Pamela Schreiber
Investor Relations
Resource America, Inc.
1521 Locust Street - 4th Floor
Philadelphia, PA 19102
(215) 546-5005
(215) 546-5388 (facsimile)


Philadelphia, PA, 9/29/1998 - Resource America, Inc. (NASDAQ:REXI) (the "Company") announces it has completed the acquisition of The Atlas Group, located in Pittsburgh, Pennsylvania. Atlas currently owns, operates and manages interests in more than 1400 oil and gas wells, and 650 miles of gas gathering pipelines, located predominantly in Pennsylvania and Ohio. Atlas owns in excess of 155,000 acres of mineral rights and manages more than 25 energy related partnerships and joint ventures.

The Company further reports that the transaction costs of $63 million include the assumption of debt, cash and 2.18 million newly issued shares of the Company's common stock.

Atlas has been a leading participant in the energy-finance industry for more than 25 years, offering energy related investment products through a nationwide network of broker/dealers. Currently they manage more than $300 million of energy assets.

With the acquisition of The Atlas Group, Resource America Inc.'s assets under management now exceed $1 billion. Resource America, Inc. is a specialty finance company engaged in real estate and energy finance, and equipment leasing.

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, climatic 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.
©2001 All Rights Reserved. | web site evolution