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Casillas Petroleum President & CEO Greg Casillas.

Randy Sullivan, Greg Casillas and Avery Smith.

Casillas opens Wildcatter luncheon series

September 11, 2018
Casillas Petroleum Corp. President & CEO Greg Casillas was the featured speaker at the opening OIPA Wildcatter Luncheon of the season Sept. 5 at Tulsa Country Club.

A native of Oklahoma, Casillas graduated from Oklahoma State University in 1983 with a bachelor’s degree in geology.

During his 30-year tenure as president, Casillas has expanded and diversified the company by focusing on exploration and development activity in the Mid-Continent.

Casillas Petroleum employs more than 70 employees in multiple operating areas including the Anadarko Basin of Oklahoma and the Hugoton Embayment of Kansas. The company currently operates approximately 1,000 wells in these operating areas.

Casillas is currently on the Board of Advisors for the Oklahoma State University Geology Department and is devoted to promoting education and building a better community for his fellow Oklahomans.

“OIPA is a great organization that has done a lot for our industry, and they continue to do a lot,” Casillas said.

“There’s not a better industry, in my opinion, that what we do. I love every day of it. It’s definitely challenging. The industry has a lot of moving parts. We’re challenged with regulatory issues, commodity prices, and the technical difficulties of executing our ideas.

“It was definitely a challenging year for all in 2014. It’s very difficult when you go from $100 a barrel in July to $50 a barrel in December. I’ve seen that movie before. It’s not a very good movie.”

Casillas started its SCOOP project in 2015, evaluating the Woodford and Sycamore reservoirs and acquiring acreage from Chesapeake Energy and Continental Resources. The company has drilled 38 wells and completed 34 over 62 operated drilling units.

Casillas plans its first pad development for November of this year.

The company is testing an new frac design — less proppant, more fluid — that delivered a 145 percent rate of return in its first application, he said.

“One thing we like illustrating is the flat decline nature of these wells,” Casillas said of the company’s Woodford and Sycamore developments.

The decline rate of shale reservoirs has been a point of interest ever since the industry began moving from conventional assets into unconventionals, he said.

“What’s interesting (with these Woodford and Sycamore reservoirs) is the shallow nature of the decline of these wells.”

Casillas attributed his company’s success to his staff.

“It’s been an incredible project for us and continues to give us a lot of rewards. I can’t say enough how much of this is attributable to the staff that we have, the levers these guys and gals are pulling on to make this asset work.”

He said the company is happy to be working on assets in Oklahoma and to be part of this industry.

“I asked my accountants, just out of curiosity, how much revenue we have generated for the state from a severance tax perspective. So far, just from this project (in the SCOOP), we’ve generated over $6 million in severance taxes back to the state.

“So we’re very happy about that and we want to continue to operate here.”

The OIPA's Wildcatter Luncheon series continues on Tuesday, Oct. 16 with Chaparral Energy CEO Earl Reynolds.

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