SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No.)

 NXT LOGO HEREFiled by the Registrant [X]
Filed by a Party other than the Registrant [ ]

Check the appropriate box:

August 16, 2002April 30, 2003 

To Our Shareholders:

I am pleased to invite you to attend the 20022003 Annual Meeting of Shareholders of Energy Exploration Technologies to be held on Friday, SeptemberJune 20, 20022003 at 10:00 a.m., Mountain Standard Time, at Phoenix Place, 3^rd Floor, 840-7th Avenue SW, Calgary, Alberta, Canada.

In anticipation of the annual meeting, we enclose for your review a formal Notice of Annual Meeting and Proxy Statement, which describes the business to come before the meeting, and a proxy card. We also enclose a copy of our Annual Report on Form 10-K for our 20012002 fiscal year, which provides additional current information relating to NXT and our business.

If you held our common stock as of the close of business on Thursday, August 8, 2002,Wednesday, April 30, 2003, you will be entitled to vote at the annual meeting. The principal purpose of the annual meeting, as more particularly described in the enclosed Notice of Annual Meeting and Proxy Statement, is to re-elect five non-series 'A' directors to our board of directors to approve and adopt the 2000 Pinnacle Oil International, Inc. Directors' Stock Option Plan and to ratify the appointment of our independent auditors. You should note that our board of directors unanimously recommends a vote for each of the nominated directors, as well as the other proposals.proposal.

Whether or not you plan to attend the annual meeting, it is important that your shares be represented and voted. For that reason we request that you submit your proxy as soon as possible. If you decide to attend the annual meeting, and desire to vote your shares personally, you will of course have that opportunity.

We would like to express our appreciation for your continued interest in NXT, and hope you can be with us at the annual meeting.

Sincerely,

/s/ /s/ George Liszicasz George Liszicasz Chief Executive Officer

Energy Exploration Technologies
Suite 700, Phoenix Place, 840-7^th Avenue SW, Calgary, Alberta CanadaT2PCanada T2P 3G2
Tel: 403.264.7020 Fax: 403.264.6442

 NXT LOGO HERE

2002 ANNUAL MEETING OF STOCKHOLDERS

NOTICE OF ANNUAL MEETING
AND PROXY STATEMENT

Energy Exploration Technologies
Suite 700, Phoenix Place, 840-7^th Avenue SW, Calgary, Alberta Canada T2P 3G2
Tel: 403.264.7020 Fax: 403.264.6442

Questions And Answers

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Proposal No. 1: Election Of Common directors

There are five nominees for election to our board of directors as common directors this year, namely, Messrs. Donald Foulkes, Dennis Hunter, George Liszicasz, Douglas Rowe and Robert Van Caneghan. Information regarding the business experience of each of these nominees is provided below. The common directors are elected annually to serve until the next annual meeting of shareholders and until their respective successors are elected and qualified. There are no family relationships among our executive officers and common directors except as described below.

The designated proxy holderholders will vote each proxy received from our common shareholders as directed on their proxy cards or, if no direction is made, for the five nominees named above. If any of these nominees should be unable or unwilling to serve, the discretionary authority granted to the proxy holderholders as provided in the proxy card will be exercised to vote for a substitute nominee designated by our board of directors. We have no reason to believe that any substitute nominee will be required.

The five nominees receiving the highest number of votes cast by our common shareholders will be elected to fill the five common director positions. The proxies cannot be voted for more than five nominees.

Our board of directors recommends to our common shareholders that you vote "FOR" the election of Messrs. Foulkes, Hunter, Liszicasz, Rowe and Van Caneghanas our fivecommon directors. Proxies solicited by our board of directors will be so voted unless the common shareholder tendering the proxy specifies otherwise.

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Proposal No. 2:Approval of 2000 Pinnacle Oil International, Inc.

Directors' Stock Option Plan

On February 15, 2000, the board of directors approved the establishment of the 2000 Pinnacle Oil International, Inc. Directors' Stock Option Plan, otherwise referred to in this proxy statement as the Stock Option Plan. The purpose of the Stock Option Plan is to attract, compensate and motivate selected directors providing them with the opportunity to share in the potential capital appreciation in NXT's stock.

Under the Stock Option Plan, 400,000 shares of common stock of NXT will be authorized for issuance. The following description of the material features of the Stock Option Plan is a summary and is qualified in its entirety by reference to the Stock Option Plan attached hereto as Appendix A.

Summary of Plan

Our board of directors approved the establishment of the Stock Option Plan on February 15, 2000 and under its terms, they may issue up to 400,000 common shares.

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The Stock Option Plan is intended to attract, compensate and motivate selected directors providing them with the opportunity to share in the potential capital appreciation in NXT's stock.

Under the terms of the Stock Option Plan, the Plan Administrator may issue Stock Options, Stock Appreciation Rights or Grant Shares. Each issuance of an award shall be deemed to vest immediately upon issuance and shall expire on the first business day prior to the tenth anniversary of the issuance, unless otherwise outlined in the agreement underlying the issuance. To date, only Stock Options have been issued under the Stock Option Plan and each issuance has a vesting schedule of one-third of the issuance vesting on each of the first three anniversaries of the issuance. In addition, each vested portion of these issuances expires five years from the date of vesting.

The Plan Administrator fixes the exercise price for issuances in the exercise of its sole discretion, except that the exercise price for an incentive stock option must be at least the fair market value per share of the common stock at the date of grant (as determined by the plan administrator in good faith), or in the case of greater-than ten percent shareholders, at least one hundred ten percent of the fair market value per share. Historically, all issuances have been priced, on a per share basis, at or above the closing price of NXT's common stock on the day of grant. At this time, the Plan Administrator has not formalized a methodology as to the setting of exercise prices for future issuances. The exercise price may be paid in cash or, with the approval of the Plan Administrator, by other means, including withholding of option shares or delivery of previously held shares.

Unless otherwise provided for in the agreement underlying the issuance, upon the termination of the recipient of the issuance, the expiry date of the vested portions of the issuance shall be accelerated to 30 days after the effective date of termination. Any unvested portions of the issuance shall expire upon termination. All issuances under the Stock Option Plan made to date have a termination clause for vested portions of the issuance of two years from the date of termination.

Should the recipient pay the exercise price of their Stock Options with shares of NXT common stock previously held by them, then, at the discretion of the Plan Administrator, replacement Stock Options may be issued to the recipient to purchase shares equal to the number of shares of common stock delivered to NXT as payment of the exercise price. These Stock Options shall vest immediately, have an exercise price equal to the fair market value of the common stock on the date of conversion and shall expire on the same date as the original Stock Option.

An issuance of a Stock Appreciation Right can be issued in tandem with a Stock Option issuance or as a stand-alone Stock Appreciation Right. If the Stock Appreciation Right is issued in tandem with a Stock Option issuance, the recipient is entitled to exercise the Stock Appreciation Right by surrendering unexercised portions of the accompanying Stock Option issuance.

