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 South American oil explorer Gran Tierra Energy (ASE: GTE) are up 11% today after the company started exploratory drilling in Brazil.

So what: In Brazil the company has begun exploratory drilling operations on one offshore prospect and one onshore prospect. Drilling in Colombia has indicated an additional oil column in Moqueta that could add to the company's reserves.

Now what: Details of the Moqueta discovery were sparse today but likely were the driving force behind the shares moving higher. The company is expecting to begin a "robust 2012 drilling program" in Brazil, Colombia, Peru, and Argentina in wholly owned sites and joint ventures. The market is expecting a good year in 2012, and with the company's forward P/E standing under 10 the upside potential is looking attractive.

Interested in more info on Gran Tierra Energy? Add it to your watchlist by clicking here.

At the time this article was published Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.Try any of our Foolish newsletter services free for 30 days. 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 has a disclosure policy.

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