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 producer Forest Oil (NYSE: FST) jumped as much as 10.8% in intraday trading today on eerily average trading volume.

So what: The company just announced that Canadian subsidiary Lone Pine Resources (NYSE: LPR) will be fully spun off in the form of a share dividend to current shareholders. This move is no surprise, but it's always nice to see a company following through on established plans.

Now what: As fellow Fool Isac Simon points out, Forest Oil is arguably a more efficient producer than well-respected rivals Ultra Petroleum (NYSE: UPL) and Southwestern Energy (NYSE: SWN). And those two laggards are good enough that The Fool invested real money in them. Will a leaner, meaner Forest Oil look even better after the Lone Pine spinoff? I don't know, but that's what we have watchlist services for.