To play it, the "Mad Money" host suggests Noble Energy. The Houston, Texas-based company plans to start an appraisal drilling off Cyprus by June to verify previous findings of offshore gas. Noble, which has reported significant findings off Israel over the past four years, made a natural gas discovery off neighboring Cyprus in late 2011. It also drills for oil in the Gulf of Mexico and near West Africa. It also has a huge position in the Niobrara shale in Colorado.
"We have an energy company with top-notch management and tremendous assets that could double its production in five years as these new projects really start to ramp, and potentially double its earnings per share in just two years," Cramer said. "Yet the stock is trading at a big discount to its net asset value and it's selling for just 14 times earnings. I think Noble Energy is a steal."
So why is Noble's stock so cheap? Right now, investors just aren't willing to give oil and gas companies much credit for future production, Cramer said.
"If you're looking for the cheapest energy company out there, no question, it's Noble Energy, thanks to its fabulous finds in Israel and Cyprus, along with its terrific Niobrara shale assets here in the United States," Cramer said. "This stock may be at a 52-week high, but I think it's going higher, possibly a lot higher."