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 Synergy Resources (NYSEMKT:SYRG), an oil and gas exploration and production company focused in the Denver-Julesburg Basin, spiked 10% after announcing its mid-year proved reserve update.

So what: According to its press release, Synergy Resources' proved reserves increased 43% to 19.7 million barrels of oil equivalent from 13.8 million BOE as of August 31, 2013. The PV10 value of these reserves also increased from $236 million to $326 million. CEO William Scaff attributed the huge increase in proved reserves to the company's successful horizontal drilling program, which currently sports 11 wells. Scaff announced that the company plans to drill an additional 20 to 25 horizontal wells before its fiscal year ends on Aug. 31.

Now what: Anytime we see an exploration and production company increase its proved reserves by 43% it's going to be a good day for shareholders. Given its success through just 11 wells it makes Wall Street estimates, which call for greater than 100% revenue growth in each of the next two years, quite achievable, Of course, investors should keep in mind that oil price fluctuations and higher-than-expected costs aren't uncommon when drilling this many new wells, so they should prepare for a possible volatile ride as well. However, based on what I've seen thus far Synergy Resources' future looks bright.

Synergy Resources may be spiking higher today, but it might have a hard time keeping pace with this stock in 2014
Give me five minutes and I'll show how you could own the best stock for 2014. Every year, The Motley Fool's chief investment officer hand-picks 1 stock with amazing potential. But it's not just any run-of-the-mill company. It's a stock perfectly positioned to cash in on the upcoming year's most lucrative trends. Last year his pick skyrocketed 134%. And previous top picks have gained upwards of 908%, 1,252% and 1,303%! Believe me, you don't want to miss what could be his biggest winner yet! Just click here to download your free copy of "The Motley Fool's Top Stock for 2014" today.

Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.