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 Carrizo Oil & Gas (Nasdaq: CRZO) popped 10% at the start of trading today on news the company was selling some assets.

So what: GAIL India Ltd. is buying a 20% stake in a shale gas play in the Eagle Ford shale from Carrizo for $95 million, including $63.7 million in cash and $31.3 million in future costs. The company expects to invest $300 million in U.S. shale gas assets over the next five years.

Now what: The market applauded the move for the first few minutes of trading, but shares fell quickly after the opening bell. GAIL also expects to partner with Carrizo to explore shale gas plays in India and other countries, so this could be a long-term partnership. With a forward P/E of 5.4, Carrizo looks to be priced right, and this deal will help reduce risk and provide opportunities for the future.

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