Grant Shares may be issued from the shares underlying the Stock Option Plan. Certificates representing any unvested Grant Shares shall carry a restrictive legend until such time as the vesting conditions have been met. Holders of Grant Shares shall have the same rights and privileges as holders of NXT's common stock. Should termination of the recipient occur prior to vesting of their Grant Shares, NXT shall be required to pay the recipient the amount per share set forth in the underlying issuance agreement, which may be:

1. The "original cost" per share, meaning the price per share which the recipient originally paid for the Grant Shares. If the Grant Shares were issued as a bonus or issued without payment, the repurchase price shall be zero.

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2. The "book value" per share, meaning the difference between the Company's total assets and total liabilities as of the close of business on the last day of the calendar month preceding the forfeiture, divided by the number of shares of common stock then outstanding. The book value shall be determined by the Company's independent auditors.

No issuance is transferable except Grant Shares which have vested. Recipients of Stock Options or Stock Appreciation Rights shall not have the rights and privileges of a stockholder until such time as their issuance, or a portion of their issuance, is exercised and converted into common stock.

The primary difference between "incentive stock options" and non-qualified options is the tax treatment of the option holder. If a holder complies with Internal Revenue Service rules regarding incentive stock options, a holder of an incentive stock can defer recognition of income for tax purposes until the shares underlying the options are sold. A holder of a non-qualified option generally recognizes income on the date of exercise.

The closing price of our common stock as of August 15, 2002 was $0.48 per share.

Our board of directors recommends to our common shareholders that you vote "FOR" the approvalelection of Messrs. Foulkes, Hunter, Liszicasz, Rowe and adoption of the 2000 Pinnacle Oil International, Inc. Directors' Stock Option Plan.Van Caneghanas our fivecommon directors. Proxies solicited by our board of directors will be so voted unless the holder of common stockshareholder tendering the proxy specifies otherwise.

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Proposal No. 3:2: Ratification of Appointment of Independent Auditors

Our board has approved the appointment of Deloitte & Touche LLP as our independent auditors for our 20022003 fiscal year. Since we believe it is important for NXT to receive your input on our selection of independent auditors for our company that appointment is being presented to you for ratification.

Auditor History

On July 9, 2002, our board of directors accepted the resignation of Arthur Andersen LLP (Canada)Canada, otherwise referred to as Andersen, as our independent auditors and appointed Deloitte & Touche LLP (Canada)auditors. The resignation was tendered as our new independent auditors. Arthur Andersen LLP had been our auditor for the two fiscal years ended December 31, 2001 and for the interim period through the date of their resignation. Arthurwas no longer able to fulfill its responsibilities to NXT due Andersen LLP resigned as they were unable to continue to service NXT's audit requirements due to the partners and employees joining Deloitte & Touche LLP. Deloitte & Touche LLP had previously served as our independent auditors andceasing operations. Andersen audited our consolidated financial statements for our fiscaltwo most recent years ended December 31, 1998, 1999 and reviewed our consolidated financial statements for the quarter ended March 31, 2000.

Deloitte & Touche LLP had resigned as our independent auditors on June 28, 2000, in anticipation of a conflict of interest that would arise under the rules of the Securities and Exchange Commission, then in effect, governing the independence of auditors as the consequence of a pending marriage between a sibling of NXT's controller and a partner in Deloitte & Touche LLP's Calgary office. Prior to Arthur Andersen LLP's partners and staff joining Deloitte & Touche LLP this year, both auditing firms reviewed the potential conflict of interest outlined above and concluded that under the current and amended SEC rules governing independence of auditors, a conflict of interest did not exist.

132001.

The report of Arthur Andersen LLP accompanying the audited financial statements for our two most recent fiscal years ended December 31, 2001 was not qualified or modified as to audit scope or accounting principles and did not contain an adverse opinion or disclaimer of opinion.

During our two most recent fiscal years ended December 31, 2001, and also during the subsequent interim period through the date of resignation, there were (1) no disagreements between NXTus and Arthur Andersen LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure; (2) no reportable events as such term is defined by paragraph (a)(1)(v) of Item 304 of Regulation S-K promulgated by the Securities and Exchange Commission ("Regulation S-K");Commission; and (3) no matters identified by Arthur Andersen LLP involving our internal control structure or operations which werewas considered to be a material weakness.

On July 9, 2002, our board of directors appointed D & T as our new independent accountants.

During our two fiscalmost recent years ended December 31, 2001, and also during the subsequent interim period throughprior to the dateappointment of resignation of Arthur Andersen LLP, NXTD & T, we did not consult with DeloitteD & Touche LLPT regarding the application of accounting principles to a specified transaction, either completed or proposed, or the type of opinion that might be rendered regarding our financial statements, nor did we consult with DeloitteD & Touche LLPT with respect to any accounting disagreement or any reportable event at any time prioras such term is defined by paragraph (a)(1)(v) of Item 304 of Regulation S-K.

Prior to the appointment of Andersen as our independent auditor, D & T acted as our independent auditor for the two years ended December 31, 1999, and also during the subsequent interim period through the date of their resignation in June 2000. The resignation was tendered in anticipation of a conflict of interest that firm.would arise under the rules of the Securities and Exchange Commission governing the independence of auditors as a consequence of a pending marriage between a sibling of NXT's controller and a partner in D & T's Calgary office. Prior to the transaction between Andersen and D & T, both auditing firms reviewed the potential conflict of interest outlined above and concluded that under the recently amended Securities and Exchange Commission's rules governing independence of independent auditors, a conflict of interest no longer existed.

The report of DeloitteD & Touche LLPT accompanying the audited financial statements for our fiscaltwo years ended December 31, 1998 and 1999 was not qualified or modified as to audit scope or accounting principles and did not contain an adverse opinion or disclaimer of opinion.

During our two fiscal years ended December 31, 1999, and also during the subsequent interim period through the date of resignation, there were (1) no disagreements between NXTus and DeloitteD & Touche LLPT on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure; (2) no reportable events as such term is defined inby paragraph (a)(1)(v) of Item 304 of Regulation 229.304(a)(1)(v);S-K; and (3) no matters identified by DeloitteD & Touche LLPT involving our internal control structure or operations which werewas considered to be a material weakness.

During our two fiscal years ended December 31, 1999, and also during the subsequent interim period through the date of resignation of Deloitte & Touche LLP, NXT did not consult with Arthur Andersen LLP regarding the application of accounting principles to a specified transaction, either completed or proposed, or the type of opinion that might be rendered regarding our financial statements, nor did we consult with Arthur Andersen LLP with respect to any accounting disagreement or any reportable event at any time prior to the appointment of that firm.9

We expect a representative of Deloitte & Touche LLP will attend the annual meeting, and we will extend the opportunity to the representative to make a statement if he or she desires to do so. This representative will also be available to answer any questions you may have.

