ConocoPhillips (NYSE:COP) is one of the better turnaround stories in the oil and gas industry today. Its new focus as a North American-centric exploration and production company is looking more and more to be a great move by management. So far, much of the company's success in this venture has been from shale drilling in places like the Permian Basin and the Eagle Ford. Looking beyond the gains from the lower 48, though, the company will need to make one region its new frontier again: Alaska.

With underdeveloped natural gas assets, and a more favorable tax structure, Alaska is poised to be one of the biggest indicators of ConocoPhillips' success. Tune into the video below where contributor Tyler Crowe looks at why this region is so important and what investors should look for.  

Fool contributor Aimee Duffy has no position in any stocks mentioned. Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow them both on Twitter @TMFDuffy and @TylerCroweFool, respectively.

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