NSFDF — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2006-05-15

• Our well at Entice, Alberta, in which we have a 22.5% working interest, had production averaging 18 thousand cubic feet (mcf) per day during the quarter ended March 31, 2006 (“Q1 2006”) as compared with production of 18 thousand cubic feet (mcf) per day during the quarter ended March 31, 2005 (“Q1 2…

• The expense related to discontinued operations for Q1- 2006 was nil (Q1 2005 - $4,303). The expense in 2005 relates to professional fees to prepare and file tax returns for NXT’s two inactive subsidiaries.

• Other comprehensive income and loss is caused by changes in the relative exchange values of the U.S. and Canadian dollars. For example when the U.S. dollar trades higher relative to the Canadian dollar net monetary assets held in Canadian dollars will decline in value as recorded in the U.S. dollar …

• There was no new transaction in the first quarter of 2006 that were on terms that would not be available from independent third parties. On April 6, 2006 the maturity date of a note payable to an officer of the Company was extended from April 15, 2006 to April 15, 2007.

• In the quarter ended March 31, 2006 we had a net cash outflow of $434,608 compared to the first quarter of 2005 when we had a net cash outflow of $199,178. The Q1 2006 results were due to the operating activities use of cash of $447,821, cash flow of $50,371 expended in financing activities, $29,216…

Text removed vs the prior filing · source: 10-Q · 2005-11-21

• Energy Exploration Technologies Inc. (referred to herein as the “Company”, NXT, “we”, “us” and “our”) is a technology company focused on using its proprietary Stress Field Detector (SFD) technology for oil and gas exploration. NXT utilizes the SFD technology invented by George Liszicasz, our CEO, Pr…

• We use the airborne SFD technology to survey large exploration areas from leased aircraft at speeds of approximately 200 mph to identify and prioritize oil and gas prospects for further evaluation using conventional exploration technologies of seismic and drilling. Our SFD technology affords us the …

• We now conduct our activities primarily through our wholly owned subsidiary, NXT Energy Canada Inc., which focuses on Canadian-based exploration. Survey flight activities are conducted through our subsidiary, NXT Aero Canada Inc. The parent company concentrates on improving our SFD survey system and…

• We were initially incorporated in the State of Nevada, USA on September 27, 1994 under the name Auric Mining Corporation. In January 1996, we acquired all of the common stock of NXT Energy USA (then known as Pinnacle Oil Inc.) from its stockholders in exchange for our common stock. As a consequence …

• Prior to this transaction, we were a corporate shell conducting no active business, and NXT Energy USA was a development stage research and development enterprise holding world-wide rights to use the SFD technology for hydrocarbon exploration purposes.

Text added vs the prior filing · source: 10-Q · 2006-05-15

• Our primary market risk is market changes in oil and natural gas prices. Prospective revenues from the sale of products or properties will be impacted by oil and natural gas prices. A $1.00 per mcf change in the market price of natural gas will result in approximately an $8,000 change in our gross o…

• We currently maintain some of our available cash and redeemable short term investments in US dollars and our reported interest income from these short term investments could be adversely affected by any material changes in US dollar interest rates. A 1% change in the interest rate would have approxi…

Text removed vs the prior filing · source: 10-Q · 2005-11-21

• Our primary market risk is market changes in oil and natural gas prices. Prospective revenues from the sale of products or properties will be impacted by oil and natural gas prices. Similarly, our ability to acquire petroleum and natural gas rights and to drill the lands is also directly affected si…

• We currently maintain the bulk of our available cash in US dollars and our reported interest income from these short-term investments could be affected by any material changes in interest rates within the United States of America.

Text added vs the prior filing · source: 10-Q · 2006-05-15

• Disclosure controls and other procedures are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and f…

• There were no changes in our internal controls or in other factors that could materially affect these controls subsequent to the date of their evaluation and since the last period reported, including any significant deficiencies or material weaknesses of internal controls that would require correcti…

Text removed vs the prior filing · source: 10-Q · 2005-11-21

• As of September 30, 2005, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (principal executive officer) and our VP Finance (principal financial officer), of the effectiveness of the design and operation of our di…

• Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and…

• During our most recently completed fiscal quarter ended September 30, 2005, there were no changes in our internal control over financial reporting identified in connection with the evaluation referred to above that occurred during

• our last fiscal quarter which have materially affected, or are reasonably likely to affect, our internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2006-05-15

• We believe the claim against us is contentious because of the ambiguity of the arrangements and we are vigorously defending ourselves against the claim.

• On March 18, 2003, we were served a Statement of Claim which had been filed on March 14, 2003, in the Court of Queen’s Bench of Alberta, Judicial District of Calgary (Action No. 0301-04309), naming Glen Coffey, Murray’s Aviation Repairs (1980) Ltd., Energy Exploration Technologies, its wholly-owned …

• NXT was not a party to the Ferry Flight Contract. We believe the claim against us is without merit and intend to vigorously defend ourselves against the claim and will seek dismissal of the claim.

Text removed vs the prior filing · source: 10-Q · 2005-11-21

• On March 18, 2003, we were served a Statement of Claim which had been filed on March 14, 2003, in the Court of Queen’s Bench of Alberta, Judicial District of Calgary (Action No. 0301-04309), naming Glen Coffey, Murray’s Aviation Repairs (1980) Ltd., Energy Exploration Technologies, its wholly-owned …

• Neither we nor our subsidiary, NXT Energy Canada, Inc., were parties to the Ferry Flight Contract. We believe the claim against us and our subsidiary is without merit and intend to vigorously defend ourselves against the claim and will seek an expeditious dismissal of the claim. No amount has been a…

• On June 23, 2005, NXT filed a Statement of Claim against John M. Woodbury, a former employee, seeking judgment in the amount of $61,719.68 pursuant to an unpaid promissory note. On October 5, 2005, Mr. Woodbury defended and counterclaimed for $73,500.00 representing a claim for severance arising out…