-- Adjusted net income of $14.8 million for the second quarter 2008 compared with $11.3 million for the prior year second quarter, an increase of $3.5 million, or 31%. Adjusted diluted net income per share was $0.35 for the second quarter 2008 compared with $0.27 per share for the second quarter 2007, an increase of $0.08 per share, or 30%. The quarter-over-quarter increase was principally attributable to contributions from the Chaney Dell and Midkiff/Benedum systems acquired by Atlas Pipeline Partners, L.P. (NYSE:APL - "Atlas Pipeline") in July 2007, contributions from the Michigan assets acquired by Atlas Energy Resources, LLC (NYSE:ATN - "Atlas Energy") in June 2007, significant growth in Atlas Energy's drilling partnership management business, and an increase in production from Atlas Pipeline's legacy assets. On a GAAP basis, the Company recognized a net loss of $7.8 million for the second quarter 2008 compared with net income of $19.9 million for the prior year second quarter;

-- Record pretax cash flow of $0.70 per basic common share for the second quarter 2008, an increase of $0.34 per common share, or 94%, from the prior year second quarter. The second quarter 2008 pretax cash flow per share also represents an increase of $0.14 per common share, or 25%, from the first quarter 2008. In addition, the Company anticipates it will not likely be a tax payer on a cash basis in 2008 and anticipates it will have a reduced 2009 cash tax liability, or possibly no cash tax liability, because of events associated with equity offerings at Atlas Energy and Atlas Pipeline Holdings, L.P. (NYSE:AHD - "Atlas Pipeline Holdings") in 2007, as well as the termination of certain hydrocarbon hedges by Atlas Pipeline in June 2008; and

-- Excluding the effect of non-cash hydrocarbon hedge expense and other non-recurring charges, total revenues were $660.9 million, an increase of $443.8 million compared to the second quarter 2007. Loss on mark-to-market hydrocarbon hedges, which was $316.1 million for the second quarter 2008 compared with $2.3 million for the prior year second quarter, increased principally due to higher commodity prices and their impact on Atlas Pipeline hydrocarbon hedge contracts for production volumes in future periods.

On July 22, 2008, the Company announced that its Board of Directors had declared a cash dividend of $0.05 per common share, payable on August 19, 2008, to holders of record on August 6, 2008. The $2.0 million aggregate dividend represents a 50% increase from the prior year second quarter aggregate dividend.

In June 2008, the Company purchased 1,112,000 Atlas Pipeline common limited partner units and 308,109 common limited partner units of Atlas Pipeline Holdings, a publicly-traded partnership and general partner of Atlas Pipeline, in private placement transactions at per unit amounts of $36.02 and $32.50, respectively. Atlas Pipeline used its proceeds of $40.1 million to fund the early termination of certain crude oil hedge agreements. Atlas Pipeline Holdings used its proceeds of $10.0 million to fund the purchase of an additional 278,000 Atlas Pipeline common units.

In May 2008, the Company purchased 600,000 of Atlas Energy's Class B common units in a private placement transaction at a price of $42.00 per common unit, increasing the Company's ownership to 29,952,996. Atlas Energy's proceeds of $25.2 million were used to repay a portion of its outstanding balance under its revolving credit facility.

The Company owns an approximate 48% common unit interest and all of the Class A and management incentive interests in Atlas Energy, a publicly-traded partnership, an approximate 2% direct ownership interest in Atlas Pipeline, a publicly-traded partnership, and an approximate 64% limited partner interest and 100% of the general partner interest in Atlas Pipeline Holdings. The Company's financial results are presented on a consolidated basis with those of Atlas Energy, Atlas Pipeline Holdings, and Atlas Pipeline. Non-controlling minority interests in Atlas Energy, Atlas Pipeline Holdings, and Atlas Pipeline are reflected as income (expense) in our consolidated statements of operations and as a liability on our consolidated balance sheet.

Please see the respective earnings releases for Atlas Energy, Atlas Holdings and Atlas Pipeline for more information with regard to their second quarter 2008 financial results.

Cash Distributions from Affiliates

-- Atlas Energy declared a record quarterly cash distribution of $0.61 per common unit for the second quarter 2008 with a distribution coverage ratio of approximately 1.3x. This distribution represents a $0.18 per unit increase, or 42%, from the second quarter 2007's quarterly distribution, and a $0.02 increase, or 3%, from the first quarter 2008's quarterly distribution. This quarter's distribution will be paid on August 14, 2008 to unitholders of record on August 6, 2008. The Company will receive approximately $19.1 million in cash distributions from its ownership interest in Atlas Energy for the second quarter 2008.

