Highlights of Atlas Energy's operations (as previously reported) and financial results include the following:

Atlas Energy successfully drilled and completed two additional horizontal Marcellus Shale wells in southwestern Pennsylvania: one in western Fayette County and another in eastern Greene County. The Fayette County well, which is the first horizontal Marcellus Shale well drilled and completed in the county, has produced into a pipeline an average of 3.3 million cubic feet per day ("Mmcf/d") for its first 30 days. This well inclined for most of its first 30 days and is showing very little decline after 40 days. The Company's second horizontal Marcellus Shale well drilled during 2009 in Greene County is exhibiting a similar flat production profile after an initial peak rate of 3.5 Mmcf/d. Both of these wells are producing at rates that exceed the Company's assumed 4 billion cubic feet ("Bcf") type curve. Atlas's last four horizontal Marcellus Shale wells that were turned into line in southwestern Pennsylvania had an average peak 24-hour rate of 5.1 Mmcfe/d;

During the first nine months of 2009, Atlas successfully drilled 14 horizontal Marcellus Shale wells. Four of these wells are online, one is flowing but not yet online, three will be returned to production as a gas processing plant has been brought back onto production this week, and six are yet to be frac'd;

Adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA"), a non-GAAP measure, was $56.2 million for the Company's Exploration and Production operations ("E&P Operations") for the third quarter 2009, as compared with $75.9 million for the prior year comparable quarter. The decrease from the prior year comparable quarter was primarily related to 1) lower commodity prices, partially offset by higher natural gas production volumes and strong hedge protection, and 2) the comparable year over year timing of the offering of direct investment programs (funds received in the fourth quarter 2009 are already five times higher than funds received in the third quarter 2009). As a result of the currently realized and continued expected increase in direct investment funds received in the fourth quarter 2009, and higher anticipated production volumes and realized natural gas prices compared to the third quarter 2009, the Company expects to generate $68 million to $72 million of adjusted EBITDA in the fourth quarter 2009. A reconciliation from net income to adjusted EBITDA is provided in the financial tables of this release;

The Company reaffirms its 2009 total production guidance of 37 to 37.5 billion cubic feet equivalents ("Bcfe"), up approximately 7% from 2008, and between 45 and 50 Bcfe for 2010, up 28% at the midpoint compared to estimated 2009 production. Due to increasing Marcellus Shale production, Atlas Energy expects to exit 2009 with over 50 million cubic feet ("Mmcf") per day of net production in Appalachia and expects this figure to more than double by the end of 2010;

Atlas Energy's natural gas and oil production in Appalachia was 41.3 million cubic feet equivalents ("Mmcfe") per day for the third quarter 2009, compared to 35.7 Mmcfe per day for the prior year third quarter, up approximately 16%. The increase is due primarily to Atlas Energy's expanding drilling programs and increased production from the Marcellus Shale. Michigan segment natural gas production was 58.6 Mmcfe per day in the third quarter 2009, compared to 60.5 Mmcfe per day in the prior year comparable quarter, but higher than the second quarter 2009 production of 58.1 Mmcfe per day; and

Adjusted net income was $3.8 million for the third quarter 2009 compared with $9.9 million for the prior year third quarter. Adjusted diluted net income per share was $0.09 for the third quarter 2009 compared with $0.23 per share for the third quarter 2008. Inclusive of the impact of the consolidation of Atlas Pipeline Partners, L.P. ("APL") and Atlas Pipeline Holdings, L.P. ("AHD") and other items, on a GAAP basis, the Company recognized a net loss of $0.7 million for the third quarter 2009 compared with net income of $24.1 million for the prior year third quarter. A reconciliation of net income to adjusted net income is provided in the financial tables of this release.

Recent Events

On September 29, 2009, Atlas America, Inc. and Atlas Energy Resources, LLC ("ATN") completed their merger (the "Merger") to form Atlas Energy, Inc. Atlas Energy's common stock continues to trade on NASDAQ under the symbol "ATLS." Atlas Energy expects to continue the accelerated expansion of its leading Marcellus Shale position in southwestern Pennsylvania with retained cash flows from operations. As a result of the Merger, Atlas Energy has a single class of publicly traded common equity with one board of directors.

Atlas Energy began marketing the $275 million Atlas Resources Public #18-2009 (C) drilling program (1) in September of this year. When combined with the $125 million Atlas Resources Public #18-2009 (B) drilling program completed earlier this year, Atlas expects to raise approximately $400 million in 2009 through its direct investment programs.

