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 Kodiak Oil & Gas (AMEX: KOG) fell 10% briefly this morning after the North Dakota based-company released earnings.

So what: Adjusted earnings per shares were breakeven, lower than the $0.02 per share analysts had expected. The move hit bottom today when nearly 200,000 shares traded hands ten minutes after the market opened, crashing through the bids. Shares have settled down since then and are down about 5% as I am writing.

Now what: As the company ramps up pipeline access and trucking and other costs are eliminated, profit should improve going forward. Before today's earnings, analysts were expecting $0.41 in earnings per share next year so the ramp up should be quick. I see this as a great buying opportunity, especially with high oil prices and unrest throughout major oil producing countries around the world.

Interested in more info on Kodiak Oil & Gas? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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