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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) - Get Range Resources Corporation Report

, 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.

Cramer Interviews CSX CEO

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Range Resources is also a growth story, said Cramer. The company recently raised its production guidance from 15% to 19% for 2008 and plans to double the number of operating rigs by 2009.

The company recently did a secondary offering of stock at $66.38 a share to help fund additional land acquisitions in the Marcellus shale area, but now trades below that price. "Range Resources should have never gotten this cheap," said Cramer.

A Grim Outlook

In the "Sell Block" segment, Cramer put

ConAgra Foods

(CAG) - Get Conagra Brands, Inc. Report

TheStreet Recommends

in solitary confinement and told investors to steer clear.

Cramer endorsed buying ConAgra back on April 29, but with the stock now retracing its steps, he said it's time to re-evaluate. Cramer said he now feels the company's rising raw costs have worsen the situation.

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Cramer took special notice of ConAgra's CEO, who was recently quoted as saying that "Inflation input costs are through the roof." "This makes it almost impossible for ConAgra to meet Wall Street's estimates," said Cramer.

With corn now 76% more expensive, wheat 39% more expensive and cattle and oil and gas all following suit, ConAgra's outlook has gone from good to grim. "They're going to be eaten alive by raw costs," said Cramer.

Cramer said he hears the train coming and wants investors to step off the tracks before its too late. He recommended considering either

Pepsi

(PEP) - Get PepsiCo, Inc. Report

or

Coca-Cola

(KO) - Get Coca-Cola Company Report

. He said both have told Wall Street that their raw costs are now under control. He also recommended

Altria

(MO) - Get Altria Group Inc Report

, which he owns for his charitable trust,

Action Alerts PLUS, as another great recession stock with costs under control.

Rex Energy: Part II

On April 10, Cramer picked

Rex Energy

(REXX)

during his series of wildcat drillers. In just two trading days, the stock has surged 6.2%.

Cramer welcomed Ben Hulburt, president and CEO of Rex Energy, to the show to discuss his company's recent surge.

Hulburt said that finding oil and gas is always a tough business, but Rex has been enjoying continued successes. He said that all oil shale drilling is now expanding throughout Pennsylvania, New Jersey and New York, but the infrastructure in the area may not be able to handle the quantity of gas the area is capable of producing.

According to Hulburt, increased oil and gas production will have to be part of any long-term energy strategy. Cramer stood behind his earlier call on Rex and continued to recommend the stock.

CSX to Fight On

Cramer again welcomed Michael Ward, chairman, president and CEO of

CSX

(CSX) - Get CSX Corporation Report

to the show to discuss his continuing struggles with the hedge funds that are seeking his ouster.

Ward said he's going to continue to fight against the funds trying to seize control of CSX. He said the company will go to an appeals court tomorrow seeking remedies after a lower court judge ruled the hedge funds illegally acquired a major stake in the company but stopped short of stripping them of their voting shares.

The judge noted the hedge funds testified falsely under oath and indicated that they should not be allowed to vote their shares in the looming proxy fight.

According to Ward, "these hedge funds have been trying to deceive CSX shareholders to implement their shortsighted agenda." He said that his management team will not stop delivering value to the CSX shareholders, citing the company's track record as being amongst the top 5% of the S&P500 when it comes earnings per share.

Cramer stood behind Ward and said he's doing a great job for his shareholders.

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Lightning Round

Cramer was bullish on

Bristol-Myers Squibb

(BMY) - Get Bristol-Myers Squibb Company Report

,

Colfax

(CFX) - Get Colfax Corporation Report

and

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report

.

He was bearish on

China Medical Technologies

( CMED),

Chicago Bridge & Iron

(CBI)

and

International Paper

(IP) - Get International Paper Company Report

.

Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here

.

For more of Cramer's insights during the Lightning Round, click here

.

At the time of publication, Cramer was long Altria.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.