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 Gran Tierra Energy (NYSE: GTE) fell 10% today after the company released a progress report on drilling programs in South America.

So what: Initial drilling results in Colombia were disappointing according to CEO Dana Coffield. The Rumiyaco-1 exploration well reached 10,648 feet only to find non-commercial hydrocarbons. Drilling in Brillante SE-2 also revealed no oil and was plugged.

Now what: For a small company like this, drilling dry wells is never good news. Shares have bounced back from the bottom and are now trading down just 6%, but I wouldn't buy into the bounce. I'd like to see improved drilling results and a string of strong earnings before jumping into this stock.

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