While several industry insiders have questioned the current perception that domestic oil production in the United States is thriving, a recent Forbes column argues that this skepticism is without basis.

At the Marcellus Shale Coalition's Shale Gas Insight conference on Thursday, legislative leaders announced that several legislative proposals would be introduced in the fall.

North Dakota's top oil regulator recently stated that 33,000 wells need to be developed for the resources of the Bakken formation in the state to be fully utilized.

Investment dealer Raymond James reaffirmed its OUTPERFORM rating for oil and gas company Compass Petroleum Ltd. (CPO:TSXV).

Research firm Macquarie Equities Research reaffirmed its target share price of C$6.25 and its OUTPERFORM rating for Bellatrix (BXE:TSX).

Investment dealer Raymond James upgraded its rating of exploration and production company Brigham (BEXP:NASDAQ) to Strong Buy from OUTPERFORM as emerging technologies and new techniques will improve the company's efficiency and reduce the time it needs to drill wells.

As a result of new regulations, exploration and production companies engaged in drilling activity in Montana are required to disclose the majority of chemicals they use for hydraulic fracturing or "fracking."

If the Utica shale deposit holds the same amount of reserves that some industry insiders predict, it could potentially revive oil production in the area and improve the condition of the ailing East Coast refining industry.