Abraxas' Mystical Run

These days, investors need to dig pretty deep for a big discovery in the crowded energy patch.

But they can still hit pay dirt with obscure companies such as Abraxas (ABP Quote) and Daylight Energy Trust, which trades in Toronto. Both of those companies have so far escaped Wall Street coverage, and in fact they make it somewhat challenging for investors to perform due diligence on their own.

Abraxas, for example, has yet to begin broadcasting its conference calls on the Internet or archiving the presentations for later access. And Daylight Energy, a Canadian royalty trust that also trades on the thinly regulated pink sheets in the U.S., publishes virtually no information in this nation.

Even so, both Abraxas and Daylight -- along with better-known Comstock Resources (CRK Quote) -- have managed to catch the attention of a successful investment firm that specializes in finding undervalued energy plays.

Pathfinder Capital Advisors first highlighted Abraxas in an article published by TheStreet.com seven months ago. Since then, the stock -- up 4% to $8.10 Thursday -- has tripled. However, Pathfinder says that Abraxas is now involved in several major projects that could pay off even bigger down the road.

"They have three areas of great potential," explains Pathfinder partner Harry Chernoff. "Given the size of the company and the size of these prospects, any one of these could be a company-maker."

Meanwhile, Chernoff believes that investors should pay more attention to Daylight -- one of Canada's newest royalty trusts -- as well.