Is the Time Right to Speculate on Hyperdynamics?

Cramer takes viewer questions all the time, but he is often asked about one speculative stock in particular: Hyperdynamics.

Typically, Cramer doesn't make calls on really risky stocks until "Speculation Friday." That way, home gamers are forced to wait a few days before pulling the trigger. But after Hector in California asked about Hyperdynamics [HDY  4.428    0.178  (+4.19%)   ] on Monday, Cramer thought it was time to dig deeper.

With headquarters in Houston, Hyperdynamics is a $521 million oil and gas company that drills off the coast of West Africa. Cramer thinks it's a very speculative stock. If the price of oil falls sharply, he doesn't think this stock will make money. As shares climbed Tuesday, Cramer said he also wouldn’t chase it if it continues to go up.

Cramer thinks Hyperdynamics looks more attractive now than when he recommended avoiding it on February 4. At the time, it was trading at $5.25 a share. Since then, the company raised roughly $136 million at $5 share through a big equity offering. It used the money to fund its exploration program and the stock has since fell by 21 percent, making the stock "cheaper."

But is it the right time to speculate in this company? To find out, Cramer chatted with CEO Ray Leonard. Watch the video to see the full interview.Call Cramer: 1-800-743-CNBC

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