1. Linn Energy, LINE, 7% divvy, Master Limited Partnership. Divvies count as a decrease in cost basis, until basis hits zero. Until then divvies non-taxable. For tax purposes, shareholders receive K-1 tax form instead of 1099 form.
2. Enerplus Corp, ERF, 7%+divvy, Canadia Oil/Gas company. This company does not charge Canadian taxes against divvies if you own the shares in a retirement account.
3. Sandridge Energy, SD, no divvy. Has recently moved from a gas company to oil company.
Kodiak Oil & Gas (KOG) -- Probably a 3-bagger over the next 18-24 months. Excellent Bakken holdings. Exit rate of nearly 30,000 BOEPD for 2012.
Dejour Energy (DEJ) -- Has been hit hard by low NG and NGL prices. Great entry level now. A 10+ bagger over the next 2 years. Trading well below book value. 2012 exit rate of 1200-1400 BOEPD.
Magnum Hunter Resources (MHR) -- A 3-bagger over the next 18-24 months. Extensive holdings in the Bakken, Eagle Ford and Marcellus Shale. 2012 exit rage of 18-20k BOEPD.
A dirt cheap, big-league spec play I own stock in is Treaty Energy Corporation (TECO). Leases in Texas and Belize. Stock could be a 4-6 bagger within a year.