NXT has commenced operations on a Cdn. $1.5 million SFD survey in Western Canada for Black Goose Holdings Inc. The survey is scheduled to be completed and revenue recognized in the first quarter of 2008. This survey is a continuation of the Cdn. $9.0 million contract announced in August 2007 for which a $2,700,000 non-refundable deposit was received. Under this contract Cdn. $1,844,000 of survey services were completed and revenue recognized in the fourth quarter of 2007 and NXT anticipates that surveys for the balance of the contracted amount will commence in 2008.
Angus Jenkins, President Black Goose Holdings stated, "By utilizing SFD surveys we're acquiring highly prospective and subsequently seismically confirmed land positions in Western Canada at a substantial reduction in time and money than if we followed conventional industry practices."
In addition the Cdn. $1,000,000 survey for another client announced in November 2007 was completed and revenue recognized in December 2007.
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