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

The Woodlands, TX -- (ReleaseWire) -- 03/26/2018 --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: https://wellsite.io.

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:

- Dr. Guillermo Arango, former Vice President of Information Technology at Schlumberger and Baker Hughes

- Ed White, former CFO of Owens-Illinois

- Dr. 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

- Geryk Thomas, former Vice President Weatherford International

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 trans-formative technologies like cloud, artificial intelligence, and blockchain.