Capital is still flowing into the oil and gas industry, but volatile commodity prices and the need for additional infrastructure pose big challenges in North America—especially for small-cap names that can also have a tougher time attracting investors.

  In spite of these obstacles, seasoned investors often appreciate the growth potential for smaller E&P names with quality assets, strong balance sheets and proven management teams.

  Oil and Gas Investor recently asked four analysts to spotlight some upstream small-cap stocks that offer significant upside.

  Phil McPherson, partner, managing director and senior analyst, ...