NXT ENERGY SOLUTIONS ANNOUNCES RELEASE DATE FOR ITS 2019 YEAR-END RESULTS AND CONFERENCE CALL

CALGARY, Alberta, March 30, 2020 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX:SFD; OTC QB:NSFDF) announces that the Company’s Annual Information Form and Annual Financial Statements, including Management's Discussion and Analysis for the year ended December 31, 2019 (collectively, the "2019 Results") will be filed on Monday, April 6, 2020 after market close and we presently intend to hold a conference call to discuss the 2019 Results on Tuesday, April 7, 2020 at 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time). However, conference services are currently being rationed and the date and time may change.  We will provide an appropriate further notification.  The 2019 Results would ordinarily have been filed on or before the March 30, 2020 deadline as required under the Canadian Securities Administrators National Instrument 51-102 Continuous Disclosure Obligations.  However, as NXT and its external service providers have diverted resources and directed employees to work from home in response to the novel coronavirus (2019-nCoV/COVID-19) pandemic,  NXT is taking sufficient time, in this period of crisis, to deliver a proper professional product as permitted by Alberta Securities Commission Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements (2020 ABASC 33).

During the extension period, management and other insiders of the Company will be subject to an insider trading black-out policy. An update as to material business developments since November 14, 2019, being the date of the Company filed its most recent interim financial report for the three and nine month periods ended September 30, 2019, is provided below.

Nigerian SFD Survey

On March 26, 2020, NXT received a $466,000 USD payment under its $8.9 million USD Nigerian SFD survey contract, bringing total payments to date to $8.4 million USD. The contracted holdback amount of approximately $0.5 million USD is expected be paid to the Company upon the conclusion of negotiations for additional work under the current contract framework.

The Department of Petroleum Resources (the "DPR"), a department under the Federal Republic of Nigeria's Ministry of Petroleum Resources responsible for the sustainable development of Nigeria's oil and gas resources, provided written confirmation of their recommendation in favour of NXT's SFD technology based on the recent survey results, noting specifically "in line with federal government aspiration to increase its Oil and Gas reserves base at a considerable reduced cost, risk and optimize exploration cycle, the Stress Field Detection SFD technology is hereby adopted and recommended to be deployed as an independent data exploration tool for hydrocarbon exploration to identify and rank prospect-level leads to focus exploration efforts in the Nigerian Oil and Gas industry".