A recent report from the Casper Star-Tribune reveals that oil and gas industry insiders believe that while development of the Niobrara shale formation is proceeding slowly, the region presents a number of strong opportunities.

Texas-based Range Resources (RRC:NYSE) recently challenged a drilling ordinance in a small Pennsylvania town in an attempt to get better access to the Marcellus shale.

Financial services firm Raymond James maintained its OUTPERFORM rating for junior oil and gas company Twin Butte Energy Inc. (TBE:TSX) and lowered its target stock price for the company to C$3.50 from C$3.75.

Investment dealer Dundee Securities reaffirmed its BUY rating for Tamarack Valley Energy (TVE:TSX) as well as its target share price of C$0.70.

Australia-based research firm Macquarie Equities Research reaffirmed its OUTPERFORM rating for Strategic Oil and Gas (SOG:TSX) and maintained its target share price of C$2.50.

A circuit court judge recently overturned the ban on Marcellus shale gas drilling in Morgantown, West Virginia.

Macquarie Equities Research maintained its OUTPERFORM rating for WesternZagros Resources (WZR:TSX) and left its target share price of C$1.45 unchanged. This target price is based on a multiple of 1x RENAV.

Canada-based Dundee Securities reiterated its BUY rating for Vero Energy (VRO:TSX) but reduced the company's target share price to C$7.50 from C$8.50.