Where are our real national energy reserves? Much of it is in private hands. What is the value of those reserves if there is a disruption to foreign oil production or distribution? Get the idea? You better remember the name Anadarko Petroleum (NYSE: APC) if you don't already know it. It has substantial oil and natural gas reserves, plus some coal.

Any problem with oil imports and the value of these reserves will go into orbit. Natural gas prices have been depressed for more than a year, and they too are bound to recover, adding further to the value of Anadarko. In February I wrote two stories about Anadarko -- Anadarko Petroleum - hmmm, getting interesting and Chasing value: Anadarko Petroleum - got it! -- highlighting the hidden value. If you were paying attention then you have a 25% return in just six months, and it's holding up fine in a volatile market. It closed Wednesday at $47.14, 18% off its 52-week high of $55.82, has a P/E of under 10 and pays a small dividend as well. The company is buying back shares, paying down debt and selling off non-core low return businesses.

How many stocks have an ROE of 33, sliding between triple and quadruple its P/E and net profit margins of 47% while having a truly unloved P/S and P/B under 2. You want a company to own for decades, this may be it. The only problem is that I think it will be acquired or merge long before that. If I was Carl Icahn I would own this company already. Alas I'm not, but I do own a small piece, and hope to own more soon.

Those of you who are new to BloggingStocks can check out my other stories and read Chasing Value or Serious Money to find more potential opportunities and verify my track record as well - INCLUDING ANY BAD CALLS.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm.