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.

China is planning on implementing a value-based tax on sales of natural gas and oil throughout the nation starting in November, according to a statement made by the Ministry of Finance on October 10.

Penn West (PWT:TSX) recently held its analyst day in Calgary, but research firm Macquarie Equities Research's Outperform rating and target share price for the company were unaffected by the event.

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

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.

Magellan Midstream Partners, L.P., a master limited partnership (MLP) formed to own energy assets, announced that its Q311 distribution would be C$0.80 per common unit, which was above the estimates of brokerage firm Wunderlich Securities.

Investment bank Dundee Securities recently began covering Wild Stream Exploration (WSX:TSXV) and provided it with a Buy rating and a target share price of C$14.50.

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.