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 company Camac Energy (AMEX: CAK) were rocketing upward today, gaining as much as 62% in intraday trading on huge volume.

So what: After a disastrous past year that's seen Camac's shares fall more than 70%, investors were no doubt hoping for some ray of light. Obviously, today they got that. An independent report by oil and gas consulting firm Netherland, Sewell & Associates showed that two of Camac's offshore sites in Nigeria have far more oil and gas than Camac had estimated.

Now what: This is obviously very good news, even if I can't help but wonder why management's original estimates would have been so far off. The news could certainly put Camac on more investors' radars, but the company is still far from a slam-dunk. Camac's current operations are focused on Nigeria and China -- not always the easiest countries to do business in. Furthermore, the company is unprofitable and has negative EBITDA and free cash flow. On the bright side, Camac doesn't have any debt, but it also nearly tripled its share count from 2009 to 2010.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.