-- Atlas Pipeline Holdings declared a record quarterly cash distribution for the second quarter 2008 of $0.51 per common limited partner unit, which will be paid on August 19, 2008 to common unitholders of record as of August 6, 2008. This distribution represents a $0.25 per unit increase, or 96%, from the second quarter 2007's quarterly distribution, and an $0.08 increase, or 19%, from the first quarter 2008's quarterly distribution. The Company will receive approximately $9.1 million in cash distributions from its ownership interest in Atlas Pipeline Holdings for the second quarter 2008.

-- Atlas Pipeline declared a record quarterly cash distribution for the second quarter 2008 of $0.96 per common limited partner unit, which will be paid on August 14, 2008 to common unitholders of record as of August 6, 2008. This distribution represents a $0.09 per unit increase, or 10%, from the second quarter 2007's quarterly distribution, and a $0.02 increase, or 2%, from the first quarter 2008's quarterly distribution. The Company will receive approximately $1.1 million in cash distributions from its ownership interest in Atlas Pipeline for the second quarter 2008.

Atlas Energy Recent Events

-- Atlas Energy continued to expand its acreage position and development activities in the Marcellus Shale:

            -- To date, Atlas Energy has drilled 78 vertical wells and
             one horizontal Marcellus Shale well and is currently
             producing 69 Marcellus wells into a pipeline (nine wells
             are waiting on completion);

            -- As of June 30, 2008, Atlas Energy controlled
             approximately 552,000 Marcellus acres in Pennsylvania,
             New York and West Virginia, of which approximately
             269,000 of these acres are located in Atlas Energy's
             current focus area of southwestern Pennsylvania;

            -- Atlas Energy continues to realize average peak
             production rates (24 hours into a pipeline) of
             approximately one million cubic feet ("Mmcf") per day,
             with its best wells having initial peak rates of
             approximately 3 Mmcf per day. At the end of the quarter,
             Atlas Energy's gross operated Marcellus production was
             near 20 Mmcf per day.

-- Atlas Energy drilled or participated in four successful horizontal wells in the Chattanooga Shale of Eastern Tennessee. Initial results indicate that horizontal Chattanooga Shale wells can be drilled and completed for approximately $1.1 million, and are capable of stabilized production into a pipeline of between 300 and 500 Mcfe per day. Atlas Energy has accumulated 117,000 net acres located in Eastern Tennessee. Atlas Energy believes that its acreage contains up to 500 potential horizontal drilling locations in the Chattanooga Shale. Furthermore, most of this acreage is prospective from conventional reservoirs, such as the Monteagle (Big Lime), the Fort Payne Limestone, the Stones River and the Knox Group, for which Atlas Energy believes it has up to 750 locations.

-- Atlas Energy recently completed fundraising for the Public #17-2007 (B) drilling program, which raised approximately $236.0 million in investor funds, representing the Company's largest individual fundraising to date. Atlas Energy also filed Amendment No. 1 for the Atlas Resources Public #18-2008 Drilling Program Registration Statement with the Securities and Exchange Commission to offer and sell up to $600 million in investor funds(1). The Company plans to raise at least $500.0 million in total investor funds for the fiscal year 2008;

-- In May 2008, the Company purchased 600,000 Atlas Energy common units in a private placement transaction for $25.5 million. In addition, Atlas Energy sold 2,070,000 of its Class B common units in a public offering yielding net proceeds of approximately $82.5 million. The net proceeds were used to repay a portion of its outstanding balance under its revolving credit facility;

-- In addition to the equity offerings in May 2008, Atlas Energy issued an additional $150.0 million of 10.75% senior unsecured notes due in 2018 as an add-on offering to its $250 million senior note offering in January 2008. The Company used the net proceeds from the note offering to reduce the balance outstanding on its revolving credit facility.

