April 08, 2011 08:46 ET

American Energy Report Issues Friday Update On Citigroup, Bank of America and UnionTown Energy

Morning Update Features Citigroup (C), Bank of America (BAC) and UnionTown Energy Inc. (UTOG).

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

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

Big Bank News:Citigroup (C)'s ban by the Indonesian government from selling wealth management services could seriously affect the company's share price, according to an analyst long bullish on the stock. The ban was implemented after a Citigroup employee was accused of stealing $2 million from clients. "It's very negative," says Richard Bove, an analyst with Rochdale Securities. Indonesia is the fourth largest country in the world in terms of population and its one of the fastest growing in terms of wealth creation.

Bank of America Corp (BAC), America's largest lender by assets, tried to throw out a complaint that accuses it of not living up to its obligations to homeowners who wish to modify mortgage loans and avoid foreclosure. The bank, say borrowers, "systematically failed" to comply with a U.S. government program aimed at slowing foreclosures and has violated contracts for modifying loans, according to a complaint in Boston federal court that consolidates cases from across the country.

Energy News: Energy companies eager to participate in the shale oil and gas era are snapping up other companies that have deeds to land with access to reserves. Early position juniors such as UnionTown Energy (UTOG) – along with their shareholders – stand to be major beneficiaries of this emerging trend. Could UnionTown potentially be an acquisition target?

The Montana oil and gas company recently acquired the Musselshell oil and gas property, which is located on the Heath formation in central Montana and contains an estimated recoverable oil reserve of 10.4 million barrels. Another shale oil property UnionTown is negotiating to buy has an estimated recoverable reserve of 2.8 million barrels.

UnionTown announced completed its acquisition of Musselshell on April 6, 2011. Since then the price of its shares have soared more than 30% to close yesterday at $2.27.

In a report released on Tuesday, the U.S. Energy Information Administration said there are about 5.760 trillion cubic feet of recoverable shale gas resources in 32 foreign countries. The U.S., meanwhile, has about 862 tcf of the resource. Two multibillion-dollar deals in the first quarter show the interest companies have in scooping up shale plays for the resources and technology to access both oil and gas reserves.

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