<SUBMISSION>
<ACCESSION-NUMBER>0000893220-08-001398
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20080613
<FILING-DATE>20080508
<DATE-OF-FILING-DATE-CHANGE>20080508
<EFFECTIVENESS-DATE>20080508
<FILER>
<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>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-32169
<FILM-NUMBER>08813447
</FILING-VALUES>
<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>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>w57652def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A INFORMATION</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 1pt">Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities
Exchange Act of 1934 </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>ATLAS AMERICA, INC. </B></DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
N/A </DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ATLAS AMERICA, INC.</B><BR>
Westpointe Corporate Center One<BR>
1550 Coraopolis Heights Road, 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor<BR>
Moon Township, PA 15108
</DIV>


<!-- link1 "NOTICE OF ANNUAL MEETING OF STOCKHOLDERS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>To be held on Friday, June&nbsp;13, 2008</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Stockholders of ATLAS AMERICA, INC.:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby given that the annual meeting of stockholders of ATLAS AMERICA, INC., a
Delaware corporation, will be held at The Ethical Society Building, 1906 South Rittenhouse Square,
Philadelphia, Pennsylvania 19103, June&nbsp;13, 2008, at 9:00 a.m. (the &#147;Meeting&#148;), for the following
purposes:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect three Class&nbsp;III directors to serve three-year terms expiring at the
annual meeting of stockholders in 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consider and vote upon a proposal to adopt, for purposes of complying with
Section 162(m) of the Internal Revenue Code (&#147;Section&nbsp;162(m)&#148;), an Amended and Restated
Annual Incentive Plan for Senior Executives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To transact such other business as may properly be brought before the Meeting
and any adjournment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only stockholders of record on our books at the close of business on April&nbsp;25, 2008, will be
entitled to notice of and to vote at the Meeting or any adjournment thereof. A list of
stockholders entitled to vote at the Meeting will be available for inspection at the Meeting and
for 10&nbsp;days before the Meeting at our offices at Westpointe Corporate Center One, 1550 Coraopolis
Heights Road, 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor, Moon Township, Pennsylvania 15108. The stock transfer books
will not be closed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE ENCLOSED ADDRESSED ENVELOPE FOR RETURNING THE ENCLOSED PROXY REQUIRES NO POSTAGE AND YOU
MAY REVOKE YOUR PROXY AT ANY TIME BEFORE ITS USE. IF YOU PLAN TO ATTEND THE MEETING, YOU NEED TO
BRING A FORM OF PERSONAL IDENTIFICATION WITH YOU. IF YOUR STOCK IS HELD OF RECORD BY A BANK,
BROKER OR OTHER NOMINEE, YOU ALSO NEED TO BRING AN ACCOUNT STATEMENT INDICATING THAT YOU
BENEFICIALLY OWN THE SHARES AS OF THE RECORD DATE, OR A LETTER FROM THE RECORD HOLDER INDICATING
THAT YOU BENEFICIALLY OWN THE SHARES AS OF THE RECORD DATE, AND IF YOU WISH TO VOTE AT THE MEETING
YOU MUST FIRST OBTAIN FROM THE RECORD HOLDER A PROXY ISSUED IN YOUR NAME.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By order of the Board of Directors,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Lisa Washington, Secretary<BR>
May&nbsp;14, 2008

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Important Notice Regarding the Availability of Proxy Materials for<BR>
the Meeting to be held on June&nbsp;13, 2008:</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The proxy statement and our 2007 Annual Report are available at</B><BR>
<U><B>http://phx.corporate-ir.net/phoenix.zhtml?c=176445&#038;p=irol-reportsannual</B></U><B>.</B>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ATLAS AMERICA, INC.</B><BR>
Westpointe Corporate Center One<BR>
1550 Coraopolis Heights Road, 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor<BR>
Moon Township, PA 15108
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PROXY STATEMENT<BR>
ANNUAL MEETING OF STOCKHOLDERS

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<!-- link1 "GENERAL" -->

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GENERAL</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Introduction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual meeting of stockholders of Atlas America, Inc. will be held on Friday, June&nbsp;13,
2008 at 9:00 a.m. (the &#147;Meeting&#148;) at The Ethical Society Building, 1906 South Rittenhouse Square,
Philadelphia, Pennsylvania 19103, for the purposes set forth in the accompanying notice. Only
stockholders of record at the close of business on April&nbsp;25, 2008 will be entitled to notice of and
to vote at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This statement is furnished in connection with the solicitation by our Board of Directors (the
&#147;Board&#148;) of proxies from holders of our common stock to be used at the Meeting, and at any and all
adjournments thereof. Proxies in the accompanying form, properly executed and returned to us, and
not revoked, will be voted at the Meeting and any and all adjournments thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement and the accompanying form of proxy are being sent on or about May&nbsp;14,
2008, to stockholders of record as of April&nbsp;25, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Changing or Revoking Proxy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a proxy in the accompanying form is executed and returned, it may nevertheless be revoked
at any time before its use by giving written notice of revocation to our Secretary at our Moon
Township address stated herein, by submitting a later dated proxy or by attending the Meeting and
voting in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Company&#146;s Shares Outstanding and Entitled to Vote at the Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were 26,933,742 shares of our common stock outstanding as of the April&nbsp;25, 2008 record
date. Each of those shares is entitled to one vote on each matter to be voted on at the Meeting
(no effect is given in this document for the 3-for-2 stock split which will become effective after
the record date).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quorum</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence in person or by proxy of holders of our outstanding common stock representing not
less than 1/3 of the outstanding shares of common stock will constitute a quorum. We will also treat
as present for quorum purposes abstentions and shares held by a broker as nominee (i.e., in &#147;street
name&#148;) that are represented by proxies at the Meeting, but that the broker fails to vote on one or
more matters as a result of incomplete instructions from the beneficial owner of the shares
(&#147;broker non-votes&#148;).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vote Required for Approval</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The affirmative vote of a plurality of the shares represented at the Meeting, in person or by
proxy, will be necessary for the election of directors. If a quorum is present, approval of the
Amended and Restated Annual Incentive Plan for Senior Executives (the &#147;Amended and Restated Senior
Executive Plan&#148;) will require a favorable vote of a majority of the outstanding shares of common
stock entitled to vote. Approval of all other business properly brought before the Meeting will
require a favorable vote of a majority of the shares represented at the Meeting in person or by
proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes may be cast for or withheld from each nominee for director, and for, against or abstain
as to approval of the Amended and Restated Senior Executive Plan. Under applicable Delaware law,
broker non-votes represented at the Meeting, but with respect to which such broker or nominee is
not empowered to vote on a particular proposal, and abstentions will have no effect on the vote for
the election of directors. Abstentions and broker non-votes will have the effect of a vote against
the approval of the Amended and Restated Senior Executive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any proxy not specifying to the contrary will be voted FOR the election of the nominated
directors, FOR the adoption of the Amended and Restated Senior Executive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Expenses and Manner of Solicitation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will bear the cost of soliciting proxies for the Meeting, including the cost of preparing,
assembling and mailing this proxy statement and the accompanying form of proxy. Our directors,
officers and employees may solicit proxies personally or by letter or telephone, but no director,
officer, or employee will be specially compensated for soliciting such proxies. We expect to
reimburse banks, brokers and other persons for their reasonable out-of-pocket expenses in handling
proxy materials for beneficial owners of our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>No Appraisal Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders who object to the proposals will not have appraisal, dissenters&#146; or similar
rights under Delaware law. These rights would permit a stockholder to seek a judicial
determination of the fair value of his or her shares and to compel their purchase for cash in that
amount. If the proposals described in this proxy statement are approved, that approval will be
binding on all stockholders, and objecting stockholders will have no alternative other than selling
their shares if they dissent from them.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SECURITY OWNERSHIP OF CERTAIN" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECURITY OWNERSHIP OF CERTAIN</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>BENEFICIAL OWNERS AND MANAGEMENT</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the number and percentage of shares of common stock owned, as
of April&nbsp;25, 2008, by (a)&nbsp;each person who, to our knowledge, is the beneficial owner of more than
5% of the outstanding shares of common stock, (b)&nbsp;each of our present directors, (c)&nbsp;each of our
executive officers serving during the 2007 fiscal year, and (d)&nbsp;all of our directors and executive
officers as a group. This information is reported in accordance with the beneficial ownership
rules of the Securities and Exchange Commission under which a person is deemed to be the beneficial
owner of a security if that person has or shares voting power or investment power with respect to
such security or has the right to acquire such ownership within 60&nbsp;days. Shares of common stock
issuable pursuant to options or warrants are deemed to be outstanding for purposes of computing the
percentage of the person or group holding such options or warrants but are not deemed to be
outstanding for purposes of computing the percentage of any other person. Unless otherwise
indicated in footnotes to the table, each person listed has sole voting and dispositive power with
respect to the securities owned by such person.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount and Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Beneficial Ownership<SUP style="font-size: 85%; vertical-align: text-top"> (2)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Beneficial Owner Directors </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Carlton M. Arrendell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William R. Bagnell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Edward E. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,751,960</TD>
    <TD nowrap>          &nbsp; <SUP style="font-size: 85%; vertical-align: text-top">(3)(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.97</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jonathan Z. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,562,297</TD>
    <TD nowrap>         &nbsp;  <SUP style="font-size: 85%; vertical-align: text-top">(4)(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.71</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald W. Delson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nicholas A. DiNubile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dennis A. Holtz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Harmon S. Spolan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non-Director Executive Officers and Significant Employees</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Frank P. Carolas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">43,715</TD>
    <TD nowrap>            &nbsp;  <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert R. Firth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Freddie M. Kotek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">193,461</TD>
    <TD nowrap>            &nbsp;  <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Matthew A. Jones</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">90,316</TD>
    <TD nowrap>          &nbsp;    <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nancy J. McGurk</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">67,859</TD>
    <TD nowrap>            &nbsp;  <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jeffrey C. Simmons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">103,760</TD>
    <TD nowrap>   &nbsp;           <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael L. Staines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">78,994</TD>
    <TD nowrap>       &nbsp;       <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard D. Weber</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37,500</TD>
    <TD nowrap>           &nbsp;   <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All executive officers and directors as a group (14 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,925,469</TD>
    <TD nowrap>           &nbsp;  <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.87</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Owners of More Than 5% of Outstanding Shares</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cobalt Capital Management, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,492,230</TD>
    <TD nowrap>         &nbsp;    <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.26</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Iridian Asset Management LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,708,902</TD>
    <TD nowrap>           &nbsp;  <SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leon G. Cooperman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,455,641</TD>
    <TD nowrap>         &nbsp;    <SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Magnetar Capital Partners LP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,655,030</TD>
    <TD nowrap>          &nbsp;  <SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.86</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">

    <TD colspan="3">Less than 1%</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The business address for each director and executive officer is 1550 Coraopolis Heights
Road&#151;2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor, Moon Township, Pennsylvania 15108.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>All shares reflect a 3-for-2 stock split which was effected on May&nbsp;29, 2007, but does not
reflect the 3-for-2 stock split to be effected on May&nbsp;30, 2008.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;33,636 shares held in an individual retirement account of Betsy Z. Cohen, Mr.&nbsp;E.
Cohen&#146;s spouse; (ii)&nbsp;935,801 shares held by a charitable foundation of which Mr.&nbsp;E. Cohen, his
spouse and their adult children serve as co-trustees; and (iii)&nbsp;94,252 shares held in trust
for the benefit of Mr.&nbsp;E. Cohen&#146;s spouse and/or children. Mr.&nbsp;E. Cohen disclaims beneficial
ownership of the above referenced shares. A total of 1,021,998 shares held by Mr.&nbsp;E. Cohen are
also included in the shares beneficially held by Mr.&nbsp;J. Cohen.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;86,197 shares held in a trust of which Mr.&nbsp;J. Cohen is a co-trustee and
co-beneficiary and (ii)&nbsp;935,801 shares held by a charitable foundation of which Mr.&nbsp;J. Cohen,
his parents and his sibling serve as co-trustees. These shares are also included in the shares
referred to in footnote 3 above. Mr.&nbsp;J. Cohen disclaims beneficial ownership of the above
referenced shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes shares issuable on exercise of options granted under our Stock Incentive Plan in the
following amounts: Mr.&nbsp;E. Cohen &#151; 675,000 shares; Mr.&nbsp;J. Cohen &#151; 450,000 shares; Mr.&nbsp;Carolas &#151;
33,750 shares; Mr.&nbsp;Kotek &#151; 45,000 shares; Mr.&nbsp;Jones &#151; 90,000 shares; Ms.&nbsp;McGurk &#151; 4,688
shares; Mr.&nbsp;Simmons &#151; 33,750 shares; Mr.&nbsp;Staines &#151; 5,625 shares; and Mr.&nbsp;Weber&#151; 37,500 shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>This number has been adjusted to exclude 86,197 shares and 935,801 shares which were included
in both Mr.&nbsp;E. Cohen&#146;s beneficial ownership amount and Mr.&nbsp;J. Cohen&#146;s beneficial ownership
amount.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>This information is based on a Schedule&nbsp;13G/A filed with the SEC on February&nbsp;14, 2008. The
address for Cobalt Capital Management, Inc. is 237 Park Avenue, Suite&nbsp;900, New York, New York
10017.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>This information is based on a Schedule&nbsp;13G filed with the SEC on April&nbsp;7, 2008. The address
for Iridian Asset Management, LLC is 276 Post Road West, Westport, CT 06880-4704.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>This information is based on a Schedule&nbsp;13G/A filed with the SEC on February&nbsp;6, 2008. The
address for Mr.&nbsp;Cooperman is 88 Pine Street, Wall Street Plaza, 31st Floor, New York, New York
10005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>This information is based on a Form&nbsp;4 filed with the SEC on April&nbsp;15, 2008. The address for
Magnetar Capital Partners LP is 1603 Orrington Avenue, 13<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Evanston, IL
60201.</TD>
</TR>

