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Last C$2.35 CAD
Change Today -0.15 / -6.00%
Volume 2.0K
As of 9:38 AM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

nxt energy solutions inc (SFD) Snapshot

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06/24/15 - C$2.73
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nxt energy solutions inc (SFD) Details

NXT Energy Solutions Inc., a technology company, provides airborne survey services for the oil and gas exploration industry through its proprietary stress field detection (SFD) survey system. The company’s SFD survey system is a remote sensing airborne survey system, whose sensors remotely respond to gravity perturbations and changes in subsurface stress regimes that are meaningful for oil and gas exploration. It serves customers through direct sales methods and commissioned sales representatives primarily in North America. The company was formerly known as Energy Exploration Technologies Inc. and changed its name to NXT Energy Solutions Inc. in September 2008. NXT Energy Solutions Inc. was founded in 1994 and is headquartered in Calgary, Canada.

Founded in 1994

nxt energy solutions inc (SFD) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: C$239.8K
Chief Financial Officer, Vice President of Fi...
Total Annual Compensation: C$198.0K
Vice President of Operations
Total Annual Compensation: C$198.0K
Compensation as of Fiscal Year 2014.

nxt energy solutions inc (SFD) Key Developments

NXT Energy Solutions, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

NXT Energy Solutions, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported operating results of CAD 1,508,928 compared to CAD 1,286,461 a year ago. Loss before income taxes was CAD 1,508,928 compared to CAD 1,286,461 a year ago. Net loss for the period was CAD 1,586,991 compared to CAD 1,586,991 a year ago. Basic and diluted loss per share was CAD 0.04 compared to CAD 0.03 a year ago. Net cash used in operating activities was CAD 79,057 compared to CAD 104,331 a year ago. For the six months, the company reported operating results of CAD 3,027,100 compared to CAD 2,614,095 a year ago. Loss before income taxes was CAD 3,027,100 compared to income before income taxes of CAD 1,299,272 a year ago. Net loss for the period was CAD 3,105,163 compared to net income for the period of CAD 1,299,272 a year ago. Diluted loss per share was CAD 0.07 compared to diluted income per share of CAD 0.02 a year ago. Net cash used in operating activities was CAD 1,534,686 compared to CAD 1,137,477 a year ago.

NXT Energy Solutions, Inc., Q2 2015 Earnings Call, Aug 25, 2015

NXT Energy Solutions, Inc., Q2 2015 Earnings Call, Aug 25, 2015

NXT Energy Solutions Inc. to Provide an Update on the Progress of its Previously Announced SFD Survey Project in Bolivia

NXT Energy Solutions Inc. to provide an update on the progress of its previously announced SFD survey project in Bolivia with Yacimientos Petrolíferos Fiscales Bolivianos ("YPFB"), the National Oil Company ("NOC") of Bolivia. SFD® data acquisition operations commenced in Bolivia on June 8, and have recently been completed. The Company's survey aircraft and crew have now returned to Canada. SFD® data interpretation operations have been ongoing throughout the data acquisition phase, and NXT Energy's final recommendations report is expected to be completed and delivered by the end of October, 2015. During the data acquisition phase, YPFB chose to expand the scope of the project by approximately $0.9 million, for a revised total contract value of $13.9 million, net. A final contract addendum for this expansion is in process, but has not yet been finalized and issued by YPFB. The decision for YPFB's expansion included analysis of the correlations noted between anomalies identified by SFD® and existing ones identified using seismic methods. Following completion of the data acquisition phase in July, a progress billing of $5.1 million, net was issued, for which payment has now been received by NXT Energy's Bolivia branch. Including the initial $2.6 million net deposit received in May, a total of $7.7 of the $13.9 million net expanded project total has been received to date by NXT Energy. The balance of the project fees will be invoiced to YPFB upon delivery of the Company's recommendations report. NXT Energy has had ongoing discussions concerning potential SFD® survey project opportunities with several of YPFB's affiliated, subsidiary companies which have exploration acreage in Bolivia. Two entities have expressed interest in obtaining SFD® data over their exploration lands in Bolivia - YPFB Chaco, and YPFB Andina (which is a partnership with Repsol, a major Spanish oil company). YPFB Chaco has contracted to purchase recently acquired SFD® data with a value of $0.2 million. While conducting operations in Bolivia, NXT Energy has recently acquired additional proprietary SFD® data flight lines that have been requested by YPFB Andina, and YPFB Chaco. These parties have indicated that they intend to execute formal contracts to purchase this data, which has a value of approximately $1.0 million net, in first quarter of 2016, following the standard process of approval of their exploration budgets for 2016, which is now in process. There is, however, some risk that this process may not result in formal contracts to purchase the data from NXT. NXT Energy continues to work with YPFB and its subsidiaries during their 2016 budget planning process, and anticipates that new survey project requests will arise following the successful completion of the current 2015 survey program.


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