Mr. Eugene Woychyshyn reports

NXT ANNOUNCES CLOSING OF FIRST TRANCHE OF US$2.3 MILLION CONVERTIBLE DEBENTURE, NEW BOARD MEMBER AND REVISED AGM DATE

NXT Energy Solutions Inc. has received $1.2-million (U.S.) of the previously announced $2.3-million (U.S.) convertible debenture from Ataraxia Capital, an affiliate of Synergy E&P Technologies Ltd. Ataraxia intends to advance the remaining amount in the near future.

New board member

The company is also pleased to announce that Theodore Patsellis is joining the board of directors as the representative for Ataraxia, as per the terms of the convertible debenture. Mr. Patsellis is a Greek attorney admitted to the Athens Bar Association in 1996, a Greek Ministry of Justice-certified mediator, and the owner of a law firm since 2013. He holds a bachelor degree from the Athens Capodistrian Law University and an LLM degree from the Ludwig-Maximilian University of Munich. Having worked for many years with Ernst & Young, Hill International Inc. and other renowned law firms, Mr. Patsellis has acquired extensive experience working in diversified environments and a variety of business cultures. With a strong German background, and the experience of having lived and worked in Germany, Greece, Serbia and Romania as a lawyer and tax professional, he was able to lead a team of professionals involved in large business transactions in the southeast European region. His expertise comprises M&A (mergers and acquisitions), corporate, transaction law, local and international taxation, corporate governance, and compliance. His industry knowledge ranges from the telecommunications and energy sectors to the retail, hospitality and consumer products, pharmaceuticals, and real estate. He is currently sitting on the board of directors of PANA Holdings in Mauritius and Vivid Living Co. SA in Greece.

NXT's annual meeting

NXT has rescheduled its annual meeting of shareholders to Aug. 2, 2023, to allow shareholders to approve the company's new auditor, MNP LLP. The meeting will be held in Calgary, Alta., and the new record date is June 28, 2023.

About NXT Energy Solutions Inc.

NXT Energy 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 traps and reservoirs with hydrocarbon and geothermal exploration potential. The SFD survey system enables clients to focus their 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. NXT Energy provides its clients with an effective and reliable method to reduce time, costs and risks related to exploration.

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