Atlas Energy, L.P. EnerCom Oil & Gas Conference

August 15, 2012

Safe Harbor Statement

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 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 future

financial and operating results, resource potential, ATLS’ 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, uncertainties

regarding the creation of Atlas Resource Partners, L.P. and the distribution of limited partner interests in

Atlas Resource Partners, L.P.; the expected financial results of Atlas Resource Partners, L.P. after the

planned 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’ 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, L.P. are subject to additional risks, assumptions and uncertainties detailed from time to time in the

reports filed by ATLS and Atlas Resource Partners, L.P. with the U.S. Securities and Exchange

Commission, including the risks, assumptions and uncertainties described in Atlas Resource Partners,

L.P.’s registration statement on Form 10 and ATLS’s 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, L.P. assumes any obligation to update such statements, except

as may be required by applicable law.

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ATLS: Unique Business Model

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• General partner of public MLPs – IDRs

• Substantial growth without requirement of capital invested

• Atlas Resource Partners (NYSE: ARP): E&P MLP

• Atlas Pipeline Partners (NYSE: APL): midstream MLP

• Increasing cash flows from expansion at both subsidiaries

Pro Forma Organizational Structure

2.0% GP & 100% IDRs 2.0% GP & 100% IDRs

11% LP 52% LP

NYSE: ATLS

NYSE: APL NYSE: ARP

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Substantial Cash Flow Growth

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• Organic Growth

• APL: substantial expansion in the Mid-Continent; increasing

processing capacity by almost 100% to 1Bcf/d

• ARP: new development in top tier basins

• Mississippi Lime

• Utica Shale

• Marcellus Shale

• Barnett Shale

• Acquisition Growth

• ARP: announced two Barnett Shale transactions and Miss.

Lime JV in two months

• APL: accretive acquisitions provide diversified cash flow

ATLS: Growth in GP Cash Flow Streams

ATLS should benefit from strong cash flow growth in its general and limited partner interests

in both ARP and APL, without any additional investment of its own capital

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APL LP & IDR Distributions to ATLS

ARP LP & IDR Distributions to ATLS

ARP: Opportunity Overview

Recently formed E&P MLP with significant base of stable cash flow and identified

growth opportunities

Atlas Resource Partners (NYSE: ARP)

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Stability Growth Experience

• Long-lived reserve

base

• Low-leveraged balance

sheet

• Fee-based income

from investment

partnership business

• Accretive acquisitions

in strong basins with

deep value

• Organic expansion in

high IRR basins

• Ability to grow fees

from increased

fundraising efforts

• Management team with

history of creating top

returns in Atlas

enterprises

• Highly skilled senior

operating team with

vast knowledge of U.S.

basins

ARP Profile

Market Capitalization

Debt Outstanding

Enterprise Value

Proved Reserves

Production Areas

~ $1.0 billion (39.8 MM common units outstanding)(1)

~ $144 million ($310 million borrowing base)

~ $1.15 billion

~ 700 Bcfe net reserves

~ 1.0 Tcfe total reserves under management

~ 95 Mmcfe/d

Barnett Shale (TX); Appalachia (PA, OH, WV, TN);

Colorado; Indiana

Mississippi Lime; Utica Shale; Barnett Shale; Marcellus

Shale

Oil & Gas Production

Primary Targeted Plays

Atlas Resource Partners (NYSE: ARP)

(1) Based on ARP unit price as of 8/7/12

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“The First Four Months”

ARP has already demonstrated its ability to provide strong value to its

unitholders through accretive transactions

3/14/2012

4/4/2012

4/30/2012

7/26/2012

The first day… ARP units are distributed to ATLS unitholders…

Two weeks later… ARP enters into joint venture with Equal Energy, Ltd.

in the core of the Mississippi Lime play in northwestern OK…

Yet another two weeks later… ARP acquires 277 Bcfe of proved reserves

and undeveloped locations in the Barnett Shale from Carrizo…

Four months after becoming public… ARP acquires Titan Operating, LLC

in the Barnett Shale, including 250 Bcfe of proved reserves and

undeveloped locations

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ARP Production Growth

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•Production growth

from both organic

development and

accretive acquisitions

•Growth in production

will substantially

increase cash flow

through 2013 and

beyond

Projected Distribution Growth

Source : Wells Fargo Securities

Peer companies: BBEP, EVEP, LGCY, LINE, LRE, MCEP, MMEP, PSE, QRE, VNR

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Compared to it’s peers, ARP is projecting approximately 50% distribution growth from

the current annualized distribution level of $1.60 per unit

ARP: Illustrative Growth in Distributions from Acquisitions

Atlas Resource Partners’ ability to find and execute transactions of similar size and scope will continue to

drive distribution growth to common unitholders.