Summarized below is the aggregate amount of professional fees billed by Arthur AndersenDeloitte & Touche LLP with LLP respect to fiscal 2001:2002:

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You should note that your ratification of our selection of Deloitte & Touche LLP as our independent auditors for our 20022003 fiscal year is advisory only and not binding upon NXT, although our audit committee will seriously consider your objections in not ratifying the appointment. Even if our audit committee were to seek other independent auditors as a consequence of your objections, it is likely, because of the difficulty and expense of making any change in independent auditors so long after the beginning of the current year, that the appointment of Deloitte & Touche LLP would stand for our 20022003 fiscal year unless the audit committee were to find other good reason to make a change. Our audit committee also reserves the right to engage any other independent auditors at any time, notwithstanding your ratification of Deloitte & Touche LLP as our independent auditors for fiscal 2002,2003, should it deem it to be in the best interests of NXT and its shareholders.

Our board of directors recommends that you vote "FOR" the ratification of the appointment of Deloitte & Touche LLPas our independent auditors for our 20022003 fiscal year. Proxies solicited by our board of directors will be so voted unless the holder of common stock tendering the proxy specifies otherwise.

Proposal 4:Other Matters

The enclosed proxy card gives the proxy holder discretionary authority to vote the shares held by the shareholder tendering the proxy in accordance with the proxy holder's best judgment with respect to all additional matters which might come before the annual meeting. In addition to the scheduled items of business, the annual meeting may consider shareholder proposals omitted from this proxy statement pursuant to the proxy rules of the Securities and Exchange Commission and matters related to the conduct of the annual meeting. At the date of printing of this proxy statement, we are not aware of any other matter which would be presented for action before the annual meeting.

Board Of Directors

Our board of directors was comprised of five directors for most of fiscal 2001,2002, and they held six meetings during thatthe 2002 fiscal year. No director attended less than 75%80% of the total number of those meetings. Our board of directors also approved sixthree additional corporate matters during fiscal 20012002 through unanimous written consents.

Our bylaws permit our board of directors to fix the number of its authorized members from three to eleven. At present, our board of directors consists of five members, of which five members are "common directors" appointed by our common shareholders, and there are currently no members designated as "series 'A' directors" which are appointed by our series 'A' preferred shareholders. This classification of our board of directors was effectuated pursuant to an amendment to our articles of incorporation made in connection with the private placement in April 1998 of 800,000 shares of our series 'A' preferred stock.

Specifically, our articles of incorporation were amended to provide that our common shareholders would retain the exclusive right to elect all members of our board of directors, unless there are 400,000 or more shares of our series 'A' preferred stock outstanding, in which case our series 'A' preferred shareholders would have the rightto appoint one or more additional directors. The number of directors which our series 'A' preferred shareholders may elect under such circumstances would, when aggregated with the number of common directors, equal one-sixth of such aggregated number of directors (or such minimum whole number in excess of one-sixth in the event such number of aggregated directors is not a multiple of six).

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Our articles of incorporation specifically provide that our common shareholders shall have no right to vote for the series 'A' directors, and our series 'A' preferred shareholders shall have no right to vote for the common directors. The removal of any series 'A' directors shall require only the affirmative vote of holders of a majority of the then outstanding shares of our series 'A' preferred stock. The vacancy of any series 'A' director position, from whatever cause, shall require only the affirmative vote of holders of a majority of the then outstanding shares of our series 'A' preferred stock.

10

Thusly, the appointment or designation of any series 'A' director(s) will not be taken at our annual meeting, but instead will be taken by exclusive action by the holder of our series 'A' preferred stock.

The nominees of our series 'A' preferred shareholders for the series 'A' director positions must be persons reasonably acceptable to our then serving common directors.

Standing Board Committees

Our board of directors has established two committees, a Compensation Committee and an Audit Committee.

Due to recent changes in our board and management in 2002, our Compensation Committee consisted of only Mr. Hunter until July 9, 2002, when our board of directors appointed Messrs. Foulkes and Rowe to assistjoin Mr. Hunter.Hunter on the Compensation Committee. All three members of the committee are independent within the meaning of the rules of Nasdaq, the New York and American Stock Exchanges and the Securities and Exchange Commission. Our Compensation Committee reviews and makes recommendations with respect to the compensation of NXT's executive officers, and also administers certain elements of NXT's various stock plans as they relate to grants to executive officers.plans. The Compensation Committee held notwo meetings during our 20012002 fiscal year, as no decisions relating to executive compensation were made during that year. Messrs. Foulkes and Rowe attended both meetings and Mr. Hunter attended neither.

Due to recent changes in our board and management in 2002, our Audit Committee had no members from May 9, 2002 to July 9, 2002 when the Board of Directors appointed Messrs. Foulkes and Van Caneghan to the committee. The Audit Committee's duties, as outlined in its charter, include recommending to our board of directors the engagement of our independent auditors, reviewing the results of the auditor's examination of our periodic financial statements, and determining the independence of those accountants.

The Audit Committee held two meetings after the appointment of Messrs. Foulkes and Van Caneghan at which both members of the committee were present. Messrs. Foulkes and Van Caneghan are considered "independent" within the meaning of the rules of Nasdaq, the New York and American Stock Exchanges and the Securities and Exchange Commission.Commission, however the board of directors has determined that neither of them qualify as a audit committee financial expert. Currently, there are no board members that would qualify as a fi nancial expert.

Compensation Of Our Directors

NXT's practice to date in compensating directors has been to grant options to selected directors in lieu of monetary compensation for serving on our board of directors, although we do cover some out of pocket expenses incurred by members of the board in connection with their services. Summarized below are options granted to date to our current board members for serving in that capacity:

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• On May 20, 1997, NXT granted stock options to Mr. Liszicasz entitling him to purchase 45,000 shares of our common stock. The exercise price for the options was $5.25 per share which corresponded with the trading price of the common stock as of the date of grant. The options were subject to vesting conditions based upon continued performance of services as a director, pursuant to which one-third of the granted options vested on the date of grant, and one-third of the granted options would prospectively vest on each of the first and second anniversaries of the date of grant, respectively. All of these options are fully vested as of the date of this proxy statement. Each vested increment of the noted options expires five years from date of vesting, except that vested options expire, if earlier, one year after the date on which a director's service is terminated. On January 3, 2001 as part of a broader arrangement for all of our then serving employees, our Board approved the cancellation of the foregoing out standing options, and the grant of new options to Mr. Liszicasz on the same terms (including number of shares, vesting, term and lapse) as the original grant, with the exception of the exercise price, which would be fixed at the closing price for our common stock as of the close of business on July 5, 2001 (subsequently fixed at $2).
• On February 15, 2000, we granted 15,000 options to Mr. Hunter as compensation for his prospective services as a member of our board of directors for the next three years commencing from the date of grant. The purchase price for these options were fixed at $28.75 per share, reflecting the closing trading price of our common stock on the date of grant. On April 17, 2000, we granted an additional 30,000 options to Mr. Hunter as additional compensation for his prospective services as a member of our board of directors for the next three years commencing from the date of grant. The purchase price for these options were fixed at $26.25 per share, reflecting the closing trading price of our common stock on the date of grant. These options also vest in equal increments on the first through third anniversary dates of the date of grant, respectively, based upon continued provision of services as a director, and lapse, if unexercised, five years after the vesting date, unless the optionee's status as a director is terminated, in which case they lapse two years from date of vesting. On January 3, 2001 as part of a broader arrangement for all of our then serving employees, our Board approved the cancellation of the foregoing outstanding options, and the grant of new options to Mr. Hunter on the same terms (including number of shares, vesting, term and lapse) as the original grant, with the exception of the exercise price, which would be fixed at the closing price for our common stock as of the close of business on July 5, 2001 (subsequently fixed at $2).