(1)  Atlas Energy's subsidiary serves as managing general partner of
      the partnership. A registration statement related to these
      securities has been filed with the Securities and Exchange
      Commission but has not yet become effective. These securities
      may not be sold nor may offers to buy be accepted prior to the
      time the registration statement becomes effective. A written
      prospectus meeting the requirements of Section 10 of the
      Securities Act may be obtained when available from Anthem
      Securities, Inc. (a subsidiary of Atlas Energy), 1550 Coraopolis
      Heights Rd. - 2nd Floor, Moon Township, PA 15108

Atlas Pipeline and Atlas Pipeline Holdings Recent Events

-- In June 2008, Atlas Pipeline sold 5,750,000 common limited partner units in a public offering at a price of $37.52 per unit, yielding net proceeds of approximately $206.6 million. Concurrently, Atlas Pipeline sold 278,000 common limited partner units to Atlas Pipeline Holdings in a private placement at a price of $36.02 per unit, resulting in net proceeds of approximately $50.1 million. Atlas Pipeline also received a capital contribution from Atlas Pipeline Holdings of $5.4 million for it to maintain its 2.0% general partner interest in Atlas Pipeline. Atlas Pipeline utilized the net proceeds from the sale and the capital contribution to fund the early termination of certain crude oil hedge agreements. In order to fund its purchase of Atlas Pipeline's common limited partner units, Atlas Pipeline Holdings sold 308,109 of its common limited partner units to the Company in a private placement transaction at a price of $32.50 per unit for net proceeds of $10.0 million.

-- The net proceeds from the public and private placement offerings of Atlas Pipeline's common units were utilized to fund the early termination of a majority of its crude oil hedge contracts that it entered into as proxy hedges for the prices it receives for the ethane and propane portion of its NGL equity volumes. These hedges, which related to production periods ranging from the end of the second quarter of 2008 through the fourth quarter of 2009, were put in place simultaneously with Atlas Pipeline's acquisition of the Chaney Dell and Midkiff/Benedum systems in July 2007 and had become less effective as a result of significant increases in the price of crude oil and less significant increases in the price of ethane and propane. Atlas Pipeline estimates that it incurred a charge during the second quarter 2008 of approximately $10.6 million due to the decline in the price correlation of crude oil and ethane and propane. Atlas Pipeline terminated these crude oil hedge contracts during June and July 2008 at an aggregate net cost of approximately $264.0 million. The Company's net income for the second quarter 2008 includes a $116.1 million cash hydrocarbon hedge expense resulting from Atlas Pipeline's June 2008 net payments of $170.4 million to unwind a portion of these crude oil hedge contracts. Atlas Pipeline also made payments of $93.6 million during July 2008 to unwind the remaining portion of these crude oil hedge contracts and will reflect a charge against the Company's net income for a portion of this amount during the third quarter of 2008.

-- In June 2008, Atlas Pipeline issued $250.0 million of 10-year, 8.75% senior unsecured notes in a private placement transaction. The net proceeds from the issuance of the senior notes were utilized to repay indebtedness under Atlas Pipeline's senior secured term loan and revolving credit facility.

-- In June 2008, Atlas Pipeline obtained $80.0 million of increased commitments to its senior secured revolving credit facility, increasing its aggregate lender commitments to $380.0 million.

Atlas Energy Results

-- Atlas Energy drilled 241 gross wells in Appalachia in the second quarter 2008, including 23 wells drilled into the Marcellus Shale. Atlas Energy also drilled 40 gross wells during the second quarter 2008 in Michigan.

-- At June 30, 2008, Atlas Energy held approximately 840,700 net acres in the Appalachian Basin, of which 578,700 were undeveloped, an increase of 28% from the net acreage position at June 30, 2007. Also, Atlas Energy had approximately 273,900 net acres in the Antrim Shale in Michigan at June 30, 2008, of which approximately 39,300 were undeveloped.

-- Atlas Energy has identified approximately 3,914 geologically favorable shallow drilling locations on its acreage in the Appalachian Basin, which does not include any locations prospective for the Marcellus Shale. In addition, Atlas Energy has identified approximately 749 drilling locations in Michigan.

-- Atlas Energy had interests in approximately 11,250 gross wells at June 30, 2008, of which Atlas Energy operates approximately 80%.

-- Natural gas and oil production was 94.6 million cubic feet equivalents ("Mmcfe") per day for second quarter 2008, compared to 88.7 Mmcfe per day from the second quarter 2007. The increase is due primarily to Atlas Energy's expanding drilling programs and increased production from the Marcellus Shale.

-- Partnership management fee margin was $23.2 million in the second quarter 2008, an increase of approximately 67% compared to the prior year second quarter and approximately 13% higher than the first quarter 2008.

