Brent and U.S. crude both rallied between 20 and 25 percent in April, helped by a weaker dollar and bets that a global supply glut would ease.
Read MoreThe commodity headed for short squeeze: Technician
Castellini said he can't see a better spot in the economy in terms of incremental returns than shale-based investments in the United States.
Specifically, he likes Baker Hughes, Pioneer Natural Resources and EOG Resources, calling them "quality names" that have "years and years of inventory." Even at $60 to $65 oil, Castellini believes they are successful, growing businesses.
"Look at this as a two to three year trade and really get into some of these quality names because this is going to be a great opportunity," he said.
According to Richard Tullis, energy equity analyst at Capital One, stocks have already priced in low-$70 oil long term.
"It seems like a lot of optimism [is] already built into the stocks. I think they can continue to run if oil continues to go higher but I don't think the gains will be nearly what we've seen the past month or so," he told "Power Lunch."
Read MoreWhy big oil stocks may be 'safe':Analyst
Tullis likes Laredo Petroleum, up 52 percent year to date, Newfield Exploration, up 44 percent so far this year, and Concho Resources, up 25 percent year to date.
"I'm sticking with those names because those are companies that I believe have the potential to expand their resource base going forward, mainly through adding to their drilling inventory," he said.
—CNBC's Stefanie Kratter and Reuters contributed to this report.
Disclosures: Castellini and CastleArk Management own BHI, PXD and EOG. Capital One Securities Inc. has managed or co-managed a public offering of securities for and received compensation for investment banking services from Concho Resources and Laredo Petroleum within the past 12 months. Tullis and his firm have no position in Newfield Exploration.