Compensation Committee Interlocks And Insider Participation

During fiscal 2001, there wereThe Compensation Committee of the board of directors reviews and recommends to the board of directors the compensation and benefits of all our executive officers and establishes and reviews general policies relating to compensation and benefits of our employees. None of our executive officers served as a director, executive officer or member of a compensation committee of another entity of which one of its executive officers served on our Compensation Committee. Except as described in "Certain Relationships and Related Transactions", no actions taken byinterlocking relationships exist between our board of directors relating toor compensation committee and the board of directors or compensation committee of any other company, nor has any interlocking relationship existed in the past.

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In the past, our board of directors has negotiated all executive salaries of our employees, including our Chief Executive Officer. Directors do not participate in approving or authorizing their own salaries as executive officers. Compensation for our Chief Executive Officer was determined by the Compensation Committee after considering his efforts in assisting in the development of our business strategy, the salaries of executives in similar positions and our general financial condition. The use of stock options and other awards is intended to strengthen the alignment of interests of executive officers who were also serving as oneand other key employees with those of our directors (each of whom is referred to in this proxy statement as an"executive officer-director").stockholders.

Business Experience Of Our Executive Officers

Set forth below are NXT's executive officers and a summary of their business experience:

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Ownership Of Our Stock

The following table sets forth certain selected information, computed as of August 15, 2002,the record date of April 30, 2003, about the amount and nature of our securities "beneficially owned" by the following persons as of that date:

• each of our current directors and director-nominees;
• each of our executive officers (the term"executive officer" is defined as our President, Secretary, Chief Financial Officer or Treasurer, any vice-president in charge of a principal business function such as sales, administration or finance, and any other person who performs similar policy making functions for our company);
• each person who is a beneficial owner of more than 5% of any class of our outstanding securities with voting rights; and
• the group comprised of our current directors, director-nominees and executive officers.

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Voting by Directors and Executive Officers

It is anticipated that theour directors and the Named Executive Officers of the Company will vote FOR the election of director nominees as listed FOR the approval and adoption of the 2000 Pinnacle Oil International, Inc. Directors' Stock Option Plan, and FOR the ratification of the Board of Directors' selection of auditors. Such directors and executive officers, and their affiliates, hold 33.1% of the votes entitled to be cast at the Annual Meeting.

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The information contained in the following tables was given to us by the individuals, our transfer agent or entities named. We believe that each of these individuals or entities has sole or shared investment and voting power with respect to the securities indicated as beneficially owned by them, subject to community property laws, where applicable, except where otherwise noted.

1. Rule 13d-3 under the Securities Exchange Act defines the term, "beneficial ownership". Under this rule, the term includes shares over which the indicated beneficial owner exercises voting and/or investment power. The rules also deem common stock subject to options currently exercisable, or exercisable within 60 days, to be outstanding for purposes of computing the percentage ownership of the person holding the options but do not deem such stock to be outstanding for purposes of computing the percentage ownership of any other person. The applicable percentage of ownership for each shareholder is based on 16,971,153 shares of common stock outstanding as of August 15, 2002, together with applicable options and Series A preferred shares for that shareholder. Except as otherwise indicated, we believe the beneficial owners of the common stock have sole voting and investment power over the number of shares listed opposite their names.

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			Stock
Name			Amount						%(1)
Directors & Officers
George Liszicasz(2) 383 Arbour Lake Way NE Calgary, Alberta T3G 4A2		5,235,268(3)						30.8%
Dennis R. Hunter Box 9069 Santa Rosa, CA 95405		406,266(4)						2.4%
Donald E. Foulkes 39 Pinnacle Ridge Dr. Calgary, Alberta T3Z 3N7		0						0%
Douglas Rowe 246 Artist View Way Calgary, Alberta T3N 3N1		0						0%
Robert Van Caneghan 123 Redcliff Road Staten Island, NY 10305		0						0%
Scott Schrammar 9438 US 19 North, PMB 210 Port Richey, FL 34668		0						0%
Current directors, director-nominees and executive officers, as a group			5,641,534(5)						33.1%
5% Shareholders
SFD Investment LLC c/o Stephens Group Inc. 2500-111 Center Street Little Rock, AR 72201		2,476,700(6)						12.8%
Stephens Group Inc. 2500-111 Center Street Little Rock, AR 72201		2,476,700(7)						12.8%
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(1)	Rule 13d-3 under the Securities Exchange Act defines the term, "beneficial ownership". Under this rule, the term includes shares over which the indicated beneficial owner exercises voting and/or investment power. The rules also deem common stock subject to options currently exercisable, or exercisable within 60 days, to be outstanding for purposes of computing the percentage ownership of the person holding the options but do not deem such stock to be outstanding for purposes of computing the percentage ownership of any other person. The applicable percentage of ownership for each shareholder is based on 16,971,153 shares of common stock outstanding as of March 26, 2003, together with applicable options and Series A preferred shares for that shareholder. Except as otherwise indicated, we believe the beneficial owners of the common stock have sole voting and investment power over the number of shares listed opposite their names.
(2)	Executive officer.
(3)	Includes 5,062,490 shares of common stock directly by Mr. Liszicasz, 127,778 shares of common stock held by Irina Iascisina, Mr. Liszicasz's spouse and options exercisable within 60 days of March 26, 2003 to acquire 45,000 shares of common stock.
(4)	Includes 361,266 shares of common stock and options exercisable within 60 days of March 26, 2003 to acquire 45,000 shares of common stock.
(5)	Includes 5,551,534 shares of common stock and options exercisable within 60 days of March 26, 2003 to acquire 90,000 shares of common stock.
(6)	Includes 107,938 common shares held by SFD Investment LLC, and 800,000 Series A preferred shares convertible at any time to acquire 2,368,762 shares of common stock at a conversion rate of 2.96 common shares for each preferred share. SFD Investment LLC owns all the outstanding Series A preferred shares.
(7)	Stephens Group Inc. is the manager of both SFD Investment LLC and in that capacity indirectly holds (or in certain circumstances shares with the members of that company) voting and investment control of the NXT shares held by the limited liability company. Includes 107,938 common shares held by SFD Investment LLC and 800,000 Series A preferred stock, held by SFD Investment LLC which are convertible at any time to acquire 2,368,762 shares of common stock at a conversion rate of 2.96 common shares for each preferred share.

