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Warren Resources, Inc. (NDAQ: WRES) shares rose sharply today after CNBC's Jim Cramer recommended the stock on his Mad Money show. The hedge fund manager turned television star warned investors not to be dissuaded by all the talk that the oil and gas play is over. Cramer insists that as long as China is growing, there is still plenty of upside left in stocks like Warren Resources.

Warren Resources is an independent energy company engaged in the exploration and development of domestic onshare oil and gas reserves. The company is primarily focused on the exploration and development of coalbed methane, natural gas properties located in the Rocky Mountain region and on its horizontal drilling, waterflood and tertiary oil recovery programs in the Wilmington field within the Los Angeles Basin of California.

Warren Resources announced a record first quarter with net earnings that surged 573% and cash flow from operations that increased 325%. During the first quarter, the energy company produced 243,000 barrels of oil and 405 million cubic feet of natural gas. The huge jump in earnings took place simply because the company sold oil and $85.17 per barrel compared to the $50.51 it was able to charge last year during the quarter.

"Although we faced certain challenges relating to associated gas production growth in California, we are very pleased that we were able to continue to deliver strong organic growth in production, oil and gas revenues, cash flow from operations and earnings during the quarter. These record results provide a strong beginning to further growth for the remainder of 2008 and beyond," stated Norman F. Swanton, Warren's Chairman and CEO.

Warren Resources, Inc. rose $0.42, or 2.96%m to $14.60 in early trading.

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