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.

With all of the attention that has been focused on the Bakken in North Dakota and the Marcellus shale in the Mid-Atlantic, it is easy to forget that California is one of the top oil producing states in America.

A recent ruling on the Marcellus shale could bring the legality of thousands of oil leases into question.

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).

Brokerage firm Wunderlich Securities announced on October 13 that it has initiated coverage of Master Limited Partnership (MLP) Tesoro Logistics LP (TLLP:NYSE) with a BUY rating and target share price of C$27.50.

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.

Crocotta Energy Inc. (CTA:TSX) recently released 3Q11 results which indicated the oil and gas company generated cash flow per fully-diluted share of C$0.11 and production of 4,002 barrels of oil equivalent per day.

Canadian brokerage firm Canaccord Genuity announced on October 6 that it was reiterating its SPECULATIVE BUY rating for junior oil and gas company Hyperion Exploration (HYX:TSXV) and increasing its target share price to C$2.25.