</TABLE>


<!-- link1 "PROPOSAL 1: ELECTION OF DIRECTORS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 1: ELECTION OF DIRECTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board is divided into three classes with directors in each class serving
three-year terms. The terms of directors in Class&nbsp;III expire at the Meeting. The Board
has nominated Edward E. Cohen, Dennis A. Holtz and Harmon S. Spolan for re-election as
directors in Class&nbsp;III.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The persons named in the enclosed proxy intend, in the absence of a contrary
direction, to vote for Messrs.&nbsp;E. Cohen, Holtz and Spolan as Class&nbsp;III directors to serve
for three-year terms expiring at the 2011 annual meeting of stockholders, or until their
successors are elected or appointed. Should any nominee become unable or refuse to accept
nomination or election as a Class&nbsp;III director, it is intended that the persons named as
proxies will vote for the election of such other person as the Board may recommend. The
Board knows of no reason why any nominee might be unable or refuse to accept nomination or
election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information is set forth below regarding the principal occupation of each nominee and
each of our other directors. There are no family relationships among the nominees and
directors of our company, except that Edward E. Cohen, Chairman of the Board and Chief
Executive Officer, is the father of Jonathan Z. Cohen, Vice Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Nominees for Election for a Three-Year Term Expiring at the 2011 Annual Meeting:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Edward E. Cohen, </B>69, has been the Chairman of our Board of Directors, our Chief
Executive Officer and President since our organization in September&nbsp;2000. Mr.&nbsp;Cohen has
been the Chairman of the Board and Chief Executive Officer of Atlas Energy Resources, LLC
and its manager, Atlas Energy Management, Inc., since their formation in June&nbsp;2006. Mr.
Cohen has been the Chairman of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Managing Board of Atlas Pipeline Partners GP, LLC, the general partner of Atlas
Pipeline Partners, L.P., since its formation in 1999, and Chairman of the Board and Chief
Executive Officer of Atlas Pipeline Holdings GP, LLC, the general partner of Atlas Pipeline
Holdings, L.P., since its formation in January&nbsp;2006. In addition, Mr.&nbsp;Cohen has been
Chairman of the Board of Directors of Resource America, Inc. (a publicly-traded specialized
asset management company) since 1990, and was its Chief Executive Officer from 1988 until
2004, and President from 2000 until 2003; Chairman of the Board of Resource Capital Corp.
(a publicly-traded real estate investment trust) since its formation in September&nbsp;2005; a
director of TRM Corporation (a publicly-traded consumer services company) from 1998 to July
2007; and Chairman of the Board of Brandywine Construction &#038; Management, Inc. (a property
management company) since 1994. Mr.&nbsp;Cohen is the father of Jonathan Z. Cohen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dennis A. Holtz, </B>68, has been a director since February&nbsp;2004. Mr.&nbsp;Holtz maintained a
corporate law practice with D.A. Holtz, Esquire &#038; Associates in Philadelphia and New Jersey
from 1988 until his retirement in January&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Harmon S. Spolan, </B>72, has been a director since August&nbsp;2006. Since January&nbsp;2007, Mr.
Spolan has served as of counsel to the law firm Cozen O&#146;Connor, where he is chairman of the
firm&#146;s charitable foundation. From 1999 until January&nbsp;2007, Mr.&nbsp;Spolan was a member of the
firm and served as chairman of its Financial Services Practice Group and as co-marketing
partner. Before joining Cozen O&#146;Connor, Mr.&nbsp;Spolan served as President, Chief Operating
Officer, and a director of JeffBanks, Inc., and its subsidiary bank for 22&nbsp;years. Mr.
Spolan has served as director of TRM Corporation since June&nbsp;2002 and of Coleman Cable,
Inc., since November&nbsp;2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Continuing Directors to Serve until the 2009 Annual Meeting:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>William R. Bagnell, </B>45, has been a director since February&nbsp;2004. Mr.&nbsp;Bagnell has been
involved in the energy industry in various capacities since 1986. He has been Vice
President&#151;Energy for Planalytics, Inc. (an energy industry risk management and software
company) since March&nbsp;2000, and was Director of Sales for Fisher Tank Company (a national
manufacturer of carbon and stainless steel bulk storage tanks) from September&nbsp;1998 to
January&nbsp;2000. Before that, he served as Manager of Business Development for Buckeye
Pipeline Partners, L.P. (a refined petroleum products transportation company) from October
1992 until September&nbsp;1998. Mr.&nbsp;Bagnell served as an independent member of the Managing
Board of Atlas Pipeline Partners GP from its formation in November&nbsp;1999 until May&nbsp;2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nicholas A. DiNubile, </B>55, has been a director since February&nbsp;2004. Dr.&nbsp;DiNubile has
been an orthopedic surgeon specializing in sports medicine since 1982. Dr.&nbsp;DiNubile has
served as special advisor and medical consultant to the President&#146;s Council on Physical
Fitness and as Orthopedic Consultant to the Philadelphia 76ers basketball team and the
Pennsylvania Ballet. Dr.&nbsp;DiNubile is also Clinical Assistant Professor of the Department
of Orthopedic Surgery at the Hospital of the University of Pennsylvania.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Continuing Directors to Serve until the 2010 Annual Meeting:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Carlton M. Arrendell, </B>45, has been a director since February&nbsp;2004. Mr.&nbsp;Arrendell has
been a Vice President and Chief Investment Officer of Full Spectrum of NY LLC since May
2007. Prior to joining Full Spectrum, Mr.&nbsp;Arrendell served as a special real estate
consultant to the AFL-CIO Investment Trust Corporation following six years of service as
Investment Trust Corporation&#146;s Chief Investment Officer. Mr.&nbsp;Arrendell is also an
attorney admitted to practice law in Maryland and the District of Columbia.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Jonathan Z. Cohen, </B>37, has been Vice Chairman of our Board of Directors since our
formation. Mr.&nbsp;Cohen has been Vice Chairman of the Board of Atlas Energy Resources and
Atlas Energy Management since their formation in June&nbsp;2006. Mr.&nbsp;Cohen has been Vice
Chairman of the Managing Board of Atlas Pipeline Partners GP since its formation in 1999
and Vice Chairman of the Board of Atlas Pipeline Holdings GP since its formation in January
2006. Mr.&nbsp;Cohen has been a senior officer of Resource America since 1998, serving as the
Chief Executive Officer since 2004, President since 2003 and a director since 2002. Mr.
Cohen has been Chief Executive Officer, President and a director of Resource Capital Corp.
since its formation in 2005, and was the trustee and secretary of RAIT Financial Trust (a
publicly-traded real estate investment trust) from 1997, and its Vice Chairman from 2003,
until December&nbsp;2006. Mr.&nbsp;Cohen is a son of Edward E. Cohen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Donald W. Delson, </B>57, has been a director since February&nbsp;2004. Mr.&nbsp;Delson has over 20
years of experience as an investment banker specializing in financial institutions. Mr.
Delson has been a Managing Director, Corporate Finance Group, at Keefe, Bruyette &#038; Woods,
Inc. since 1997, and before that was a Managing Director in the Corporate Finance Group at
Alex. Brown &#038; Sons from 1982 to 1997. Mr.&nbsp;Delson served as an independent member of the
Managing Board of Atlas Pipeline Partners GP from June&nbsp;2003 until May&nbsp;2004.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NON-DIRECTOR EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board appoints officers each year at its annual meeting following the annual stockholders
meeting and from time to time as necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Frank P. Carolas, </B>48, has been an Executive Vice President since 2001 and served as a director
from 2002 until 2004. Mr.&nbsp;Carolas has been a Senior Vice President of Atlas Energy Management
since its formation in June&nbsp;2006 and was a Vice President of Resource America from 2001 until 2004,
and has been Executive Vice President&#151;Land and Geology and a director of Atlas Resources, LLC
(Atlas Energy Resources&#146; wholly-owned subsidiary which acts as the managing partner of its drilling
partnerships) since 2001. Mr.&nbsp;Carolas is a certified petroleum geologist and has been employed by
Atlas Resources, LLC and its affiliates since 1981.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Robert R. Firth</B>, 53, has been the President and Chief Executive Officer of Atlas Pipeline
Mid-Continent LLC, a subsidiary of ours, since July&nbsp;2004. Mr.&nbsp;Firth has been a director of Atlas
Pipeline Holdings GP since February&nbsp;2006 and has been the President and Chief Operating Officer of
Atlas Pipeline Holdings GP since January&nbsp;2006. Before joining Atlas Pipeline Mid-Continent, Mr.
Firth had been President and Chief Executive Officer of Spectrum, its predecessor, since 2002.
From September&nbsp;2001 to June&nbsp;2002, Mr.&nbsp;Firth was Vice President of Business Development for CMS
Field Services. From July&nbsp;2000 to September&nbsp;2001, Mr.&nbsp;Firth helped to form ScissorTail Energy
through the acquisition of Octagon Resources, where he served as Vice President of Operations and
Commercial Services. In addition to the positions listed above, Mr.&nbsp;Firth has held positions with
Northern Natural Gas, Panda Resources and Transok in his approximately 30&nbsp;years in the midstream
energy sector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Matthew A. Jones, </B>46, has been Chief Financial Officer of us and of Atlas Pipeline Partners
GP, LLC since 2005. Mr.&nbsp;Jones has been the Chief Financial Officer and a director of Atlas Energy
Resources since its formation in June&nbsp;2006, the Chief Financial Officer of Atlas Energy Management
since its formation in June&nbsp;2006 and has been the Chief Financial Officer of Atlas Pipeline
Partners GP since March&nbsp;2005. He has been the Chief Financial Officer of Atlas Pipeline Holdings GP
since January&nbsp;2006 and a director since February&nbsp;2006. From 1996 to 2005, Mr.&nbsp;Jones worked in the
Investment Banking group at Friedman Billings Ramsey, concluding as Managing Director. Mr.&nbsp;Jones
worked in Friedman
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Billings Ramsey&#146;s Energy Investment Banking Group from 1999 to 2005 and in Friedman Billings
Ramsey&#146;s Specialty Finance and Real Estate Group from 1996 to 1999. Mr.&nbsp;Jones is a Chartered
Financial Analyst.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Freddie M. Kotek, </B>52, has been an Executive Vice President since 2004 and served as Chief
Financial Officer from 2004 until 2005 and a director from 2001 until 2004. Mr.&nbsp;Kotek was a Senior
Vice President of Resource America from 1995 until 2004, President of Resource Leasing, Inc. (a
wholly-owned subsidiary of Resource America) from 1995 to 2004, and has been Chairman of Atlas
Resources, LLC since 2001 and Chief Executive Officer and President of Atlas Resources, LLC since
2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nancy J. McGurk, </B>52, has been the Chief Accounting Officer since 2001 and Senior Vice
President since January&nbsp;2002. Ms.&nbsp;McGurk has been the Chief Accounting Officer of Atlas Energy
Resources, LLC since its formation in June&nbsp;2006 and Chief Accounting Officer of Atlas Energy
Management since its formation in June&nbsp;2006. Ms.&nbsp;McGurk was a Vice President of Resource America
from 1992 until 2004, and its Treasurer and Chief Accounting Officer from 1989 until 2004. Ms.
McGurk has been Senior Vice President of Atlas Resources, LLC since 2002 and Chief Financial
Officer and Chief Accounting Officer since 2001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Jeffrey C. Simmons, </B>49, has been an Executive Vice President since 2001 and was a director
from 2002 until 2004. He has been a Senior Vice President of Atlas Energy Management since its
formation in June&nbsp;2006 and Executive Vice President &#151; Operations and a director of Atlas Resources,
LLC since 2001. Mr.&nbsp;Simmons was a Vice President of Resource America from 2001 until 2004. Mr.
Simmons joined Resource America in 1986 as a senior petroleum engineer and served in various
executive positions with its energy subsidiaries thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Michael L. Staines, </B>58, has been an Executive Vice President since our formation in 2000. Mr.
Staines was a Senior Vice President of Resource America from 1989 until 2004, a director from 1989
to 2000 and Secretary from 1989 to 1998. Mr.&nbsp;Staines has been President of Atlas Pipeline Partners
GP, LLC since 2001 and its Chief Operating Officer and a member of its Managing Board since its
formation in 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Richard D. Weber, </B>44, has been President, Chief Operating Officer and a director of Atlas
Energy Resources and President, Chief Operating Officer and a director of Atlas Energy Management
since their formation in June&nbsp;2006. Mr.&nbsp;Weber served from June&nbsp;1997 until March&nbsp;2006 as Managing
Director and Group Head of the Energy Group of KeyBanc Capital Markets, a division of KeyCorp, and
its predecessor, McDonald &#038; Company Securities, Inc., where he oversaw activities with oil and gas
producers, pipeline companies and utilities.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "PROPOSAL 2: APPROVAL OF THE ATLAS AMERICA, INC. ANNUAL INCENTIVE PLAN FOR SENIOR EXECUTIVES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 2: APPROVAL OF THE ATLAS AMERICA, INC. ANNUAL INCENTIVE PLAN FOR SENIOR EXECUTIVES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has approved the Atlas America, Inc. Amended and Restated Annual Incentive
Plan for Senior Executives and is submitting the Amended and Restated Senior Executive Plan
for stockholder approval. Last year, the Board and the stockholders approved an Annual
Incentive Plan for Senior Executives (the &#147;2007 Senior Executive Plan&#148;) to ensure the
deductibility of executive compensation paid to our senior executive employees in
accordance with Section 162(m) of the Internal Revenue Code (&#147;Section&nbsp;162(m)&#148;) which
permits a corporation to deduct &#147;qualified performance-based compensation&#148; in excess of $1
million in any year to a covered person, if, among other requirements, the compensation is
paid pursuant to objective performance goals under a plan approved by our stockholders.
Covered persons under Section 162(m) are the chief executive officer and the other four
most highly compensated executive officers. As with the 2007 Senior Executive Plan, under
the Amended and Restated Senior Executive Plan, we will award annual bonuses to senior
executive officers based on our corporate performance or the performance of our
subsidiaries or affiliates. A copy of the Amended and Restated Senior Executive Plan, which
has been marked to show the proposed changes, is attached to this proxy statement as
Exhibit&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If our stockholders do not approve the Amended and Restated Senior Executive Plan,
then the compensation committee will continue to determine the compensation for the senior
executives as described below under the 2007 Senior Executive Plan. The following is a
summary of the material terms of the Amended and Restated Senior Executive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendments to the 2007 Senior Executive Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2007 Senior Executive Plan has been amended to increase the maximum award payable to an
individual to $15&nbsp;million from $5&nbsp;million and to allow awards to be paid in either cash or shares
of common stock under our Stock Incentive Plan. In addition, the 2007 Senior Executive Plan has
been clarified to allow the compensation committee to make such adjustments to performance goals in
the event of a change of control as it deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Description of the Amended and Restated Senior Executive Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Purpose. </I>The Amended and Restated Senior Executive Plan provides a means for awarding
annual cash bonuses to our senior executive employees and senior executive employees of our
subsidiaries based on the achievement of objective performance goals over a designated
performance period. The performance period is our fiscal year or any other period of up to
12&nbsp;months. The objectives of the Amended and Restated Senior Executive Plan are:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to enhance our ability to attract, reward and retain senior executive
employees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to strengthen employee commitment to our success; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to align employee interests with those of the stockholders by providing
compensation that varies based on our success.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Administration. </I>The Amended and Restated Senior Executive Plan will be administered
and interpreted by the compensation committee of the Board. The compensation committee has
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the authority to establish rules and regulations relating to the Amended and Restated
Senior Executive Plan, to interpret the Amended and Restated Senior Executive Plan and
those rules and regulations, to select participants, to determine each participant&#146;s
maximum award and award amount, to approve all awards, to decide the facts in any case
arising under the Amended and Restated Senior Executive Plan and to make all other
determinations, including factual determinations, and to take all other actions necessary
or appropriate for the proper administration of the Amended and Restated Senior Executive
Plan, including the delegation of its authority or power, where appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligibility and Participation. </I>Our senior executive employees, and senior executive
employees of our subsidiaries, are eligible to participate in the Amended and Restated
Senior Executive Plan. For 2008, it is anticipated that five senior executives will be
eligible to receive awards under the Amended and Restated Senior Executive Plan. The
compensation committee will select the senior executive employees who will participate in
the Amended and Restated Senior Executive Plan for each performance period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Establishment of Performance Goals</I>. As soon as practicable, but no later than the
earlier of 90&nbsp;days after the beginning of the performance period or the date on which 25%
of the performance period has been completed, the compensation committee will determine the
employees who will be participants for the performance period, the performance goals and
each participant&#146;s maximum award for the performance period. The performance goals may
provide for differing amounts to be paid based on differing thresholds of performance. The
maximum award payable to any participant for any performance period will not exceed
$15,000,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Objective Criteria</I>. The performance goals will be based on objective business
criteria selected by the compensation committee at the beginning of each performance
period. The criteria will include, either in absolute terms or in comparison to publicly
available industry standards or indices, one or more of the following: stock price, return
on equity, assets under management, EBITDA (earnings before interest, taxes, depreciation
and amortization), earnings per share, price-earnings multiples, net income, operating
income, pre-tax income, revenues, working capital, accounts receivable, productivity,
margin, net capital employed, return on assets, stockholder return, return on capital
employed, increase in assets, unit volume, sales, internal sales growth, cash flow, market
share, relative performance to a comparison group designated by the compensation committee,
or strategic business criteria consisting of one or more objectives based on meeting
specified revenue goals, market penetration goals, customer growth, geographic business
expansion goals, cost targets or goals relating to acquisitions or divestitures. The
performance goals may relate to one or more subsidiaries or our performance as a whole, or
any combination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Calculation of Awards</I>. A participant will earn an award for a performance period
based on the level of achievement of the performance goals established by the compensation
committee for that performance period. The compensation committee may reduce an award for
any performance period based on its assessment of personal performance or other factors,
but the compensation committee may not increase an award beyond the amount determined
based on achievement of the performance goals. A participant will receive no award if the
level of achievement of the performance goals is below the minimum required to earn an
award for the performance period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of Awards</I>. At the end of the performance period, the compensation committee
will certify the achievement of the performance goals and the amount of awards to be paid.
Awards will be paid in a single lump sum cash payment or in the form of our stock or stock
units
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">as soon as practicable following the close of the performance period, but not later
than 2-<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> months after the close of the performance period. The compensation committee may
permit participants to elect to defer awards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations on Payment of Awards</I>. Generally, a participant must be employed on the
last day of a performance period to receive payment of an award under the Amended and
Restated Senior Executive Plan. However, if a participant&#146;s employment terminates before
the end of the performance period, the compensation committee may determine that the
participant will remain eligible to receive a prorated portion of any award that would have
been earned for the performance period, in such circumstances as the compensation committee
deems appropriate. If a participant is on an authorized leave of absence during the
performance period, the participant may be eligible to receive a prorated portion of any
award that would have been earned, as determined by the compensation committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Change of Control. </I>Unless the compensation committee determines otherwise, if a change of
control of our company occurs before the end of a performance period, each participant will receive
an award for the performance period based on performance measured as of the date of the change of
control or as otherwise determined by the compensation committee and subject to such adjustments as
the compensation committee deems appropriate. A change of control occurs if any person or group
becomes a beneficial owner of more than 50% of our voting securities (other than a transaction in
which we become a subsidiary of another entity and our stockholders immediately before the
transaction own, immediately after the transaction, more than 50% of the resulting voting
securities), sale or other disposition of all or substantially all of our assets or our liquidation
or dissolution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendment and Termination of Plan</I>. The compensation committee has the authority to
amend, modify or terminate the Amended and Restated Senior Executive Plan, but the
compensation committee may not amend the Amended and Restated Senior Executive Plan without
obtaining stockholder approval if stockholder approval is required under Section&nbsp;162(m).
The Amended and Restated Senior Executive Plan must be reapproved by the stockholders no
later than the first stockholders meeting that occurs in the fifth year following the year
in which the stockholders previously approved the Amended and Restated Senior Executive
Plan, if additional awards are to be paid under the Amended and Restated Senior Executive
Plan and if required by Section&nbsp;162(m).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2007 Bonus Awards</I>. Awards payable under the 2007 Senior Executive Plan were based upon our
estimated pre-tax, pre-incentive compensation income for the 2007&nbsp;year. Pursuant to the
compensation committee&#146;s recommendation, we awarded cash incentive bonuses as follows: Edward E.
Cohen, $5,000,000; Jonathan Z. Cohen, $4,000,000; Matthew A. Jones, $2,000,000; and Richard D.
Weber, $1,500,000. See &#147;Compensation, Discussion and Analysis&#148; for additional information on the
compensation paid for fiscal 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2008 Bonus Awards</I>. Awards payable under the Amended and Restated Senior Executive
Plan for the 2008 fiscal year are subject to stockholder approval of the Amended and
Restated Senior Executive Plan. The compensation committee has approved 2008 target bonus
awards which would be paid from a bonus pool. The bonus pool shall be equal to 18.3% of
our adjusted distributable cash flow, except to the extent that the adjusted distributable
cash flow includes any capital transaction gains in excess of $50&nbsp;million, then only 10% of
that excess shall be included in the bonus pool. If the adjusted distributable cash flow
does not equal at least 95% of the adjusted distributable cash flow for the previous year,
no bonuses shall be paid. Adjusted distributable cash flow means the sum of (i)&nbsp;cash
available for distribution to us by any of our subsidiaries (regardless of whether such
cash is actually distributed), plus (ii)&nbsp;interest income
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">during the year, plus (iii)&nbsp;to the extent not otherwise included in adjusted
distributable cash flow, any realized gain on the sale of securities, including securities
of a subsidiary, less (iv)&nbsp;our stand-alone general and administrative expenses for the year
(other than non-cash bonus compensation included in general and administrative expenses),
and less (v)&nbsp;to the extent not otherwise included in adjusted distributable cash flow, any
loss on the sale of securities, including securities of a subsidiary. A return of our
capital investment in a subsidiary is not intended to be included and, accordingly, if
adjusted distributable cash flow includes proceeds from the sale of all or substantially
all of the assets of a subsidiary, the amount of such proceeds to be included in adjusted
distributable cash flow will be reduced by our basis in the subsidiary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts payable under the Amended and Restated Senior Executive Plan for 2008 will
not be determined until after the year is completed and achievement of the performance
goals is determined. The maximum award payable for 2008, expressed as a percentage of our
estimated 2008 adjusted distributable cash flow, for each participant is as follows:
Edward E. Cohen, 6.14%; Jonathan Z. Cohen, 4.37%; Matthew A. Jones, 3.46%; Richard D.
Weber, 2.60% and Freddie Kotek, 1.73%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Consequences</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of the federal income tax consequences of awards under the
Amended and Restated Senior Executive Plan is a general summary. State, local, and other
taxes may also be imposed in connection with awards. This discussion is intended for the
information of stockholders considering how to vote at the Meeting and not as tax guidance
to individuals who participate in the Amended and Restated Senior Executive Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards generally will be subject to tax in the year in which they are paid. To the
extent awards qualify as performance-based compensation under Section 162(m) or are
otherwise deductible as compensation, we will be entitled to a corresponding tax deduction
in the year the award is paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Board of Directors Recommendation</B>. The Board recommends a vote <B>FOR </B>this proposal.
</DIV>


