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.

Interested in more info on EXCO? Add it to your watchlist by clicking here.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Chesapeake is a Motley Fool Inside Value selection. 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 Fool's disclosure policy always gets a perfect score.