By Philadelphia Business Journal

Atlas Energy LP said Monday the board of directors of its general partner has approved a plan to create Atlas Resource Partners LP, which will own its natural-gas and oil development-and-production assets and partnership management business.

Atlas Energy (NYSE:ATL) said in a press releasethat it plans to take Atlas Resource Partners public by distributing to its unitholders 19.6 percent of the limited partner units in Atlas Resource Partners. It will retain the remainder of Atlas Resource Partnersâ¿¿ units.

Atlas Energy already owns the general partner and 5.75 million common limited partnership units of Atlas Pipeline Partners LP (NYSE:APL), which owns five natural-gas processing plants and 8,600 miles of natural-gas gathering pipelines.

The Atlas partnerships are based in Philadelphia.

Copyright 2011 American City Business Journals
Copyright 2010