&P Technologies Limited, which holds an exclusive license to market and distribute NXT’s SFD solutions in Africa, this new Sales Agency Agreement with Qamia advances NXT’s efforts to globalize its SFD offerings which will assist us to increase revenue and therefore enhance shareholder value."