Cramer's 'Mad Money' Recap: A Home-Grown Natural Gas Play

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"Now may be the best time to play the high price of oil," Jim Cramer told viewers of his "Mad Money" TV show Thursday.

During this week Cramer has been touting wildcat drillers, companies drilling for oil and natural gas in previously untapped areas of the globe, as among the hottest segments in the oil and gas industry.

Thursday's pick was Range Resources (RRC - Cramer's Take - Stockpickr), an overlooked wildcatter that Cramer said investors should seriously consider.

Although Range Resources is down from a recent high of $76.81 a share a month ago to about $64 a share, he said it is in the perfect position to play catch-up with the rest of the wildcatters.

"When it comes to the wildcat drillers, the only thing that matters is the ability to find more oil and natural gas," said Cramer. That's why Range, with 2.2 trillion cubic feet of proven reserves and potentially another 16 to 21 trillion cubic feet in the Marcellus Shale in Pennsylvania, is among the best in the group.

Cramer said he also likes Range for its diversification, with properties in almost a half dozen oil shale fields across the country. He said Range is also a low-cost operator, finding gas at the cost of just $1.89 per million cubic feet compared to the industry average of $3.

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