<!-- link1 "CORPORATE GOVERNANCE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE GOVERNANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Information Concerning our Company and the Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed for trading on The NASDAQ Stock Market under the symbol &#147;ATLS.&#148;
The Board held seven meetings during fiscal 2007. Each of the directors attended at least 75% of
the meetings of the Board and all meetings of the committees on which the director served during
fiscal 2007. The Board currently consists of eight members, six of whom are independent directors
as defined by Nasdaq National Market standards and the Securities Act. The six independent
directors or nominees are Messrs.&nbsp;Arrendell, Bagnell, Delson, DiNubile, Holtz and Spolan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not have a formal policy regarding Board member attendance at our annual meeting of
stockholders. Four of the directors attended last year&#146;s annual meeting of stockholders.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Communications with the Board</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has also established a process for stockholders to send communications to it. Any
stockholder who wishes to send a communication to the Board should write to our Secretary at our
Moon Township address stated herein. Beneficial owners must include in their communication a good
faith representation that they are beneficial owners of our common stock. Our Secretary will
promptly forward to the Chairman of the Board any and all such stockholder communications.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Board Committees</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has four standing committees which are the audit committee, the compensation
committee, the nominating and governance committee and the investment committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Committee. </I>The principal functions of the audit committee are to assist the Board in
monitoring the integrity of our financial statements, the independent auditor&#146;s qualifications and
independence, the performance of our independent auditors and our compliance with legal and
regulatory requirements. The audit committee reviews the adequacy of our internal controls. The
audit committee also reviews the scope and effectiveness of audits by the independent accountants
and has the sole authority to retain and terminate our independent auditors and to approve the
compensation paid to the independent auditors. The audit committee held six meetings during fiscal
2007. The audit committee is also responsible for overseeing our internal audit function. All of
the members of the audit committee are independent directors as defined by NASDAQ rules. The
members of the audit committee are Messrs.&nbsp;Arrendell, Bagnell and Delson, with Mr.&nbsp;Arrendell acting
as the chairman. The Board has determined that Mr.&nbsp;Delson is an &#147;audit committee financial expert,&#148;
as defined by SEC rules. The Board previously adopted a written charter for the audit committee, a
current copy of which is available on our web site at <U>www.atlasamerica.com</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation Committee. </I>The principal functions of the compensation committee are to
administer our employee benefit plans (including incentive plans), annually evaluate salary grades
and ranges, establish guidelines concerning average compensation increases, establish performance
criteria for and evaluate the performance of our chief executive officer and approve compensation
of all officers and directors. The compensation committee held five meetings during fiscal 2007.
The compensation committee is comprised solely of independent directors, consisting of Messrs.
Delson, Arrendell and Holtz, with Mr.&nbsp;Delson acting as the chairman. The compensation committee
does not have a charter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nominating and Governance Committee. </I>The principal functions of the nominating and governance
committee are to recommend persons to be selected by the Board as nominees for election as
directors, recommend persons to be elected to fill any vacancies on the Board, consider and
recommend to the Board qualifications for the office of director and policies concerning the term
of office of directors and the composition of the Board and consider and recommend to the Board
other actions relating to corporate governance. The nominating and governance committee held one
meeting during fiscal 2007. The nominating and governance committee is comprised solely of
independent directors, consisting of Messrs.&nbsp;Bagnell, DiNubile and Holtz, with Mr.&nbsp;Holtz acting as
the chairman.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nominating and governance committee has adopted a charter with respect to its nominating
function, a current copy of which is available on our web site at <U>www.atlasamerica.com</U>.
The nominating and governance committee will consider nominees recommended by stockholders for the
2009 annual meeting of stockholders if submitted in writing to our Secretary in accordance with our
bylaws and with rules promulgated by the Securities and Exchange Commission. See &#147;Stockholder
Proposals&#148; for information concerning nominations by stockholders.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Nomination Process of the Nominating and Governance Committee</I>
&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nominating and governance committee identifies director nominees by first evaluating the
current members of the Board willing to continue in service. Current members with skills and
experience that are relevant to our business and are willing to continue in service are considered
for re-nomination, balancing the value of continuity of service by existing members of the Board
with that of obtaining a new perspective. If any member of the Board does not wish to continue in
service, or if the nominating and governance committee or Board decides not to re-nominate a member
for re-election, or if we decide to expand the Board, the nominating and governance committee
identifies the desired skills and experience of a new nominee consistent with the nominating and
governance committee&#146;s criteria for Board service. Current members of the Board and management are
polled for their recommendations. Research may also be performed or third parties retained to
identify qualified individuals. To date, we have not engaged third parties to identify or evaluate
potential nominees; however, we may in the future choose to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nominating and governance committee will consider nominees recommended by stockholders,
and any such recommendations should be forwarded to our Secretary in writing at our executive
offices as identified in this proxy statement. Such recommendations should include the following
information:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such information as may be reasonably necessary to determine whether the recommended
director candidate is independent from the stockholder that has recommended the candidate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such information as may be reasonably necessary to determine whether the director
candidate is qualified to serve on the Board; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such information as may be reasonably necessary to determine whether the director
candidate meets the independence standards of the Nasdaq National Market.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will also request such other information as may reasonably be required to determine whether
each person recommended by a stockholder meets the criteria listed below and to enable us to make
appropriate disclosures to the stockholders entitled to vote in the election of directors. Any
recommendations received from stockholders will be evaluated in the same manner as potential
nominees suggested by board members, management or other parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nominating and governance committee evaluates independent director candidates based upon a
number of criteria, including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commitment to promoting the long-term interests of our stockholders and independence
from any particular constituency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>professional and personal reputations that are consistent with our values;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>broad general business experience and acumen, which may include experience in
management, finance, marketing and accounting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a high level of personal and professional integrity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adequate time to devote attention to the affairs of our company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other attributes, including independence, relevant in constituting a board that
also satisfies the requirements imposed by the Securities and Exchange Commission and the
Nasdaq National Market; and</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>board balance in light of our company&#146;s current and anticipated needs and the attributes
of the other directors and executives.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment Committee</I>. The principal functions of the investment committee are to review
proposed significant investment opportunities, explore investment criteria, monitor investments and
advise the Board as to the investment committee&#146;s recommendations and decisions on proposed and
existing investments. All of the members of the investment committee are independent directors as
defined by NASDAQ rules. The members of the investment committee are Messrs.&nbsp;Spolan, Arrendell and
Holtz, with Mr.&nbsp;Spolan acting as the chairman.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation Committee Interlocks and Insider Participation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee of the Board of Directors consists of Messrs.&nbsp;Delson, Arrendell and
Holtz. There are no compensation committee interlocks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Committee Reports</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Report of the Audit Committee</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee has approved the following report:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with its function to oversee and monitor our financial reporting process, the
audit committee has done the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed and discussed our audited financial statements for the fiscal year ended
December&nbsp;31, 2007 with our management;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discussed with our independent auditors those matters which are required to be
discussed by Auditing Standards 61, as amended (Codification of Statements on Auditing
Standards, AU Sec. 380); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>received the written disclosures and the letter from our independent auditors
required by Independence Standards Board Standard No.&nbsp;1 (Independence Discussion with
Audit Committees) and discussed with the independent auditors their independence.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, the audit committee recommended to the Board that the audited
financial statements be included in our annual report on Form 10-K for the fiscal year ended
December&nbsp;31, 2007 (the &#147;Annual Report&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Carlton M. Arrendell, Chairman<BR>
William R. Bagnell<BR>
Donald W. Delson

