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 independent energy company Kodiak Oil & Gas (AMEX: KOG) climbed 10% today after releasing a better-than-expected interim corporate update.

So what: For Kodiak's much-anticipated Koala wells, in which the company owns a 95% working interest, initial production came in at a rate of 3,042 BOE/d in the middle Bakken formation and at 2,327 BOE/d in the Three Forks formation. According to CEO Lynn Peterson, "The well results are important in that we have now demonstrated the productive potential in the Koala project area."

Now what: Don't let today's price pop keep you from looking into the stock. Along with the blowout IP numbers, Kodiak also announced that its borrowing base increased $25 million, reflecting the company's recent drilling successes. So when you consider its comfy cash position, strong operating cash flows, and new credit line expansion, betting on Kodiak's growth-centric drilling plans seems like a pretty solid move.

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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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