Cramer went to Peru to showcase what he called a great wildcat driller that is helping to meet the world's demand for oil. That company is BPZ Energy (BZP).

Cramer said Rex's approach could yield as much as 84 million barrels and lift the company to a $40 stock. Cramer says analysts who follow Rex's new technology have been far too conservative about the company's chances, giving it only a success rate of 33%. Cramer thinks these estimates are far off the mark and rates the company a buy.

Cramer added Petrohawk Energy (HK) to his ever-growing list of "must own" oil and natural gas stocks, calling it one of the lowest-cost producers of oil and gas in the group.

The company recently did a secondary offering of stock at $66.38 a share to help fund additional land acquisitions in the Marcellus shale area, but now trades below that price. "Range Resources should have never gotten this cheap," said Cramer.

Cramer said this $5 stock could go as high as $8, but he warned investors that this speculative name should be traded with caution. He advised investors to buy in small increments, not to use market orders, and certainly not to pay up for the stock. He urged investors to wait for a good entry point.