Michael L. Staines
Chief Operating Officer
1521 Locust Street - 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Atlas Pipeline Partners, L.P. Announces Initial Public Offering
Philadelphia, PA, 1/27/2000 - Atlas Pipeline Partners, L.P. (AMEX:APL) announces that it has completed the initial public offering of 1,500,000 of its common units at a price of $13 per unit - a total subscription of $19.5 million, representing 47% of the Partnership's total outstanding units. The remaining units, representing 53% of the Partnership are held by its general partner, Atlas Pipeline Partners, GP, a subsidiary of Atlas America, Inc. Atlas America, Inc. is the energy finance subsidiary of Resource America, Inc. (NASDAQ:REXI). If the underwriters exercise the over-allotment of 225,000 common units, 49% of the Partnership's total outstanding units will have been sold with the GP retaining 51%.
Atlas Pipeline Partners, L.P. was formed to acquire an interest in an Atlas America's existing natural gas gathering pipeline system located in Eastern Ohio, Western Pennsylvania and Western New York. The Partnership will earn revenue for the transportation of natural gas from more than 3,300 wells currently connected to its 890-mile long pipeline system. The Partnership will seek to add transportation volume through the addition of new wells and through the acquisition of other gathering systems in adjacent gas producing areas.
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.