Resource America, Inc.
1521 Locust Street - 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America Announces Record Sales in Energy Investment Program
Philadelphia, PA, 10/8/2022 - Resource America, Inc. (NASDAQ:REXI)(the "Company") announced today that Atlas America, Inc. ("Atlas"), its wholly owned subsidiary engaged in energy development, finance and asset management, has closed its "Atlas Energy for the Nineties-Series 19 Ltd." private investment partnership having achieved record sales of $16 million compared with sales of $11.2 million in the 1998 program. This represents a complete subscription of the amount offered including the greenshoe amount of $4 million.
The $16 million raised will fund approximately 80 Appalachian Basin development wells that represent almost 20 billion cubic feet of natural gas equivalent reserves under management by Atlas (6 billion cubic feet net to Atlas). Along with the individual investors in the partnership, Atlas will acquire a significant stake by contributing to the development costs of the 80 wells to earn a 31.5% working interest in the partnership.
Resource America, through its Atlas subsidiary, has been a leading participant in the energy finance industry for more than 26 years, providing drilling, operating and supervisory services for more than $380 million of independent investor funds now under management. Atlas manages more than 85 partnerships and joint ventures, operates and holds interests in more than 3,300 wells with proved, developed and producing reserves of more than 53.2 billion cubic feet of natural gas equivalent to the Company's interest. Atlas also owns and/or operates more than 1,300 miles of natural gas gathering pipeline and holds mineral rights underlying more than 406,000 acres of land.
Resource America, Inc. operates a diversified financial services company engaged in equipment leasing, energy and energy finance, and real estate finance.
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The company's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy finance industry, climactic conditions and the price of oil and gas in the Appalachian area, actual versus projected volumetric production from the Company's energy investments, and the cost of supplies and services in the energy industry.