AmericanEnergyReport.com

April 04, 2011 08:45 ET

American Energy Report Issues Monday AM Energy Update: Citigroup, Bank of America, AT&T, Ford and UnionTown Energy Inc.

American Energy Report's Morning Update Features: Citigroup Inc.(C), Bank of America(BAC), AT&T Inc.(T), Ford Motor Co.(F) and UnionTown Energy Inc.(UTOG).

LAS VEGAS, NEVADA--(Marketwire - April 4, 2011) -

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Energy Update: Oil & Gas

The growth in shale gas production in recent years is one of the most dynamic stories in U.S. energy markets, reports the U.S. Energy Information Administration in its "Annual Energy Outlook 2011."

In its report, the administration doubled its projected U.S. reserves of shale gas to 827 trillion cubic feet, a near 100-year supply that could turn the U.S. from an importer to a net exporter of this key resource.

A few years ago, most analysts foresaw a growing U.S. reliance on imported sources of natural gas, and significant investments were being made in regasification facilities for imports of liquefied natural gas (LNG). Today, the biggest questions surround exactly how vast the shale gas resource could be.

While large U.S. oil companies such as Chevron (CVX), ConocoPhillips (COP), Marathon (MRO), and Occidental (OXY), dominate the news, it is small wildcatters like UnionTown Energy Inc. (UTOG) that have been responsible for this energy breakthrough. Using new approaches and technologies such as horizontal wells and hydraulic fracturing, they have unlocked previously inaccessible natural gas from shale beds located thousands of feet underground.

UnionTown Energy, Inc. (UTOG) is quickly making a name for itself based on its focus in the oil massive reserves trapped in the Heath formation in central Montana. The company's share price climbed from $0.87 on Monday, March 14 to close at $1.68 on Friday, April 1. That's a gain exceeding 90%.

Recently, UnionTown announced it was close to finalizing a new property acquisition in the Madison Formation, located in the northern part of the state. The property is situated in a prolific oil and gas district, with more than 300 million barrels of oil and 500 billion cubic feet of natural gas produced to date within a 50-mile radius.

Big Bank News

Citibank has been sued for the recovery of more than US$1.3bil in cash and other assets by the trustee overseeing the liquidation of Lehman Brothers Holdings' broker-dealer.

Among the assets is US$1bil deposit that Citibank demanded to supply foreign exchange settlement services to broker-dealer Lehman Brothers Inc. (LBI) after its parent filed for Chapter 11 bankruptcy protection, according to a complaint filed in US bankruptcy court in Manhattan on Friday.

Daniel Tenengauzer, 42, is apparently stepping down from his Bank of America Merrill Lynch role as co-head of emerging-market currency and rates strategy. According to a Bloomberg report, Tenengauzer plans to join a money management firm.

Ford Zooms Past GM

Ford Motor Co. surpassed General Motors in total sales for the month of March. Ford Motor Co. sold about 6,150 more vehicles than GM for the month, with sales totaling 212,777. Ford had a 14 percent increase in retail sales and a 19 percent increase in total sales, while GM had an 11 percent increase in total sales for March, with dealers reporting total sales of 206,621.

Democratic Federal Communications Commissioner Michael Copps this week expressed concern about the pending AT&T-T-Mobile merger, calling it a "paradigm-altering transaction."

Technology

AT&T is facing stiff headwinds in its proposed merger with T-Mobile. Democratic Federal Communications Commissioner Michael Copps voiced concerns this week, calling the merger "paradigm-altering transaction."

AmericanEnergyReport.com provides its subscribers with the investment tools they need to realize double- and triple-digit gains. Our alert on UnionTown Energy gave our subscribers the opportunity to earn up to 200% in profits in just two weeks.

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