For all intents and purposes, I found this show to peak my initial interest. Yes, it feels a lot like the old Dallas show, but frankly, I kinda want that, a bit. I wasn't around when the old show aired and I wouldn't mind getting a similar feeling from more modern showing.
Pros: The chemistry of the characters. Hod-damn, they work extremely well together. I mean, REALLY well. They come off as very believable group of people to the viewer. Either from modest or wealthy backgrounds, each character is individualized to the point of strong believe-ability, which I cannot stress enough is something I've longed for in a show for some time. And while it's only been the first episode, I look forward to seeing it develop into something entertaining to, perhaps, re-watch in the future.
Cons: Yes, there is certainly a Dallas feel to it. So what? Dallas was great, why can't this be? I see too many people crying about how it is similar to one show that they can't appreciate it for that fact alone (that's more of a personal irritation, I'll admit). I guess a negative would be that the aspect of the whole town hasn't been thoroughly shown yet in the first episode, aiming instead to focus more on the main characters, initially. Not necessarily a bad thing, and it is only the first episode, so I mostly let it slide. But the action of the first episode - can they make it last? That's another worry. I found it to be a solid opening, so I wonder if they can keep that strong approach going.
In the end, Blood and Oil does have my recommendation. Yes, it is not a perfectly original show, but heck, if Dallas never existed, I'd find this show to be a good contender for best pilot episode of the year.
So, by the end, give it a chance, and I don't think you'll be disappointed.