Cramer Says RAM Energy (RAME) Could Goto $8

Finishing up his "wildcatter" week-long theme, Cramer highlighted RAM Energy (Nasdaq: RAME) as his last wildcat oil driller of the week on Friday's Mad Money. Cramer believes the stock could goto $8, but warned viewers of his CNBC show to wait for a solid entry point and to scale into the position as he views RAM as a speculative name.

Cramer pointed out RAM's 39 million barrels of proven reserves and noted its recently raised production guidance, saying Wall Street analysts will "love the company's growth." Speaking of analysts, Cramer called RAM Energy an "orphan" stock as there are currently only four analysts covering the shares, and none are from a major firm. As analysts jump into this stock and begin coverage, RAM should see upside as more analysts form a consensus.

Jim said that one of the first things that should send RAM higher is the expiration of 18.8 million warrants, most of which have a $5 strike price.

The Cramer Effect is in full-force today: shares of RAM Energy have gapped about 6% higher and are trading around $6.10, up $0.37, or 6.4%. Also, the Cramer tout has created increased volume in the stock: RAM has already traded more than 500,000 times just an hour into today's trading session, compared to average daily volume of 925,000 shares.

RAM Energy Resources, Inc., an independent oil and natural gas company, engages in the acquisition, development, exploitation, exploration, and production of oil and natural gas properties.

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