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 natural gas exploration company Hercules Offshore (Nasdaq: HERO) are rallying 11% today on no apparent news.

So what: Today's move follows a sympathy double-digit price surge Friday after federal regulators granted Noble Energy (NYSE: NBL) the first deepwater permit in the Gulf of Mexico to since April. It could also be a continuation of a move that began two weeks ago when Hercules Offshore added to its rig count by purchasing assets from Seahawk Drilling, the now-bankrupt spinoff of Pride International.

Now what: Hercules investors definitely have a lot to be excited about right now, because the past few years have not been kind from an earnings perspective. The company gobbled up Seahawk's assets, which were valued at $397 million in its last quarterly filing, for a shade over $100 million. The production boost that Hercules may receive from these assets could be the bump it needs to turn a profit. It also doesn't hurt that oil prices are rising above $100. Even after a large run off its lows, Hercules is still trading considerably below its book value, and with these new assets on its books, I wouldn't be surprised to see Hercules continue to trend higher.

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