SOURCE: Atlas Energy Resources, LLC

September 04, 2007 11:00 ET

Atlas Energy Resources, LLC Acquires Additional Antrim Shale Reserves

PITTSBURGH, PA--(Marketwire - September 4, 2007) - Atlas Energy Resources, LLC (NYSE: ATN) ("Atlas Energy" or "the Company") announced today that the Company has purchased an additional 5.2 Bcfe of proved natural gas reserves for $10.7 million in the Central Lake and Forest Home Antrim Shale projects in which it already operates in northern Michigan. The assets consist of direct working interests in 53 wells in Antrim County and are expected to generate approximately $2.2 million of EBITDA in 2008. Atlas Energy will now have a 100% working interest in these projects. The acquisition is immediately accretive to distributable cash flow per common unit.

"This purchase provides our Company with additional long-lived reserves and is consistent with our strategy of consolidating additional assets in the Antrim Shale," stated Dick Redmond, President and CEO of Atlas Energy Michigan, LLC, a wholly owned subsidiary of the Company. "As operator of the Forest Home and Central Lake projects, these assets are familiar to our Company and afford us more potential opportunities in this core area of development."

Atlas Energy Resources, LLC is an energy concern focused on the development and production of natural gas and, to a lesser extent, oil principally in Michigan and Appalachian Basins. 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 of Michigan. For more information, visit Atlas Energy's website at www.atlasenergyresources.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.

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 Energy Resources, LLC 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, changes in local or national economic conditions and other risks detailed from time to time in Atlas Energy'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
    Vice President - Investor Relations
    Atlas Energy Resources, LLC
    215/546-5005
    215/561-5692 (facsimile)