The sudden drop in oil prices has created a lot of chaos in the markets.

Many smaller companies are not going to weather the storm at these depressed oil levels.

I have identified 10 stocks with excellent fundamentals that could easily double or more in the coming year.

Let’s take a closer look at AXAS, BCEI, EGY, EPM, JONE, LRE, MEMP, MEP, PE, RES.

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Abraxas Petroleum (AXAS)

Abraxas Petroleum is a San Antonio, Texas-based independent energy company engaged in the acquisition, exploration, development and production of oil and gas in the U.S. and Canada.

Earlier this week, AXAS provided an update on its operations. The company also provided guidance. The company said that it is adjusting its fourth-quarter estimated volumes to 6,700-6,800 boepd.

For 2015, the company has decided to slash its 2015 drilling budget to approximately $54 million from $200 million. The company is also postponing its planned 2015 Permian development until commodity prices recovery. Despite the reduction in capex, the company still expects average yearly volumes to increase approximately 26% over 2014 expected volumes.

Bob Watson, President and CEO of Abraxas Petroleum, said that after three straight quarters of operational execution above expectations in 2014, the company is unable to overcome significant obstacles in the fourth quarter. Importantly, Watson noted that AXAS remains in a superb position entering this commodity price downturn with a pristine balance sheet, high margin production base and enviable financial and operational flexibility.

The management’s confidence is also reflected in recent insider purchases.

Bonanza Creek Energy (BCEI)

Bonanza Creek Energy is a Denver, Colorado-based oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the U.S.

BCEI has seen significant insider buying activity this month. On December 5, Lynn E. Boone, Senior Vice President, Planning & Reserves at Bonanza Creek Energy, bought 11,000 shares of BCEI common stock at $21.01 per share. Also on December 5, Richard J. Carty, President and CEO of Bonanza Creek Energy, bought 30,000 shares of BCEI common stock at $20.90 per share.

These purchases have come as BCEI shares have tumbled more than 66% in the last three months. In November, BCEI also reported its financial results for the third quarter of 2014. The company’s average realized prices for the third quarter of 2014, before the effect of commodity derivatives, were $85.78 per Bbl of oil, $4.76 per Mcf of natural gas and $49.03 per Bbl of NGLs. Net revenue for the third quarter of 2014 was $156.4 million, compared to $126 million reported for the same period in the previous year. Crude oil and liquids revenue accounted for around 87% of the company’s total revenue.

BCEI’s net income for the third quarter of 2014 was $48.8 million, or $1.18 per diluted share, compared to $17.8 million, or $0.44 per diluted share reported for the same period in the previous year.

VAALCO Energy (EGY)

VAALCO Energy is a Houston, Texas-based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.

Last week, EGY announced the completion of the Etame 8-H, the first development well drilled from the newly installed Etame platform, offshore Gabon.

In November, EGY reported its financial results for the third quarter of 2014. The company reported net income of $3.1 million, or $0.05 per diluted share for the third quarter of 2014, compared to net income of $2.4 million, or $0.04 per diluted share reported for the same period in the previous year. The company’s revenue in the third quarter of 2014 was $24.5 million, compared to $37.7 million reported for the same period in the previous year. The decline in revenue was mainly due to the lower number of barrels lifted from the company’s offshore Gabon operations and a decline in realized price per barrel in the third quarter of 2014.

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Evolution Petroleum (EPM)

Evolution Petroleum is a Houston, Texas-based petroleum company engaged primarily in the acquisition, exploitation and development of properties for the production of crude oil and natural gas, onshore in the U.S.

EPM is another oil & gas company that has seen significant insider buying activity lately. The purchases have come as the company’s shares have fallen more than 33% in the last six months.

Earlier this month, EPM also declared a monthly cash dividend on its perpetual non-convertible 8.5% Series A Cumulative Preferred Stock.

In November, the company also declared a quarterly dividend of $0.10 per share of common stock. Robert Herlin, Chairman and CEO of Evolution Petroleum, said that with zero debt on its balance sheet, EPM has relatively low financial risk compared to its peers, and combined with over three-fold increase in its revenue interest in the Delhi Field, the company expects to realize substantially higher revenues, earnings and cash flow beginning this quarter.

