ATLAS PIPELINE PARTNERS, L.P.
In August 1999 the Company formed Atlas Pipeline
Partners, L.P. (Amex:APL), and 2000 saw the completion of
the initial public offering. The Company continues
to own 51% of the limited partnership interest and
100% of the incentive-oriented general partnership.
APL owns and operates natural gas pipeline gathering
systems in Pennsylvania, Ohio, and New York, which
it acquired from Resource America, Inc. As a gatherer
of natural gas, APL derives revenues solely from fees
paid by owners of gas to have their gas transported
from wells to designated delivery points. The systems
mainly deliver gas to a variety of local distribution companies and major inter and intrastate pipeline systems. APLs strategy
is to add new wells to its systems, acquire additional
systems and enter into agreements with other producers.
The Companys goal is to increase the amount
of gas transported by its gathering systems and become
a leading natural gas gatherer in the Appalachian
In January 2001 the Company announced that Atlas
America, Inc. acquired Kingston Oil Corporation for
$3.7 million and APL acquired the natural gas gathering
system of Kingston Oil Corporation.
In March 2001 APL closed the acquisition
of the gas gathering system of American Refining and
Exploration Company located in Fayette County, Pennsylvania.
In a separate transaction, Atlas America, Inc. closed
its acquisition of American Exploration and Refining
Companys producing oil and gas assets and mineral
rights in Fayette County, Pennsylvania.
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