This past Friday on CNBC, billionaire energy mogul T. Boone Pickens predicted that oil prices would be near $80 by the fourth quarter of this year. His oil prediction is based on the thesis that U.S. energy companies will drastically cut back on production. That would decrease the supply of oil produced, eventually driving prices higher again.

Pickens said the number of rigs drilling for oil in the U.S. declined at the second biggest weekly rate in more than 24 years.

If he’s right, and oil bounces back to levels last seen just two months ago, many small and mid-cap energy stocks are in position to double or triple, by returning to levels traded when oil was last $80. Of course, first oil needs to bottom. For those looking for reasons to believe a bottom is here for oil, at the close today, crude traded into rising 16-year trendline support.

This trend started in December of 1998 and touched in late 2001, and again in late 2008 — each time bouncing aggressively. From those dates, within twelve months oil was 160% higher, 100% higher and 146% higher, respectively.

Through our analysis at BillionairesPortfolio.com, we’ve identified the following five stocks that could double or triple if oil prices go back to $80.

1) Oasis Petroleum (OAS)- Billionaire hedge fund manager John Paulson owns nearly 10% of this stock. The activist hedge fund SPO Advisory owns 8% and has been buying the stock on almost every dip. When oil was last $80, OAS was trading $30.74 or 130% higher than current levels.

2) SandRidge Energy (SD)- Billionaire hedge fund managers, Leon Cooperman and Prem Watsa own almost 20% of SandRidge. This stock traded above $4 last November, when oil was $80. That’s 185% higher than its current share price today.

3) Gran Tierra Energy (GTE)- This might be the cheapest energy stock on the planet. The company has zero debt, and $1.30 in cash per share, more than half of its current share price of $2.26. With this much cash, you are getting the company’s oil and natural gas assets for a song. When oil was last $80, GTE was trading at $4.64 or 110% higher than current levels.

4) Energy XXI LTD. (EXXI) – If oil goes back to $80 a barrel, EXXI should be worth almost $8 a share. That’s nearly a triple from its current price of $2.80. Energy XXI sold for as much as $24 a share just 7 months ago.

5) Breitburn Energy Partners (BBEP) – Breitburn should be a near triple if oil goes back to $80. The stock already popped today by 22%. BBEP currently sold for $17.56 last November, when oil prices were at $80 a barrel. Breitburn pays an incredible $1 per share dividend, giving the stock a current dividend yield of 15%.

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