Updated from 8:08 a.m. EDT

Enough with all of the random oil forecasts for the next 12 months. Enough! Some analysts say oil is going to $75, while others believe it's going to $175. Some people are bullish on oil stocks, while others are bearish, claiming that supply has flooded the market.

The fact of the matter is that certain oil and gas stocks are so undervalued, compared with their current net-asset values, that the price of the underlying commodity is almost meaningless.

Sure, if oil goes to $70 per barrel and natural gas gets to $5, these stocks might get hit. But in the long run, these companies are going to be huge market gainers, and even possible takeover targets from the mega integrated companies looking for some hyped-up growth.

With that in mind, we set up the

Cheap Small-Cap Oil Stocks

portfolio at Stockpickr.com, which includes such stocks as

Ram Energy

( RAME) and

Particle Drilling

( PDRT).

To read more, please click here.

Stockpickr is a wholly owned subsidiary of TheStreet.com.