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 producer Northern Oil and Gas (AMEX: NOG) jumped 10% today after the company announced increased production and reserves.

So what: Management reported 34.8 million barrels of proven oil equivalent reserves, an increase of 121% from the beginning of the year. But the great news was an unexpected production bump of 30% to 40% in the third quarter.

Now what: To top it off, Global Hunter Securities upgraded Northern Oil to a buy rating this morning. Estimated future cash flows, discounted at 10%, have increased from $295.5 million at the end of 2010 to $870.5 million today showing the potential growth of production. Oil prices will impact potential earnings going forward, but today's news is definitely a great sign for the continued growth of this oil producer.

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