HomePress ReleaseWellsite Announces Blockchain Integration and Launch of “Crudecoin” Utility Token

Wellsite™ Announces Blockchain Integration and Launch of Crudecoin™ Token Sale

New, distributed blockchain application offers innovative ways for upstream energy companies to manage operations 

HOUSTON, Texas— Wellsite, a professional network and collaboration platform for the upstream oil and gas industry, today announced a major blockchain initiative for its flagship platform, Wellsite.com, with the launch of a token sale for its cryptocurrency designed for the oilfield services market, Crudecoin. Incorporating blockchain and Crudecoin into the Wellsite platform will better enable the company to offer the industry’s first, crypto-ready marketplace for oilfield equipment and services.

The Crudecoin presale will begin on March 26, 2018, at 12:00 GMT -6 and will end on April 26, 2018, at 12:00 GMT -6. The public sale is expected to begin June 8, 2018, at 12:00 GMT -6 and will continue until August 8, 2018, at 12:00 GMT -6. The token sale will end early if the hard cap is reached prior to the end of the public sale. Key information on the token sale, including the whitepaper, token structure and use of proceeds, is available on the token sale website.

Ken Hartman, Wellsite Founder and COO, said: “Crudecoin will enable operators to solve some of the biggest problems facing the industry today: speed, trust, and cost. By fully embracing blockchain and token technologies, Wellsite has positioned the company as a leader in changing how the oil and gas industry operates its business. Making Wellsite’s tools blockchain enabled and completely decentralized gives our customers options for managing their business they’ve never had before.”

Wellsite Crudecoin tokens will be issued within two weeks after the token sale completes. Crudecoin tokens are an ERC20-compatible cryptocurrency token and will be fully integrated with its blockchain applications. The oil and gas industry can use Crudecoin to confidently execute contracts, efficiently, and at a lower cost.

Wellsite also announced advisory board appointments to support the Token Generation Event, including:

Guillermo Arango, former Vice President of Information Technology at Schlumberger and Baker Hughes
Ed White, former CFO of Owens-Illinois
Sanjay Melkote, former Data Scientist at IBM
Jake Boaz, Founder of Boaz Ventures
Blake Burnette, CTO of IOT-eq and former Director of Research and Development at Baker Hughes
Don Francis, Contributing Editor, World Oil Magazine; former Editor, E&P Magazine

Interested parties can subscribe to updates about the Wellsite blockchain project and upcoming presale event:

Website: https://wellsite.io

Reddit: https://www.reddit.com/user/wellsite/

Telegram: https://t.me/wellsite

Twitter: https://twitter.com/wellsitecompany

LinkedIn: https://www.linkedin.com/company/wellsite-com-llc/

About Wellsite

Founded in 2015, Wellsite is an industry network and collaboration platform for the upstream oil and gas industry. Wellsite connects oil and gas professionals and empowers companies with a wide array of advanced, powerful, and easy-to-use tools—based on transformative technologies like cloud, artificial intelligence, and blockchain.

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This release contains “forward-looking statements” or “forward-looking information” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and applicable securities legislation. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and CCN and CB undertake no obligation to update such statements.
Although Wellsite believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. Wellsite’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements.
The forward-looking statements contained in this news release reflect several material factors, expectations and assumptions of Wellsite including, without limitation: the general continuation of current or, where applicable, assumed industry conditions; and availability of debt and/or equity sources to fund Wellsite’s capital and operating requirements as needed.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: general economic, market and business conditions; reliance on industry partners; and certain other risks detailed from time to time in Wellsite’s public disclosure documents including, without limitation, those risks identified in this news release, and in Wellsite’s annual information form, copies of which are available on Wellsite’s SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.
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