Jones Energy (JONE)

Jones Energy is an Austin, Texas-based independent oil and gas company engaged in the development, production and acquisition of oil and natural gas properties in the Anadarko and Arkoma basins of Texas and Oklahoma.

Trader and investor Steven Cohen has bought shares of JONE recently. Cohen bought 641,000 shares of JONE, which is around 5.1% of its outstanding shares.

Cohen’s purchase came after JONE acquired a contagious block of 5,120 net acres in Hutchinson County, Texas, prospective for its primary drilling target, the Cleveland sandstone. The lease terms provide JONE with 100% working interest at all depths. The initial block represents 40 net drilling locations in the Cleveland formation, which equates to half a year of drilling.

LRR Energy (LRE)

LRR Energy is a Houston, Texas-based limited partnership formed by affiliates of Lime Rock Resources to operate, acquire, exploit and develop producing oil and natural gas properties in North America.

LRE reported its financial results for the third quarter ended September 30, 2014 in October. Eric Mullins, Chairman and Co-CEO of LRR Energy, said that despite slightly lower production volumes during the quarter, adjusted EBITDA, distributable cash flow and distribution coverage ratio increased as compared to the second quarter of 2014.

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Memorial Production (MEMP)

Memorial Production Partners is a Houston, Texas-based limited partnership formed by Memorial Resource to own, acquire and exploit oil natural gas properties in North America.

In November, MEMP announced its financial results for the quarter ended September 30, 2014. The company also provided an update of its commodity hedge positions.

MEMP’s average daily production during the third quarter of 2014 increased 30% to 208 MMcfe. Adjusted EBITDA for the quarter rose 54% on a year-over-year basis to $58.6 million.

According to a summary provided by MEMP of its hedging activities, 92% of the company’s 2015 production has been hedged.

Midcoast Energy Partners (MEP)

Midcoast Energy Partners is a Houston, Texas-based vehicle for owning and growing its natural gas and natural gas liquids, or natural gas liquid, midstream business in the U.S.

Earlier this month, MEP announced that its 2015 distributable cash flow is expected to increase by approximately 71% compared with the partnership’s 2014 distributable cash flow guidance that was updated on October 30, 2014. In 2015, the company also expects $50 million reduction in operating and administrative costs compared to 2014 forecasted expenses. Adjusted EBITDA for 2015 is expected to between $120 million and $135 million, the midpoint of which represents an approximate 67% increase over forecasted adjusted EBIDAT for 2014.

Parsley Energy (PE)

Parsley Energy is an Austin, Texas-based independent oil and natural gas company focused on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin.

PE reported its financial results for the third quarter of 2014 in November. The company’s net production averaged 15.3 MBoe/d, which represents an increase of 9% over the second quarter of 2014. The company also raised its production guidance for the second half of 2014 from 15,500-16,500 Boe/d to 17,000-17,500 Boe/d. The upward revision reflects increased expectations for Wolfcamp B well productivity along with incremental production from acquired wells.

PE’s adjusted net income for the third quarter of 2014 was $15.8 million, or $0.13 per diluted share. Bryan Sheffield, CEO of Parsley Energy, said that when commodity prices decline, as they have recently, the value of PE’s location in the true core of the Midland Basin becomes even more apparent.

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RPC (RES)

RPC is an Atlanta, Georgia-based holding company, providing a broad range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the U.S.

The oil price crash has hurt RES shares, which are down nearly 38% in the last three months. However, the sharp decline in RES shares has seen a number of RES directors and officers make indirect purchases of RES common stock.

RES reported its financial results for the third quarter of 2014 back in October. The company posted revenue of $620.7 million for the quarter, a record and up 26.4% on a year-over-year basis. The increase in revenue was mainly due to higher activity levels and service intensity in RES’s major service lines and a slightly larger fleet of revenue-producing equipment.

RES’s operating profit for the third quarter ended September30, 2014 was $106.7 million, compared to $85.8 million reported for the same period in the previous year. EBITDA rose 16.5% on a year-over-year basis to $163.4 million.