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Compensation Committee Report</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee has reviewed and discussed the Compensation Discussion and Analysis
with management and, based on its review and discussions, the compensation committee recommended to
the Board that the Compensation Discussion and Analysis be included in this proxy statement.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report has been provided by the compensation committee of the Board of Directors of Atlas
America, Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Donald W. Delson, Chairman<BR>
Dennis A. Holtz<BR>
Carlton M. Arrendell

</DIV>
<!-- link1 "DIRECTOR AND EXECUTIVE OFFICER COMPENSATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DIRECTOR AND EXECUTIVE OFFICER COMPENSATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>COMPENSATION DISCUSSION AND ANALYSIS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to provide information regarding the compensation program in place as of
December&nbsp;31, 2007, for our CEO, CFO and the three other most highly-compensated executive officers.
In this report, we refer to our CEO, CFO and the other three most highly-compensated executive
officers as our &#147;Named Executive Officers&#148; or &#147;NEOs.&#148; This section should be read in conjunction
with the detailed tables and narrative descriptions under &#147;Executive Compensation.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee is responsible for formulating and presenting recommendations to
our Board of Directors with respect to the compensation of our NEOs. The compensation committee is
also responsible for administering our employee benefit plans, including incentive plans. The
compensation committee is comprised solely of independent directors, consisting of Messrs.&nbsp;Delson,
Arrendell and Holtz, with Mr.&nbsp;Delson acting as the chairperson.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Compensation Objectives </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our compensation program must support our business strategy, be competitive,
and provide both significant rewards for outstanding performance and clear financial consequences
for underperformance. We also believe that a significant portion of the NEOs&#146; compensation should
be &#147;at risk&#148; in the form of annual and long-term incentive awards that are paid, if at all, based
on individual and company accomplishment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation awarded to our NEOs for fiscal 2007 specifically was intended:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To encourage and reward strong performance; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To motivate our NEOs by providing them with a meaningful equity stake in our
company and our publicly-traded subsidiaries, as appropriate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting and cost implications of compensation programs are considered in program design;
however, the essential consideration is that a program is consistent with our business needs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Compensation Methodology</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee makes recommendations to the board on compensation amounts during
the month after the close of our fiscal year. In the case of base salaries, it recommends the
amounts to be paid for that year. In the case of annual bonus and long-term incentive
compensation, the committee recommends the amount of awards based on the then concluded fiscal
year. We typically pay cash awards and issue equity awards in February of the following fiscal
year. Our compensation committee has the discretion to recommend the issuance of equity awards at
other times during the fiscal year. In addition, our NEOs and other employees who perform services
for our publicly-traded
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subsidiaries, Atlas Energy Resources, Atlas Pipeline Partners and Atlas Pipeline Holdings, may
receive stock-based awards from these subsidiaries, each of which have delegated compensation
decisions to our compensation committee since none of those companies have their own employees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each year, our Chief Executive Officer provides the compensation committee with key elements
of both our company&#146;s and the NEOs&#146; performance as well as recommendations to assist it in
determining compensation levels. The compensation committee focuses on our company&#146;s equity
performance, market capitalization, corporate developments, our business performance (including
production of energy and replacement of reserves), and our financial position.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2006, our compensation committee retained Mercer Human Resource Consulting to analyze
and review the competitiveness and appropriateness of all elements of the compensation we paid to
our NEOs, individually and as a group, for fiscal 2006. The purpose of retaining Mercer was to
determine whether our compensation practices were within the norm for companies of similar size and
focus. Because of the importance to our company of our direct-placement energy investment programs
and our creation of new initiatives and entities, Mercer looked not only to the energy industry in
evaluating our compensation levels but also to the financial services and alternative asset
industries. Mercer&#146;s analysis established that our fiscal 2006 compensation amounts fell between
the median and the 75<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> percentile of the peer group it used, which our compensation
committee found acceptable in the context of its evaluation of the performance of the NEOs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultimately, the decisions regarding executive compensation are made by the compensation
committee after extensive discussion regarding appropriate compensation and are approved by our
Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Elements of our Compensation Program </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive officer compensation package includes a combination of annual cash and long-term
incentive compensation. Annual cash compensation is comprised of base salary plus cash bonus.
Long-term incentives consist of a variety of equity awards. Both the annual cash incentives and
long-term incentives may be performance-based.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base salary is intended to provide fixed compensation to the NEOs for their performance of
core duties that contributed to our success as measured by the elements of corporate performance
mentioned above. Base salaries are not intended to compensate individuals for extraordinary
performance or for above average company performance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Incentives </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual incentives are intended to tie a significant portion of each of the NEO&#146;s compensation
to our annual performance and/or that of our subsidiaries or divisions for which the officer is
responsible. Generally, the higher the level of responsibility of the executive within our company,
the greater is the incentive component of that executive&#146;s target total cash compensation. The
compensation committee may recommend awards of performance-based bonuses and discretionary bonuses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance-Based Bonuses</I>&#151;Our Annual Incentive Plan for Senior Executives, which we refer to
as the Senior Executive Plan, was approved by our stockholders at our 2007 annual meeting. The
Senior Executive Plan is designed to permit us to qualify for an exemption from the $1,000,000
deduction limit under Section 162(m) of the Internal Revenue Code for compensation paid to our
NEOs. The Senior
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Executive Plan provides awards for the achievement of predetermined, objective performance
measures over a specified 12-month performance period, generally our fiscal year. Awards under the
Senior Executive Plan are paid in cash. The Senior Executive Plan limits the amount of annual
compensation to be paid to any individual under the plan to $5,000,000 per year. Notwithstanding
the existence of our Senior Executive Plan, the compensation committee believes that stockholder
interests are best served by not restricting its discretion and flexibility in crafting
compensation, even if the compensation amounts result in non-deductible compensation expense.
Therefore, the Committee reserves the right to approve compensation that is not fully deductible.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2007, the compensation committee set the performance goals for our NEOs.
Specifically, the Committee decided that if our 2007 net income, which was defined as net income
before income taxes and compensatory bonuses paid, exceeded $18,000,000, a bonus pool equal to 15%
of the 2007 net income would be established, from which bonus awards would be made. Pursuant to
the terms of the Senior Executive Plan, in determining whether and to what extent the performance
target was achieved, the compensation committee shall use information contained in the company&#146;s
audited financial statements and other objectively determinable information. If the performance
target was not achieved, no annual incentives would be awarded. The maximum award payable for
fiscal 2007, expressed as a percentage of our 2007 net income, for each of the participants in the
Senior Executive Plan was as follows: Edward E. Cohen, 5.03%; Jonathan Z. Cohen, 3.58%; Matthew A.
Jones, 2.75%; and Richard D. Weber, 2.75%. Pursuant to the terms of the Senior Executive Plan, the
compensation committee has the discretion to recommend the reduction, but not the increase, of the
annual incentive awards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Discretionary Bonuses</I>&#151;Discretionary bonuses may be awarded to recognize individual and group
performance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Long-Term Incentives </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our long-term success depends upon aligning our executives&#146; and stockholders&#146;
interests. To support this objective, we provide our executives with various means to become
significant stockholders, including our long-term incentive programs and those of our public
subsidiaries. These awards are usually a combination of stock options, restricted units and phantom
units which vest over four years to support long-term retention of executives and reinforce our
longer-term goals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grants under our Stock Incentive Plan: </I>Awards under our stock incentive plan, which we refer
to as our Plan, may be in the form of incentive stock options, non-qualified stock options and
restricted stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Options</U>&#151;Our compensation committee has recommended for award stock options under
our Plan from time to time. Stock option grants have a ten-year term and usually vest 25% per
year. These stock options provide value to the recipient only if our share price is higher than on
the date of the grant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Stock</U>&#151;On very limited occasions, restricted stock grants have been awarded.
These grants vest 25% per year on the anniversary of the date of grant. Restricted stock units
reward stockholder value creation slightly differently than stock options: restricted stock units
are impacted by all stock price changes, both increases and decreases.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grants under Subsidiary Plans</I>: As described above, our NEOs who perform services for one or
more of our publicly-traded subsidiaries may receive stock-based awards under the long-term
incentive plan of the appropriate subsidiary.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Supplemental Benefits, Deferred Compensation and Perquisites </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not emphasize supplemental benefits for executives other than Mr.&nbsp;E. Cohen, and
perquisites are discouraged. None of our NEOs have deferred any portion of their compensation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Employment Agreements </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, we do not favor employment agreements unless they are required to attract or to
retain executives to the organization. We have entered into employment agreements with Messrs.&nbsp;E.
Cohen and Weber.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Determination of 2007 Compensation Amounts</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above, after the end of our 2007 fiscal year, our compensation committee set the
base salaries of our NEOs for the 2008 fiscal year and recommended incentive awards based on the
prior year&#146;s performance. In carrying out its function, the compensation committee acted in
consultation with Mercer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining the actual amounts to be paid to the NEOs, the compensation committee looked to
both the individual&#146;s performance as well as to the overall performance of our company and our
publicly-held subsidiaries during fiscal 2007. The compensation committee acknowledged some of the
key individual contributions as set forth below:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;E. Cohen was a critical force in all of our significant initiatives as well
as the significant initiatives of our subsidiaries, including the successful
acquisitions by both Atlas Energy Resources and Atlas Pipeline Partners, resulting in
the doubling of our combined market capitalization from $3&nbsp;billion to $5.9&nbsp;billion by
the end of December&nbsp;2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;J. Cohen was responsible for some of our most important initiatives,
including the Dutch tender auction in which we repurchased 2.25&nbsp;million shares in early
2007 at $35.70 per share at a sizeable discount from recent prices which had hovered at
$60 per share. Additionally, Lightfoot Capital Partners, in which we own an approximate
18% interest, and for which Mr.&nbsp;J. Cohen serves as Chairman, successfully commenced
operations during 2007 and completed a number of significant acquisitions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;Jones&#146;s and Mr.&nbsp;J. Cohen&#146;s financial expertise was instrumental in the
successful raising of almost $2&nbsp;billion in equity for the Atlas Energy Resources and
Atlas Pipeline Partners acquisitions under tight time schedules and challenging market
conditions. Additionally, Mr.&nbsp;Jones&#146;s investment banking expertise was a significant
factor in our ability to obtain over $1.5&nbsp;billion in debt financing on favorable terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;Weber was instrumental in Atlas Energy Resources&#146; acquisition of assets from
DTE Energy Company, which resulted in the tripling in size of Atlas Energy Resources&#146;
exploration and production business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;Kotek is responsible for our direct-placement energy investment programs. In
calendar year 2007, Mr.&nbsp;Kotek was responsible for raising $363&nbsp;million in funds,
representing a 67% increase in funds raised from the amount raised in calendar year
2006.</TD>
</TR>