Atlas Pipeline Results

-- Average natural gas gathered volume for the second quarter 2008 was 1,278.8 million cubic feet per day ("MMcfd") for Atlas Pipeline, an increase of 68% from natural gas gathered volume for the prior year comparable quarter. The increase was principally due to Atlas Pipeline's acquisition of the Chaney Dell and Midkiff/Benedum gathering systems during July 2007 as well as higher throughput from its other systems.

-- Atlas Pipeline connected 379 new wells to its natural gas gathering systems during the second quarter 2008, an increase of 66% from 229 new well connections for the prior year comparable period. For the twelve month period ending June 30, 2008, Atlas Pipeline connected 1,781 wells to its gathering systems.

-- Atlas Pipeline's processed natural gas volume for the second quarter 2008 was 689.9 MMcfd, an increase of 133% from processed natural gas volume for the prior year comparable quarter. Also, Atlas Pipeline's gross natural gas liquids ("NGLs") volume for the second quarter 2008 was 51,633 barrels per day ("bpd"), an increase of 214% from gross NGL volume for the prior year comparable quarter. These increases were principally due to Atlas Pipeline's acquisition of the Chaney Dell and Midkiff/Benedum processing plants in July 2007, an increase in the utilization of the Sweetwater processing plant, and higher production volumes at Atlas Pipeline's Velma processing plant.

-- Atlas Pipeline's gross condensate volume for the second quarter 2008 was 3,002 bpd, an increase of almost 600% from condensate volume for the prior year comparable quarter.

Corporate and Other

-- General and administrative expense was $25.5 million for the second quarter 2008, an increase of $4.0 million from the prior year comparable period, primarily due to higher costs in managing our operations, including expenses related to the newly acquired assets by Atlas Energy and Atlas Pipeline during June and July 2007, respectively.

-- Interest expense was $34.3 million for the second quarter 2008, an increase of $25.4 million from the prior year comparable period, primarily due to the financing of the assets acquired by Atlas Energy and Atlas Pipeline in 2007, partially offset by lower interest rates.

        At June 30, 2008, the Company had $2.1 billion of total
         consolidated debt, all of which is held at its operating
         subsidiaries, including $1.3 billion at Atlas Pipeline and
         $0.8 billion at Atlas Energy.

Interested parties are invited to access the live webcast of an investor call with management regarding Atlas America's second quarter 2008 results on Friday morning, August 8, 2008 at 9:00 am ET by going to the Investor Relations section of Atlas America's website at www.atlasamerica.com. An audio replay of the conference call will also be available beginning at 11:00 am ET on Friday, August 8, 2008. To access the replay, dial 1-888-286-8010 and enter conference code 61200799.

Atlas America, Inc. owns an approximate 48% common unit interest and all of the Class A and management incentive interests in Atlas Energy Resources, LLC (NYSE:ATN), a 2% direct ownership interest in Atlas Pipeline Partners, L.P. (NYSE:APL), and a 64% limited partner interest in Atlas Pipeline Holdings, L.P. (NYSE:AHD), which holds the general partner interest and approximately 5.8 million limited partner units of Atlas Pipeline Partners, L.P. For more information, please visit our website at www.atlasamerica.com, or contact Investor Relations at bbegley@atlasamerica.com.

Atlas Energy Resources, LLC develops and produces domestic natural gas and to a lesser extent, oil. Atlas Energy is one of the largest independent energy producers in the Appalachian Basin and northern Michigan. The Company sponsors and manages tax-advantaged investment partnerships, in which it co-invests, to finance the exploration and development of the Company's acreage in the Appalachian Basin. Atlas Energy is active principally in Pennsylvania, Michigan and Tennessee. For more information, visit Atlas Energy's website at www.atlasenergyresources.com or contact investor relations at bbegley@atlasamerica.com.

Atlas Pipeline Holdings, L.P. (NYSE:AHD) 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. (NYSE:APL) 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 and 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.

