NXT Completes SFD Aerial Survey Contract For Pemex, Commences Survey Contract In South Asia

CALGARY, Alta. -- NXT Energy Solutions Inc. announces completion of its US$5.8 million SFD aerial survey contract with Petrolēos Mexicanos (Pemex), the national oil company of Mexico, and the fourth largest exploration and production company in the world.

Shortly after its commencement, the value of the Pemex project was expanded in September from US$4.7 million to US$5.8 million. NXT completed delivery to Pemex of its findings and recommendations report in Mexico in early December, and thereafter commenced the data "integration" portion of the contract.

Certain areas covered by the SFD survey already had 2-D and/or 3-D seismic data and/or existing full-tensor gravity gradiometer (FTG) coverage and Pemex designed the survey flights to provide adequate SFD coverage over these areas. Data integration of seismic, gravity and other geological and geophysical data with NXT's SFD data is currently being finalized with Pemex in Mexico.

NXT has now invoiced the remaining balances due on the US$5.8 million project, with final payments to NXT totaling US$2.8 million scheduled to occur on Dec. 31.

"I am proud of our rapid delivery of the Pemex project, our largest single contract to date," noted George Liszicasz, NXT's president and CEO. "We have worked diligently with Pemex personnel in our Calgary office and with Pemex in Mexico to complete this significant project, from data acquisition through interpretation and integration, in under four months. NXT ends 2012 as a record revenue year and is well positioned financially for a solid start to 2013, and will be looking to further expand our customer base and revenues in 2013."

NXT also announced it has recently commenced data acquisition operations for its US$2.66 million South Asia SFD aerial survey project. This previously announced contract is with a major national oil company and is expected to be completed and delivered to the client before the end of Q1-2013.

"We are pleased that we have now commenced this contract, after a lengthy government approval process," noted Liszicasz. "Following completion of our recent contract for Pemex in Mexico, this new survey represents operations in our sixth different country in a period of 13 months and will further enhance NXT's financial position heading into 2013. NXT's focused business plan of pursuing international survey projects is gaining momentum as industry acceptance of the benefits of using our SFD technology as an early stage exploration tool grows."

NXT is a Calgary based company whose proprietary airborne Stress Field Detection (SFD) survey system provides a survey method that can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables 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.

You are here: Home Arrow Drilling & Completions Arrow NXT Completes SFD Aerial Survey Contract For Pemex, Commences Survey Contract In South Asia

  • Twitter Feed

  • Blog

New Twitter Updates

msmith Aware360 Recognized With Award For Excellence In Health & Safety In Inaugural Canada Oil & Gas Awards http://t.co/SUQ2f4SGj0 oilandgas HSE
17 minutes ago
msmith Ensign Recognized With Canadian Award For Drilling Excellence, Achieves Global Safety Milestone http://t.co/0vdXE8QvEM oilandgas
About 3 hours ago
msmith Ikon Science Combines Dynamic Graphics CoViz Lite In New RokDoc Release http://t.co/P2DljlCCiT oilandgas http://t.co/ObpepL4L4T
About 3 hours ago
msmith DOE-Sponsored Project To Study Shale Gas Production http://t.co/HhjWAgF7Mz oilandgas shale
About 3 hours ago
msmith Risk-Based Approach To Valve Testing In Wells Could Save $10M Annually Per Asset http://t.co/uVQ6XAMlqQ oilandgas
About 3 hours ago