Bronco Drilling has a PEG somewhere around 0.35, depending on which analyst's numbers you believe. They also have a Net Tangible Asset Value (NTAV) that is over 70% of their market cap. ($315million to $443million) making them an excellent value play.

Unit Corp is NOT focused only on land based O&G drilling, and that's exactly why I picked them. Instead, this company not only drills the wells, they also operate some of them, and they also own some natgas processing plants. This vertical integration creates economies not enjoyed by some of the competition and enables UNT to take more of their topline all the way to the bottom line.

Pioneer Drilling also sports the low-PEG (0.4) and high NTAV/cap (63%) characteristics that BRNC does. Their fleet upgrade program is nearing completion and will make their fleet more competitive in the slow times, as well as much more profitable in the busy times.

Low PEG, High NTAV/cap but not quite as compelling as PDC and BRNC. Still a reasonable buy.

Low PEG, High NTAV/cap but not quite as compelling as PDC and BRNC. Still a reasonable buy. Union Drilling focuses heavily on gas drilling, particularly in the Fayetteville shale area in Arkansas, and the Barnett shale near Dallas/Ft. Worth. Given the more rapid drop-off in production of new gas wells as compared to just a few years ago, they should keep busy for years in these two fields alone.

Low PEG, High NTAV/cap but not quite as compelling as PDC and BRNC. Still a reasonable buy.