Certain matters discussed within this press release are forward-looking statements. Although Atlas America, Inc. 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, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Atlas America's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

                         ATLAS AMERICA, INC.
                          Financial Summary
                             (Unaudited)
                (in thousands, except per share data)

                             Three Months Ended    Six Months Ended
                                  June 30,             June 30,
                            -------------------- ---------------------
                               2008      2007       2008       2007
                            ---------- --------- ----------- ---------

REVENUES
  Well construction and
   completion               $ 122,341  $ 65,139  $  226,479  $137,517
  Gas and oil production       78,956    25,315     155,182    46,575
  Transmission, gathering
   and processing             454,451   119,109     839,777   234,399
  Administration and
   oversight                    5,137     3,439      10,154     7,983
  Well services                 5,266     4,155      10,064     7,876
  Loss on mark-to-market
   hydrocarbon hedges(1)     (316,068)   (2,291)   (404,849)   (4,569)
                            ---------- --------- ----------- ---------
Total revenues                350,083   214,866     836,807   429,781
                            ---------- --------- ----------- ---------

COSTS AND EXPENSES
  Well construction and
   completion                 106,384    56,648     196,939   119,580
  Gas and oil production       12,379     2,491      23,047     4,525
  Transmission, gathering
   and processing             369,245    94,849     664,777   190,324
  Well services                 2,650     2,147       5,062     4,190
  General and
   administrative              25,531    21,541      46,789    36,306
  Depreciation, depletion
   and amortization            49,143    13,476      96,776    25,877
                            ---------- --------- ----------- ---------
Total costs and expenses      565,332   191,152   1,033,390   380,802
                            ---------- --------- ----------- ---------

OPERATING INCOME (LOSS)      (215,249)   23,714    (196,583)   48,979

OTHER INCOME (EXPENSE)
  Interest expense            (34,310)   (8,945)    (68,408)  (16,201)
  Minority interests          231,166    11,776     254,831     8,590
  Other, net                    5,993     1,455       8,023     2,899
                            ---------- --------- ----------- ---------
Total other income
 (expense)                    202,849     4,286     194,446    (4,712)
                            ---------- --------- ----------- ---------

Income (loss) before income
 taxes                        (12,400)   28,000      (2,137)   44,267
Benefit (provision) for
 income taxes                   4,629    (8,134)        788   (14,153)
                            ---------- --------- ----------- ---------
Net income (loss)           $  (7,771) $ 19,866  $   (1,349) $ 30,114
                            ========== ========= =========== =========

Net income (loss) per
 common share - basic       $   (0.19) $   0.49  $    (0.03) $   0.73
                            ========== ========= =========== =========
Weighted average common
 shares outstanding - basic    40,335    40,220      40,330    41,393
                            ========== ========= =========== =========

Net income (loss) per
 common share - diluted     $   (0.19) $   0.48  $    (0.03) $   0.70
                            ========== ========= =========== =========
Weighted average common
 shares outstanding -
 diluted                       40,335    41,796      40,330    42,804
                            ========== ========= =========== =========

                                                June 30,  December 31,
                                                  2008        2007
                                               ---------- ------------
Balance Sheet Data (at period end):
----------------------------------------------
  Cash and cash equivalents                    $  241,549   $  145,535
  Property and equipment, net                   3,665,265    3,442,036
  Total assets                                  5,357,106    4,904,367
  Total debt                                    2,069,567    1,994,456
  Total stockholders' equity                      333,127      413,163

-------------------------

(1)  Consists of hydrocarbon hedging / (losses) that relate to the
      operating activities of the Company's consolidated subsidiaries,
      Atlas Energy and Atlas Pipeline, and the underlying hydrocarbon
      hedges do not represent present or potential future obligations
      of the Company.

                         ATLAS AMERICA, INC.
                        Financial Information
                             (Unaudited)
                (in thousands, except per share data)

                             Three Months Ended    Six Months Ended
                                  June 30,             June 30,
                            -------------------- ---------------------
                               2008      2007       2008       2007
                            ---------- --------- ----------- ---------
Reconciliation of total
 revenue to adjusted total
 revenue(1):
  Total revenue             $ 350,083  $214,866  $  836,807  $429,781
  Adjustments to reflect
   non-cash hydrocarbon
   hedge charge               184,067     2,292     265,951     4,569
  Non-recurring cash impact
   of early termination of
  Atlas Pipeline
   hydrocarbon hedge
   instruments(2)             116,125        --     116,125        --
  Non-recurring Atlas
   Pipeline crude oil to
   natural gas
  liquids price correlation
   impact(3)                   10,653        --      10,653        --
                            ---------- --------- ----------- ---------
    Adjusted total revenue  $ 660,928  $217,158  $1,229,536  $434,350
                            ========== ========= =========== =========

