SOURCE: Atlas America, Inc.

August 09, 2007 22:47 ET

Atlas America, Inc. Files for Extension of Time to File Its Form 10-Q for the Second Quarter 2007

PHILADELPHIA, PA--(Marketwire - August 9, 2007) - Atlas America Inc. (NASDAQ: ATLS) ("Atlas America" or "the Company") reported today that it has filed for an extension of time to file its June 30, 2007 Form 10-Q with the Securities and Exchange Commission. The Company is evaluating the application of Staff Accounting Bulletin No. 51, Accounting by the Parent in Consolidation for Sales of Stock by a Subsidiary, ("SAB No. 51") with regard to equity transactions of its subsidiaries in prior years. The Company had previously concluded that SAB No. 51 did not apply to pass-through subsidiary entities. Upon further review, the Company has concluded that these equity transactions should be accounted for under the provisions of SAB No. 51 and needs additional time to evaluate the impact of SAB No. 51 on its previously issued financial statements. The Company has not yet determined whether application of SAB No. 51 will result in adjustments to its previously issued financial statements. However, the Company believes that adjustments, if any, to its prior year financial statements would result in either an increase in or have no effect on earnings. In addition, the adjustments, if any, would have a non-cash impact.

The Company does not expect any adjustments to its earnings for the three months and six months ended June 30, 2007 as previously reported. The Company expects to file its June 30, 2007 Form 10-Q on or before August 14, 2007.

For more information, please visit our website at www.atlasamerica.com, or contact Investor Relations at bbegley@atlasamerica.com.

Atlas America, Inc. (NASDAQ: ATLS) owns an approximate 64% limited partner interest in Atlas Pipeline Holdings, L.P. (NYSE: AHD), which holds the general partner interest and 5.5 million limited partner units of Atlas Pipeline Partners, L.P. (NYSE: APL), and an approximate 49% common unit interest and all of the Class A and management incentive interests in Atlas Energy Resources, LLC. For more information, please visit our website at www.atlasamerica.com, or contact Investor Relations at bbegley@atlasamerica.com.

Atlas Energy Resources, LLC (NYSE: ATN) is an energy concern focused on the development and production of natural gas and, to a lesser extent, oil principally in the Antrim Shale in Michigan and the Appalachian Basin. Atlas Energy sponsors and manages tax advantaged investment partnerships, in which it co-invests, to finance the exploration and development of its acreage in the Appalachian Basin and drills on its own account in the Antrim Shale. For more information, visit Atlas Energy's website at www.atlasenergyresources.com or contact investor relations at bbegley@atlasamerica.com.

Atlas Pipeline Holdings, L.P. (NYSE: AHD) is a limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P., through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.5 million common units of Atlas Pipeline Partners.

Atlas Pipeline Partners, L.P. (NYSE: APL) is active in the transmission, gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, Arkansas, northern and western Texas and the Texas panhandle, the Partnership owns and operates eight gas processing plants and a treating facility, as well as approximately 7,900 miles of active intrastate gas gathering pipeline and a 565-mile interstate natural gas pipeline. In Appalachia, it owns and operates approximately 1,600 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio. For more information, visit our website at www.atlaspipelinepartners.com or contact bbegley@atlaspipelinepartners.com.

Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Atlas America, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, inability of Atlas Pipeline or Atlas Energy to successfully integrate the operations at the acquired assets, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

Contact Information

  • CONTACT:
    Brian J. Begley
    Investor Relations
    Atlas America, Inc.
    1845 Walnut Street
    Philadelphia, PA 19103
    215/546-5005
    215/561-5692 (facsimile)