Warren Resources, Inc had a great pop on Friday like a lot of beaten to the bone resource plays.

Warren Resources is as many totally undervalued based on almost every metric. It trades just above book value, which is $2.51 per share. The price to earnings multiple is just about 6.

Analysts expect earnings to jump about 40%, rising from around 32 cents per share this year to 46 cents in 2013. There are currently about 2.45 million shares short. Based on average daily volume of around 370,000 shares, it could take nearly seven days' worth of trading volume for shorts to cover.

This is a high-potential stock because it has exposure to the oil-rich Green River Formation, which is estimated to have between 750 billion barrels of recoverable oil. Warren Resources has projects in the Washakie Basin in Carbon County, Wyoming, which is part of the Green River Formation.

And finally, The average analyst price target is $4.65 per share with an outperform rating. That would give investors who buy now, returns that would just about double their money.

Note we own at $2.43 entry and had a nice pop friday so could go back down for entry.