</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary</U>. Consistent with its preference for having a significant portion of our
NEOs&#146; overall compensation package be incentive compensation, the compensation committee decided to
recommend that the company maintain base salaries for 2008 at the same levels as 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Incentives</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance-Based Bonuses</I>. The compensation committee reviewed our financial statements and
determined that the 2007 net income exceeded the pre-determined minimum threshold. The maximum
amounts payable to each of the NEOs pursuant to the predetermined percentages was as follows:
Edward E. Cohen, $5,956,778; Jonathan Z. Cohen, $4,239,615; Matthew A. Jones, $3,256,688; and
Richard D. Weber, $3,256,688. However, the compensation committee decided, pursuant to its
discretionary authority as set forth in the Senior Executive Plan, to recommend that the maximum
amount for each NEO be reduced and recommended that we award cash incentive bonuses as follows:
Edward E. Cohen, $5,000,000; Jonathan Z. Cohen, $4,000,000; Matthew A. Jones, $2,000,000; and
Richard D. Weber, $1,500,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Discretionary Bonuses</I>. Based on the record-breaking performance of our direct-placement
energy investment programs, the compensation committee recommended that we award Mr.&nbsp;Kotek a cash
bonus of $1,000,000. Mr.&nbsp;Kotek was not included in the Senior Executive Plan for 2007 and,
therefore, his compensation in excess of the Section 162(m) threshold is not deductible.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Long-Term Incentives</U>. Additionally, the compensation committee recognized the
importance of a long-term incentive component as a part of the 2007 compensation. The compensation
committee recommended that we award our stock options as follows: Mr.&nbsp;E. Cohen&#151;200,000 options;
Mr.&nbsp;J. Cohen&#151;160,000 options; Mr.&nbsp;M. Jones&#151;80,000 options; Mr.&nbsp;Weber&#151;60,000 options; and Mr.
Kotek&#151;40,000 options. (These awards are not reflected in the Summary Compensation Table because we
did not recognize expense for them in fiscal 2007; nor are they reflected in the Grants of
Plan-Based Awards table, because they were granted in fiscal 2008.) The compensation committee
determined that it would not recommend that we make Atlas Energy Resources, Atlas Pipeline Partners
or Atlas Pipeline Holdings stock-based awards to our NEOs because it felt that previous awards were
adequate.
</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY COMPENSATION TABLE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information concerning the compensation for fiscal 2007 for our
Chief Executive Officer, Chief Financial Officer and each of our other three most highly
compensated executive officers whose aggregate salary and bonus (including amounts of salary and
bonus foregone to receive non cash compensation) exceeded $100,000.
</DIV>

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    <TD nowrap align="center" colspan="3"><B>Non-Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Salary ($)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Bonus ($)</B> </TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B> <SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B> <SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:0px; text-indent:-0px">Edward E. Cohen,<BR>
Chairman of the Board and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,407,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">810,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,150,222</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">554,777</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,823,317</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">
Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">674,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">84,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">121,769</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">41,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,923,104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Matthew A. Jones,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">472,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">439,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">134,597</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,345,937</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">276,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">324,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">65,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,716,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Jonathan Z. Cohen,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,384,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">324,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">300,906</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,609,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Vice Chairman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">439,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,893,907</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Freddie M. Kotek,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">123,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">183,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">47,996</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,655,116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">153,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">814,467</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Richard D. Weber,<BR>
President and Chief<BR>
Operating Officer of Atlas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">463,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,516,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">

Energy Resources, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">201,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">187,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">347,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,564,163</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents the dollar amount of (i)&nbsp;expense recognized by Atlas Pipeline Holdings
for financial statement reporting purposes with respect to phantom units granted under the AHD
Plan; (ii)&nbsp;expense recognized by Atlas Pipeline Partners for financial statement reporting
purposes with respect to phantom units granted under the APL Plan and its incentive
compensation arrangements; and/or (iii)&nbsp;expense recognized by Atlas Energy Resources for
financial statement reporting purposes with respect to phantom units or restricted units
granted under the ATN Plan, all in accordance with FAS 123R. See note 10 to our consolidated
financial statements in our Annual Report for an explanation of the assumptions we make for
this valuation.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents the dollar amount of (i)&nbsp;expense we recognized for financial statement
reporting purposes with respect to options granted under our Plan (see Note 10 to our
consolidated financial statements), (ii)&nbsp;expense recognized for financial statement reporting
purposes by Atlas Pipeline Holdings for options granted under the AHD Plan; and/or (iii)
expense recognized for financial statement reporting purposes by Atlas Energy Resources for
options granted under the ATN Plan, all in accordance with FAS 123R. See note 10 to our
consolidated financial statements in our Annual Report for an explanation of the assumptions
we make for this valuation.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents the aggregate annual change in the actual present-value of accumulated
pension benefits under the Supplemental Employment Retirement Plan for Mr.&nbsp;E. Cohen.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Includes payments on DERs of $ 156,012 with respect to the phantom units awarded
under the APL Plan, $97,200 with respect to phantom units awarded under the AHD Plan, and $
294,000 with respect to the phantom units awarded under the ATN Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(5)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Includes payments on DERs of $ 53,462 with respect to the phantom units awarded
under the APL Plan, $ 21,600 with respect to phantom units awarded under the AHD Plan, and $
29,400 with respect to the phantom units awarded under the ATN Plan, and $13,575 for
reimbursements for rental payments on Mr.&nbsp;Jones&#146;s temporary residence and $7,841 for
reimbursements for lease payments on Mr.&nbsp;Jones&#146;s vehicle.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(6)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents payments on DERs of $105,306 with respect to the phantom units awarded
under the APL Plan, $48,600 with respect to phantom units awarded under the AHD Plan, and $
147,000 with respect to the phantom units awarded under the ATN Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(7)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Includes payments on DERs of $ 2,397 with respect to the phantom units awarded
under the APL Plan, $ 29,400 with respect to the phantom units awarded under the ATN Plan.</TD>
</TR>

</TABLE>


<!-- link1 "2007 GRANTS OF PLAN-BASED AWARDS TABLE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2007 GRANTS OF PLAN-BASED AWARDS TABLE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option Awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock Awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant Date</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Base Price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fair Value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Approval</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Of Stock or Units</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($ / Sh)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Edward E. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/22/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">4,612,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,250,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Matthew A. Jones</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/22/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">461,200</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">120,500</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jonathan Z. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/22/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">2,306,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">482,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard D. Weber</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4/3/06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47,619</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">373,752</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">999,999</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">900,742</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Freddie Kotek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/22/07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">461,200</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">120,500</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents grants of phantom units under the ATN Plan, which vest 25% on the third
anniversary and 75% on the fourth anniversary of the grant, valued in accordance with FAS 123R
at the closing price of Atlas Energy&#146;s common units on the grant date of $23.06.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents grants of stock options under the ATN Plan, which vest 25% on the third
anniversary and 75% on the fourth anniversary of the grant, valued at $ 2.41 per option using
the Black-Scholes option pricing model to estimate the weighted average fair value of each
unit option granted with weighted average assumptions for (a)&nbsp;expected dividend yield of 8.0%,
(b)&nbsp;risk-free interest rate of 4.7%, (c)&nbsp;expected volatility of 25.0%, and (d)&nbsp;an expected
life of 6.3&nbsp;years.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents grants of phantom units under the ATN Plan, in accordance with Mr.
Weber&#146;s employment agreement, which vest 25% per year on the anniversary of the commencement
of Mr.&nbsp;Weber&#146;s employment on April&nbsp;17, 2006, valued in accordance with FAS 123R at the closing
price of Atlas Energy&#146;s common units on the grant date of $21.00.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents grants of options under the ATN Plan, in accordance with Mr.&nbsp;Weber&#146;s
employment agreement, which vest 25% per year on the anniversary of the commencement of Mr.
Weber&#146;s employment on April&nbsp;17, 2006, valued at $ 2.41 per option using the Black-Scholes
option pricing model to estimate the weighted average fair value of each unit option granted
with weighted average assumptions for (a)&nbsp;expected dividend yield of 8.0%, (b)&nbsp;risk-free
interest rate of 4.7%, (c)&nbsp;expected volatility of 25.0%, and (d)&nbsp;an expected life of 6.3
years.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Employment Agreements </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Edward E. Cohen </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2004, we entered into an employment agreement with Edward E. Cohen, who currently
serves as our Chairman, Chief Executive Officer and President. The agreement requires him to devote
such time to us as is reasonably necessary to the fulfillment of his duties, although it permits
him to invest and participate in outside business endeavors. The agreement provided for initial
base compensation of $350,000 per year, which may be increased by the compensation committee based
upon its evaluation of Mr.&nbsp;Cohen&#146;s performance. Mr.&nbsp;Cohen is eligible to receive incentive bonuses
and stock option grants and to participate in all employee benefit plans in effect during his
period of employment. The agreement has a term of three years and, until notice to the contrary,
the term is automatically extended so that on any day on which the agreement is in effect it has a
then-current three-year term.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreement provides for a Supplemental Executive Retirement Plan, or SERP, pursuant to
which Mr.&nbsp;Cohen will receive; upon the later of his retirement or reaching the age of 70, an annual
retirement benefit equal to the product of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>6.5% multiplied by</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>his base salary as of the time Mr.&nbsp;Cohen&#146;s employment with us ceases, multiplied
by</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of years (or portions thereof) which Mr.&nbsp;Cohen is employed by us but,
in any case, not less than four.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum benefit under the SERP is limited to 65% of his final base salary. The benefit is
guaranteed to his estate for up to 10&nbsp;years if he should die before receiving 10&nbsp;years&#146; of SERP
benefits. If there is a change of control, if Mr.&nbsp;Cohen resigns for good reason, or if we terminate
his employment without cause, then the SERP benefit will be the greater of the accrued benefit
pursuant to the above formula, or 40% of his final base salary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreement provides the following regarding termination and termination benefits:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon termination of employment due to death, Mr.&nbsp;Cohen&#146;s estate will receive
(a)&nbsp;a lump sum payment in an amount equal to his final base salary multiplied by the
number of years (or portion thereof) that he shall have worked for us (but not to be
greater than 3&nbsp;years&#146; base salary or less than one year&#146;s base salary), (b)&nbsp;payment of
his SERP benefit and (c)&nbsp;automatic vesting of all stock and option awards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We may terminate Mr.&nbsp;Cohen&#146;s employment if he is disabled for 180&nbsp;days
consecutive days during any 12-month period. If his employment is terminated due to
disability, he will receive (a)&nbsp;his base salary for 3&nbsp;years, and such 3&nbsp;year period will
be deemed a portion of his employment term for purposes of accruing SERP benefits,
(b)&nbsp;continuation of term life and health insurance then in effect for 3&nbsp;years, or an
amount equal to Mr.&nbsp;Cohen&#146;s after tax cost of continuing such coverage in case we cannot
continue coverage, (c)&nbsp;payment of his SERP benefit, (d)&nbsp;automatic vesting of all stock
and option awards and (e)&nbsp;after such 3&nbsp;year period, any amounts payable under our
long-term disability plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We may terminate Mr.&nbsp;Cohen&#146;s employment without cause upon 30&nbsp;days&#146; written
notice or upon a change of control after providing at least 30&nbsp;days&#146; written notice. He
may terminate his employment for good reason or upon a change of control. Good reason is
defined as a reduction in his base pay, a demotion, a material reduction in his duties,
relocation, his failure to be elected to our Board of Directors or our material breach
of the agreement. If employment is terminated by us without cause, by Mr.&nbsp;Cohen for good
reason or by either party in connection with a change of control, he will be entitled to
either (a)&nbsp;if Mr.&nbsp;Cohen does not sign a release, severance benefits under our then
current severance policy, if any, or (b)&nbsp;if Mr.&nbsp;Cohen signs a release, (i)&nbsp;a lump sum
payment in an amount equal to 3&nbsp;years of his</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>average compensation (which we define as the average of the 3 highest years of total
compensation that he shall have earned under the agreement, or if the agreement is less
than three years old, the highest total compensation in any year), (ii)&nbsp;continuation of
term life and health insurance then in effect for 3&nbsp;years, or an, amount equal to
Mr.&nbsp;Cohen&#146;s after tax cost of continuing such coverage in case coverage by our company
cannot be continued, (iii)&nbsp;payment of his SERP benefit and (iv)&nbsp;automatic vesting of all
stock and option awards.</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;Cohen may terminate the agreement without cause with 60&nbsp;days notice to us,
and if he signs a release, he will receive (a)&nbsp;a lump sum payment equal to one-half of
one year&#146;s base salary then in effect, (b)&nbsp;automatic vesting of all stock and option
awards and (c)&nbsp;if he has reached retirement age, his SERP benefits.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We may terminate his employment for cause (defined as a felony conviction or
conviction of a crime involving fraud, embezzlement or moral turpitude, intentional and
continual failure to perform his material duties after notice, or violation of
confidentiality obligations), in which case he will receive only accrued amounts then
owed to him.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change of control is defined as:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquisition of beneficial ownership, as defined in the Securities Exchange
Act, of 25% or more of our voting securities or all or substantially all of our assets
by a single person or entity or group of affiliated persons or entities, other than an
entity affiliated with Mr.&nbsp;Cohen or any member of his immediate family;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we consummate a merger, consolidation, combination, share exchange, division or
other reorganization or transaction with an unaffiliated entity in which either (a)&nbsp;our
directors immediately before the transaction constitute less than a majority of the
board of the surviving entity, unless <SUP style="font-size: 85%; vertical-align: text-top"> 1</SUP>/2 of the surviving entity&#146;s board
were our directors immediately before the transaction and our chief executive officer
immediately before the transaction continues as the chief executive officer of the
surviving entity; or (b)&nbsp;our voting securities immediately prior to the transaction
represent less than 60% of the combined voting power immediately after the transaction
of us, the surviving entity or, in the case of a division, each entity resulting from
the division;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during any period of 24 consecutive months, individuals who were Board members at
the beginning of the period cease for any reason to constitute a majority of the Board,
unless the election or nomination for election by our stockholders of each new director
was approved by a vote of at least 2/3 of the directors then still in office who were
directors at the beginning of the period; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our stockholders approve a plan of complete liquidation of winding up of our
company, or agreement of sale of all or substantially all of our assets or all or
substantially all of the assets of our primary subsidiaries to an unaffiliated entity.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that any amounts payable to Mr.&nbsp;Cohen upon termination become subject to any
excise tax imposed under Section&nbsp;4999 of the Code, we must pay Mr.&nbsp;Cohen an additional sum such
that the net amounts retained by Mr.&nbsp;Cohen, after payment of excise, income and withholding taxes,
equals the termination amounts payable, unless Mr.&nbsp;Cohen&#146;s employment terminates because of his
death or disability.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a termination event had occurred as of December&nbsp;31, 2007, we estimate that the value of the
benefits to Mr.&nbsp;Cohen would have been as follows:
</DIV>






