Cramer: Oil decline obscured important discovery

With the sharp downturn in oil prices commanding headlines, Cramer thinks important stories have been pushed out, unfairly.

This is just one of them.

Independent oil and gas firm Magnum Hunter just made a new discovery in the Utica shale which promises to yield huge results.

"We believe that this new discovery represents the greatest flow rate and one of the highest sustained flowing casing pressures of any Utica well drilled in the entire play of Ohio and West Virginia," CEO Gary Evans said.

In a recent statement he called the discovery a "monster."

Chart with arrow going up then down
Yuriy Panyukov | Getty Images

Those are the kinds of stories Cramer thinks you should know about, as you begin to think about your next energy play.

Looking at the Magnum Hunter stock, as long as crude continues to decline, Magnum Hunter, along with the entire sector, will likely slide further. However, if and when the spot price stabilizes, Cramer thinks other catalysts should come into play.

And they appear to be rather bullish.

For example, "Magnum Hunter has some incredible production," Cramer noted. "For this year, the company expects to post a 146 percent increase in production, which is an acceleration from last year's 92 percent increase. Also, they've also been aggressively growing their reserves at a 99 percent annual clip since 2008."

---------------------------------------------------------------
Read more from Mad Money with Jim Cramer
Cramer plucks babies from bathwater
Are Saudis up to something?
To survive market, you need a beer|
---------------------------------------------------------------

All told, if you have an appetite for risk, Cramer thinks Magnum Hunter deserves attention, especially in the wake of this recent discovery that you probably didn't hear about.

"Is it safe to speculate on Magnum Hunter down at these levels? "I think it looks cheap here," Cramer said. "In a vacuum I think the stock would be at $10." However, in the real world, there are a lot of headwinds, and it's entirely possible the stock goes lower before it rebounds.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com