"The foreigners just can't get enough of our unconventional oil and gas plays," Cramer said on Monday's "Mad Money."
State-owned Korea National Oil on Monday signed a $1.55 billion deal with Anadarko Petroleum for one-third of its interest in the Eagle Ford shale in South Texas. Analysts pegged the value of the deal at about $13,000 to $16,000 per acre, representing some of the highest prices so far paid for acreage in that basin. The Eagle Ford is valued because it contains crude oil and natural gas that is rich in liquids that can be stripped out and sold at premium.
Foreign companies, encouraged by high crude oil prices and hungry for the exploration know-how, have been on the hunt for deals in shale formations across the United States. And U.S. companies, looking for cash to fund exploration budgets, have been eager partners. Chesapeake Energy, for example, inked a $1.3 billion deal with China's top offshore oil producer CNOOC Ltd for its oil-rich shale deposits in northeast Colorado and Southeast Wyoming.
In light of the KNOC-Anadarko deal, Cramer looked at other companies with exposure in this space. EOG Resources , for example, engages in the exploration, development and production of both natural gas and oil. In the past few years, the Houston-based company has concentrated more on selling oil. In 2011, it could get 69 percent of its revenues from oil. The company has also been successful in finding new sources of oil and has repaced 339 percent of its reserves. Thanks to these efforts, Cramer said EOG has now viewed as an oil produer.
Going forward, EOG plans to grow production by 53 percent in 2011 and by 30 percent in 2012. It inteds to devest a billion dollars worth of assets to fund their drilling efforts. Cramer likes the company for its major exposure to the Bakken shale, the largest oil find in U.S., which is located along the Canadian border in Montana and North Dakota. EOG has 580,000 acres in the Bakken. EOG also has acreage in the Eagle Ford shale. It has 96 wells and plans to drill 250 more in 2011. In addition, the company has holdings in other, smaller plays, like the Barnett shale, the Leonard shale, the Haynesville shale and the Marcellus shale, among others.
Cramer thinks EOG has a teriffic story, so being as it trades at a 10 percent discount to other stocks, he thinks it's a steal. To learn more about this company's future prospects, check out Cramer's inteview with CEO Mark Papa.
Call Cramer: 1-800-743-CNBC
Questions for Cramer? email@example.com
Questions, comments, suggestions for the Mad Money website? firstname.lastname@example.org
—Reuters contributed to this report