If you're bullish on oil, HighPeak Energy is a bold investment opportunity with potential rewards.

• On Tuesday, CNBC's Jim Cramer advised investors with a positive outlook on oil to consider investing in HighPeak Energy.
• An aggressive oil producer like HighPeak Energy is likely to provide more upside if you believe the price of oil will remain elevated due to a prolonged stalemate in the war in Ukraine.

On Tuesday, CNBC's Jim Cramer advised investors with a positive outlook on oil to consider investing in .

An aggressive oil producer like HighPeak Energy is likely to provide more upside if you believe the price of oil will remain elevated due to a prolonged stalemate in the war in Ukraine.

If you believe in oil, this stock is the one for you, despite its "huge variable dividends."

The "Mad Money" host states that one reason HighPeak stock is attractive is its affordability compared to competitors. On Tuesday, the stock increased by 3.94% to $21.88.

Cramer, who previously advised investors to invest in oil stocks due to the rise in prices resulting from Russia's invasion of Ukraine, stated that HighPeak's production increase sets it apart from competitors such as Devon. Last month, Devon's CEO informed Cramer that they would not increase oil production as prices surpassed $100 per barrel.

HighPeak announced in its 2021 fourth-quarter results that it acquired two drilling rigs in October and January, and plans to operate an average of four rigs and two frac fleets this year.

According to Cramer, most players in the industry are reluctant to drill or expand because they are content with the current status quo. However, when everyone else is disciplined, a company like HighPeak Energy can increase production without affecting crude prices.

He stated that perhaps the most crucial aspect is their aggressive drilling at the opportune moment, which is currently.

Disclosure: Cramer’s Charitable Trust owns shares of Devon Energy.

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