PetroFeed - a zinc tank investment partner
Calgary-based PetroFeed was co-founded in 2010 by current CEO Ashley Dunfield. Ashley is a young entrepreneur who, starting during his part-time work, part-time university days, had already launched two successful tech startups. With PetroFeed, he brought together his unique combination of skills and experience in both the oil and gas industry and network-centered software development. By early 2013, Ashley had raised $3.1 million in seed funding and formed a co-founding team of technology and business developers, each of whom share his passion for “the intersection of technology and natural resources.”
The following snapshot profile is based on our recent interview with Ashley Dunfield.
PetroFeed is enabling a way for anybody to see what is happening in the industry and easily track ongoing activities. We are a little bit like a social network, except that instead of pictures, videos and status updates about people, we have well licenses, rig activity, land sales, press releases, industry-specific events – and then we tie that back to profiles of wells, facilities, pipelines, and companies.The market
There are two sides to our industry – the field side and the office side. On the office side, where they do the research and analysis, we developed a web application that provides this map of tracking ongoing activities. On the field side we provide a mobile applications that shows the location and status of rigs, which is where all the activity is centered. The oil companies own the resources and they do all the research, but then they hire all these different service companies to actually do those services – and that’s where most of the money is spent. PetroFeed is working to improve access to the core industry information and to provide some basic tools around that to improve the efficiency of monitoring and planning work in the industry.The value proposition
There are a lot of people working on a lot of different projects in remote areas. All these people and information need to be connected. PetroFeed brings them together using principals of social networking to stream contextual and relevant information to the right people at the right time.
In contrast to a traditional social network, a lot of our content is computer-generated, as opposed to user-generated, but there is a mix of both. We are able to do that because a lot of information needs to be reported to government, and the government releases that data. Unfortunately, they release it in a terrible format that is pretty much useless. PetroFeed has automated systems that monitor those datasets.
For example, our system automatically checks for new well licenses. Every time it finds a new one, it brings in that data and creates a well profile – populating the well profile with whatever data we can take out of that license – and then the system will create a well license story. This story is then streamed through the network and delivered to people based on their interests and activities. We do this for the company that licensed that well, the licensee, and we’ve now got a relationship between that well and that company. What the future holds
From a market standpoint, we believe that by the end of 2014, everyone in the Canadian oil and gas sector will know about PetroFeed, and a significant number of people in the industry will be using us as core work tool.
We have a vision of making maps and core industry information ubiquitous throughout the industry. I think that we are going to have pretty deep penetration based on the value of the product that we are building out over the next 12 months. Once the tools and information because ubiquitous across the industry it opens exciting new opportunities that could transform how natural resources are explored for and commercialized.
* * *
For more about PetroFeed, visit Petrofeed’s website here
. To discuss investment potential and other partnering opportunities with zinc tank, contact Brian F. Singh at 403-861-9462 or by email