"How would you like to steal some natural gas?" Cramer asked viewers right before recommending Atlas Energy (ATN) as one of the most undervalued energy stocks in the market. Atlas is not just undervalued, it's "criminally undervalued," he said, adding Atlas has humongous, yet unrecognized, reserves of natural gas in the Appalachian Mountains, primarily in Pennsylvania.

Cramer also likes Nabors for its valuation, noting that the company trades at just 9.1 times its earnings, which makes it the cheapest in the group. Given a more suitable valuation, Cramer said Nabors could see $48 a share.

According to Cramer, Nabors is good enough to unseat Transocean (RIG) as his favorite oil and gas driller.

According to Cramer, 2008 will be a year of improvements for EPD, with the company increasing the volume of gas pumped through several of its pipeline, while it prepares to bring new pipelines and platforms online later in the year. Bottom line: EPD's 6.9% dividend yield, along with its outlook for 2008, makes it "irresistible," he says.