Mr. Bruce Wilcox reports

NXT ENERGY SOLUTIONS PROVIDES OPERATIONAL UPDATE

NXT Energy Solutions Inc. has provided an operational update.

Completion of Turkish survey

NXT has delivered the final SFD survey results to its Turkish customer and is currently in Turkey supporting the integration of SFD data with its existing geological and geophysical data. As announced earlier, the company's Turkish customer and one of its partners had requested NXT to add additional line kilometres to the original SFD survey. All flight operations related to the data acquisition survey phase were completed in January, 2024, with NXT's aircraft and equipment subsequently returning to Calgary. As part of NXT's SFD services, recommendations with rankings are provided to the customer identifying its highest-value prospects for exploration.

Business development

NXT personnel have recently returned to Turkey and are actively pursuing near-term opportunities with additional prospective customers. Following these scheduled meetings, the team will then travel to Southeast Asia to further continuing discussions related to multiple SFD survey opportunities. With regards to Africa, the company continues to work with its strategic partner, Synergy E&P Technologies Ltd., in pursuit of new SFD survey opportunities in the region.

Sales agency agreement

NXT and Huloolq Ltd.(known as Qamia), an Abu Dhabi-based start-up focused on deep-tech disruptive technologies, have entered into a sales agency agreement covering the territory of the United Arab Emirates (UAE). Qamia has close senior contacts with UAE energy industry operators. Jesse Berwald, PhD, co-founder and chief technology officer of Qamia, a recognized expert in disruptive technologies, commented, "Qamia is excited to enter into the agency agreement with NXT, whose SFD technology meets our criteria for a high value-added disruptive technology".

Bruce G. Wilcox, interim chief executive officer of NXT, stated: "NXT is pleased and excited to have entered into this agreement with Qamia, and looks forward to working together in growing SFD business development opportunities within the UAE. The UAE is among the world's ten largest oil producers. About 96 per cent of the country's roughly 100 billion barrels of proven oil reserves are located in Abu Dhabi, ranking No. 6 worldwide. The UAE produces an average of 3.2 million barrels of petroleum and liquids per day. Together with our strategic alliance partnership with Synergy E&P Technologies Ltd., which holds an exclusive licence to market and distribute NXT's SFD solutions in Africa, this new sales agency agreement with Qamia advances NXT's efforts to globalize its SFD offerings which will assist us to increase revenue and therefore enhance shareholder value."

2023 financial results

The company intends to release its fourth quarter and full year 2023 financial results during the week of March 25, 2024.

About NXT Energy Solutions Inc.

NXT Energy Solutions is a Calgary-based technology company whose proprietary airborne SFD survey system, applied in numerous basins around the world, uses the principles of quantum mechanics to infer stress anomalies of exploration interest. The method can be used both onshore and offshore to remotely identify areas conducive to fluid entrapment in order to recommend areas with commercial hydrocarbon and/or geothermal potential. The SFD survey system enables the company's 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 Solutions. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs and risks related to exploration.

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