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: Independent oil and gas producer EXCO Resources (NYSE: XCO) saw its shares surge a whopping 30% in early Monday trading after its chairman and CEO made a bid for the company.

So what: CEO Douglas Miller, who is partnering with billionaire T. Boone Pickens and two private investment firms, offered to buy the company for $4.36 billion, or $20.50 per share, representing a 38% premium to Friday's close. In a letter to the board of directors, Miller also said that EXCO's daily operations would not change if the deal was completed, as he would retain his current roles.

Now what: When you make 30% in one morning, lightening up on your position just seems like the safe thing to do. While it might be tempting to hold out for a higher offer, it might not be worth it given the risk (even if it's small) of negotiations falling through. With the likes of Chesapeake Energy (NYSE: CHK), Anadarko (NYSE: APC), and Devon (NYSE: DVN) trading at inexpensive prices, there's plenty of places to roll over that natural gas bet.

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