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He likes Cimarex, an oil and gas exploration and production company that's trading above book value and at less than ten times earnings estimates.
"Natural gas, short-term, it may be a little dicey," he told CNBC.
"Inventories are high, and people are concerned about that, but long-term it is a safe asset, a commodity asset...and Cimarex will turn these assets into earnings in the future."
Fondren says the company has reversed a dubious record of drilling successes.
"They went through kind of a rough spot in 2006, but in 2007, they've turned that around," he said. "The last quarter they showed a little bit more production...and they have deployed their cash in this regard in exploration."
He also likes ConocoPhillips, especially because of its geographical diversity and its "safe assets."
"It owns 20 percent of Lukoil," he said. "What better way to go into a risky area like Russia?"
Fondren's Heartland Select Value Fund, which is up 15.1 percent over the last five years, owns both Cimarex and ConocoPhillips.
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