2. Executive officer.
3. Includes 5,062,490 shares of common stock directly by Mr. Liszicasz, 131,319 shares of common stock held by Irina Iascisina, Mr. Liszicasz's spouse andoptions exercisable within 60 days of August 15, 2002 to acquire 45,000 shares of common stock.
4. Includes 361,266 shares of common stock and options exercisable within 60 days of August 15, 2002 to acquire 30,000 shares of common stock.
5. Includes 5,555,075 shares of common stock and options exercisable within 60 days of August 15, 2002 to acquire 75,000 shares of common stock.
6. Includes 200,000 common shares held by SFD Investment LLC, and800,000 Series A preferred shares convertible at any time to acquire 2,325,043 shares of common stock at a conversion rate of 2.91 common shares for each preferred share.
7. Stephens Group Inc. is the manager of both SFD Investment LLC and SFD Investment II LLC, and in that capacity indirectly holds (or in certain circumstances shares with the members of that company) voting and investment control of the NXT shares held by each of these limited liability companies. Includes 200,000 common shares held by SFD Investment LLC and 66,667 common shares held by SFD Investment II LLC and 800,000 Series A preferred stock, held by SFD Investment LLC which are convertible at any time to acquire 2,325,043 shares of common stock at a conversion rate of 2.91 common shares for each preferred share.
8. Includes 2,556,200 shares of common stock andoptions exercisable within 60 days of August 15, 2002 to acquire 30,000 shares of common stock.

Summary Of Compensation Paid To Our Named Executive Officers

The following table shows the compensation paid over the past three fiscal years with respect to the following persons:

• NXT's Chief Executive Officer;
• NXT's four other most highly compensated executive officers (if any), whose annual salary and bonus exceeded $100,000 in the aggregate; and
• Up to two additional individuals (if any) who would be included amongst NXT's four other most highly compensated executive officers but for the fact that such individuals were not serving as an executive officer.

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1. NXT ordinarily pays salaries to our executive officers in Canadian dollars. The amounts shown as paid in this table have been converted into United States dollars based upon the average exchange rate for the year of payment used in preparing our consolidated financial statements.
2. Includes, among other things, perquisites and other personal benefits, securities or property which exceed in the aggregate the lesser of either $50,000 or 10% of the total annual salary and bonus reported for that fiscal year.
3. Mr. Topolinsky resigned as NXT's President and Chief Operating Officer and as a director of NXT effective April 19, 2002.
4. Effective March 1, 2002, Mr. Ehretsbecame NXT's Vice President Exploration (U.S.). Prior to that Mr. Ehrets was NXT's Executive Vice President of Operations.
5. Mr. Woodbury's contract expired on July 8, 2002 and was not renewed at that time.
6. Common share purchase options granted to the executive officer in connection with his appointment to that office.
7. In January 2002, Mr. Liszicasz accepted a 50% reduction in his annual salary.

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Summary Of Stock Options And Stock Appreciation Rights Granted To Executive Officers

There were no grants to our executive officers of options to purchase our common shares or stock appreciation rights relating to our common shares during the 20012002 fiscal year.

The following table sets forth information regarding stock option grants to our officers and directors as of August 15, 2002:April 30, 2003:

(1) Based on options exercisable to acquire a total 1,665,525 shares to executive officers, directors and employees.
(2) The exercise price per share was equal to or greater than the fair market value of the common stock on the date of grant as determined by the Board of Directors.16

The potential realizable value is calculated based on the assumption that the common stock appreciates at the annual rate shown, compounded annually, from the date of grant until the expiry of the term of the option. These numbers are calculated based on SEC requirements and do not reflect our projection or estimate of future stock price growth. Potential realizable values are computed by:

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Summary Of Stock Options And Stock Appreciation Rights Exercised
By Executive Officers And Year End Balances

The following table provides certain information with respect to each of our executive officers in fiscal 20012002 concerning any options to purchase our common shares or stock appreciation rights they may have exercised in fiscal 2001,2002, and the number and value of their unexercised options as of December 31, 2001:2002:

(1)

The dollar amount shown represents the difference between the fair market value of our common shares underlying the options as of the date of exercise and the option exercise price.

(2)

The dollar value provided represents the cumulative difference in the fair market value of our common shares underlying all in-the-money options as of December 31, 2002 and the exercise prices for those options. Options are considered "in-the-money" if the fair market value of the underlying common shares as of the last trading day in 2002 exceeds the exercise price of those options. The fair market value of our common shares for purposes of this calculation is $0.09, based upon the closing price for our common shares on December 31, 2002, the last trading day in 2002.

(3)

Mr. Topolinsky resigned as NXT's President and Chief Operating Officer and as a director of NXT effective April 19, 2002. He has two years to exercise any options that had vested prior to his resignation. All unvested options expired upon his resignation.

(4)

Effective March 1, 2002, Mr. Ehrets became NXT's Vice President Exploration (U.S.). Prior to that Mr. Ehrets was NXT's Executive Vice President of Operations. Mr. Ehrets' contract expired on October 31, 2002 and was not renewed. He has two years to exercise any options that had vested prior to the end of his contract. All unvested options expired at the end of his contract.

(5)

Mr. Woodbury's contract expired on July 8, 2002 and was not renewed at that time. He has two years to exercise any options that had vested prior to the end of his contract. All unvested options expired at the end of his contract.

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Indemnification Of Directors, Officers And Others

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the company, we have been informed that in the opinion of the date of exerciseSecurities and the option exercise price.

1. The dollar value provided represents the cumulative differenceExchange Commission such indemnification is against public policy as expressed in the fair market value of our common shares underlying all in-the-money options as of December 31, 2001Act and the exercise prices for those options. Options are considered "in-the-money" if the fair market value of the underlying common shares as of the last trading day in fiscal 2001 exceeds the exercise price of those options. The fair market value of our common shares for purposes of this calculation is $1.01, based upon the closing price for our common shares as quoted on the OTC Bulletin Board on December 31, 2001, the last trading day in fiscal 2001.

