BPZ Resources (BZP) Jumps on Positive Cramer Mention

June 12, 2008 8:11 AM EDT

Continuing to focus on "wildcatters", Jim Cramer highlighted BPZ Energy (AMEX: BZP) on last night's episode of Mad Money. According to Cramer, wildcatters are energy companies that drill for oil in hard-to-reach or untapped parts of the world. Jim called this segment of the oil sector "the best way for investors to play the rapid rise in oil prices."

BPZ, a Peruvian wildcat driller, currently has about 110 million barrels of certified oil in its reserves, which it pumps from both onshore and offshore sites. Cramer pointed out that BPZ's reserves only come from one of its three main sites, and while the company only produces about 500 barrels of oil a day right now, it expects to produce up to 8,000 barrels/day by the end of '08 and 11,000 barrels/day by the end of '09.

Cramer mentions that BPZ has aggressive plans at focusing on finding and producing natural gas, broadening its portfolio, as the company is currently 100% vested in oil.

Cramer's tout of BPZ on his show has caused a slight jump in its stock this morning: after closing the day at $23.76 yesterday, shares of BPZ have jumped $1.10, or 4.6%, to $24.86.

BPZ Resources, Inc. engages in the exploration, development, and production of oil and natural gas in Peru and Ecuador.

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