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 exploration outfit HyperDynamics (AMEX: HDY) don't look very dynamic today, falling as much as 11.5% on intraday trading in moderate volume.

So what: The only real news on HyperDynamics today is an extended letter of intent between the company and Singaporean driller Jasper Drilling, which isn't exactly great news, but also not a disaster. I'm chalking this up to yet another baseless move in a long line of market randomness affecting HyperDynamics.

Now what: The stock has lost 36% of its value since I pegged it as "risky" in mid-February, following a couple of overly enthusiastic pops. Oil drilling is an unquestionably exciting market, what with soaring oil prices and all. But you'd probably sleep better after investing in blue-chip HyperDynamics rivals Anadarko Petroleum (NYSE: APC) or Noble Energy (NYSE: NBL) instead, because this company's potential resources are unproven and very risky.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.