Atlas Resource Partners, L.P. Signs Definitive Joint Venture Agreement In Core Of Oil Rich Mississippi Lime Play

Atlas Resource Partners, L.P. (“Atlas”) (NYSE: ARP) has entered into an agreement with subsidiaries of Equal Energy, Ltd. (“Equal”) (NYSE: EQU; TSX: EQU) to acquire a 50% interest in Equal’s approximately 14,500 net undeveloped acres in the core of the oil & liquids rich Mississippi Lime play in northwestern Oklahoma for approximately $18 million. The acreage position is located in Alfalfa, Garfield and Grant Counties, Oklahoma and is almost entirely held by Equal’s existing production from the Hunton formation. Atlas will finance this transaction with available borrowings under its revolving credit facility. The transaction is expected to close in late April 2012, subject to customary closing conditions.

Matthew A. Jones, President and Chief Operating Officer of ARP, commented, “We are very pleased to enter into the Mississippi Lime, one of the highest returning U.S. oil & gas plays. We expect our future development of the Mississippi Lime with Equal will add valuable oil & liquids reserves to ARP’s production profile. This new position also provides potential future drilling locations for our partnership management business. This transaction further strengthens the breadth of our E&P operations, and complements our already expanding presence in some of the highest returning basins in the U.S.”

Concurrent with the closing of the acquisition, Atlas and Equal will enter into a participation and development agreement, whereby Atlas and Equal will drill continuously with one rig in the Mississippi Lime for the first 18 months following the transaction’s closing. Atlas will operate the drilling and completion activities, and Equal will undertake production operations, including water disposal. Atlas also has the option to drill an additional four net wells to its account in the 12 months following closing. After the initial 18 months, additional rigs may be added. Each party can contribute acreage to the venture through the establishment of an area of mutual interest closely surrounding Equal’s existing acreage position.

Atlas Resource Partners, L.P. (NYSE: ARP) is a master limited partnership which owns an interest in over 8,500 producing natural gas and oil wells, representing over 167 Bcfe of net proved reserves, primarily in Appalachia and the Niobrara region in Colorado. ARP is also the largest sponsor of natural gas and oil investment partnerships in the U.S. For more information, please visit our website at www.atlasresourcepartners.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.

Atlas Energy, L.P. (NYSE: ATLS) is a master limited partnership which owns all of the general partner interest and approximately 78% of the limited partner interests in its upstream oil & gas subsidiary, Atlas Resource Partners, L.P. Additionally, Atlas Energy owns and operates the general partner of its midstream oil & gas subsidiary, Atlas Pipeline Partners, L.P., through which it owns a 2% general partner interest, all the incentive distribution rights and an approximate 11% limited partner interest. For more information, please visit our website at www.atlasenergy.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.

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. ATLS and Atlas Resource Partners caution 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 future financial and operating results, resource potential, ATLS’ and Atlas Resource Partners’ 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, the expected financial results of Atlas Resource Partners after the distribution, which is dependent on future events or developments; assumptions and uncertainties associated with general economic and business conditions; changes in commodity prices; changes in the costs and results of drilling operations; uncertainties about estimates of reserves and resource potential; inability to obtain capital needed for operations; ATLS’ and Atlas Resource Partners’ level of indebtedness; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; and tax consequences of business transactions. In addition, ATLS and Atlas Resource Partners are subject to additional risks, assumptions and uncertainties detailed from time to time in the reports filed by ATLS and Atlas Resource Partners with the U.S. Securities and Exchange Commission, including the risks, assumptions and uncertainties described in Atlas Resource Partners’ registration statement on Form 10 and ATLS’ quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Forward-looking statements speak only as of the date hereof, and neither ATLS nor Atlas Resource Partners assumes any obligation to update such statements, except as may be required by applicable law.

Copyright Business Wire 2010

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