Reger said that being a non-operator means his company can be more nimble with its capital expenditures; as long as activity in the region is robust, the ability to grow and prosper will be robust as well.
Reger said Northern will have over $400 million to invest in new wells but his company has become more selective with those wells in order to achieve higher returns as costs continue to decline.
Reger concluded by saying that it's extremely frustrating to see his company's shares trading for so little given their past performance and future opportunities. Cramer agreed, and encouraged viewers to read Northern's most recent presentations on its Web site as they "do their homework" on the company.
Checking Into Hotel Stocks
With the news that the privately held AirBNB may be wroth upwards of $10 billion, Cramer said there's been renewed interest in all of the hotel and travel stocks. While investors can't yet get a piece of AirBNB -- which is revolutionizing the market for renting, borrowing and sharing otherwise unused spaces -- there are still other attractive investments out there.
Cramer said he's still a fan of Starwood Hotels & Resorts (HOT) because this company has an attractive business model and plans to have 85% of its future growth in the red-hot emerging markets.
In the online space, Cramer said he still likes Priceline.com (PCLN) because that company trades at just 19 times earnings with nearly a 20% long-term growth rate. That's a steal, he said, given that the S&P 500 trades at an average 17.5%.