Why Forest Oil (FST) Stock Is Gaining Today

NEW YORK (TheStreet) -- Forest Oil (FST) stock is climbing Tuesday after Sabine Oil & Gas assured investors committed financing is in place for its acquisition of the company. Forest Oil tumbled a day earlier on reports Sabine had withdrawn an $850 million loan raised to fund the purchase. 

"There was a report yesterday that the $850 million bridge financing facility was pulled - this is incorrect. The financing commitment required to consummate the transaction with Forest is still in place and unchanged," Sabine CEO David Sambrooks said in a statement.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

"The proposed combination of our companies is moving ahead. All parties remain fully committed to this transaction and will continue to take the necessary steps to ensure it is consummated to the benefit of all shareholders."

By market open, Forest Oil shares had spiked 12.4% to $2.26. Over Monday's session, shares tumbled 17.6%. 

Must read: Warren Buffett's 25 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

M&A Trends Still on Investors' Minds Despite Worries Over Tariffs -- ICYMI

M&A Trends Still on Investors' Minds Despite Worries Over Tariffs -- ICYMI

Dow Falls as U.S. Imposes Tariffs on $50 Billion of Chinese Goods

Dow Falls as U.S. Imposes Tariffs on $50 Billion of Chinese Goods

General Motors Spikes on Report It's Considering Listing Shares of Cruise Unit

General Motors Spikes on Report It's Considering Listing Shares of Cruise Unit