ATN's bank group, as a result of the regularly scheduled semi-annual review, approved ATN's borrowing base related to its senior secured revolving credit facility at $575 million. All other terms and conditions remain the same. JP Morgan led the group of 26 lenders in the review process. As of September 30, 2009, ATN had $270 million outstanding against the revolving facility.

Appalachia Segment

Atlas Energy drilled 19 gross vertical Marcellus Shale wells and 5 gross horizontal Marcellus Shale wells in the third quarter 2009.

As of September 30, 2009, the Company held approximately 873,600 net acres in the Appalachian Basin, of which approximately 599,800 were undeveloped.

As of September 30, 2009, the Company had an interest in approximately 9,900 gross producing wells in Appalachia, of which it operated approximately 85%.

Partnership management margin (2) was $18.1 million for the third quarter 2009, compared to $23.0 million for the prior year third quarter. The lower partnership management margin in the third quarter 2009 compared to the prior year was due primarily to the comparable year over year timing of the offering of direct investment programs.

Michigan/Indiana Segment

Natural gas and oil production from the Michigan segment averaged 58.6 Mmcfe per day during the third quarter 2009, up from 58.1 Mmcfe per day in the second quarter 2009.

At September 30, 2009, the Company had approximately 271,900 net acres in the Antrim Shale in Michigan, of which approximately 26,400 were undeveloped. The Company also had access to approximately 250,000 gross acres in the New Albany Shale in Indiana, of which approximately 243,000 acres were undeveloped.

Corporate and Other

General and administrative expense, excluding amounts attributable to APL and AHD, was $22.5 million for the third quarter 2009, compared to $14.4 million for the prior year comparable quarter. The increase in the third quarter 2009 compared to the prior year was primarily related to 1) $6.1 million of non-recurring expenses related to the Merger and 2) the timing of the offering and receipt of funds associated with the direct investment programs, which influences the capitalization of costs directly related to those programs.

Depreciation, depletion and amortization expense, excluding amounts attributable to APL and AHD, was $24.6 million in the third quarter 2009, compared to $23.6 million in the prior year comparable quarter. The increase was due primarily to the increase in production in the Company's Appalachia segment, notably from Marcellus Shale production.

Interest expense, excluding amounts attributable to APL and AHD, was $18.5 million for the third quarter 2009, compared to $14.8 million for the prior year third quarter. The increase in interest expense was primarily due to ATN's $200 million 12.5% senior note offering in July 2009, partially offset by lower average borrowings under its credit facility.

Hedging Summary

The Company entered into additional hedging contracts during the third quarter 2009 for its natural gas production.

A summary of the Company's current equity hedge positions as of November 5, 2009 is as follows:

Natural Gas

 Fixed Price Swaps                                                           
                      Average                                                
 Production Period    Fixed Price         Volumes                            
 Ended December 31,   (per mcf)((1)(2))   (per mcf)((1))                     
 2009((3))            $  8.48                7,338,385                       
 2010                 $  7.75                25,551,562                      
 2011                 $  7.20                16,073,364                      
 2012                 $  7.23                13,954,642                      
 2013                 $  7.27                9,886,929                       
                                                                             
 Costless Collars                                                            
                      Average             Average                            
 Production Period    Floor Price         Ceiling Price       Volumes        
 Ended December 31,   (per mcf)((1)(2))   (per mcf)((1)(2))   (per mcf)((1)) 
 2009((3))            $  11.25            $  15.68            42,746         
 2010                 $  8.03             $  9.22             2,420,645      
 2011                 $  6.45             $  7.68             8,685,232      
 2012                 $  6.67             $  7.88             7,650,684      
 2013                 $  6.77             $  8.00             8,773,111      


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Crude Oil

 Fixed Price Swaps                                                  
                      Average                                       
 Production Period    Fixed Price      Volumes                      
 Ended December 31,   (per bbl)((1))   (bbls)((1))                  
 2009((3))            $  98.85            9,017                     
 2010                 $  97.30            36,977                    
 2011                 $  69.77            32,194                    
 2012                 $  71.55            26,139                    
 2013                 $  72.26            5,900                     
 Costless Collars                                                   
                      Average          Average                      
 Production Period    Floor Price      Ceiling Price    Volumes     
 Ended December 31,   (per bbl)((1))   (per bbl)((1))   (bbls)((1)) 
 2009((3))            $  85.00         $  115.72        5,589       
 2010                 $  85.00         $  112.72        23,442      
 2011                 $  60.00         $  80.92         20,361      
 2012                 $  60.00         $  86.50         16,777      
 2013                 $  60.00         $  88.90         3,540       


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 ((1))   "Mcf" represents thousand cubic feet; "bbl" represents barrel.                                
 ((2))   Includes an estimated positive basis differential and Btu (British thermal units) adjustment. 
 ((3))   Reflects hedges covering the last three months of 2009.                                       


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Interest in Atlas Pipeline and Atlas Pipeline Holdings

Through Atlas Energy's controlling interest in Atlas Pipeline Holdings, L.P. (NYSE: AHD), which owns and operates the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL) and owns 5.8 million limited partner units in APL, the Company recognizes approximately 11% of APL's net income after eliminating minority interest from non-controlling parties. A consolidating statement of operations and balance sheet has been provided in the financial tables of the release, which segregates the Atlas Energy E&P Operations financial results from the Atlas Pipeline midstream financial results.

