NEW YORK ( TheStreet) -- In this tough environment with a tough economy, investors are more eager than ever to find stocks that not only give good reward, but also offer downside protection and a nice income or dividend stream. According to investment manager Sandy Mehta of Value Investment Principals and VIP Global Research Reports -- whose global expertise includes Asia -- there are deep value energy stocks out there that can fulfill this criteria. TheStreet spoke with Mehta about energy stocks that he thinks currently offer very good value by way of his international experience. TheStreet: What are some of your top emerging market picks? Mehta: Gazprom ( OGZPY has an ADR that trades in the U.S. and they have 70 years of gas reserves and currently produce 17% of all the gas produced in the world. The stock is at 0.6 times book and 4 times forward earnings. There is certain risk in investing in emerging markets, but we believe that at 4 times earnings, for such high-quality and long-duration assets, the stock overly discounts whatever risk you might have of investing in Russia. Some of the Canadian stocks have ADRs in the U.S., too. Enerplus ( ERF - Get Report) -- this is a Canadian energy company. They produce oil and gas. It's got a 9% dividend yield and it's trading at 1.0 times price to book; 40% discount to NAV (net asset value). It's got 11 years of oil and gas reserves and another 22 years of contingent reserves. So they've got high-quality assets and U.S. investors -- you're getting paid 9% dividends and you get the dividend checks every month -- and it's a qualified dividend. So you pay lower taxes here in the U.S.