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AmericanEnergyReport.com

April 15, 2011 08:45 ET

Citigroup and Bank of America Down, Sprint Up in Yesterday's Trading; UnionTown Energy (UTOG) Keeps Buying Oil Properties

American Energy Report's Friday Morning Update Features Citigroup (C), Bank of America (BAC), Sprint Nextel (S) and UnionTown Energy (UTOG)

LAS VEGAS, NEVADA--(Marketwire - April 15, 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), Sprint Nextel (S) and UnionTown Energy Inc.(UTOG).

Banking News

Citigroup Inc. (C) offered 12 million shares of Primerica Inc (PRI.N) at $22.75 yesterday (04/24/22), raising $273-million. This cuts Citigroup's ownership in its life insurance unit to approximately 20 percent. Citigroup started to spin off Primerica last year after failing to sell the business. Citigroup has granted the underwriters an option to buy an additional 1.8-million shares.

Bank of America (BAC) has announced a plan to increase annual revenue by close to $180-million through the application of $59 membership fees to 5% of its credit-card accounts, starting May. These fees may break the intentions of new credit card laws, perhaps showing a strange attitude toward underwriting at Bank of America, which may preclude future trouble for Bank of America's credit card unit.

Telcom News

Sprint Nextel (S) will allow direct carrier billing through apps purchased on the Android Market. Verizon Wireless becomes the remaining major provider not offering the service. Rather than using credit cards, subscribers of Sprint using the Android platform can pay for apps on their monthly bill. According to Google, a phased rollout will reach all of Sprint's customers in the next few days.

Energy News

UnionTown Energy Inc. (UTOG) aims to acquire an 11,000+-acre Teton River oil and gas property in northwest Montana, according to an official company release. The company remains on the march to buy as much of Montana's shale oil fields as it can get its hands on.

Drilling on Teton River will target the Swift Sandstone oil field. The reserve was first identified around 1980 and led to exploration efforts in the area. Other recent acquisitions of oil and gas properties in Montana's energy-rich shale fields could make UTOG a takeover target. According to a Tribune-Review report, foreign companies are on the prowl for energy assets inside America's borders.

A leading player in the natural gas grab is China, whose thirst for energy to fuel its industrial explosion is growing rapidly. Others include the governments of South Korea and India, and companies in Great Britain, the Netherlands, Norway, Japan and Australia.

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%.

UnionTown says the acquisitions have substantially increased the company's value and given it leverage to pursue future acquisitions.

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