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 Swift Energy Company (NYSE:SBOW) jumped as much as 16.5% early in trading this morning after it updated operational and financial guidance.

So what: Management said it expects to receive about $150 million in cash when it closes its joint venture with Saka Energi Indonesia on June 30, something investors were looking for when the stock dropped last week. The money will be used to reduce debt and increase capital expenditures by $50 million to $350 million-$400 million.  

As a result of the additional drilling, production is now expected to be between 11.5 million barrels of oil equivalent (MMboe) and 11.8 MMboe, raising the lower end of the range by 0.2 MMboe.

Now what: There was some relief to hear details about the joint venture, and I think investors were looking for some lost revenue and profits once the deal closed, but an increase in drilling activity should make up the difference. So, estimates may be much lower than results will show in the second half of the year. I think Swift Energy has strong momentum after a first-quarter earnings beat, and with the joint venture, it's managed to increase production and reduce leverage, which is good for investors long-term.