Industry: Oil & Gas
: Atlas Energy Resources LLC
Westpointe Corporate Center1550 Coraopolis Heights Road,2nd FlMoon Township PA 15108P: +1412.2622830
Atlas Energy Resources, LLC is an independent developer and producer of natural gas and oil, with operations in northern Michigan?s Antrim Shale and the Appalachian Basin. The Company also sponsors and manages tax-advantaged direct investment natural gas and oil partnerships in the United States. As of December 31, 2007, the Company?s estimated proved reserves were 896.7 billions of cubic feet equivalent (Bcfe), including the reserves net to its equity interest in its investment partnerships. Of its reserves, approximately 68% are proved developed and approximately 99% are natural gas. For the year ended December 31, 2007, its average daily production was approximately 89.5 millions of cubic feet equivalent (Mmcfe) per day. In Michigan, as of December 31, 2007, Atlas Energy Resources, LLC had reserves of approximately 666.8 Bcfe and its average daily production for 2007, was approximately 59.8 Mmcfe per day. The Company was formed to own and operate substantially all of the natural gas and oil assets and the investment partnership management business of Atlas America, Inc. Atlas Energy Resources, LLC is managed by Atlas Energy Management, Inc., a wholly owned subsidiary of Atlas America. On June 29, 2007, the Company acquired DTE Gas & Oil Company from DTE Energy Company (DTE).As of 2007, the Company had key assets in Appalachia and Michigan. In its Appalachia gas and oil operations, it had proved reserves of 229.9 Bcfe including the reserves net to its equity interest in its investment partnerships and its direct interests in producing wells; direct and indirect working interests in approximately 7,722 gross producing gas and oil wells; overriding royalty interests in approximately 627 gross producing gas and oil wells; net daily production of 29.7 Mmcfe per day; approximately 797,800 gross (697,300 net) acres, of which approximately 508,600 gross (501,400 net) acres, are undeveloped, and an interest in a joint venture that gave the Company the right to drill up to 77 additional net wells before March 31, 2008 on approximately 212,000 acres in Tennessee. In its Michigan gas and oil operations, it had proved reserves of 666.8 Bcfe; direct and indirect working interests in approximately 2,292 gross producing gas and oil wells; overriding royalty interests in approximately 78 gross producing gas and oil wells; net daily production of 59.8 Mmcfe per day, and approximately 357,000 gross (285,100 net) acres, of which approximately 63,000 gross (53,300 net) acres, are undeveloped. In its partnership management business, the Company had its investment partnership business, which includes equity interests in 92 investment partnerships and a registered broker-dealer which acts as the dealer-manager of its investment partnership offerings, and managed total proved reserves of 503.7 Bcfe. For 2007, Atlas Energy Resources, LLC produced 89.5 thousand cubic feet equivalent per day (Mcfe/d), which includes the proportionate share of production from its investment partnerships, as well as its direct interests in producing wells.Gas and Oil ProductionAt December 31, 2007, the Company owned interests in approximately 10,719 gross wells, of which it operated approximately 8,829. During the year ended December 31, 2007, it drilled 1,232 gross wells, 99% of which were successful in producing natural gas in commercial quantities. In Appalachia, as of December 31, 2007, it owned interests in approximately 8,349 gross wells, of which it operated approximately 7,091. During 2007, average daily production from its wells was approximately 29.7 Mmcfe/d. During 2007, the Company drilled 1,117 gross (381.6 net) wells, 99% of which were successful in producing natural gas in commercial quantities. As of December 31, 2007, it had approximately 797,800 gross (697,300 net) acres, of which approximately 508,600 gross (501,400 net) acres are undeveloped. In September 2004, the Company expanded operations into Tennessee through a joint venture with Knox Energy, LLC that gave the Company a right to drill wells, through December 31, 2007, on approximately 212,000 acres owned by Knox Energy. This agreement was extended through March 31, 2008. As of December 31, 2007, it had drilled 321.0 net wells under this agreement. In addition, as of that date, Atlas Energy Resources, LLC had identified over 580 proved undeveloped drilling locations and approximately 2,600 additional potential drilling locations on its Appalachia acreage and the Tennessee joint venture acreage.As of February 20, 2008, the Company control approximately 483,000 Marcellus Shale acres in Pennsylvania, New York and West Virginia. As of February 20, 2008, the Company drilled 27 vertical wells and is producing 21 wells into a pipeline. The Company is focused on approximately...