April 14, 2011 08:45 ET

Citigroup and Bank of America Down; Alcatel-Lucent Up; UnionTown Energy (UTOG) Signs LOI for New Property

American Energy Report's PM Update Features Citigroup (C), Bank of America (BAC), Alcatel-Lucent (ALU) and UnionTown Energy (UTOG)

LAS VEGAS, NEVADA--(Marketwire - April 14, 2011) -

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

Investment Updates: This afternoon's focus is on Citigroup (C), Bank of America(BAC), Alcatel-Lucent(ALU) and UnionTown Energy(UTOG).

Citigroup Inc. (C) was ordered to pay $54 million to two investors who lost big in several municipal bond hedge funds between 2002 and 2007. The investors were awarded $34.1 million in compensatory damages and $17 million in punitive damages.

Bank of America Corp. (BAC) CEO Brian Moynihan reportedly told a group of attorneys general in Charlotte, N.C., earlier this week that more than 50 percent of people who got assistance on mortgages to avoid foreclosures are defaulting again.

Alcatel-Lucent (ALU) traded at a new 52-week high of $6.14 yesterday. More than 77 million shares vs. average 30-day volume of 37.2 million shares. American Energy Report will be monitoring shares of ALU to see if this bullish momentum will continue.

Energy News:

UnionTown Energy (UTOG) yesterday signed a non-binding letter of intent to acquire the 11,000-plus acre Teton River oil and gas property in northwest Montana.

The news follows UnionTown's announcement on Friday that it had completed its previously reported acquisition of the New Miami oil and gas property in northwest Montana. Two days, earlier, the company closed its acquisition of the Musselshell property in central Montana.

Combined, the two acquisitions have an estimated recoverable oil reserve of 12.8 million barrels.

A $100,000 non-refundable deposit has been advanced on the signing of the Teton River LOI to be applied towards the final purchase price. Terms of the definitive agreement are being finalized and will be announced on closing of the transaction, which is expected to occur within the next 30 days.

The Swift Sandstone oil field is the primary reservoir target. Two nearby oil fields, the Bannatyne and Utopia, are currently producing from the Swift formation.

UnionTown believes that Swift Sandstone displays better porosity, oil saturation, permeability and feet of pay than that evident in either of the nearby fields. Previous exploration wells drilled on the Teton River property have shown positive oil results.

About American Energy Report 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. is one of the market's most trusted small-cap research firms. We alert investors to promising small-cap companies with high upside potential. Savvy investors understand that micro-cap stocks are able to generate greater returns in a matter of days than big-board stocks can deliver in an entire year. provides the most comprehensive public information and due diligence on small-stocks in the energy sector. To learn more and to become a subscriber, please visit

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