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.

For the week ending October 7, the number of U.S. rigs used for drilling related to natural gas and crude oil increased surpassed 2,000 for the first time since the week ending September 19, 2008.

Icarus failed to escape with his father from Crete because he flew too close to the sun. Now, some oil companies are now hoping that getting closer to the sun will bring them success.

Although oil production is not new to Ohio, it is gaining more of a presence in the production that is stemming from the Utica shale.

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.

Oil and Gas company Whitecap Resources (WCP:TSX) announced recently that it has increased its bank line 31 percent to $190 million.

Junior oil sands exploration firm Southern Pacific Resources Corporation (STP:TSX) recently released 1Q12 results which showed that its production averaged 3,784 barrels per day (bbl/d) and cash flow of C$10.7 million or C$0.03 per share.

Financial services firm Dundee Securities recently reiterated its Neutral rating and C$2.40 target share price for oil and gas company RMP Energy (RMP:TSX).