Reconciliation of net
 income (loss) to non-GAAP
 measure(1):
  Net income (loss)         $  (7,771) $ 19,866  $   (1,349) $ 30,114
    Adjustments to reflect
     non-cash hydrocarbon
     hedge charge             184,067     2,292     265,951     4,569
    Non-recurring cash
     impact of early
     termination of
    Atlas Pipeline
     hydrocarbon hedge
     instruments(2)           116,125        --     116,125        --
    Non-recurring
     hydrocarbon hedge
     fees(4)                       --     3,873          --     3,873
    Non-recurring Atlas
     Pipeline crude oil to
     natural
    gas liquids price
     correlation impact(3)     10,653        --      10,653        --
    Non-cash compensation
     expense                    4,979     4,888       5,171     8,924
    Adjustment to minority
     interests for the
     above items             (279,827)  (23,076)   (351,726)  (26,967)
    Tax effect of the above
     items                    (13,445)    3,493     (17,254)    2,597
                            ---------- --------- ----------- ---------
      Adjusted net income      14,781    11,336      27,571    23,110
                            ========== ========= =========== =========

      Adjusted net income
       per common share:
        Basic               $    0.37  $   0.28  $     0.68  $   0.56
        Diluted             $    0.35  $   0.27  $     0.65  $   0.54

      Weighted average
       common shares
       outstanding:
        Basic                  40,335    40,220      40,330    41,393
        Diluted                42,348    41,796      42,208    42,804

Pretax cash flow:
  Pretax cash flow per
   common share - basic(5)  $    0.70  $   0.36  $     1.25  $   0.73
  Dividends declared per
   share(6)                 $    0.05  $   0.02  $     0.08  $   0.06
  Dividend payout ratio           7.1%      6.2%        6.6%      7.6%

                             Three Months Ended
                            --------------------
                             June 30,  March 31,
                               2008      2008
                            ---------- ---------
Pretax cash flow:
  Pretax cash flow per
   common share - basic(5)  $    0.70  $   0.56
  Dividends declared per
   share(6)                 $    0.05  $   0.03
  Dividend payout ratio           7.1%      5.9%

---------------------------

(1) Adjusted total revenue and adjusted net income are non-GAAP
     financial measures under the rules of the Securities and Exchange
     Commission. Management of the Company believes that the above
     financial measures provide additional information with respect to
     the Company's ability to meet its capital expense and working
     capital requirements. Adjusted total revenue and adjusted net
     income are not measures of financial performance under GAAP and,
     accordingly, should not be considered as a substitute for
     revenues, net income or cash flows from operating activities
     prepared in accordance with GAAP.

(2) In June and July 2008, Atlas Pipeline closed crude oil costless
     collar hedge positions it had on approximately 85% of the ethane
     and propane portion of its NGL production volume for the periods
     from principally the 2nd quarter 2008 through the 4th quarter of
     2009. In completing this transaction, Atlas Pipeline made net
     payments to the counterparties of these crude oil hedge
     positions, approximately $264.0 million, to settle the
     outstanding positions at their current fair market value, with
     $170.4 million of net payments made during June 2008 and $93.6
     million paid during July 2008. The settlement of these crude oil
     hedge positions will result in Atlas Pipeline recognizing higher
     adjusted revenue, EBITDA and distributable cash flow during these
     future periods. These settlements were funded through Atlas
     Pipeline's June 2008 issuance of 5,750,000 common limited partner
     units in a public offering and issuance of 1,390,000 common
     limited partner units to Atlas Pipeline Holdings, L.P., the owner
     of Atlas Pipeline's general partner, and the Company in private
     placements.

(3) Represents the non-recurring impact generated from the decline in
     the price correlation of crude oil and natural gas liquids during
     the second quarter 2008 and the resulting impact it had on
     certain crude oil hedge instruments ("proxy hedges"). These crude
     oil hedge instruments were put in place simultaneously with Atlas
     Pipeline's acquisition of the Chaney Dell and Midkiff/Benedum
     systems in July 2007 and have become less effective as a result
     of significant increases in the price of crude oil and less
     significant increases in the price of ethane and propane. During
     June and July 2008, Atlas Pipeline closed the crude oil hedge
     positions it had on approximately 85% of the ethane and propane
     portion of its NGL production volume for the periods from
     principally the 2nd quarter 2008 through the 4th quarter of 2009
     for an aggregate net cost of $264.0 million (see Note 2). As
     such, Atlas Pipeline's future cash flow should more accurately
     reflect the revenues generated from its ethane and propane
     volumes produced in its natural gas processing operations.

