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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday March 16.

CEO Interview: Jim Volker, Whiting Petroleum (NYSE:WLL). Also discussed: Continental Resources (NYSE:CLR)

After a brutal day for stocks, it is a good idea to look for long-term growth stories, like companies that have exposure to the Bakken shale, which was the location of the greatest domestic oil reserve find in a generation. On Tuesday, Cramer discussed Continental Resources (CLR), which is the largest producer in the Bakken. Whiting Petroleum (WLL) is the second biggest Bakken play and is more conservative than its larger peer, but trades at a 35% discount. Whiting is funding its drilling organically, while CLR issued a secondary for funding. Since its IPO in 2003, Whiting is up 725%.

CEO Jim Volker discussed the 40% increase in drilling over the past year. The company holds 600,000 net acres in the Bakken and sees a potential of 30-40,000 wells in the entire area. The reason the Bakken story is not widely known is that companies that have had exposure to the area for years are smaller and don't have the scale of the oil majors, "but we are the real pioneers with great growth potential."

With global chaos raging, Cramer thinks domestic drilling is a "feel good story" and would use any declines in the stocks as buying opportunities.

The New Normal: Verizon (NYSE:VZ), CenturyLink (NYSE:CTL), Con Edison (NYSE:ED), Ferrellgas Partners (NYSE:FGP), Kinder Morgan Partners (NYSE:KMP)

With the Dow down 242 points and the Nasdaq off 1.8%, where can investors go to avoid the carnage? While buying seems hopeless in such an environment, there are some stocks that have been unfairly pummeled. While Cramer wouldn't recommend bullish heroics in such an environment, he warned against panicking. What should investors do? Basically, they should get used to the "new normal," the daily headlines that speak of only more disaster and misery ahead. Even as Japan is getting its nuclear reactors under control, fears of radiation contamination will plague the headlines for a while longer. Journalists will speak of the Bahrain Domino Effect, even if there may be some quiet. Those who report the news can afford to be negative, but wouldn't risk sticking their necks out to say something positive and potentially false.

Investors should also remember that while the dour news will last for some time, it won't go on forever. Someday the headlines will change from discussing Japanese radiation to the country's reconstruction. Until then, he would invest in stocks that have nothing to do with Japan or the MIddle East. While tech would seem to fit this description, Cramer thinks this sector is too hard and would stay away. He would take a look at Verizon (VZ), CenturyLink (CTL), Con Edison (ED), Kinder Morgan (KMP) and Ferrellgas Partners (FGP), stocks that have been unfairly taken down by the headlines.

Saks (NYSE:SKS), B&G Foods (BGF), Nordic American Tanker (NYSE:NAT), Tiffany (NYSE:TIF), Coach (NYSE:COH)

There is no gun to our heads forcing us to buy stocks. It is possible and perhaps even advisable to wait for stocks to fall to a lower level before buying at all. But for those who want to buy now or are looking for ideal buys for a pullback, Saks (SKS), B&G Foods (BGF) and Nordic American Tanker (NAT) are good choices.

While other high-end retail names Coach (COH) and Tiffany (TIF) are getting hit because of their substantial exposure to Japan, Saks (SKS) is being unfairly taken down with them, and yet it has minimal exposure to Japan. Saks is a multi-years story of growth and is an example of a retailer that has really turned itself around. Many food companies are also worried that shipments to Japan will be down, but since B&G Foods' (BGF) business is mainly domestic, there are no such worries for the company. Finally, Nordic American Tanker (NAT) benefits from the crisis in the Mid-East and can hike rates when tensions rise.

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Source: Cramer's Mad Money - Bakken to the Future (3/16/11)