Employment Agreements With Our Executive Officers

Mr. Liszicasz is employed by NXT as our Chief Executive Officer under a five-year employment agreement entered into on AprilDecember 1, 1997,2002, which contains the following principal compensatory provisions:

• An initial base salary of $7,000 per month, with an automatic increase to $10,000 per month effective January 1, 1998, and thereafter subject to annual increases as determined by our board of directors, but at least 5% on each anniversary date. Effective May 1, 1999, Mr. Liszicasz's monthly base salary was increased to Cdn. $20,000 by our board of directors, in order to be consistent with the monthly salaries to be paid to our newly hired President and Vice President of Operations. Mr. Liszicasz's current annual base salary is Cdn. $252,000 (U.S. $165,311). Mr. Liszicasz agreed to delay the effective date of the 5% automatic increase to his salary due May 1, 2001 without accrual until NXT has increased its working capital by a mutually acceptable amount. In addition, Mr. Liszicasz reduced his monthly salary, in January of 2002, to Cdn. $10,500.
• An annual bonus equal to 5% of NXT's "net income after taxes" in the event NXT earns more than $5 million in net income after taxes in any fiscal year.
• An annual performance bonus, as determined in the sole discretion of our board of directors.

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-	An initial base salary of CDN $21,000 per month, with an automatic increase of 5% on each anniversary date. However, Mr. Liszicasz reduced his monthly salary to CDN $10,500.
-	An annual bonus equal to 5% of our "net income after taxes" in the event we earn more than $5 million in net income after taxes in any year.
-	An annual performance bonus, as determined in the sole discretion of our board of directors.

At the conclusion of his initial term, Mr. Liszicasz's employment agreement renews automatically each year for a successive one yearone-year term, unless NXTwe or Mr. Liszicasz elects by a written, 60-day notice not to renew; or the agreement is terminated earlier in accordance with its terms.

Mr. Liszicasz's employment agreement provides for early termination in the case of any of the following events as defined in the employment agreement:

• death or disability;
• a "change in control" of NXT;
• termination of employment by NXT for "cause;" or
• termination of employment by Mr. Liszicasz for "good reason."

Under the employment agreement a "change in control" means any of the following:

• an acquisition whereby immediately after such acquisition, a person holds beneficial ownership of more than 50% of the total combined voting power of NXT's then outstanding voting securities;
• if in any period of three consecutive years after the date of the employment agreements, the then incumbent members of our board of directors cease to constitute a majority of the board for reasons other than voluntary resignation, refusal by one or more members of our board of directors to stand for election, or removal of one or more board member for good cause; or
• our board of directors or shareholders approve a merger, consolidation or reorganization of NXT; the complete liquidation or dissolution of NXT; or the agreement for the sale or other disposition of all or substantially all of NXT's assets (a "sale").

In general, where a termination is for death, disability, "cause" or by Mr. Liszicasz without "good reason,"reason", Mr. Liszicasz's compensation allowances and benefits will accrue only through the effective date of the termination. However, and again in general, where a termination is due to a "change in control,"control", without "cause,""cause", or Mr. Liszicasz for "good reason,"reason", the employment agreement provides that NXTwe will pay compensation and certain allowances and benefits to Mr. Liszicasz through the end of the then applicable term. In addition, if

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Legal Proceedings

On November 27, 2002, we were served a Statement of Claim which had been filed on November 25, 2002, in the terminationCourt of Queen's Bench of Alberta, Judicial District of Calgary (Action No. 0201-19820), naming Energy Exploration Technologies Inc. and George Liszicasz as defendants. Mr. Dirk Stinson, the plaintiff, alleges that NXT failed to pay him compensation under a consulting agreement and further alleges that NXT, without lawful justification, obstructed Mr. Stinson from trading his shares of NXT. Mr. Stinson is directly or indirectly attributableseeking, among other things, damages in the amount of $1,614,750 and an injunction directing NXT to instruct our transfer agent to immediately remove the legend from Mr. Stinson's shares. On December 10, 2002, we filed our Statement of Defence and are awaiting on the Plaintiff to take further action on this matter. At the time of the filing of this suit, Mr. Stinson was a "sale," and the sale is approved by a "disinterested majority"major shareholder of our boardcommon stock. He is a past President and director of directors, then NXT and is currently a director and shareholde r of Momentum Resources.

We believe the claim against us is without merit and intend to vigorously defend ourselves against the claim and will pay Mr. Liszicaszseek an amount equal to 2%expeditious dismissal of the total consideration received byclaim.

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 subsidiary, NXT Energy Canada, Inc., Dennis Wolsky, as Administrator of the Estate of Jerry Wolsky, deceased and Embassy Aero Group Ltd. as defendants. Tops Aviation Ltd., Spartan Aviation Inc. and John Haskakis (the "Plaintiffs") allege that the defendants were negligent and in connection withbreach of a Ferry Flight Contract between one or some of the sale.defendants and one or some of the Plaintiffs under which Mr. Jerry Wolsky was to deliver a Piper Twin Comanche aircraft to Athens, Greece. The aircraft crashed in Newfoundland enroute to Athens killing Mr. Wolsky. The Plaintiff is seeking, among other things, damages in the amount of $450,000 Cdn for loss and damages to the aircraft and cargo; and damages in re spect to search and rescue expenses, salvage, storage, transportation expenses and pollution and contamination expenses.

 24Neither 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.

Report Of Compensation Committee On Executive Compensation

The following is the report from the compensation committee of our board of directors, which is comprised of Messrs. Hunter, Rowe and Foulkes. Messrs. Foulkes and Rowe were appointed to the committee on July 9, 2002. The compensation committee reviews and makes recommendations with respect to compensation of NXT's executive officers and directors, and also administers certain elements of our various stock plans. This report addresses:

• our compensation policy as it relates to NXT's executive officers and key professionals; and
• the rationale for compensation paid and prospectively payable to NXT's principal executive officer for fiscal 2001, Mr. George Liszicasz, our Chief Executive Officer, under his employment agreement.

Compensation Committee Report

Compensation Policies

For NXT to progress beyond the development stage and to maximize the hydrocarbon revenue-generation potential afforded by our SFD technology, it is necessary for NXT to attract superior executives and key professionals from both the oil & gas exploration and technology sections with the level of skill, knowledge, effort and responsibility necessary to address the issues and strategies unique to NXT and its business plan and technology. These personnel include:

• - the electrical, mechanical and computer scientists, engineers and programmers that are necessary to continue the development of our SFD technology, including data acquisition and data processing functions, and

• - the geologists, geophysicists, geotechnicians, pilots and other operational support personnel that are necessary to collect and interpret SFD data and evaluate oil & gas exploration opportunities identified using our SFD technology.

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In order to attract and retain qualified executives and key professionals, NXT's executive and professional compensation program is designed to meet the following objectives:

• - to reward individual results and to induce loyalty in the short and intermediate term by recognizing performance through base salary and, once we have revenues, annual bonuses; and

• - for the longer term, to reward individual results, induce long-term loyalty, and link the interests of these executives and key professionals with the interests of our shareholders by encouraging stock ownership in NXT through the grant of options tied to continued employment.

The initial amount of monthly base salary paid to executive officers and key professionals is the amount, as determined by the compensation committee as necessary to attract and retain executives with the requisite superior abilities to both perform their executive and professional functions and, given the developing nature of our business and our desire to maintain a lean staffing profile, to provide cross-support for our other executives and professionals.

