Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of oil and gas explorer BPZ Resources (NYSE: BPZ) sank more than 10% in intraday trading Wednesday after its fourth-quarter earnings came in below Wall Street estimates.

So what: While BPZ's revenue more than doubled to $37.3 million on surging oil prices, higher-than-expected expenses weighed heavily on the bottom line. In fact, the company posted a loss of $10.1 million, or $0.09 per share, while analysts were expecting a per-share loss of just $0.04.

Now what: BPZ might be an interesting idea for less risk-averse Fools. While the company's heavy debt load and long history of losses should give some pause, its rapidly increasing production levels -- oil production nearly doubled in the quarter -- give BPZ some serious speculative appeal. And with the stock now down nearly 20% for March, it might even be a good time to take that bet.  

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