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 gas explorer BPZ Resources (NYSE: BPZ) sank more than 10% in intraday trading Wednesday after its fourth-quarter earnings came in below Wall Street estimates.

So what: While BPZ's revenue more than doubled to $37.3 million on surging oil prices, higher-than-expected expenses weighed heavily on the bottom line. In fact, the company posted a loss of $10.1 million, or $0.09 per share, while analysts were expecting a per-share loss of just $0.04.

Now what: BPZ might be an interesting idea for less risk-averse Fools. While the company's heavy debt load and long history of losses should give some pause, its rapidly increasing production levels -- oil production nearly doubled in the quarter -- give BPZ some serious speculative appeal. And with the stock now down nearly 20% for March, it might even be a good time to take that bet.  

Interested in more info on BPZ? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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