Interested parties are invited to access the live webcast of an investor call with management regarding Atlas Energy, Inc.'s third quarter 2009 results on Friday, November 6, 2009 at 9:00 am ET by going to the Investor Relations section of Atlas Energy's website at www.atlasenergyresources.com. For those unavailable to listen to the live broadcast, the replay of the webcast will be available following the live call on the Atlas Energy website and telephonically beginning at 12:00 p.m. ET on November 6, 2009 by dialing 888-286-8010, passcode: 75002061.

(1) Atlas Energy's subsidiary serves as managing general partner of the partnership. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained from Anthem Securities, Inc. (a subsidiary of Atlas Energy), 1550 Coraopolis Heights Rd. -- 3rd Floor, Moon Township, PA 15108.

(2) Partnership management margin is comprised of Well Construction & Completion margin, Well Services margin and Administration & Oversight Fee revenues.

The Company has a 100.0% ownership interest in Atlas Energy Resources, LLC ("ATN"), an approximate 2.2% direct ownership interest in Atlas Pipeline Partners, L.P. ("APL"), a publicly-traded limited partnership, and an approximate 64.4% limited partner interest and 100% of the general partner interest in Atlas Pipeline Holdings, L.P. ("AHD"). The Company's financial results are presented on a consolidated basis with those of ATN, AHD, and APL. Non-controlling minority interests in ATN, AHD, and APL are reflected as income (expense) in the Company's consolidated statements of operations and as a component of stockholders' equity on its consolidated balance sheet. A consolidating statement of operations and balance sheet has also been provided in the financial tables to the release for the comparable periods presented.

Please see the respective AHD and APL earnings releases for more information with regard to their third quarter 2009 financial results.

Atlas Energy, Inc. is one of the largest independent natural gas producers in the Appalachian and Michigan Basins and a leading producer in the Marcellus Shale in Pennsylvania. Atlas Energy, Inc. is also the country's largest sponsor and manager of tax-advantaged energy investment partnerships. Atlas Energy, Inc. also owns 1.1 million common units in Atlas Pipeline Partners, L.P. (NYSE: APL) and a 64% interest in Atlas Pipeline Holdings, L.P. (NYSE: AHD), a limited partnership which owns the general partner interest, all the incentive distribution rights and approximately 5.8 million common units of Atlas Pipeline Partners, L.P. For more information, please visit our website at www.atlasamerica.com, or contact Investor Relations at InvestorRelations@atlasamerica.com.

Atlas Pipeline Partners, L.P. is active in the gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, southern Kansas, northern and western Texas and the Texas panhandle, APL owns and operates eight active gas processing plants and a treating facility, as well as approximately 8,750 miles of active intrastate gas gathering pipeline. In Appalachia, APL is a 49% joint venture partner with Williams in Laurel Mountain Midstream, LLC, which manages the natural gas gathering system in that region, namely from the Marcellus Shale in southwestern Pennsylvania. For more information, visit the Partnership's website at www.atlaspipelinepartners.com or contact investorrelations@atlaspipelinepartners.com.

Atlas Pipeline Holdings, L.P. is a limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P., through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.8 million common of Atlas Pipeline Partners, L.P.

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Atlas Energy, Inc. cautions readers that any forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not limited to, statements about the benefits of the recently completed merger between a subsidiary of Atlas America and Atlas Energy Resources, including future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. Risks, assumptions and uncertainties that could cause actual results to materially differ from the forward-looking statements include, but are not limited to, those associated with general economic and business conditions; changes in commodity price; inability to obtain capital needed for operations; the level of indebtedness; changes in government environmental policies; tax consequences of business transactions; and other risks, assumptions and uncertainties detailed from time to time in either company's reports filed with the U.S. Securities and Exchange Commission (the "SEC"), including each company's report on Form 10-K for the year ended December 31, 2008, and subsequent quarterly reports on Forms 10-Q. Forward-looking statements speak only as of the date hereof, and each company assumes no obligation to update such statements.

 ATLAS ENERGY, INC.