NXT Energy Completes $1 million Bolivia Contract Expansion

Source: www.gulfoilandgas.com 1/21/2016, Location: South America

NXT Energy Solutions Inc. is pleased to announce the final completion of its Bolivia survey contracts.

NXT Energy’s US $13 million (net of applicable Bolivia sales taxes arising) SFD® survey project for Yacimientos Petroliferos Fiscales Bolivianos (YPFB) commenced in May 2015, and its scope was later expanded by a value of approximately US $1 million (net). The Company’s interpreted results and recommendations for this additional survey data, which will be recognized as revenue in Q1-2016, were recently delivered, following which a final 50% progress billing of US $0.5 million (net) becomes due.

George Liszicasz, President & CEO of the Company stated, “The completion of this project and the integration of the SFD® data with our client’s existing geophysical data has allowed YPFB to make strategic decisions regarding the placement of focused seismic programs and drilling locations. We look forward to working with our Bolivian colleagues for many years to come.”

In addition, NXT Energy’s largest shareholder, Mr. George Liszicasz, advises that he has extended the term of the existing share purchase arrangement which he had personally granted in January 2014 to designated Company directors, officers, employees and advisors (see Press Release of January 20, 2014).

In recognition of their past dedication to the success of NXT Energy, Mr. Liszicasz had personally granted rights to these individuals to acquire a total of 1,000,000 of the 8,000,000 NXT Energy common shares which he later received on August 31, 2015 upon the conversion of preferred shares issued to him by NXT Energy under a prior Technology Transfer Agreement.

Each of the Rights issued in 2014 entitled the holder to acquire from the Grantor one common share of NXT Energy at a fixed exercise price of $1.77 and were to expire on December 31, 2015. The expiry date was extended by the Grantor by one year to December 31, 2016, with the $1.77 exercise price remaining unchanged. These Rights are supplemental to existing incentives granted under the Company’s stock option plan.

Of the total number of Rights granted in 2014, 365,000 were issued to certain directors and officers, 370,000 to key employees of the Company, and the balance to advisors and consultants.

Mr. Liszicasz currently holds 15,196,490 (28.5%) of NXT Energy’s 53,306,109 outstanding common shares. He noted “I am proud of the significant advancements we have been making in advancing use of the SFD® technology. In 2014, I personally granted these Rights to a number of people who had made significant contributions in building the Company. The one-year extension of these Rights is intended to aid in ensuring the retention and rewarding of key people. It is also important to note that any future exercises of the Rights will not be dilutive to our shareholders”.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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