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 company Comstock Resources (NYSE: CRK) are gushing higher by 12% today following the announcement of a land acquisition in Texas.

So what: In what amounts to a $332.7 million purchase from Eagle Oil & Gas, Comstock Resources secured 44,000 net acres in the highly coveted Delaware Basin in Texas. This area is projected to contain 23.2 million barrels of oil and sits on top of the Wolfcamp and Bone Spring oil shale deposits. The company also updated its capital expenditures forecast for 2012, and is calling for $545 million in spending, up from $381 million in 2011. Production growth is expected to jump by 28%-32% this year and taper off to 13%-17% in 2012, but with a lesser mix of natural gas and a greater emphasis on oil.

Now what: This seems like a pretty smart move for Comstock. Oil is up, natural gas seems to once again be the forgotten resource, and the price the company paid for the oil acreage was very reasonable. Comstock hasn't turned a full-year profit since 2008, but its gross margin continues to move higher and analysts fully anticipate the company to be profitable in 2012. This looks like another step in the right direction for Comstock if you ask me and, if anything, it at least deserves a spot on your watchlist.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.