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.

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

Fool contributor Sean Williams does not own shares in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong. The Fool owns shares of Noble Energy.

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