Mr. Bruce Wilcox reports

NXT ENERGY RECEIVES US$2 MILLION STRATEGIC INVESTMENT FROM MORK CAPITAL TO ADVANCE APPLICATION OF SFD TECHNOLOGY IN CANADA

NXT Energy Solutions Inc. has received a $2-million (U.S.) strategic investment by way of a private placement of common shares to its largest shareholder MCAPM LP (Mork Capital) to advance the application of the company's proprietary stress field detection (SFD) technology within select areas of Western Canada. The investment proceeds provide NXT with enhanced balance sheet flexibility to accelerate widespread usage of SFD data in Canada while preserving its core business model as a technology and service provider.

As part of this process, the company has engaged Baycrest Energy Ltd. to assist in evaluating strategic pathways related to this initiative. The board of directors of the company believes this initiative represents a meaningful opportunity to unlock shareholder value from NXT's extensive proprietary SFD data library, which includes more than 50,000 line kilometres of airborne geophysical data in the Western Canadian sedimentary basin.

In alignment with this strategic initiative, NXT is pleased to announce that Bruce G. Wilcox, NXT's chief executive officer, has recommended the appointment of Eugene Woychyshyn as president and chief financial officer, effective immediately, with full support from the board. Mr. Woychyshyn has served as CFO of NXT since 2018, and brings extensive experience across finance, operations and capital markets to his expanded leadership role.

Mork Capital has been issued 7,050,500 common shares of the company at a price of 40 cents per share for total gross proceeds of approximately $2-million (U.S.). Mork Capital now owns approximately 32.3 per cent of the outstanding common shares of the company. The common shares issued as a result of the investment will be subject to a hold period of four months plus a day from the date of issuance. The company has received conditional approval from the Toronto Stock Exchange for the investment.

The company looks forward to updating shareholders on this initiative at the appropriate time as milestones are reached.

About NXT Energy Solutions Inc.

NXT Energy 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 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. NXT Energy provides its clients with an effective and reliable method to reduce time, costs and risks related to exploration.

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