T Boone Pickens’ recent oil price forecast — he sent oil surging last month with a forecast of oil at $150 a barrel by the end of this year — may not have come true yet, but that diminished the legendary oilman’s status as oil oracle among investors.

When he’s not making oil price forecasts, Pickens is busy investing in energy. He recently announced that his investment vehicle Mesa Power was putting $2 billion into a Texas wind-energy project, boosting clean energy stocks in the process and delighting the wind-energy lobby.

“Not only is Pickens forecasting higher and higher oil prices, but he’s also putting money into new oil companies,” says Ann Sosnowski in Taipan Daily.

According to the 13F Disbursement Plan, Pickens just bought Sandridge Energy Inc. (SD:NYSE) in the first quarter of 2008. It just went public in late 2007.

So far, it’s been on a solid run, returning an 83% gain in only four months. But it’s still cheaper than the major oil companies like BP and Exxon Mobil.

Sandridge is based in Oklahoma. It looks for natural gas and oil reserves in Texas and drills for other companies. It also provides CO2 to third-party oil recovery projects.

After an initial buy in the first quarter of 2008, I anticipate Pickens buying more and more of this oil company at its still low price of $55 per share. The safest way to invest in oil is to follow Pickens’ picks… especially since this expert says oil is going to $150, far from its current level near $130 per barrel.