The determination of which executive officers and key professionals should receive a bonus and/or grant of stock options, and what the amount of the bonus and/or terms of the grant of stock options should be, is based upon a subjective analysis of the executive's or key professional's level of responsibility, performance of duties, and contribution toward NXT's success, and takes into consideration other types and amounts of performance based compensation paid to them. All stock options granted to date are subject to vesting conditions based on contin uedcontinued employment, which the compensation committee believes creates a more productive workforce by meeting the following objectives:

Our practice in determining compensation for executive officers is for our management and compensation committee to consult each other and then foroutside sources, if required. Once a equitable compensation package is determined, our compensation committee to make a recommendation to the board of directors for approval.approves it. With respect to employees other than executive officers, compensation is ordinarily determined based upon the recommendation of management subject, where appropriate, to consultation with our compensation committee and/or board of directors.

On January 3, 2001, our board of directors ratified the cancellation of all outstanding options held by each of our employees and directors employed or engaged by NXT as of that date subject to the approval by that employee or director, and the grant of new options to that person on the same terms (including vesting, term and lapse) as the cancelled grant, except that (1) the exercise price for the new options would equal the closing price for our common stock as of the close of business on July 5, 2001, and (2) the term of the new options would be extended to July 5, 2003 with respect to any options which would otherwise lapse, if unexercised, on or prior to that date. This offer was then presented to and accepted or rejected by each of our employees and directors by the succeeding day. Our employees and directors who accepted the offer agreed that they could not exercise these options until they were priced, and further agreed that their unvested options would lapse should they resign their position wit h our company on or before July 5, 2003.

Our board approved the offer to grant new options based upon its belief that the previously granted options no longer had sufficient value to motivate and retain employees and directors in view of: (1) the significant decline in the market price for NXT common stock given adverse market conditions in general and the impact of those conditions on technical and development stage company stocks such as ours in particular, and the likelihood that market conditions for our common stock would not improve for a significant period of time, particularly given the anticipated delay of our drilling plans and other developments toward the end of fiscal 2000; (2) the increased market demand for our geological, geophysical and technical employees by other companies in the oil and gas sector of the market place, and the critical need for NXT to retain its employees and directors for the longer-term; and (3) the adverse affect on NXT with respect to the loss of those employees and directors, which our board believed coul d set back the company for a period of years and, in some cases, could be terminal to our survival.

Compensation for Chief Executive Officer

Mr. George Liszicasz, our Chief Executive Officer, is entitled to the following compensation under his five-year employment agreement with NXT entered into on AprilDecember 1, 1997:2002:

This compensation arrangement which was fixed during the early development stage of our company, was predicated on Mr. Liszicasz's unique and critical role in starting and developing NXT. Specifically, Mr. Liszicasz founded and assisted in capitalizing NXT, and is also the inventor of our SFD technology as well as the developer of the methodologies used to interpret SFD data. The services of Mr. Liszicasz was critical to NXT's development during our development stage, and the loss of his service during that stage would have been critical for NXT at that time.

• The annual base salary payable to Mr. Liszicasz at the time he entered into his employment agreement ($84,000) was considerably lower than the amount our board of directors believed at that time that he should receive based upon his critical role in the development of our company, technology and business. This amount was primarily fixed based upon NXT's financial condition at such time, as well as Mr. Liszicasz's desire that a significant portion of his compensation be tied to our future financial performance. For that reason Mr. Liszicasz agreed to accept a significantly lower monthly base salary in combination with an annual bonus equal to 5% of our net income after taxes should we earn more than $5 million in net income after taxes in any fiscal year, which our board of directors at that time believed to be reasonable and appropriate based upon the considerations noted above. Although

  We believe Mr. Liszicasz's annual base salary has since been increased to Cdn. $252,000 (U.S. $165,311), we still believe this am ount to be considerably lower than the amount Mr. Liszicasz should receive based upon his current role in the development of our company, technology and business, and believe the net income override remains a reasonable element of his compensation package. Mr. Liszicasz agreed to delay the effective date of the 5% automatic increase to his salary due May 1, 2001 without accrual until NXT has increased its working capital by a mutually acceptable amount. In addition, Mr. Liszicasz reduced his monthly salary in January of 2002, to Cdn.Cdn $10,500.

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Section 162(m) of the Internal Revenue Code

The compensation committee has not formulated a policy in qualifying compensation paid to executive officers for deductibility under Section 162(m) of the Internal Revenue Code, and does not foresee the necessity of doing so in for at least the upcoming year. Should limitations on the deductibility of compensation become a material issue, the compensation committee will, at such time, determine whether such a policy should be implemented, either in general or with respect to specific executives.

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Report Of Audit Committee On Audit And Independent Auditors

The following is the report from the current audit committee of our board of directors, which is comprised of Messrs. Foulkes and Van Caneghan. Messrs. Foulkes and Van Caneghan were appointed to the committee on July 9, 2002. From May 9, 2002 to July 9, 2002, the audit committee had no members due to changes in our board of directors. During this period, the board of directors took on the role and responsibilities of the audit committee. The audit committee reviews and discusses our financial statements with our management and auditors, and makes recommendations with respect to the inclusion of those financial statements in our annual report on form 10-K, and recommends to our board of directors the engagement of our independent auditors. For information concerning the independence of the members of the audit committee, see that section of this proxy statement captioned"Standing Board Committees."

Audit Committee Report

The audit committee reviews NXT's financial reporting process on behalf of NXT's board of directors. Due to changes infollowing is the board of directors of NXT, the audit committee went without members from May 9, 2002 to July 9, 2002. The previous audit committee, which consisted of Mr. Lorne Carson at the timereport of the audit,Audit Committee with respect to our audited financial statements for the fiscal year ended December 31, 2002.

Each of the members of the Audit Committee qualifies as an "independent" director under the current listing standards of the National Association of Securities Dealers. The Audit Committee acts pursuant to a written charter that is reviewed annually and was last updated in November 2002 in response to the enactment of the Sarbanes-Oxley Act. A copy of the Audit Committee Charter is attached to this proxy statement as Appendix I. The Audit Committee has reviewed and discussed the audited financial statements contained in NXT's annual report on Form 10-K for the fiscal year ended December 31, 20012002 with NXT's management and independent auditors. Management is responsible forhas discussed with Deloitte & Touche LLP, the financial statements and the reporting process, including the system of internal controls. TheCompany's independent auditors, are responsible for expressing an opinion on the conformity of those audited financial statements with accounting principles generally accepted in the United States.

