Is This High-Risk, High-Reward Oil Stock a Buy?

It might sound crazy, but Cramer on Friday said it's time to start buying the oils. After all, he noted oil names have pulled back hard and demand destruction is no longer a concern.

So how about a speculative oil stock, the "Mad Money" host asked. SandRidge Energy , for example, is a high-risk, high-reward stock. The Oklahoma City-based company recently started transforming from a natural gas to an oil company. At end 2008, natural gas accounted for 80 percent of its business. By 2009, it started buying shallow, low-cost conventional oil assets to increase its exposure to crude. It's nearly completed its transformation, Cramer said, as it expects to soon get 80 percent of its business from oil.

SandRidge reported a "difficult to understand" quarter on Thursday, Cramer said. To better understand its earnings and learn about the company's future prospects, Cramer chatted with CEO Tom Ward. Watch the video to see the full interview.

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