<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accelerated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>vesting of stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Lump sum severance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards and option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tax gross-</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Reason for termination</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>payment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>SERP</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Benefits</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>awards</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>up</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(4)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Death</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">2,700,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,340,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16,298,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Disability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,700,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,340,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,298,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Termination by us without cause<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9,700,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,298,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Termination by Mr.&nbsp;Cohen for good reason<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9,700,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,298,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change of control<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9,700,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,298,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,571,529</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Termination by Mr.&nbsp;Cohen without cause</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">450,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,340,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,298,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the value of vested benefits payable calculated by multiplying the per year benefit by the minimum of 10&nbsp;years.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents rates currently in effect for COBRA insurance benefits for 36&nbsp;months.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the value of unvested and accelerated option awards and
stock awards disclosed in the &#147;Outstanding Equity Awards at Fiscal
Year-End Table.&#148; The payments relating to option awards are calculated
by multiplying the number of accelerated options by the difference
between the exercise price and the closing price of the applicable
stock on December&nbsp;31, 2007. The payments relating to stock awards are
calculated by multiplying the number of accelerated shares or units by
the closing price of the applicable stock on December&nbsp;31, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated after deduction of any excise tax imposed under section
4999 of the Code, and any federal, state and local income tax, FICA
and Medicare withholding taxes, taking into account the 20% excess
parachute payment rate and a 42.65% combined effective tax rate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated based on Mr.&nbsp;Cohen&#146;s 2007 base salary.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>These amounts are contingent upon Mr.&nbsp;Cohen executing a release. If
Mr.&nbsp;Cohen does not execute a release he would receive severance
benefits under our current severance plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated based on Mr.&nbsp;Cohen&#146;s 2007 base salary and bonus.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Richard D. Weber </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into an employment agreement in April&nbsp;2006 with Richard Weber, who serves as
President and Chief Operating Officer of Atlas Energy Resources and Atlas Energy Management. The
agreement has a two year term and, after the first year, the term automatically renews daily so
that on any day that the agreement is in effect, the agreement will have a remaining term of one
year. Mr.&nbsp;Weber is required to devote substantially all of his working time to Atlas Energy
Management and its affiliates. The agreement provides for an annual base salary of not less than
$300,000 and a bonus of not less than $700,000 during the first year. After that, bonuses will be
awarded solely at the discretion of our compensation committee. The agreement provides for equity
compensation as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon execution of the agreement, Mr.&nbsp;Weber was granted options to
purchase 50,000 shares of our stock at $47.86.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In January&nbsp;2007, Mr.&nbsp;Weber received a grant of 47,619 shares of
restricted units of Atlas Energy with a value of $1,000,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In January&nbsp;2007, Mr.&nbsp;Weber received options to purchase 373,752 common
units of Atlas Energy at $21.00.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the securities described above vest 25% per year on each anniversary of the date
Mr.&nbsp;Weber commenced his employment, April&nbsp;17, 2006. All securities will vest immediately upon a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">change of control or termination by Mr.&nbsp;Weber for good reason or by Atlas Energy Management
other than for cause. Change of control is defined as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquisition of beneficial ownership, as defined in the Securities Exchange
Act, of 50% or more of our or Atlas Energy Resources&#146; voting securities or all or
substantially all of our or Atlas Energy Resources&#146; assets by a single person or entity
or group of affiliated persons or entities, other than an entity of which either Mr.&nbsp;E.
Cohen or Mr.&nbsp;J. Cohen is an officer, manager, director or participant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we or Atlas Energy Resources consummate a merger, consolidation, combination,
share exchange, division or other reorganization or transaction with an unaffiliated
entity after which Atlas Energy Management is not the manager of Atlas Energy Resources;
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our or Atlas Energy Resources&#146; stockholders approve a plan of complete
liquidation of winding up, or agreement of sale of all or substantially all of our or
Atlas Energy Resources&#146; assets other than an entity of which either Mr.&nbsp;E. Cohen or
Mr.&nbsp;J. Cohen is an officer, manager, director or participant.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The change of control triggering events relating to the possible absence of Messrs.&nbsp;Cohen reflects
that Mr.&nbsp;Weber&#146;s belief that Messrs.&nbsp;Cohen effectively controlled us at the time of his employment
and their separation would therefore constitute a change of control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Good reason is defined as a material breach of the agreement, reduction in his base pay, a
demotion, a material reduction in his duties or his failure to be elected to the Atlas Energy
Resources Board of Directors. Cause is defined as fraud in connection with his employment,
conviction of a crime other than a traffic offense, material failure to perform his duties after
written demand by our Board or breach of the representations made by Mr.&nbsp;Weber in the employment
agreement if the breach impacts his ability to fully perform his duties. Disability is defined as
becoming disabled by reason of physical or mental disability for more than 180&nbsp;days in the
aggregate or a period of 90 consecutive days during any 365-day period and the good faith
determination by our Board based upon medical evidence that Mr.&nbsp;Weber is unable to perform his
duties under his employment agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Energy Management may terminate Mr.&nbsp;Weber without cause upon 45&nbsp;days written notice or
for cause upon written notice. Mr.&nbsp;Weber may terminate his employment for good reason or for any
other reason upon 30&nbsp;days&#146; written notice. Key termination benefits are as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Mr.&nbsp;Weber&#146;s employment is terminated due to death, (a)&nbsp;Atlas Energy Management
will pay to Mr.&nbsp;Weber&#146;s designated beneficiaries a lump sum cash payment in an amount
equal to the bonus that Mr.&nbsp;Weber received from the prior fiscal year pro rated for the
time employed during the current fiscal year, (b)&nbsp;Mr.&nbsp;Weber&#146;s family will receive health
insurance coverage for one year; and (c)&nbsp;all Atlas Energy Resources stock and option
awards will automatically vest.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Atlas Energy Management terminates Mr.&nbsp;Weber&#146;s employment other than for cause
(including termination by reason of disability), or Mr.&nbsp;Weber terminates his employment
for good reason, (a)&nbsp;Atlas Energy Management will pay amounts and benefits otherwise
payable to Mr.&nbsp;Weber as if Mr.&nbsp;Weber remained employed for one year, except that the
bonus amount shall be prorated and based on the bonus awarded in the prior fiscal year,
and (b)&nbsp;all stock and option awards will automatically vest.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Weber is entitled to a gross-up payment if any payments made to him would constitute an
excess parachute payment under Section&nbsp;280G of the Code such that the net amount Mr.&nbsp;Weber receives
after the deduction of any excise tax, any federal, state and local income tax, and any FICA and
Medicare withholding tax is the same amount he would have received had such taxes not been
deducted. The
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">agreement includes standard restrictive covenants for a period of two years following
termination, including non-compete and non-solicitation provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a termination event had occurred as of December&nbsp;31, 2007, we estimate that the value of the
benefits to Mr.&nbsp;Weber would have been as follows:
</DIV>







