Atlas Pipeline Partners, L.P. is active in the transmission, gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, Arkansas, northern and western Texas and the Texas panhandle, the Partnership owns and operates eight gas processing plants and a treating facility, as well as approximately 7,900 miles of active intrastate gas gathering pipeline and a 565-mile interstate natural gas pipeline. In Appalachia, it owns and operates approximately 1,600 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio. For more information, visit our website at www.atlaspipelinepartners.com or contact bbegley@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 units of Atlas Pipeline Partners.

SOURCE: Atlas Pipeline Partners, L.P.

Atlas Pipeline Partners, L.P. 
Brian Begley 
Investor Relations 
215-546-5005 
215-553-8455 (facsimile)

Expected next investor conference call information:
Conference Call Date: 11/5/2008
Conference Call Time: 9:00 AM
Conference Call URL: http://phx.corporate-ir.net/phoenix.zhtml?c=113240&p=irol-Guestbook&UniqueId=2001025&mp=irol-eventDetails&mpdp=EventId~2001025!WebCastId~806899!StreamId~1205962&pp=IROL-basicWebCast&ppdp=EventId~2001025!WebCastId~806899!StreamId~1205962&pph=339&ppw=270&rdu=&rdt=&upv=

Expected next dividend:
Dividend Announcement Date: 10/27/2008
Dividend Record Date: 11/10/2008
Dividend Pay Date: 11/14/2008
Dividend Amount: 0.96

Expected next investor conference call information:
Conference Call Date: 11/5/2008
Conference Call Time: 9:00 AM
Conference Call URL: http://phx.corporate-ir.net/phoenix.zhtml?c=113240&p=irol-Guestbook&UniqueId=2001025&mp=irol-eventDetails&mpdp=EventId~2001025!WebCastId~806899!StreamId~1205962&pp=IROL-basicWebCast&ppdp=EventId~2001025!WebCastId~806899!StreamId~1205962&pph=339&ppw=270&rdu=&rdt=&upv=

Expected next dividend:
Dividend Announcement Date: 10/27/2008
Dividend Record Date: 11/10/2008
Dividend Pay Date: 11/14/2008
Dividend Amount: 0.96

On October 27, 2008, the Partnership declared a quarterly cash distribution for the third quarter 2008 of $0.51 per common limited partner unit, an increase of $0.19 per unit, or 59.4%, from the comparable prior year period. This distribution will be paid on November 19, 2008 to common unitholders of record as of November 10, 2008.

APL also announced today that it is evaluating the potential combination with the Partnership and other potential strategic alternatives for Atlas Pipeline. APL is exploring deleveraging through the sale of all or portions of individual pipeline and/or processing assets. UBS Investment Bank has been engaged as an independent financial advisor to assist in the review of these and other strategic alternatives. Furthermore, APL is currently in discussions internally and with its affiliates. APL provides no assurance that the evaluation of these options will result in any specific transaction.

Interested parties are invited to access the live webcast of an investor call with management regarding Atlas Pipeline's third quarter 2008 results on Wednesday, November 5, 2008 at 9:00 a.m. EST by going to the home page of Atlas Pipeline's website at www.atlaspipelinepartners.com. An audio replay of the conference call will also be available beginning at 11:00 a.m. EST on Wednesday, November 5, 2008. To access the replay, dial 1-888-286-8010 and enter conference code 88966328.

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 units of Atlas Pipeline Partners.

Atlas Pipeline Partners, L.P. is active in the transmission, gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, Arkansas, southern Kansas, northern and western Texas and the Texas panhandle, the Partnership owns and operates eight active gas processing plants and a treating facility, as well as approximately 7,900 miles of active intrastate gas gathering pipeline and a 565-mile interstate natural gas pipeline. In Appalachia, it owns and operates approximately 1,600 miles of natural gas gathering pipelines in western Pennsylvania, western New York, eastern Ohio and northeastern Tennessee. For more information, visit Atlas Pipeline's website at www.atlaspipelinepartners.com or contact bbegley@atlaspipelinepartners.com.

Atlas America, Inc. (NASDAQ: ATLS) owns an approximate 64% limited partner interest in Atlas Pipeline Holdings, L.P., an approximate 2% direct limited partner interest in Atlas Pipeline Partners and an approximate 48% common unit interest and all of the Class A and management incentive interests in Atlas Energy Resources, LLC. For more information, please visit Atlas America's website at www.atlasamerica.com, or contact Investor Relations at bbegley@atlasamerica.com.

Certain matters discussed within this press release are forward-looking statements. Although Atlas Pipeline Holdings, L.P. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, inability of Atlas Pipeline Partners to successfully integrate the operations at the acquired systems, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Atlas Holdings' reports filed with the SEC, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.

ATLAS PIPELINE HOLDINGS, L.P. AND SUBSIDIARIES
Financial Summary
(in thousands, except per unit amounts)
                                                    Three Months Ended                                                          Nine Months Ended
                                                    September 30,                                                               September 30,
STATEMENTS OF OPERATIONS                                             2008                                      2007                 2008                   2007
Revenue:
Natural gas and liquids                             $                404,182                               $   229,891          $   1,209,587          $   436,859
Transportation, compression, and other fees --                       11,916                                    8,495                32,496                 24,673
affiliates
Transportation, compression, and other fees --                       12,153                                    12,948               39,724                 33,374
third parties
Other income (loss), net                                             153,880                                   (9,032   )           (247,128   )           (39,641  )
Total revenue and other income (loss), net                           582,131                                   242,302              1,034,679              455,265
Costs and expenses:
Natural gas and liquids                                              316,917                                   174,727              943,561                349,639
Plant operating                                                      16,652                                    9,108                46,418                 18,153
Transportation and compression                                       4,768                                     3,555                12,881                 9,877
General and administrative                                           (2,078           )                        37,359               12,711                 51,557
Compensation reimbursement -- affiliates                             1,175                                     1,392                3,694                  2,820
Depreciation and amortization                                        22,550                                    16,176               74,571                 29,381
Interest                                                             22,312                                    24,448               62,909                 38,709
Minority interest                                                    2,591                                     1,376                7,793                  1,376
Minority interest in Atlas Pipeline Partners, L.P.                   163,239                                   (22,700  )           (122,843   )           (44,482  )
Total costs and expenses                                             548,126                                   245,441              1,041,695              457,030
Net income (loss)                                   $                34,005                                $   (3,139   )       $   (7,016     )       $   (1,765   )
Net income (loss) attributable to common limited partners per
unit:
Basic                                               $                1.23                                  $   (0.12    )       $   (0.26      )       $   (0.08    )
Diluted                                             $                1.21                                  $   (0.12    )       $   (0.26      )       $   (0.08    )
Weighted average common limited partner units outstanding:
Basic                                                                27,658                                    25,584               27,462                 22,611
Diluted                                                              28,120                                    25,584               27,462                 22,611

                                 September 30,        December 31,
Balance Sheet Data (at period    2008                 2007
end):
Cash and cash equivalents        $       45,117       $       12,129
Total assets                             3,058,336            2,877,514
Total debt                               1,457,498            1,254,426
Total partners' capital                  54,509               94,118

SOURCE: Atlas Pipeline Holdings, L.P.

Atlas Pipeline Holdings, L.P. 
Brian J. Begley 
Vice President, Investor Relations 
215-546-5005 
215-553-8455 (facsimile)