Financial services firm Raymond James announced on September 13 that it is reluctantly downgrading Geokinetics Inc. (GOK:AMEX) to Market Perform from Outperform based on a recent accident in Mexico which caused at least three deaths.

The recent decision by oil and gas company Clayton Williams Energy, Inc. (CWEI) to reduce capital expenditures and cut back production could potentially be part of a broader market trend for oil and gas companies.

While North Dakota may be known for having the country's largest production of sunflowers, the director of the state's Department of Mineral Resources (DMR) predicts that it will soon become the nation's second-largest oil producer.

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.

Investment bank Canaccord Genuity said in a statement on October 3 that it was maintaining its BUY rating and C$9.00 target share price for exploration and production company Bellatrix Exploration Ltd. (BXE:TSX).

Domestic production of oil in the United States increased at the fastest rate of any country between 2008 and 2010, and grew much more quickly than the country's closest competitor, Russia.

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.

Canadian brokerage firm Canaccord Genuity recently released a report maintaining its BUY recommendation and C$6.25 target share price for oil and gas company Pinecrest Energy (PRY:TSXV).