April 08, 2011 13:32 ET

American Energy Report Issues Friday PM Update on Citigroup, Bank of America and Ford; UnionTown Energy Jumps 30% on Acquisition News

Afternoon Update Features Citigroup (C), Bank of America (BAC), Ford (F) and UnionTown Energy (UTOG)

LAS VEGAS, NEVADA--(Marketwire - April 8, 2011) -

Editor's Note: There are two photos associated with this press release.

Big Bank News: Despite its woes in Indonesia, where allegations of fraud against an employee have led to a ban on some of its business, Citigroup Inc. (C) has won an endorsement from Sterne Agee. Analyst Todd Hagerman slapped the buy button on the company, citing its international exposure, the wind-down of the Citi Holding's portfolio, a solid balance sheet, a low valuation.

Bank of America (BAC) mortgage rates for refinancing have been at attractive levels over the last several years and that continues into the second weekend of April as we are seeing home loan interest rates at 4.75%. Bank of America is one of the largest mortgage lenders in the country.

Ford Motor (F) ended Thursday's trading session at $15.53. In the past year, the stock has ranged from a low of $9.75 to high of $18.97. Support is evident around $15.23 and resistance in the $15.97 range. Technical indicators are bullish and S&P gives F a positive 4 STARS (out of 5) buy rating.

Oil and Gas Update: UnionTown Energy (UTOG)'s announcement of a new shale oil property acquisition on April 6, 2011 has ignited a 2-day 30% rally in its stock price.

The Musselshell oil and gas property is an approximately 7,000-acre site in central Montana that straddles the Heath and Amsden shale formations.

Time Magazine Profiles Shale Oil Boom

Time Magazine may have helped boost UnionTown's share price increase with its April cover report on America's "homegrown shale-oil boom." The article points out that improved extraction technology, coupled with the ceaseless rise in oil prices, have created the ideal market for U.S. oil producers.

"Using new drilling methods, like hydraulic fracturing -- the technique that has fueled the shale natural-gas boom over the past few years -- producers are reviving flagging onshore domestic production," reported Time.

America's shale-oil deposits are largely located in the northern Great Plains, where the U.S. government says the largest oil deposits outside Alaska sit relatively untouched. In recent weeks UnionTown Energy (UTOG) has doubled its share value, as investors in the US and elsewhere start to realize the obvious potential of the region and its resources.

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