When asked about those asset sales, Evans said that while the company's acres in Canada and in the Bakken shale were productive, in its core Marcellus and Utica acreage it has infrastructure available today and doesn't have to wait to get the oil and gas out to market.

When asked about converting some of the company's assets to a master limited partnership, or MLP, Evans said it is considering such a move for 2015 and estimate it could unlock $600 million to $700 million by creating a midstream MLP.

Finally, turning to production growth, Evans said Magnum is currently pumping 18,000 to 19,000 barrels a day but expects to see 32,000 barrels a day by the end of 2014.

Cramer said investors looking to add a speculative name to their portfolio should consider adding Magnum Hunter.

Cramer on J&J

Putting on his investment banker hat, Cramer offered some advice for the management of Johnson & Johnson (JNJ), an Action Alerts PLUS holding. He said that after Zimmer Holdings (ZMH) announced it's acquiring Biomet and Stryker (SYK) announced it's not buying Smith & Nephew (SNN), the only logical thing would be for Johnson & Johnson to buy Smith & Nephew.

Cramer said while he's pleased with J&J's 69% return over the past two years and its 2.9% yield, the company can certainly do even more for shareholders. He's already suggested the company follow in so many others' footsteps and break itself up in order to unlock value. Buying a company like Smith & Nephew would be almost as good.

Given the new competitive threat from Zimmer, Cramer said J&J needs to bulk up in the medical devices space and Smith & Nephew would certainly fit that bill. Since J&J has $29 billion in cash with most of that cash overseas, picking up the foreign-based Smith would be a perfect fit for tax reasons as well.

Executive Decision: Ed Heffernan

In his second "Executive Decision" segment, Cramer sat down with Ed Heffernan, president and CEO of Alliance Data Systems (ADS), the loyalty card purveyor that's seen its shares rise 544% over the past five years.

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