<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accelerated</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Lump sum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>vesting of stock</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>severance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Reason for termination</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>payment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Benefits</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>option awards</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Death</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,500,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Disability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Termination by us
other than for cause
(including for
disability) or by
Mr.&nbsp;Weber for good
reason</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,800,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,472,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change of control</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,472,900</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents rates currently in effect for COBRA insurance benefits for 12
months.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents the value of unvested and accelerated option awards disclosed in the
&#147;Outstanding Equity Awards at Fiscal Year-End Table,&#148; calculated by multiplying the
number of accelerated options by the difference between the exercise price and the
closing price of our stock on December&nbsp;31, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Mr.&nbsp;Weber&#146;s 2007 bonus.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Calculated as the sum of Mr.&nbsp;Weber&#146;s 2007 base salary and bonus.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Long-Term Incentive Plans</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Our Plan</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Plan authorizes the granting of up to 3.0&nbsp;million shares of our common stock to our
employees, affiliates, consultants and directors in the form of incentive stock options (&#147;ISOs&#148;),
non-qualified stock options, stock appreciation rights (&#147;SARs&#148;), restricted stock and deferred
units. SARs represent a right to receive cash in the amount of the difference between the fair
market value of a share of our common stock on the exercise date and the exercise price, and may be
free-standing or tied to grants of options. A deferred unit represents the right to receive one
share of our common stock upon vesting. Awards under our Plan generally become exercisable as to
25% each anniversary after the date of grant, except that deferred units awarded to our
non-executive board members vest 33 1/3% on each of the second, third and fourth anniversaries of
the grant, and expire not later than ten years after the date of grant. Units will vest sooner upon
a change in control of the Company or death or disability of a grantee, provided the grantee has
completed at least six months service.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ATN Plan</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligible participants in the Atlas Energy Resources Long-Term Incentive Plan (the &#147;ATN Plan&#148;)
are the employees, directors and consultants of Atlas Energy Management and its affiliates,
including us, who perform services for Atlas Energy Resources. Awards under the ATN Plan may be
phantom units, unit options and tandem DERs with respect to phantom units for an aggregate of
3,600,000 common units. During 2007, the long-term incentive plan was administered by our
compensation committee under delegation from the Atlas Energy Resources board. Awards under the ATN
Plan generally become exercisable as to 25% on the third anniversary of the date of grant and 75%
on the fourth anniversary of the date of grant. In May&nbsp;2007, our stockholders approved an
amendment to the ATN Plan which provides for performance-based awards criteria for purposes of
complying with Section 162(m) of the Internal Revenue Code (&#147;Section&nbsp;162(m)&#148;).
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>APL Plan </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officers, employees and non-employee managing board members of Atlas Pipeline Partners&#146;
general partner and employees of the general partner&#146;s affiliates and consultants are eligible to
receive awards under the APL Plan of either phantom units or unit options for an aggregate of
435,000 common units. The APL Plan is administered by our compensation committee under delegation
from the general partner&#146;s managing board. Currently, only phantom units have been issued under the
APL Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A phantom unit entitles a grantee to receive a common unit upon vesting of the phantom unit
or, at the discretion of the compensation committee, cash equivalent to the fair market value of a
common unit. In addition, the compensation committee may grant a participant a DER, which is the
right to receive cash per phantom unit in an amount equal to, and at the same time as, the cash
distributions Atlas Pipeline Partners makes on a common unit during the period the phantom unit is
outstanding. A unit option entitles the grantee to purchase common units at an exercise price
determined by the compensation committee at its discretion. Except for phantom units awarded to
non-employee managing board members of the general partner, the compensation committee determines
the vesting period for phantom units and the exercise period for options. Through December&nbsp;31,
2007, phantom units granted under the APL Plan generally had vesting periods of four years. The
vesting of awards may also be contingent upon the attainment of predetermined performance targets,
which could in-crease or decrease the actual award settlement, as determined by the compensation
committee, although no awards currently outstanding contain any such provision. Phantom units
awarded to non-employee managing board members of the general partner vest over a four year period.
Awards will automatically vest upon a change of control, as defined in the APL Plan. In May&nbsp;2007,
our stockholders approved an amendment to the APL Plan which provides for performance-based awards
criteria for purposes of complying with Section&nbsp;162(m).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Executive Group Incentive Program</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with Atlas Pipeline&#146;s acquisition of Spectrum Field Services, Inc. (&#147;Spectrum&#148;)
in July&nbsp;2004, and its retention of certain Spectrum&#146;s executive officers, we created an executive
group incentive program for Atlas Pipeline&#146;s Mid-Continent operations. Eligible participants in the
executive group incentive program are Robert R. Firth, David D. Hall and such other of Atlas
Pipeline&#146;s officers as agreed upon by Messrs.&nbsp;Firth and Hall and our board. The executive group
incentive program has three award components: base incentive, additional incentive and acquisition
look-back incentive, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;<U>Base incentive</U>. An award of 29,053,412 of Atlas Pipeline common units on the day
following the earlier to occur of the filing of its quarterly report on Form 10-Q for the quarter
ending September&nbsp;30, 2007 or a change in control if the following conditions are met:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distributable cash flow (defined as earnings before interest,
depreciation, amortization and any allocation of overhead from Atlas Pipeline,
less maintenance capital expenditures on the Spectrum assets) generated by the
Spectrum assets, as expanded since Atlas Pipeline&#146;s acquisition of them, has
averaged at least 10.7%, on an annualized basis, of average gross long term
assets (defined as total assets less current assets, closing costs associated
with any acquisition and plus accumulated depreciation, depletion and
amortization) over the 13 quarters ending September&nbsp;30, 2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there having been no more than 2 quarters with distributable cash
flow of less than 7%, on an annualized basis, of gross long term assets for that
quarter.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;<U>Additional incentive</U>. An award of Atlas Pipeline&#146;s common units, promptly upon the
filing of its September&nbsp;30, 2007 Form 10-Q, in an amount equal to 7.42% of the base incentive for
each 0.1% by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which average annual distributable cash flow exceeds 10.7% of average gross long term assets,
as described above, up to a maximum of an additional 29,053,412 common units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;<U>Acquisition look-back incentive</U>. If the requirements for the base incentive have
been met, an award of Atlas Pipeline common units determined by dividing (x)&nbsp;1.5% of the imputed
value of the Elk City system plus 1.0% of the imputed value of all Mid-Continent acquisitions
completed before December&nbsp;31, 2007 that were identified by members of the Mid-Continent executive
group by (y)&nbsp;the average closing price of Atlas Pipeline common units for the 5 trading days before
December&nbsp;31, 2008. Imputed value of an acquisition is equal to the distributable cash flow
generated by the acquired entity during the 12&nbsp;months ending December&nbsp;31, 2008 divided by the
yield. Yield is determined by dividing (i)&nbsp;the sum of Atlas Pipeline&#146;s quarterly distributions for
the quarter ending December&nbsp;31, 2008 multiplied by 4 by (ii)&nbsp;the closing price of its common units
on December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The executive group incentive program awards will be allocated among members of the executive
group at the discretion of Mr.&nbsp;Firth, provided that no member may receive more than 60% of the
total compensation provided under the program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AHD Plan </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AHD Plan provides performance incentive awards to officers, employees and board members
and employees of its affiliates, consultants and joint-venture partners who perform services for
Atlas Pipeline Holdings. The AHD Plan is administered by our compensation committee under
delegation from the Atlas Pipeline Holdings&#146; board. The compensation committee may grant awards of
either phantom units or unit options for an aggregate of 2,100,000 common limited partner units.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Partnership Phantom Units. </I>A phantom unit entitles a participant to receive an Atlas Pipeline
Holdings common unit upon vesting of the phantom unit or, at the discretion of the compensation
committee, cash equivalent to the then fair market value of a common unit. In tandem with phantom
unit grants, the compensation committee may grant a DER. The compensation committee determines the
vesting period for phantom units. Through December&nbsp;31, 2007, phantom units granted under the AHD
Plan generally vest 25% on the third anniversary of the date of grant and 75% on the fourth
anniversary of the date of grant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Partnership Unit Options. </I>A unit option entitles a participant to receive a common unit upon
payment of the exercise price for the option after completion of vesting of the unit option. The
exercise price of the unit option may be equal to or more than the fair market value of a common
unit as determined by the compensation committee on the date of grant of the option. The
compensation committee determines the vesting and exercise period for unit options. Unit option
awards expire 10&nbsp;years from the date of grant. Through December&nbsp;31, 2007, unit options granted
generally will vest 25% on the third anniversary of the date of grant and the remaining 75% on the
fourth anniversary of the date of grant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The vesting of both types of awards may also be contingent upon the attainment of
predetermined performance targets, which could increase or decrease the actual award settlement, as
determined by the compensation committee, although no awards currently outstanding contain any such
provision. Awards will automatically vest upon a change of control, as defined in the AHD Plan. In
May&nbsp;2007, our stockholders approved an amendment to the AHD Plan which provides for
performance-based awards criteria for purposes of complying with
Section&nbsp;162(m).
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "2007 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END TABLE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2007 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END TABLE</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number&nbsp;of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Units of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Market Value&nbsp;of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock&nbsp;That</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares&nbsp;or Units of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Have Not</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock&nbsp;That Have</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Price ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Expiration Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Vested (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Not Vested ($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Edward E. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">675,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7/1/2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31,250</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,339,062</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/10/2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">2,441,700</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/2017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">6,218,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Matthew A. Jones</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7/1/2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11,250</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">482,062</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/10/2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(14)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">542,600</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(15)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/2017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(16)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">621,800</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jonathan Z. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">450,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(17)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7/1/2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21,250</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(18)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">910,562</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(19)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/10/2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(20)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,220,850</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(21)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/2017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(22)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">3,109,000</TD>
    <TD nowrap>  <SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Freddie M. Kotek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(23)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(24)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7/1/2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">500</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(25)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">21,425</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(26)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/24/2017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(27)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">621,800</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard D. Weber</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18,750</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(28)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56,250</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(29)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4/17/2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">93,438</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(30)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">280,314</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(31)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4/17/2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35,715</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(32)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,110,379</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 675,000 options to purchase our stock, granted on 7/1/05 in connection
with our spin-off from Resource America, which vested immediately. Reflects a 3-for-2 stock
split which was effected on May&nbsp;29, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Partners phantom units, which vest as follows: 3/16/08 &#150;
5,000; 6/8/08 &#150; 6,250; 11/1/08 &#150; 5,000; 3/16/09 &#150; 5,000; 11/1/09 &#150; 5,000 and 11/1/10 &#150; 5,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Based on closing market price of Atlas Pipeline Partners common units on
December&nbsp;31, 2007 of $42.85.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Holdings options, which vest as follows: 11/10/09 &#150;
125,000 and 11/10/10 &#150; 375,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(5)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Holdings phantom units, which vest as follows: 11/10/09 &#150;
22,500 and 11/10/10 &#150; 67,500.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(6)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Based on closing market price of Atlas Pipeline Holdings common units on
December&nbsp;31, 2007 of $27.13.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(7)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources options, which vest as follows: 1/24/10 &#150; 125,000
and 1/24/11 &#150; 375,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(8)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources phantom units, which vest as follows: 1/24/10 &#150;
50,000 and 1/24/11 &#150; 150,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(9)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Based upon closing price of Atlas Energy Resources common units on December&nbsp;31, 2007
of $31.09.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(10)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 90,000 options to purchase our stock, granted on 7/1/05 in connection
with our spin-off from Resource America. Reflects a 3-for-2 stock split which was effected on
May&nbsp;29, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(11)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents options to purchase our stock, which vest as follows: 7/1/08 &#150; 45,000
and 7/1/09 &#150; 45,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(12)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Partners phantom units, which vest as follows: 3/16/08 &#150;
3,750; 11/1/08 &#150; 1,250; 3/16/09 &#150; 3,750; 11/1/09 &#150; 1,250 and 11/1/10 &#150; 1,250.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(13)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Holdings options, which vest as follows: 11/10/09 &#150;
25,000 and 11/10/10 &#150; 75,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(14)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Holdings phantom units, which vest as follows: 11/10/09 &#150;
5,000 and 11/10/10 &#150; 15,000.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(15)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources options, which vest as follows: 1/24/10 &#150; 12,500
and 1/24/11 &#150; 37,500.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(16)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources phantom units, which vest as follows:
1/24/10&#151;5,000 and 1/24/11&#151;15,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(17)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 450,000 options to purchase our stock, granted on 7/1/05 in connection
with our spin-off from Resource America, which vested immediately. Reflects a 3-for-2 stock
split which was effected on May&nbsp;29, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(18)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Partners phantom units, which vest as follows: 3/16/08 &#150;
3,125; 6/8/08 &#150; 3,750; 11/1/08 &#150; 3,750; 3/16/09 &#150; 3,125; 11/1/09 &#150; 3,750 and 11/1/10 &#150; 3,750.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(19)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Holdings options, which vest as follows: 11/10/09 &#150;
50,000 and 11/10/10 &#150; 150,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(20)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Holdings phantom units, which vest as follows: 11/10/09 &#150;
11,250 and 11/10/10 &#150; 33,750.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(21)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources options, which vest as follows: 1/24/10 &#150; 50,000
and 1/24/11 &#150; 150,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(22)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources phantom units, which vest as follows:
1/24/10&#151;25,000 and 1/24/11&#151;75,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(23)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 45,000 options to purchase our stock, granted on 7/1/05 in connection
with our spin-off from Resource America. Reflects a 3-for-2 stock split which was effected on
May&nbsp;29, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(24)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents options to purchase our stock, which vest as follows: 7/1/08 &#150; 22,500
and 7/1/09 &#150; 22,500.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(25)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Partners phantom units, which vest as follows:
3/16/08&#150;250 and 3/16/09 &#150; 250.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(26)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources options, which vest as follows: 1/24/10 &#150; 12,500
and 1/24/11 &#150; 37,500.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(27)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources phantom units, which vest as follows:
1/24/10&#151;5,000 and 1/24/11&#151;15,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(28)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 18,750 options to purchase our stock. Reflects a 3-for-2 stock split
which was effected on May&nbsp;29, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(29)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents options to purchase our stock, which vest as follows: 4/17/08 &#150; 18,750;
4/17/09 &#150; 18,750 and 4/17/10 &#150; 18,750.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(30)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 93,438 options to purchase Atlas Energy Resources common units.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(31)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 280,314 Atlas Energy Resources options, which vest as follows:
4/17/08&#151;93,438; 4/17/09&#151;93,438 and 4/17/10&#151;93,438.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(32)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources restricted units, which vest as follows:
4/17/08&#151;11,905; 4/17/09&#151;11,905 and 4/17/10&#151;11,905.</TD>
</TR>

</TABLE>


<!-- link1 "2007 OPTION EXERCISES AND STOCK VESTED TABLE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2007 OPTION EXERCISES AND STOCK VESTED TABLE</B>
</DIV>


&nbsp;


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number&nbsp;of&nbsp;Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value Realized</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquired&nbsp;on&nbsp;Vesting</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>on Vesting ($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Edward E. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16,250</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">818,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Matthew A. Jones</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">239,375</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jonathan Z. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10,625</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">533,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard D. Weber</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11,904</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">330,574</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Freddie M. Kotek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">250</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,875</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Pipeline Partners common units.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents Atlas Energy Resources common units.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- link1 "2007 PENSION BENEFITS TABLE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2007 PENSION BENEFITS TABLE</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Present Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Payments</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>During Last</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Plan Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Credited Service (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Benefit ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fiscal Year ($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Edward E. Cohen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">SERP</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,474,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of Mr.&nbsp;Cohen&#146;s SERP, please see &#147;Employment Agreements &#151; Edward E. Cohen&#148;,
and for a discussion of the valuation method and material assumptions applied in quantifying the
present value of the accumulated benefit, please see note 10 to our consolidated financial
statements included in our Annual Report.
</DIV>
<!-- link1 "2007 DIRECTOR COMPENSATION TABLE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2007 DIRECTOR COMPENSATION TABLE</B>
</DIV>


&nbsp;


