AmericanEnergyReport.com

April 06, 2011 08:40 ET

American Energy Report Issues Wednesday AM Update: Citigroup, National Semiconductor, Microsoft and UnionTown Energy

American Energy Report's Morning Update Features Citigroup Inc. (C), National Semiconductor Corp.(NSM), Microsoft Corp. (MSFT) and UnionTown Energy Inc. (UTOG).

LAS VEGAS, NEVADA--(Marketwire - April 6, 2011) -

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

Oil and Gas Update: 1.85 Billion Barrels of Oil and Counting

North Dakota's oil industry celebrated its 60th anniversary on Monday, and it's showing no signs of aging.

Some 1.85 billion barrels of oil have been produced to date in North Dakota, according to State Industrial Commission records, with at least twice that amount still trapped in the Bakken shale and the Three Forks formations.

Wildcat drillers played a lead role a decade ago in uncorking the state's shale oil riches – as well as those of neighboring Montana – and today junior producers such as UnionTown Energy Inc. (UTOG) continue to drive discovery and production. UnionTown closed yesterday just off its high at $1.72.

UnionTown Energy Invests in the Heath Formation

Last month, UnionTown signed a definitive agreement to acquire a Montana shale oil property in the Heath formation. The property, known as the Musselshell, has an estimated recoverable oil reserve of 10.4 million barrels.

Recently, the company announced it was close to finalizing a second Montana acquisition in the nearby Madison shale formation, and it has placed a down payment on a third property.

Investors have been attracted by UnionTown's aggressive moves to lock up prospective shale oil properties. From $0.87 on March 14, 2011, UTOG rose to a high of $2.60 on March 24, 2011. That's a gain of almost 200%.

Big Bank News

Citigroup Inc. (C) has recommended betting on the pound against the euro based on expectations that the gap between central bank interest rates will narrow and euro-area credit risk will rise relative to that in Britain.

"The latest surge in euro-pound has outpaced the move in foreign-exchange fundamentals," New York's Greg Anderson and Valentin Marinov in London wrote today in an investor report.

Takeover News

Shares of National Semiconductor Corporation (NSM) shot up 71% yesterday on takeover news. Old-style analog chips would appear to be fashionable again after Texas Instruments hatched a deal to acquire National Semiconductor for about $6.5 billion.

Long neglected on Wall Street, makers of analog chips -- which manage power, among other things, in everything from tablets to refrigerators -- look set to gain a new investor following.

Technology News

Microsoft Corporation (MSFT) has reported it will unveil a beta version of Silverlight 5 in Las Vegas next week at its MIX11 conference (April 12, 2011 to April 14, 2011). The software maker said it believes Silverlight delivers the richest set of capabilities available to developers today, making the choice of Microsoft technologies even more compelling.

About American Energy Report

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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