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 producer Halcon Resources (NYSE: HK) jumped as much as 15% today, as the company surprised analysts with a profit and revealed a new liquid-rich gas field.

So what: Halcon delivered an adjusted $0.02 EPS profit on expectations of a $0.02 loss, while revenue missed estimates, falling 17% to $23.3 million on lower commodity prices. The real news here, though, came in the company's unveiling of a gas play in the Midway-Navarro formation in Texas, where it will "build a position of 25,000 to 75,000 acres and will use one rig to spud four to six wells." The field is rich in natural gas liquids, which are more valuable than regular natural gas and contain chemicals like butane and propane that can be sold at prices similar to crude oil.

Now what: The new discovery wasn't enough to move the needle this year, as Halcon maintained its guidance. Based on past results, this looks like a speculative bet, as this small cap has not reached consistent profitability, but Wall Street is banking on its recent acquisition of GeoResources to drive triple-digit revenue growth this year and next. With energy prices low, this looks like one of the riskier picks in the sector, but considering the stock more than tripled from late last year, this could continue to be a rare multibagging E&P from here.

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