UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2019
Commission File Number: 000-24027
NXT Energy Solutions Inc.
(Translation of registrant's name into English)
Suite 302
3320 - 17th Avenue SW
Calgary, Alberta, Canada, T3E 0B4
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): __
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): __
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: __
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): __
The Issuer is filing material documents not previously filed.
On May 2, 2019, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated May 2, 2019
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NXT Energy Solutions Inc. | ||
(Registrant) | ||
Date: May 2, 2019 | /s/ Eugene Woychyshyn | |
Eugene Woychyshyn | ||
Interim Chief Financial Officer | ||
EXHIBIT 99.1
NXT Receives the Advance Payment on the $8.9 Million SFD® Survey Contract and Completes Data Acquisition
CALGARY, Alberta, May 02, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX: SFD; OTC QB: NSFDF) is pleased to announce that of the $1.0 Million USD, it has received a $0.9 Million USD advance payment from PE Energy Limited (“PE”) following successful completion of data acquisition and delivery of preliminary interpretation results to the Frontier Exploration Services (“FES”) of the Nigerian National Petroleum Corporation (“NNPC”). An additional $100,000 USD will be received in the next few days once the international transfer formalities are completed. PE is the Nigerian oil and gas service company that has the contract with NNPC, to provide 5,000 line kilometers of airborne SFD® Surveys in Nigeria.
NXT has now completed the acquisition of 5,000 line kilometers of SFD® data. The SFD® surveys were conducted over NNPC’s exploration interests in the inland basins of Nigeria. All flight lines were designed by NNPC/FES. The final report is expected to be delivered during the third quarter of 2019.
Further payments under the $8.9 Million contract will be made upon completion of each of three (3) project milestones as follows: data acquisition, interpretation and delivery of the final report.
George Liszicasz, President and CEO of NXT, commented, “Africa is still a frontier region for hydrocarbon exploration. Many African national oil companies want to develop the vast potential that has been neglected for decades to supplement mature declining offshore fields. The SFD® technology has the potential to deliver significant value to clients in any exploration environment. I am pleased that we not only completed the surveys required by the contract, but have also acquired nearly 5,000 kilometers of data in record time. I wish to thank our employees and our partner, PE, for the initial success of this SFD® Survey.”
About NXT Energy Solutions Inc.
NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD® survey system enables our 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, and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
Contact Information
For investor and media inquiries please contact:
Eugene Woychyshyn
Corporate Controller and Interim CFO
+1 403 206 0805
nxt_info@nxtenergy.com
www.nxtenergy.com
or
Mr. George Liszicasz
President & CEO
+1-403-206-0800
nxt_info@nxtenergy.com
www.nxtenergy.com
Forward-Looking Statements
Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, but are not limited to, the ability to successfully complete the SFD® data acquisition, complete the SFD® recommendations within the contract parameters, and receipt of payments for all contract milestones. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Risk factors facing the Company are described in its most recent Annual Information Report for the year ended December 31, 2018, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.