SOURCE: Atlas America, Inc.

December 05, 2006 17:56 ET

Atlas Energy Resources, LLC Commences Initial Public Offering

PHILADELPHIA, PA -- (MARKET WIRE) -- December 5, 2006 -- Atlas Energy Resources, LLC ("Atlas Energy"), which will own and operate substantially all of the natural gas and oil production assets and the investment partnership management business of Atlas America, Inc. (NASDAQ: ATLS), announced today that it will commence an initial public offering of 6,325,000 of its common units. The offering will be made pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission. Atlas Energy's common units have been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the ticker symbol "ATN."

This offering represents an approximate 17% interest to the public in Atlas Energy. Subsequent to the offering, the remaining approximate 83% interest in Atlas Energy will be owned by Atlas America, Inc. The underwriters will be granted a 30-day option to purchase up to 948,750 additional units.

UBS Investment Bank is acting as the sole book-running manager and A. G. Edwards and Wachovia Securities are joint-lead managers for the offering. In addition, RBC Capital Markets, Friedman Billings Ramsey, KeyBanc Capital Markets, Credit Suisse, Sanders Morris Harris and Stifel Nicolaus are acting as co-managers for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell nor the solicitation of an offer to buy any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. Offers will be made by means of the prospectus. A copy of the preliminary prospectus relating to this offering and the final prospectus, when available, may be obtained from UBS Investment Bank, c/o Prospectus Department, 299 Park Avenue, New York, New York 10171, telephone 212-821-3000, or from any of the other underwriters.

Atlas Energy Resources, LLC is an energy company focused on the development and production of natural gas and, to a lesser extent, oil principally in the Appalachian Basin. Atlas Energy sponsors and manages tax advantaged investment partnerships, in which it coinvests, to finance the exploitation and development of its acreage.

Atlas America, Inc. will own an 81% common unit interest and all of the Class A and management incentive interests in Atlas Energy Resources, LLC.

Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. Atlas Energy's actual results, performance or achievements could differ materially from those expressed or implied in this release.

Contact Information

  • Contact:
    Brian Begley
    Investor Relations
    1845 Walnut Street - Suite 1000
    Philadelphia, PA 19103
    (215) 546-5005
    (215) 546-5388 (facsimile)