Northern Oil and Gas ( NOG), operating in the Bakken formation in North Dakota, has increased production by more than 70% in the past year. As a result, the share price has risen by more than 30% over the last quarter. That trend should continue as the analyst community projects that earnings-per-share will increase by 35% for Northern Oil and Gas over the next five years. Small Oil firms also do not have the exposure of Big Oil on concerns about political unrest and operational security, in general. Occidental Petroleum ( OXY) just announced that it was selling assets in the Middle East and North Africa due to "political risk," as reported by the Los Angeles Times. Farther down the coast of Africa, Royal Dutch Shell ( RDS-A) has put blocks in Nigeria on the market due to theft problems. According to a piece in The Wall Street Journal,Repsol (REPYY: PINK), the Spanish oil giant, is looking to spend up to $10 billion for assets in North America due to its desire for more secure holdings. Both Octagon 88 and Northern Oil & Gas have the holdings in North America that Repsol and others now find alluring due to the political stability of the continent. Americas Petrogas is headquartered in Calgary, the oil and natural gas capital of Canada. Investors should follow the lead of Repsol and others in looking for assets in North America, with many Small Oil firms having the very appealing features for long-term gains. At the time of publication, Yates held no positions in the stocks mentioned. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.