(4) Represents non-recurring fees paid by Atlas Energy to enter into
     natural gas hedges associated with the acquisition of its
     Michigan assets in June 2007.

(5) Consists of the following items received or incurred during the
     respective period and calculated on a basic weighted average per
     share basis: (i) distributions received by the Company from its
     ownership interests in Atlas Energy, Atlas Pipeline, and Atlas
     Pipeline Holdings, (ii) interest income, and (iii) general and
     administrative expenses and other costs incurred.

(6) These amounts have been adjusted to reflect the April 2007 and
     April 2008 3-for-2 stock splits. Actual dividend payments were
     $0.05 per common share for the three months ended June 30, 2008
     and 2007, and $0.10 per common share for the six months ended
     June 30, 2008 and 2007.

                         ATLAS AMERICA, INC.
                         Operating Highlights

                            Three Months Ended     Six Months Ended
                                 June 30,              June 30,
                           --------------------- ---------------------
ATLAS ENERGY:                 2008       2007       2008       2007
-------------------------- ----------- --------- ----------- ---------
  Production revenues (in
   thousands):
    Gas(1)                 $   74,217  $ 22,709  $  147,091  $ 42,137
    Oil                         4,706     2,592       8,058     4,419

  Production
   volume(1)(2)(3)(4):
    Gas (mcfd)                 92,026    85,901      90,683    84,951
    Oil (bpd)                     434       462         420       411
                           ----------- --------- ----------- ---------
    Total (mcfed)              94,630    88,673      93,203    87,417
                           =========== ========= =========== =========

  Average sales prices(3):
    Gas (per mcf)(5)(6)    $     9.21  $   9.27  $     9.39  $   9.20
    Oil (per bbl)(9)       $   119.16  $  61.62  $   105.58  $  59.40

  Production costs (3)(7):
    Lease operating
     expenses as a percent
     of production
     revenues                       9%        9%          9%        9%
    Lease operating
     expenses per Mcfe     $     0.83  $   0.88  $     0.81  $   0.85
    Production taxes per
     Mcfe                  $     0.43  $   0.03  $     0.38  $   0.04
                           ----------- --------- ----------- ---------
    Total production costs
     per Mcfe              $     1.26  $   0.91  $     1.19  $   0.89
                           =========== ========= =========== =========

   Depletion per Mcfe(3)   $     2.56  $   2.32  $     2.54  $   2.31

ATLAS PIPELINE:
--------------------------
  Appalachia system
   throughput volume
   (mcfd)(3)                   84,475    66,152      80,054    64,352

  Velma system gathered
   gas volume (mcfd)(3)        65,519    62,788      63,960    61,907

  Elk City/Sweetwater
   system gathered gas
   volume (mcfd)(3)           292,544   308,703     298,961   298,355

  Chaney Dell system
   gathered gas volume
   (mcfd)(3)(8)               284,528        --     268,008        --

  Midkiff/Benedum system
   gathered gas volume
   (mcfd)(3)(8)               150,157        --     146,350        --

  NOARK Ozark Gas
   Transmission throughput
   volume (mcfd)(3)           401,539   321,717     395,916   304,400
                           ----------- --------- ----------- ---------

  Combined throughput
   volume (mcfd)(3)         1,278,762   759,360   1,253,249   729,014
                           =========== ========= =========== =========

--------------------------

(1) Excludes sales of residual gas and sales to landowners.

(2) Production quantities consist of the sum of (i) Atlas Energy's
     proportionate share of production from wells in which it has a
     direct interest, based on its proportionate net revenue interest
     in such wells, and (ii) Atlas Energy's proportionate share of
     production from wells owned by the investment partnerships in
     which Atlas Energy has an interest, based on Atlas Energy's
     equity interest in each such partnership and based on each
     partnership's proportionate net revenue interest in these wells.

(3) "Mcf" and "mcfd" represent thousand cubic feet and thousand cubic
     feet per day; "mcfe" and "mcfed" represent thousand cubic feet
     equivalent and thousand cubic feet equivalent per day, and "bbl"
     and "bpd" represent barrels and barrels per day. Barrels are
     converted to mcfe using the ratio of six mcf's to one barrel.

