Calgary firm PetroFeed's rig status app has appeared in the Apple Store

A Calgary company has developed a new product that is flying off the virtual shelves of the iTunes app store.

The PetroFeed app allows people in the oil patch to see the status of rigs in Western Canada, said Ashley Dunfield, the company's founder and CEO.

It doesn't say how many copies of the app have been downloaded, but the free app is very popular in the Apple Store.

“This information was only available through desktop apps and it was very expensive. We made it free and mobile,” Dunfield said.

“We have very deep penetration into the oil and gas industry and we want to see that implemented as quickly as possible and we are well on our way.”

Professor Bob Schultz of the University of Calgary's Haskayne School of Business says PetroFeed is using a tried-and-true business model among Internet startups.

“It's always good to see people who are optimistic about building a business. “They convinced investors that it is a company worth a lot of money,” he said.

According to Schultz, at some point, PetroFeed will have to provide a service that they charge for, and the success of that business model will determine the company's long-term viability.