Toronto, Ontario and Calgary, Alberta / TheNewswire / May 16, 2018 - Blox Labs Inc. ("BLOX") (CSE: BLOX) (Frankfurt: BR1B) is pleased to announce that, in partnership with Sonoro Energy Ltd. ("SNV") (TSXV: SNV) (Frankfurt: FDZN) (OTC: SNVFF), BLOX has commenced development of "PetroBLOX", a Blockchain-based smart contract supply chain management platform for the global oil and gas industry.
Through the utilization of best in class smart contracts and decentralized application technologies, PetroBLOX will aim to enable and enhance workflow, maximize project management efficiency, and increase the level of transparency in the global Exploration and Production ("E&P") space. With applications to both the upstream and downstream verticals of the oil and gas sector, PetroBLOX will endeavor to assist and ease bottlenecks ranging from permitting, planning, procurement, to rig mobilization and de-mobilization, all the way through to end-product commodity trading. Phase 1 development of PetroBLOX has begun and will include, among other things, refining project scope and modeling itemization, an environmental scan of the E&P industry status quo, PetroBLOX branding, and the completion of a Blockchain Whitepaper.
"BLOX is pleased to have entered into this partnership with Sonoro Energy whereby their expertise in the various facets of the oil and gas sector will bring valuable input to the development of PetroBLOX", stated Jeff Zanini, President & CEO of BLOX. "Our Ethereum backed smart contract platform will greatly benefit the supply chain flow and increase efficiencies to an industry which is largely still reliant on manual processes. Our clients vision of digitization and enabling immutable record keeping is visionary in this space, and we are pleased to partner with Sonoro Energy on this project".
Chris Atkinson, Chairman of Sonoro Energy stated "We are excited to be entering into a partnership with BLOX, that possesses and brings valuable information and expertise in Block Chain technology. This is a strategic move for Sonoro that will further enable and enhance our operational leverage in executing projects in SE Asia".
About Blox Labs
Blox Labs Inc. is a technology development company focused on creating best-in-class software solutions driven by emerging trends in Blockchain, Smart Contracts and Decentralized Applications. BLOX is helping customers with solutions for business problems from proofs of concept through execution. The Company is currently piloting blockchain solutions for supply chain management and improvement as well as other areas. BLOX is actively targeting partnerships and strategic acquisitions of growth companies.
Blox Labs Inc.
Jeff Zanini, CEO and Director
About Sonoro Energy
Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia.
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This news release includes forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including future plans for development of technologies by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.