(4) Atlas Energy acquired its Michigan assets on June 29, 2007, and
     production volume from these assets has only been included from
     that date.

(5) Atlas Energy's average sales price for gas before the effects of
     financial hedging was $11.21 and $8.36 for the three months ended
     June 30, 2008 and 2007, respectively, and $9.79 and $8.12 per Mcf
     for the six months ended June 30, 2008 and 2007, respectively.

(6) Includes $2.9 million and $7.9 million of hydrocarbon hedge
     proceeds which were not included as revenue in the three and six
     months ended June 30, 2008, respectively. No such hydrocarbon
     hedge proceeds were received through the three and six months
     ended June 30, 2007.

(7) Production costs include labor to operate the wells and related
     equipment, repairs and maintenance, materials and supplies,
     property taxes, severance taxes, insurance and production
     overhead.

(8) Atlas Pipeline acquired the Chaney Dell and Midkiff/Benedum
     systems on July 27, 2007, and production volume from these
     systems has only been included from that date.

(9) Atlas Energy's average sales price for oil before the effects of
     financial hedging were $125.15 and $108.68 for the three months
     and six months ended June 30, 2008. There were no oil financial
     hedges for the three months and six months ended June 30, 2007.

                         ATLAS AMERICA, INC.
                     Ownership Interests Summary

                                                             Overall
                                                            Ownership
Atlas America Ownership Interests as of June 30,             Interest
 2008:                                             Amount   Percentage
------------------------------------------------ ---------- ----------

  ATLAS ENERGY:
    Class A units                                 1,293,486       2.0%
    Class B common units                         29,952,996      46.3%
    Management incentive interests                     100%        N/A
                                                            ----------
      Total                                                      48.3%
                                                            ==========

  ATLAS PIPELINE HOLDINGS(1):
    General partner interest                           100%        N/A
    Common units                                 17,808,109      64.4%
                                                            ----------
      Total                                                      64.4%
                                                            ==========

  ATLAS PIPELINE:
    Atlas America directly-owned common units     1,112,000       2.3%

  LIGHTFOOT CAPITAL PARTNERS, GP LLC:
    Approximate ownership interest                               18.0%

------------------------------------------------
  (1) Atlas Pipeline Holdings directly owns the following ownership
   interests in Atlas Pipeline Partners:
      General partner interest                         100%       2.0%
      Common units                                5,754,253      12.0%
      Incentive distribution rights                    100%        N/A
                                                            ----------
        Total Atlas Pipeline Holdings direct
         ownership interests in Atlas Pipeline
                                                                 14.0%
                                                            ==========

SOURCE: Atlas America, Inc.

Atlas America, Inc., Philadelphia
Brian J. Begley, Investor Relations
215-546-5005
215-553-8455 (fax)

Atlas Pipeline Holdings, L.P. (NYSE:AHD) 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 5.5 million common units of Atlas Pipeline Partners.

Certain matters discussed within this press release are forward-looking statements. Although Atlas Pipeline Partners, 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 to successfully integrate the operations at the acquired systems, regulatory changes, changes in local or national economic conditions, changes in commodity prices and other risks detailed from time to time in Atlas Pipeline's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

SOURCE: Atlas Pipeline Partners, L.P.

Atlas Pipeline Partners, L.P.
Brian Begley
Investor Relations
215-546-5005
215-553-8455 (fax)
bbegley@atlasamerica.com

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information send inquiries to oilandgasproductiongroup@industrialinfo.com or visit our website at www.industrialinfo.com.

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SOURCE: Industrial Info Resources

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 America, Inc. (NASDAQ:ATLS) owns 1.1 million limited partner units of Atlas Pipeline Partners, L.P. and an approximate 64% limited partner interest in Atlas Pipeline Holdings, L.P., which holds the general partner interest and 5.75 million limited partner units of Atlas Pipeline Partners, L.P. Atlas America also owns an approximate 48% common unit interest and all of the Class A and management incentive interests in Atlas Energy Resources, LLC (NYSE:ATN). For more information, please visit our website at www.atlasamerica.com, or contact Investor Relations at bbegley@atlasamerica.com.

SOURCE: Atlas Pipeline Holdings, L.P.

Atlas Pipeline Holdings, L.P.
Brian Begley
Investor Relations
215-546-5005
215-561-5692 (facsimile)