Note: Assumes acquisition assets are similar to Barnett assets acquired from Carrizo; Assumes 50/50 debt/equity financing.

(1) Represents midpoint of ARP 2013E Common Unit Distribution guidance.

(2) Forward year (FY1) distributions.

Future Acquisitions: Common Unit Distribution Impacts

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~49%

Growth

Balanced Approach to Risk Management

& Strategic Growth

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Maintain Low Risk Profile

• Long-lived reserves

• Strong hedging program

• Fee-based income from

partnerships

Pro forma R/P Ratio of ~ 23x

Substantial hedges through 2017

> Fundraising = > Fee income

Enhance Value through

Unique Business Model

> $1.5B raised in last 5 years

30% WI for < ~5% net investment

$250M ‘12 fundraising target

• Leader in oil & gas

fundraising

• Enhanced IRRs through

partnership business

Create Multiple Growth

Opportunities

> 525 Bcfe acquired in Barnett Shale

Mississippi Lime JV w/ EQU

Initial Utica Shale development

• Accretive acquisitions

• Organic leasehold

expansion

• Development through

partnership business

Operate in Attractive

Basins

Marcellus provides core development

Utica/Miss Lime offer oil/NGLs

Solid reserves/production in Barnett

• Marcellus & Utica Shales

• Mississippi Lime

• Barnett Shale

Carrizo Acquisition

Majority of the assets located in the

Core portion of the Barnett Shale

Most assets located in the Mansfield

region of Southeast Tarrant County

and Southern Denton County

277 Bcfe of proved reserves; 99%

gas, 52% PDP

198 gross producing wells; ~ 60%

operated

97 Gross PUD & PDNP locations

All acreage is held by production

EOG Resources

EVEP

Atlas

Chesapeake Energy

Devon Energy

Quicksilver Resources

Asset Details

Atlas

Position

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Titan Acquisition

• 250 Bcfe of proved reserves; 34%

PDP

• 84% natural gas, 16% NGLs

• ~ 90% held by production

• Lease operating expenses and

taxes of approximately $0.65/mcfe

• >300 potential future locations

including liquids rich opportunities

• Titan’s core operating team has

joined ARP and will oversee the

recently acquired Barnett assets

from both transactions

Asset Details Atlas Position

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Mississippi Lime JV Position

ARP/EQU

JV Position

• ARP entered into a joint venture

with Equal Energy (NYSE, TSX:

EQU) to acquire a 50% interest in

~ 14,500 acres in the core of the

Mississippi Lime play in

northwestern OK

• Acreage is located in Alfalfa,

Grant and Garfield counties; oil &

liquids rich portion of the play

• Position is primarily held by

existing production in the Hunton

formation

• ARP/EQU will drill with one rig for

the first 18 months; additional rigs

can be subsequently added

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Ohio Operations in Utica Fairway

Atlas Energy Has Over 2,900 Wells In Ohio

Deerfield

District

Office

New

Philadelphia

District

Office

Cambridge

District

Office

ARP’s legacy Ohio operations:

– Over 2,900 producing shallow wells

– Long lived reserves with low decline (9

MMcf/d of gross production)

ARP has existing land operations in eastern

Ohio to take advantage of development

opportunities in the region

ARP will be drilling its first several Utica Shale

wells later this year

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Strong Gas Hedge Position

Crude Oil

Natural Gas

Note: Hedge positions as of August 7, 2012

Hedge position prices shown are per thousand cubic feet (Mcf) for natural gas and per

barrel (bbl) for oil

Costless collar prices represent the floor and ceiling price established in the collar position.

For natural gas hedges, price includes an estimated positive basis differential and Btu

(British thermal unit) adjustment

• ARP has significantly hedged its

future production, enhancing its

overall risk management strategy:

• Barnett production is 90%

hedged for the initial 12

months of production, 80%

for the following 24 months

and 40% for the outer years

• ARP continues to employ a

consistent hedge strategy to

ensure stability of its cash flow

streams

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$90 –

$117.91

$90 –

$116.40

$84.17 –

$113.31

$83.85 –

$110.65

$103.80 $100.67

$97.69 $89.50

$3.44 $3.96 $4.32

$4.55

$4.68

$4.78 –

$5.88

$4.60 –

$5.54

$4.61 –

$5.55 $4.45 –

$5.71

Pro Forma Reserve Summary

The Barnett acquisitions more than doubles ARP’s proved reserves and enhances the long-lived

nature of its asset base

~ 700

> 1,000

Total Managed Reserves includes net reserves to ARP + reserves managed on behalf of the drilling investment partners

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ARP intends to maintain financial flexibility to take advantage of new opportunities that

present themselves in the marketplace

Comparable Peer Credit Profiles

2012E Debt / EBITDA Ratios for E&P MLP Peer Group

Source: Company Filings; FactSet. Comp group includes PSE, LINE, VNR, EVEP, BBEP, LGCY and QRE.

