NXT Energy Solutions Inc. plans to pursue clients in Pakistan, South Asia, Bolivia, Mexico and the U.S., as the troubled energy services company looks to increase revenue.

NXT, headquartered in Calgary, Canada, provides stress field detection (SFD) services. The company developed technology that detects changes in the earth's gravitational field to help oil and gas companies find potential oil formations. The technology is used for detection on land and offshore.

NXT plans to pursue clients in other markets by placing sales representatives outside North America. In Mexico, the company is pursuing Pemex, Mexico's state-owned oil company. NXT says it has worked with Pemex before and says it is optimistic about working with the company in the future.

The company's accountant, KMPG LLP, said on April 24 that uncertainty about NXT's future revenues raise substantial doubt about the company's ability to continue as a going concern, or without the threat of liquidation.

The company says it is early in the stage of commercializing the SFD technology, which is causing it to depend on a limited number of clients. NXT will need to secure financing, if it is not able to generate additional revenue.

NXT says in a May 1 statement with the U.S. Securities and Exchange Commission that it "recognizes that its revenue base has been sporadic in nature."

For the fourth quarter of 2013, the company had a loss of about C$1.6 million, (U.S. $1.5 million) compared with an income of about $2.85 million for the same quarter the previous year. The company had completed more projects in 2012, bringing in about $10 million from surveys in 2012, compared with $2.5 million from surveys in 2013, according to SEC filings.

NXT says it expects to generate cash from operations in future years, but can't predict that with certainty.

For last week's edition of Turnaround Tuesday, see "Urologix Struggles After Restructuring." For more troubled companies, see Mergers & Acquisitions Distressed Company Watch List. 

Many energy services business have been acquisition targets in the past year. Recent deals include Ferrellgas Partners LP's (NYSE: FGP) May acquisition of Sable Environmental LLC, which provides wastewater services to the oil and gas industry, and WSP Global Inc.'s (TSX: WSP) April deal for engineering services group Focus Corp.

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