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AmericanEnergyReport.com

April 18, 2011 08:45 ET

Citigroup, Wells Fargo and Microsoft All Declined in Friday's Trading, UnionTown Energy (UTOG) Gained Two Percent

American Energy Report's AM Update Features Citigroup (C), Wells Fargo (WFC), Microsoft (MSFT) and UnionTown Energy (UTOG).

LAS VEGAS, NEVADA--(Marketwire - April 18, 2011) -

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

Investment Updates: This morning's focus is on Citigroup(C), Wells Fargo(WFC), Microsoft(MSFT) and UnionTown Energy (UTOG).

Bank News

Citigroup Inc. (C), has announced it will open 200 branches and market more towards foreign- born customers to help revive its domestic retail bank.

Citigroup, which is the third largest bank in the U.S., will add the branches over three years. The expansion may including opening branches in Seattle and Atlanta, the only cities among 16 top markets where the bank doesn't have a presence.

Wells Fargo & Co. (WFC) is unable to claim $115 million in tax deductions. According to an appellate court's ruling, Wells Fargo's leases with public transit agencies and technology companies amount to "abusive tax shelters." The claim dates back to 2002.The leases were structured as sale-in, lease-out deals in which tax-exempt entities bestow their tax benefits to a taxpayer for a fee.

Technology News

Microsoft Corp (MSFT) is going to the U.S. Supreme Court in its battle with a small Canadian company. The case could challenge how patent laws protect exclusive technology. Toronto-based i4i has been fighting Microsoft since 2007 in a multimillion-dollar patent infringement suit. Industry players and observers will have a say on both sides of the issue when the case is heard today Washington. In 2009, i4i was awarded US$290 million in damages by a Texas jury.

Energy News

UnionTown Energy (UTOG) is targeting another shale oil property in Montana. On April 13, the company signed a non-binding letter of intent to acquire the 11,000-plus acre Teton River oil and gas property in the northwest part of the state.

Drilling on the Teton River property will primarily target the Swift Sandstone oil field. Two nearby oil fields, the Bannatyne and Utopia, are currently producing from the Swift formation.

A week earlier, UnoinTown reported it had completed its previously announced 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.

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.

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