Cramer: This Energy Spec Is Worth Looking At

A growing number of oil and gas producers are transitioning away from natural gas and into oil, Cramer said Wednesday. It's been a very profitable trade, too.

Oklahoma City, Okla.-based Devon Energy is making the switch, as is Carrizo Oil & Gas . Being as its in the early stages of its transition, the latter expects 86 percent of its production to come from low-priced natural gas. Carrizo expects that number to fall to 71 percent in 2012, as it ramps up production of higher-priced oil and nat gas liquids. So long as the price of crude holds, Cramer thinks CRZO is a terrific opportunity.

The Houston-based company also has holdings in many unconvential shale plays, including Eagle Ford and Niobrara. Foreign companies are spending fortures to acquire acres in those places, Cramer said. Carrizo still needs to get the oil and nat gas liquids out of the ground at these locations and Cramer doesn't think the the current market value of these properties is reflected in its share price.

Carrizo shares have posted a 42 percent gain since Cramer last spoke with CEO Chip Johnson on March 1, 2010. That's much better than the 18 percent return in the S&P 500 over the same period, Cramer noted. The stock has struggled lately, though. It took a 15 percent dive after Carrizo reported a disappointing quarter on March 15. CRZO is only now starting to come back, Cramer said, as investors realize the company's story is about its future plans with oil.

For his part, Cramer thinks Carrizo is a great, however speculative, buy. To learn more about this independent oil and gas name, Cramer welcomed Johnson back to "Mad Money." Watch the video to see the full conversation.

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