History of Okland Oil Company

 

J. Steven Wetwiska formed Okland Oil Company (Okland) as an Oklahoma Corporation in September of 1978. The Company issued stock at incorporation to Mr. Wetwiska and family. There have been no subsequent offerings of common stock since incorporation, and the corporation remains closely held. The Company became active immediately in oil and gas exploration in Oklahoma, developing prospects for drilling in the western part of the state. Since formation in late 1978, the Company has been the operator of approximately 400 oil and gas wells and a participant in over 1,000 wells. These activities resulted in completions in excess of 80% of the time. Okland has raised several hundred million dollars from private investors for drilling and development projects.

 

Mr. Wetwiska has been involved in the formation, ownership, and the day-to-day operations of several companies engaged in oil and gas related activities. These include:

 

  1. Magnolia-Pipelines, Inc. which owns and operates 9 gas gathering systems in central and western Oklahoma;
  2. Okland Energy LLC., an E & P company;
  3. The Oklahoma Petroleum Directory, which publishes a service directory of oil and gas industry participants providing contact information;
  4. 110 North Robinson, a five story building in the central business district of Oklahoma City that serves as Okland Headquarters.

 

Okland Oil Company is continually expanding. Currently, there are approximately 20 employees consisting of a complete accounting, engineering, land and geologic staff. The Company utilizes automated accounting, lease records, engineering systems and a state of the art geological program to assist as an analytical tool. Okland currently operates approximately 100 wells and has interests in more than 350 wells. Okland's management is heavily experienced in the oil and gas industry. The managers of the accounting, engineering, geology, and land departments averaging over 25 years of industry experience. The active daily involvement of ownership assures that Okland follows the Company's overall strategy and capitalizes quickly on any presented opportunities. The small size of the management group allows frequent, direct communication, minimizing delays in decision making and expediting enactment of decisions reached. All of the Okland group of companies are headquartered in the central business district of Oklahoma City, Oklahoma.





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