Note: Assumes ARP finances 2012 capital program with borrowings on existing credit facility. 20

Syndication Business Model

Value to

Drilling Partners

Value to

Atlas Resource

• Substantial 1st year tax deduction

(~94% of investment) against

ordinary income

• Monthly royalties from production

of wells

• Tax deductions beyond 1st year

for depletion and depreciation

• Upfront fees from fundraising;

15% over costs paid by partners

• Carried interest of 5-7% in

production; total working interest

of ~30%

• Ongoing monthly fees for life of

the well

• Credit received for cost paid for

leasehold acreage

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APL Profile

• Over 9,000 miles of gathering pipeline

• Diversified across 3 systems with an enviable

exposure to liquids-rich gas areas as well as stable

residue gas areas

• 7 processing facilities including state-of-the-art

cryogenic facilities

• System wide average volumes per day of over:

- 680 mmcfd of processed natural gas

- 61,000 barrels of NGLs

- 3,500 barrels of condensate

• Partnership owns 20% equity interest in West Texas

LPG Pipeline Limited Partnership

• Recently purchased gathering system in Barnett to

foster production from ARP

• Current $600mm capital expansion program

underway including all three processing systems;

approximately 75% of capital spent with meaningful

cash flow benefit expected after new cryogenic

facilities are installed in mid-2012 and additional NGL

takeaway pipelines built in 1H 2013

WestTX Gathering

& Processing System

Located in Spraberry Trend of

Permian Basin

255 MMcfd processing capacity

~3,100 miles of gathering pipeline

Approx. 2,800 receipt points serviced

Velma Gathering

& Processing System

Woodford Shale Play

160 MMcfd processing capacity

~ 1,200 miles of active gathering

pipeline

Approx. 600 receipt points serviced

WestOK Gathering &

Processing System

Located in Anadarko Basin

258 MMcfd processing capacity

~ 4,300 miles of gathering pipeline

Approx 4,300 receipt points serviced

West Texas LPG

NGL Pipeline

~ 2,300 miles of NGL transportation

pipeline

Services Permian, Barnett, and Rockies

243K bbl / day capacity is currently full

APL owns 20% interest (Chevron 80%)

Delivers to enviable Mt. Belvieu NGL hub

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APL Organic Growth Projects

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System Current Capacity

Expansion New Capacity

Timing Comment

Velma

100 mmcfd 60 mmcfd 160 mmcfd Online Now Expansion already 75% full

WestOK

258 mmcfd 200 mmcfd 458 mmcfd August 2012 Significant amount of volume for new plant is currently on the system

WestTX

255 mmcfd 200 mmcfd 455 mmcfd First 100 mmcfd in 1Q 2013, Second 100 mmcfd in 1Q 2014

Second half of expansion could come in earlier as volume growth dictates

$600 Million in Capital Expansion in Progress to Add Significant Value to Stakeholders

APL: Gross Margin is Substantially Covered

Through Hedging and Fee-Based Contracts

Note: Hedges are at the corporate level and are not asset specific; Data as of 1Q 2012

Pro Forma

Run-Rate

Gross

Margin Hedged

45%

Percentage

of

Proceeds

58%

Fixed Fee

19%

Keep-Whole

23%

Hedged

18%

Unhedged

5%

Unhedged

13%

82% of run-rate Gross Margin is

under Fixed Fee arrangement or

Hedged to Limit Commodity

Price Exposure

• APL intends to maintain a

diversified contract portfolio

across its systems

• Fee-Based component in

processing contracts will be

used to offset costs of

connecting wells

• APL continues to utilize a

robust risk management

strategy utilizing swap and

options to prevent margin

deterioration

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APL Processing Capacity Growth

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•Positioned in several of

the most prolific basins

in the US

•APL is expanding

capacity to meet the

increasing needs of

operators in the regions

•Given the recent pace

of utilization at all APL

systems further organic

expansion is likely

Summary

• ATLS’ general partner ownership in APL and ARP creates growing

cash flows and significant optionality

• Both E&P business (ARP) and midstream operations (APL) have

strong balance sheets and significant growth opportunities,

providing stable and increasing cash flows

• ATLS has no leverage and no capital requirements

• Management team holds a solid record of creating value through

the Atlas enterprises

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