Mr. Carson discussed with NXT's independent auditors, Arthur Andersen LLP, the matters required to be discussed by Statement on Auditing Standards No. 61 Communication(Communication with Audit Committees, as amended. In addition,Committees) relating to the independent auditors providedconduct of the audit. The Audit Committee has also received written disclosures and a letter from Deloitte & Touche LLP regarding its independence from the Company as required by Independence Standards Board StandardS tandard No. 1 Independence(Independence Discussions with Audit Committees,Committees) and Mr. Carsonhas discussed with Deloitte & Touche LLP the independent auditors their independence from NXTof that firm. In addition, the Audit Committee has reviewed the professional fees billed by Deloitte & Touche LLP for the 2002 fiscal year and has determined that all fees incurred for services other than audits or reviews are compatible with Deloitte & Touche maintaining its management, includingindependence.

Based upon the matters inabove referenced materials and discussions, the Audit Committee has recommended to the Board of Directors that disclosure.

In reliance on the reviews and discussion referred to above, the board of directors approved the audited financial statements for inclusion in NXT's annual reportbe included our Annual Report on Form 10-K for the fiscal year ended December 31, 2001, for filing with the United States Securities and Exchange Commission.

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The audit committee adopted a written charter, a copy of which was filed as an exhibit to our 2001 proxy statement.2002.

 The foregoing audit committee report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, except to the extent that NXT specifically incorporates that report by reference, and shall not otherwise be deemed filed under such acts.

Transactions With Our Management And Principal Shareholders

Summarized below are certain transactions and business relationships between NXT and persons who are or were our executive officers, directors or holders of more than five percent of any class of our securities since January 1, 1999:

• a) On May 15,1999, we sold 190,066 and 66,667 common shares to Mr. Dennis R. Hunter and SFD Investment II, LLC, respectively, for gross proceeds of $2,850,990 and $1,000,005, respectively. These sales were effectuated as part of a $6,000,000 private placement of 400,000 common shares at a price of $15 per share. Mr. Hunter has been one of our directors since September 1998, while SFD Investment II, LLC, is an affiliate, through Stephens Group, of SFD Investment LLC, which holds all series 'A' preferred shares outstanding.

• b) On February 9, 2000, we loaned the sum of CDN $250,000 to Mr. George Liszicasz, our Chief Executive Officer and a director and principal shareholder of our company. The principal amount of this loan, which was extended pursuant to an unsecured promissory note providing for interest at the rate of 51/2% per annum, was repaid by Mr. Liszicasz in full on April 14, 2000.

• c) On December 31, 2000, we amended our license agreement with Momentum Resources relating to the use, possession and control of our Stress Field Detector or SFD technology. Momentum Resources is a Bahamas corporation which is indirectly owned and controlled by Messrs. George Liszicasz and R. Dirk Stinson, who are also parties to the license. Mr. Liszicasz, who is the inventor of the SFD technology, is also our largest shareholder and the Chief Executive Officer, Chairman of the Board and a director of our company. Mr. Stinson is our second largest shareholder and a past director and officer.

• d) Mr. Lorne W. Carson, who resigned as a director of NXT in May 2002, is a partner of Bennett Jones LLP, a law firm located in Calgary, Alberta, Canada, which received compensation for the provision of legal services in the amount of $46,958, $22,652, $8,061 and $50,896 during our 2002, 2001, 2000 and 1999 fiscal years, respectively.

Stock Performance Graph

Set forth below is a line graph which compares the percentage change in the cumulative total shareholder return of our common stock against the cumulative total shareholder return of the following indexes selected by NXT:

• - The Standard & Poor's SmallCap 600 Index, which covers a broad cross-section of public companies with relatively smaller market capitalizations listed on the New York Stock Exchange, American Stock Exchange and Nasdaq Market;

• - The Energy Sector of the Standard & Poor's SmallCap 600 Index, which is comprised of public companies who are principally engaged in oil & gas exploration and production. This sector of the Index is comprised of companies such as Cabot Oil & Gas Corporation, Key Production Company, Inc.Cimarex Energy Co., Newfield Exploration Company, Nuevo Energy Company, Patina Oil & Gas Corp., Plains Resources Inc., Pogo Producing Company,Prima Energy, Remington Oil & Gas Corporation; St. Mary Land & Exploration Company, Stone Energy Corporation, Swift Energy Company, Tom Brown, Inc. and Vintage Petroleum, Inc.

The graph assumes an initial investment of $100 in our common stock and each of the indexes on January 24, 1996, the effective date of commencement of trading following the reverse acquisition by which NXT acquired our current business, and further assumes reinvestment of any dividends. You should note the comparative indexes are comprised of companies with established operating histories and, in most cases, significantly larger resources and market capitalizations than NXT.

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In hereEmbedded in the printed version of this proxy statement is a graph that representsStock Performance Graph representing the information in the table below:below.

The historical stock performance depicted on the graph is not necessarily indicative of future performance. NXT will not make or endorse any predictions as to future stock performance or dividends. The foregoing price performance comparisons shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, except to the extent that NXT specifically incorporates this graph by reference, and shall not otherwise be deemed filed under those acts.

Compliance With Section 16(a) Of The Securities And Exchange Act

The following represents each person who did not file on a timely basis reports required by Section 16(a) of the Securities and Exchange Act of 1934 requires any person who is a director or executive officer of NXT, or who beneficially holds more than 10% of any class of our securities which have been registered withduring the Securities and Exchange Commission, to file reports of initial ownership and changes in ownership with the Securities and Exchange Commission. These persons are also required under the regulations of the Securities and Exchange Commission to furnish us with copies of all Section 16(a) reports they file.most recent year:

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To our knowledge, based solely on our review of the copies of the Section 16(a) reports furnished to us, all Section 16(a) filing requirements applicable to our directors, executive officers and holders of more than 10% of any class of our registered securities were timely complied with.23 

	By Order of the Board of Directors
/s/  /s/ George Liszicasz George Liszicasz Chief Executive Officer
Calgary, Alberta, Canada April 30, 2003

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Appendix I

Energy Exploration Technologies

AUDIT COMMITTEE CHARTER

(Amended as of November 12, 2002)

 ____________________________________________________________________________________________________________________________________

Membership

The Audit Committee (the"Committee") of the Board of Directors (the"Board") of Energy Exploration Technologies, Inc. ("NXT") shall consist of two or more directors whom in the judgment of the Board shall to the extent practicable:

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32Meetings

The Committee shall meet at least four times annually, or more frequently as circumstances dictate.

The Audit Committee Chair shall prepare and/or approve an agenda in advance of each meeting.

The Committee should meet privately in executive session at least annually with management and the independent auditors, and as a Committee, to discuss any matters that the Committee or either of these groups believe should be discussed.

Report

The Committee shall maintain minutes of meetings and periodically report to the Board of Directors on significant results of the forgoing activities.

The Committee shall prepare a report each year concerning its compliance with this charter for inclusion in NXT's proxy statement relating to the election of directors.

Approved and adopted by Audit Committee on November 12, 2002.

Ratified by the Board of Directors on November 12, 2002.

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