<SUBMISSION>
<ACCESSION-NUMBER>0001209191-08-024317
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20080411
<FILING-DATE>20080415
<DATE-OF-FILING-DATE-CHANGE>20080415
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>ATLAS AMERICA INC
<CIK>0001279228
<ASSIGNED-SIC>4922
<IRS-NUMBER>510404430
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>WESTPOINTE CORPORATE CENTER ONE
<STREET2>1550 CORAOPOLIS HEIGHTS RD. 2ND. FLOOR
<CITY>MOONTOWNSHIP
<STATE>PA
<ZIP>15108
<PHONE>412-262-2830
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>WESTPOINTE CORPORATE CENTER ONE
<STREET2>1550 CORAOPOLIS HEIGHTS RD. 2ND. FLOOR
<CITY>MOONTOWNSHIP
<STATE>PA
<ZIP>15108
</MAIL-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>Litowitz Alec N
<CIK>0001368027
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-32169
<FILM-NUMBER>08758538
</FILING-VALUES>
<BUSINESS-ADDRESS>
<PHONE>(847) 905-4400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O MAGNETAR FINANCIAL LLC
<STREET2>1603 ORRINGTON AVENUE, 13TH FLOOR
<CITY>EVANSTON
<STATE>IL
<ZIP>60201
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>Supernova Management LLC
<CIK>0001368026
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-32169
<FILM-NUMBER>08758539
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1603 ORRINGTON AVENUE, 13TH FLOOR
<CITY>EVANSTON
<STATE>IL
<ZIP>60201
<PHONE>(847) 905-4400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1603 ORRINGTON AVENUE, 13TH FLOOR
<CITY>EVANSTON
<STATE>IL
<ZIP>60201
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>Magnetar Capital Partners LP
<CIK>0001353085
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-32169
<FILM-NUMBER>08758540
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1603 ORRINGTON AVE.
<STREET2>13TH FLOOR
<CITY>EVANSTON
<STATE>IL
<ZIP>60201
<PHONE>(847)905-4400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1603 ORRINGTON AVE.
<STREET2>13TH FLOOR
<CITY>EVANSTON
<STATE>IL
<ZIP>60201
</MAIL-ADDRESS>
<FORMER-NAME>
<FORMER-CONFORMED-NAME>Magnetar Capital Partners LLC
<DATE-CHANGED>20060213
</FORMER-NAME>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>boc25731_01mcp.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-04-11</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001279228</issuerCik>
        <issuerName>ATLAS AMERICA INC</issuerName>
        <issuerTradingSymbol>ATLS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001353085</rptOwnerCik>
            <rptOwnerName>Magnetar Capital Partners LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1603 ORRINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>13TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>EVANSTON</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001368026</rptOwnerCik>
            <rptOwnerName>Supernova Management LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1603 ORRINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>13TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>EVANSTON</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001368027</rptOwnerCik>
            <rptOwnerName>Litowitz Alec N</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1603 ORRINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>13TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>EVANSTON</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-04-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>47682</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>67.0938</value>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2655030</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">2,648,478 of these Shares (as defined below) are held for the account of Magnetar Capital Master Fund, Ltd, a Cayman Islands exempted company (&quot;Magnetar Capital Master Fund&quot;).  Magnetar Financial LLC, a Delaware limited liability company (&quot;Magnetar Financial&quot;), serves as investment adviser to Magnetar Capital Master Fund. In such capacity, Magnetar Financial exercises voting and investment power over the Shares held for the account of Magnetar Capital Master Fund. Magnetar Financial is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940, as amended. Magnetar Financial is not required under applicable law to be a reporting person hereunder. Magnetar Capital Partners LP, a Delaware limited partnership (&quot;Magnetar Capital Partners&quot;), serves as the sole member and parent holding company of Magnetar Financial. Supernova Management LLC, a Delaware limited liability company (&quot;Supernova Management&quot;), is the general partner of Magnetar Capital Partners.</footnote>
        <footnote id="F2">The manager of Supernova Management is Alec N. Litowitz (&quot;Mr. Litowitz&quot;), a citizen of the United States of America.  &quot;Shares&quot; are shares of the Issuer's common stock, par value $0.01 per share.</footnote>
        <footnote id="F3">6,552 of these Shares are held for the account of certain managed accounts (the &quot;Managed Accounts&quot;), Magnetar SGR Fund, Ltd. (&quot;SGR Fund 1&quot;) and Magnetar SGR Fund, LP (&quot;SGR Fund 2&quot;). Magnetar Investment Management, LLC, a Delaware limited liability company (&quot;Magnetar Investment Management&quot;), serves as the investment adviser to the Managed Accounts, SGR Fund 1 and SGR Fund 2.  In such capacity, Magnetar Investment Management exercises voting and investment power over the Shares held for the account of the Managed Accounts, SGR Fund 1 and SGR Fund 2.</footnote>
        <footnote id="F4">Magnetar Investment Management is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940, as amended. Magnetar Investment Management is not required under applicable law to be a reporting person hereunder. Magnetar Capital Partners serves as the sole member and parent holding company of Magnetar Investment Management. Supernova Management is the general partner of Magnetar Capital Partners. The manager of Supernova Management is Mr. Litowitz.</footnote>
        <footnote id="F5">Each of Magnetar Capital Partners, Supernova Management and Mr. Litowitz disclaim beneficial ownership of these Shares except to the extent of their pecuniary interest in these Shares.</footnote>
        <footnote id="F6">Represents an average sale price, which includes sale prices ranging from $60.80 to $67.39, provided that such average price and such range include sales that were effected after the Reporting Persons ceased to have beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder) of greater than 10% of the issued and outstanding Shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Alec N. Litowitz, as Manager, Supernova Management LLC, as General Partner of Magnetar Capital Partners LP</signatureName>
        <signatureDate>2008-04-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Alec N. Litowitz, as Manager, Supernova Management LLC</signatureName>
        <signatureDate>2008-04-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Alec N. Litowitz</signatureName>
        <signatureDate>2008-04-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>c25731_ex991.txt
<DESCRIPTION>ADDITIONAL EXHIBITS
<TEXT>

Exhibit 99.1

Name and address of each other reporting person:

Supernova Management LLC
1603 Orrington Avenue
13th Floor
Evanston, Illinois 60201

Designated Filer:  Magnetar Capital Partners LP
Issuer & Ticker Symbol:  Atlas America Inc. [ ATLS ]

Date of Event Requiring Statement: 04/11/2008


Supernova Management LLC



By: /s/ Alec N. Litowitz
    --------------------
Name:   Alec N. Litowitz, its Manager
Date:   April 15, 2008



Alec N. Litowitz
c/o Magnetar Financial LLC
1603 Orrington Avenue
13th Floor
Evanston, Illinois  60201

Designated Filer:  Magnetar Capital Partners LP
Issuer & Ticker Symbol:  Atlas America Inc. [ ATLS ]

Date of Event Requiring Statement: 04/11/2008


Alec N. Litowitz



/s/ Alec N. Litowitz
--------------------
Date:  April 15, 2008

</TEXT>
</DOCUMENT>
</SUBMISSION>
