Welcome to our dedicated page for Nxt Energy news (Ticker: NSFDF), a resource for investors and traders seeking the latest updates and insights on Nxt Energy stock.
NXT Energy Solutions Inc. (NSFDF) is a leader in airborne geophysical survey technology, specializing in proprietary SFD® systems that transform hydrocarbon and geothermal exploration. This page serves as the definitive source for company developments, offering investors and industry professionals timely updates on strategic initiatives and technological breakthroughs.
Access comprehensive coverage of NSFDF's operational milestones, including SFD® survey deployments, partnership announcements, and financial performance. Our curated news feed delivers essential insights into how the company's quantum sensor technology reduces exploration risks while optimizing land assessment strategies across diverse geological regions.
Key updates include advancements in gravitational detection methodologies, global project expansions, and analyses of the SFD® system's role in modern energy exploration. All content is rigorously verified to ensure alignment with regulatory standards and investor information needs.
Bookmark this resource for direct access to NSFDF's latest press releases and expert analyses. Regularly updated content provides stakeholders with the critical data required to monitor this innovator's progress in reshaping subsurface exploration efficiency.
NXT Energy Solutions reported its Q3 2024 financial results, showing a net loss of $1.48 million for the quarter and $6.28 million year-to-date. The company secured several new contracts, including a repeat SFD® survey in Africa and a geothermal survey in Alberta. Cash and short-term investments stood at $0.94 million, with negative working capital of $2.94 million. Revenue was $0.60 million YTD 2024, with no revenue in Q3. General and administrative expenses increased by 19% compared to Q3-23. Post-quarter, NXT secured a new survey contract and received US$500,000 of a US$900,000 convertible debenture from Ataraxia.
NXT Energy Solutions has secured a contract to conduct an SFD® survey for AL-Haj Enterprises Private (AEPL) in the Northern Suleiman Fold Belt region. The data acquisition phase is scheduled to begin in Q2 2025, with interpretations and recommendations expected to be delivered in Q3 2025. AEPL's CEO Taj Muhammad Afridi highlighted their pioneering role in introducing SFD® technology to this emerging petroleum basin, while NXT's CEO Bruce G. Wilcox expressed enthusiasm about returning to South Asia for another survey project.
NXT Energy Solutions has received the first US$500,000 tranche of a planned US$900,000 convertible debenture from Ataraxia Capital. The debentures carry a 10% annual interest rate, payable quarterly, with a two-year maturity. They are convertible into common shares at US$0.24 per share or into voting preferred shares. Ataraxia currently holds US$1.4M in previous debentures and could own up to 14.7% of outstanding shares after full conversion. The proceeds will support working capital needs for upcoming SFD® surveys in Africa and Southeast Asia, with operations expected to commence in Q4 2024.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) has announced that its CEO, Bruce G. Wilcox, will be presenting at the 17th Annual LD Micro Main Event. The presentation is scheduled for Tuesday, October 29, 2024, at 9:00 am PDT/12:00 pm EDT at the Luxe Sunset Boulevard Hotel.
Interested parties can register to watch the presentation virtually at https://me24.sequireevents.com/. For those wishing to schedule a one-on-one meeting with the Company at the conference, please contact registration@ldmicro.com.
For further information, investors and media can contact Eugene Woychyshyn, Vice President of Finance & CFO, or Michael Baker, Investor Relations, at NXT Energy Solutions.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) has been awarded the 'Best Exploration Technology' at the 2024 Gulf Energy Information Excellence Awards in Houston on October 9, 2024. The award recognizes NXT's Stress Field Detection (SFD®) technology for its innovative contribution to the energy industry.
CEO Bruce G. Wilcox expressed pride in the achievement, noting that NXT won over formidable competitors like SLB and Aramco Americas. The company was among 29 winners out of approximately 500 nominees, placing them in the 94th percentile.
The Gulf Energy Information Excellence Awards, which combines several respected industry awards, celebrates technological advancements and leadership in the energy sector, focusing on innovations that enhance safety, efficiency, and sustainability in hydrocarbon exploration and production.
NXT Energy Solutions has been named a finalist for Best Exploration Technology at the 2024 Gulf Energy Information Excellence Awards. This recognition highlights the company's Stress Field Detection (SFD®) technology in the energy exploration sector. The awards ceremony will take place on October 9, 2024, in Houston, Texas.
CEO Bruce G. Wilcox expressed pride in this achievement, noting it's the second consecutive year NXT has been a finalist. The Gulf Energy Information Excellence Awards, which combine several prestigious industry awards, celebrate innovation and leadership in the energy sector.
This nomination underscores NXT's continued prominence in developing cutting-edge exploration technologies for the energy industry. The company's stock is traded on the TSX under the symbol SFD and on the OTCQB as NSFDF.
NXT Energy Solutions has secured a contract to conduct an SFD® survey for an oil and gas exploration company in Africa. The contract was established through NXT's Strategic Alliance Partner, Synergy Exploration and Production Technologies . Data acquisition for this project is slated to begin in Q4 2024, with NXT's interpretations and recommendations expected to be delivered in Q1 2025.
Bruce G. Wilcox, CEO of NXT, expressed enthusiasm about returning to Africa for another SFD® survey and working with a repeat customer. Notably, Synergy Exploration and Production Technologies is affiliated with Ataraxia Capital, which currently holds convertible debentures in NXT Energy Solutions.
NXT Energy Solutions (TSX:SFD, OTCQB:NSFDF) has secured a geothermal survey agreement with Alberta Geothermal Resource Recovery Inc. (AGRRI) in Alberta, Canada. This marks a significant milestone for NXT, being their first client survey in the geothermal application of their SFD® technology.
The survey's timeline is flexible, depending on aircraft availability and government permits. Typically, such projects take 2-3 months from data acquisition to report delivery, excluding integration. CEO Bruce G. Wilcox emphasized the survey's importance in demonstrating the commercial viability of SFD® in geothermal applications, noting that other potential clients will be closely monitoring the results.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) reported its Q2 2024 financial results. Key highlights include:
- Planned Southeast Asia SFD® Survey for Q3-24
- Finalized US$2.0 million debentures with MCAPM LP
- Cash and short-term investments of $2.43 million as of June 30, 2024
- Net working capital improved to ($1.24) million from ($2.64) million in Q1-24
- Q2-24 net loss of $3.01 million, including $1.53 million in non-cash expenses
- YTD 2024 SFD®-related revenues of $0.60 million
- Reduced office space by 31% and extended lease until September 2030
- G&A expenses increased by 2% in Q2-24 and 10% in YTD 2024 compared to 2023
The company received an advance payment for its upcoming Southeast Asia SFD® survey post Q2-24.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) held its Annual Meeting of Shareholders on July 15, 2024, with several key resolutions approved. Shareholders elected eight directors to serve until the next annual meeting. MNP LLP was appointed as the company's auditors for the upcoming year. Notably, MCAPM LP was approved as a new control person, and shareholders granted them the option to convert convertible debentures into common shares, potentially exceeding 10% of outstanding shares. Additionally, directors were given the option to convert convertible debentures acquired in a private placement into common shares. All resolutions passed with overwhelming majority, with most receiving over 99% approval from voting shareholders.
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