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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. APL’s strategy is to add new wells to its systems, acquire additional systems and enter into agreements with other producers. The Company’s goal is to increase the amount of gas transported by its gathering systems and become a leading natural gas gatherer in the Appalachian Basin.

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 Company’s producing oil and gas assets and mineral rights in Fayette County, Pennsylvania.

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