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AmericanEnergyReport.com

April 12, 2011 08:46 ET

Shares of Citigroup and Tenet Healthcare Down; Bank of America and UnionTown Energy (UTOG) Up in Yesterday's Trading

American Energy Report's Morning Review Features Citigroup (C), Tenet Healthcare (THC), Bank of America (BAC) and UnionTown Energy Inc. (UTOG).

LAS VEGAS, NEVADA--(Marketwire - April 12, 2011) -

Editors Note: There are two photos associated with this press release.

Investment Updates: This morning's focus is on Citigroup Inc. (C), Tenet Healthcare Corp. (THC), Bank of America Corp. (BAC) and UnionTown Energy Inc. (UTOG). UnionTown Energy (UTOG) share price showing strength following Friday's correction.

Citigroup Inc. (C)'s Mexican brokerage, Accival, has responded to Petroleos Mexicanos' improving fortunes by recommending all 28 of the Latin American oil producer's bonds. Petroleos Mexicanos, the region's largest oil producer, has reversed a six-year decline in crude output.

Tenet Healthcare Corp. (THC) has filed a lawsuit accusing Community Health Systems (CYH) of overstating its profits through the use of improper admissions practices. Tenet's share price was down in morning trading on the news.

Bank of America Corp. (BAC) reported it closed 43 branches in the first quarter of this year and has filed notices to close 68 more. According to a McClatchy Newspapers analysis of federal filings, the bank is closing the most branches in slower-growing states such as Michigan and New Jersey.

Energy News:

UnionTown Energy (UTOG) and other oil and gas companies targeting the shale fields in Williston Basin could benefit from a new government study. Sen. John Hoeven wants the U.S. Geological Survey (USG) to take another look at the Williston Basin to reevaluate the size of the recoverable oil reserve. According to Hoeven, a new assessment would bring more investment into the North Dakota oil sector.

The USGS has estimated up to 4.3 billion barrels of oil can be recovered from the Bakken in North Dakota and Montana by using current technology, but there is a strong feeling in the oil patch that the recoverable reserves are substantially greater that what has been shown by the USGS.

On Friday, UnionTown announced the completion of 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.

Oil and gas companies are moving quickly to acquire and explore shale oil and gas properties across the United States.

Both New Miami and Musselshell were previously explored using vertical well holes and are believed to be good candidates for further exploration using new horizontal drilling technology combined with hydraulic fracturing.

The estimated recoverable oil reserve in the two properties is 12.8 million barrels.

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

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