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fees earned or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>paid in cash ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dennis A. Holtz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">73,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Carlton M. Arrendell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">73,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nicholas A. DiNubile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">73,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William R. Bagnell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">73,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald W. Delson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">73,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Harmon S. Spolan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63,328</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the dollar amount of expense recognized by us for
financial statement reporting purposes with respect to
deferred units granted under the Stock Plan (see Note 10 to
our consolidated financial statements) in accordance with FAS
123R. For Messrs.&nbsp;Holtz, Arrendell, Bagnell and Delson,
represents 247 deferred shares granted under the Stock Plan on
May&nbsp;14, 2007 (adjusted to 371 deferred shares as a result of a
3-for-2 stock split which was effected on May&nbsp;29, 2007),
having a grant date fair value, valued in accordance with FAS
123R at the closing price of our common stock on the grant
date of $60.60 (adjusted to $40.40 post-split), of $15,000.
The units vest one-third on each of the second, third and
fourth anniversaries of the date of grant. The vesting
schedule for the shares is as follows: 5/14/09 &#150; 123; 5/14/10
&#150;123 and 5/14/11 &#150;135. For Mr.&nbsp;Spolan, represents 292
deferred shares granted under the Stock Plan on August&nbsp;24,
2007, having a grant date fair value, valued in accordance
with FAS 123R at the closing price of our common stock on the
grant date of $51.27, of $14,971. The vesting schedule for the
award is as follows: 8/24/09 &#150; 97; 8/24/10 &#150; 97 and 8/24/11 &#150;
98.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2007, upon approval by the full board of directors, the independent
directors receive a flat fee of $60,000 per year. In addition to the cash compensation,
independent directors receive an annual grant of deferred stock having a fair market value of
$15,000 with a vesting schedule in which 33% of the award vests on the second, third and fourth
anniversaries of the grant date.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Performance Graph</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the cumulative total stockholder return on our common stock with
the cumulative total return of two other stock market indices: the Nasdaq United States Composite
and S&#038;P Small-Cap 600 Energy Index.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="w57652w5765201.gif" alt="(GRAPH)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt">Fiscal Year Ended December&nbsp;31
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Total return since our initial public offering. Assumes $100 was invested on May&nbsp;11, 2004 in the
Company&#146;s common stock or in the indicated index and that cash dividends were reinvested as
received.</TD>
</TR>

</TABLE>


<!-- link1 "INDEPENDENT PUBLIC ACCOUNTANTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEPENDENT PUBLIC ACCOUNTANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our independent public accountants for the fiscal year ended December&nbsp;31, 2007 was Grant
Thornton, LLP. Upon the recommendation of the audit committee, approved by the Board of Directors,
Grant Thornton LLP served as our independent auditors during fiscal year 2007. Grant Thornton LLP
has been re-appointed as our independent auditors for fiscal year 2008. We do not anticipate that
a representative of Grant Thornton LLP will be present at the Meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the years ended December&nbsp;31, 2007 and 2006, Grant Thornton LLP&#146;s accounting fees and
services (in thousands) were as follows.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit fees<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-related fees<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax fees<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total accounting fees and services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Audit fees include professional services rendered for the annual audit of our financial
statements and the reviews of the financial statements included in our quarterly reports on
Form 10-Q.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents fees related to the annual audit of our employee benefit plan and acquisitions in
fiscal 2007 and public offering matters in fiscal 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The fees for tax services rendered to us during the years ended December&nbsp;31, 2007 and 2006
related to tax compliance services.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit Committee Pre-Approval Policies and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee, on at least an annual basis, reviews audit and non-audit services
performed by Grant Thornton, LLP as well as the fees charged by Grant Thornton, LLP for such
services. Our policy is that all audit and non-audit services must be pre-approved by the audit
committee. All of such services and fees were pre-approved during 2007 and 2006.
</DIV>
<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act requires our officers, directors, and persons who
own more than ten percent of a registered class of our equity securities to file reports of
ownership and changes in ownership with the Securities and Exchange Commission and to furnish us
with copies of all such reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on its review of the reports we received, or written representations from certain
reporting persons that no filings were required for those persons, we believe that, during fiscal
year 2007, our officers, directors and greater than 10% stockholders complied with all applicable
filing requirements of Section 16(a) of the Securities Exchange Act.
</DIV>
<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our policy for evaluating related person transactions is to have our Board or one of our
committees consisting solely of independent directors review transactions with related persons that
are required to be disclosed in proxy statements by SEC regulations, which are commonly referred to
as &#147;related person transactions.&#148; A &#147;related person&#148; is defined under the applicable SEC
regulation and includes our directors, executive officers and 5% or more beneficial owners of our
common stock. In approving any related person transaction, the Board or committee must determine
that the transaction is fair and reasonable to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have the following agreements with Resource America, our former parent, for which Edward E.
Cohen, our Chairman, Chief Executive Officer and President, serves as Chairman and is a greater
than 10% shareholder, and Jonathan Z. Cohen, our Vice Chairman, serves as Chief Executive Officer
and President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Tax Matters Agreement </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our initial public offering in 2004, we entered into a tax matters agreement with
Resource America, which governs our respective rights, responsibilities, and obligations of after
our initial public offering with respect to tax liabilities and benefits, tax attributes, tax
contests and other matters regarding income taxes, non-income taxes and related tax returns.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, under the tax matters agreement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Resource America is responsible for any U.S. federal income taxes of the
affiliated group for U.S. federal income tax purposes of which Resource America is
the common parent.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to any periods beginning after our initial public offering, we are
responsible for any U.S. federal income taxes attributable to us or any of our
subsidiaries, including taxes payable as a result of our June&nbsp;2005 spin-off from
Resource America.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Resource America is responsible for any U.S. state or local income taxes
reportable on a consolidated, combined or unitary return that includes Resource
America or one of its subsidiaries, on the one hand, and us or one of our
subsidiaries, on the other hand. However, in the event that we or one of our
subsidiaries are included in such a group for U.S. state or local income tax purposes
for periods (or portions thereof) beginning after the date of our initial public
offering, we are responsible for our portion of such income tax liability as if we
and our subsidiaries had filed a separate tax return that included only us and our
subsidiaries for that period (or portion of a period).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Resource America is responsible for any U.S. state or local income taxes
reportable on returns that include only Resource America and its subsidiaries
(excluding us and our subsidiaries), and we are responsible for any U.S. state or
local income taxes filed on returns that include only us and our subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Resource America and we are each responsible for any non-income taxes attributable
to our business for all periods.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resource America is primarily responsible for preparing and filing any tax return with respect
to the Resource America affiliated group for U.S. federal income tax purposes and with respect to
any consolidated, combined or unitary group for U.S. state or local income tax purposes that
includes Resource America or any of its subsidiaries. We generally are responsible for preparing
and filing any tax returns that include only us and our subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have generally agreed to indemnify Resource America and its affiliates against any and all
tax-related liabilities that may be incurred by them relating to the distribution to the extent
such liabilities are caused by our actions. This indemnification applies even if Resource America
has permitted us to take an action that would otherwise have been prohibited under the tax-related
covenants as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2007, we did not have any liability to Resource America pursuant to the tax matters
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Services Agreement </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also in connection with our initial public offering, we entered into a transition services
agreement with Resource America which governs the provision support services between us, such as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cash management and debt service administration;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accounting and tax;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>investor relations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payroll and human resources administration;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>legal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>information technology;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>data processing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>real estate management; and</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other general administrative functions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and Resource America will pay each other a fee for these services equal to their fair
market value. The fee is payable monthly in arrears, 15&nbsp;days after the close of each month. We have
also agreed to pay or reimburse each other for any out-of-pocket payments, costs and expenses
associated with these services. During fiscal 2007, we reimbursed Resource America $930,000
pursuant to this agreement. Certain operating expenditures totaling $58,000 that remain to be
settled between us are reflected in our consolidated balance sheets as advances from affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anthem Securities, until December&nbsp;2006 our wholly-owned subsidiary and now a wholly-owned
subsidiary of Atlas Energy Resources, is a registered broker-dealer which provides dealer-manager
services for investment programs sponsored by Resource America&#146;s real estate and equipment finance
segments. Salaries of the personnel performing services for Anthem are paid by Resource America,
and Anthem reimburses Resource America for the allocable costs of such personnel.&nbsp;In addition,
Resource America agreed to cover some of the operating costs for Anthem&#146;s office of supervisory
jurisdiction, principally licensing fees and costs.&nbsp;In fiscal 2007, Resource America paid $5.2
million toward such operating costs of Anthem and Anthem reimbursed it $3.2&nbsp;million.
</DIV>
<!-- link1 "OTHER MATTERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this proxy statement, the Board does not intend to present and has not been
informed that any other person intends to present any other matters for action at the Meeting.
However, if other matters do properly come before the Meeting, it is the intention of the persons
named as proxies to vote upon them in accordance with their best judgment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as hereinabove stated, all shares represented by valid proxies received will be voted
in accordance with the provisions of the proxy.
</DIV>
<!-- link1 "STOCKHOLDERS SHARING AN ADDRESS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STOCKHOLDERS SHARING AN ADDRESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders sharing an address with another stockholder may receive only one annual report or
one set of proxy materials at that address unless they have provided contrary instructions. Any
such stockholder who wishes to receive a separate copy of the annual report or a separate set of
proxy materials now or in the future may write or call the Company to request a separate copy of
these materials from: Investor Relations, Westpointe Corporate Center One, 1550 Coraopolis Heights
Road, 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor, Moon Township, PA 15108; telephone number (412)&nbsp;262-2830. The Company
will promptly deliver a copy of the requested materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly, stockholders sharing an address with another stockholder who have received multiple
copies of the Company&#146;s proxy materials may write or call the above address and phone number to
request delivery of a single copy of these materials.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "ANNUAL REPORT AND REPORT ON FORM 10-K" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNUAL REPORT AND REPORT ON FORM 10-K</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 2007 Annual Report to Stockholders including the financial statements and management&#146;s
discussion and analysis of financial condition and results of operations for the year ended
December&nbsp;31, 2007, is being sent to stockholders of record as of April&nbsp;25, 2008 with this proxy
statement. Stockholders of record as of April&nbsp;25, 2008, and beneficial owners of our common stock
on that date, may obtain from us, without charge, a copy of our most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission, exclusive of the exhibits thereto, by a
request therefor in writing. Such requests should be directed to us at our Moon Township address
stated herein, and to the attention of the Secretary. Beneficial owners shall include in their
written requests a good faith representation that they were beneficial owners of our common stock
on April&nbsp;25, 2008.
</DIV>
<!-- link1 "STOCKHOLDER PROPOSALS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STOCKHOLDER PROPOSALS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;14a-8 of the Securities Exchange Act establishes the eligibility requirements and the
procedures that must be followed for a stockholder&#146;s proposal to be included in a public company&#146;s
proxy materials. Under the rule, proposals submitted for inclusion in our 2009 proxy materials
must be received by us at Westpointe Corporate Center One, 1550 Coraopolis Heights Road,
2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor, Moon Township, Pennsylvania 15108, Attention: Secretary, on or before
January&nbsp;14, 2009. Proposals must comply with all the requirements of Rule&nbsp;14a-8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A stockholder who wishes to present a matter for action at our 2009 annual meeting, but
chooses not to do so under Rule&nbsp;14a-8, must deliver to our Secretary on or before February&nbsp;13,
2009, a notice containing the information required by the advance notice and other provisions of
our bylaws. A copy of the bylaws may be obtained by directing a written request to us at
Westpointe Corporate Center One, 1550 Coraopolis Heights Road, 2nd Floor, Moon Township,
Pennsylvania 15108, Attention: Secretary.
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>Exhibit&nbsp;A</U></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>ATLAS AMERICA, INC.</B></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>ANNUAL INCENTIVE PLAN<BR>
FOR SENIOR EXECUTIVES</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As in effect as of January&nbsp;1, 2008<BR>
Adopted by the Board of Directors on March&nbsp;26, 2008<BR>
Approved by the Stockholders on<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> , 2008
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ATLAS AMERICA, INC.</B></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><U><B>ANNUAL INCENTIVE PLAN</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 1: </B><U><B>Purpose</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Atlas America, Inc. Annual Incentive Plan for Senior Executives (the
&#147;Plan&#148;) is to enhance the ability of Atlas America, Inc. to attract, reward and retain senior
executive employees, to strengthen employee commitment to Atlas America, Inc.&#146;s success and to
align employee interests with those of Atlas America, Inc.&#146;s stockholders by providing variable
compensation, based on the achievement of performance objectives. To this end, the Plan provides a
means of annually rewarding participants based on the performance of Atlas America, Inc. and its
business units and, where appropriate, on a participant&#146;s personal performance. The Plan is
intended to meet the requirements for a &#147;qualified performance-based compensation&#148; under section
162(m) of the Internal Revenue Code of 1986, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 2: </B><U><B>Definitions</B></U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a) <I>&#147;Award&#148; </I>shall mean an incentive award earned by a Participant under the Plan for any
Performance Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b) <I>&#147;Board&#148; </I>shall mean the Company&#146;s Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c) <I>&#147;Change of Control&#148; </I>shall be deemed to have occurred upon the first to occur of any of the
following events:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Any &#147;person&#148; (as such term is used in sections 13(d) and 14(d) of the Exchange Act)
becomes a &#147;beneficial owner&#148; (as defined in Rule&nbsp;13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing more than 50% of the voting power of the then
outstanding securities of the Company; provided that a Change of Control shall not be deemed to
occur as a result of a transaction in which the Company becomes a subsidiary of another corporation
and in which the stockholders of the Company, immediately prior to the transaction, will
beneficially own, immediately after the transaction, shares entitling such stockholders to more
than 50% of all votes to which all stockholders of the parent corporation would be entitled in the
election of directors; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The consummation of (i)&nbsp;a merger or consolidation of the Company with another corporation
where the stockholders of the Company, immediately prior to the merger or consolidation, will not
beneficially own, immediately after the merger or consolidation, shares entitling such stockholders
to more than 50% of all votes to which all stockholders of the surviving corporation would be
entitled in the election of directors, (ii)&nbsp;a sale or other disposition of all or substantially all
of the assets of the Company, or (iii)&nbsp;a liquidation or dissolution of the Company.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(d) <I>&#147;Code&#148; </I>shall mean the Internal Revenue Code of 1986, as amended or any successor statute
thereto.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>&#147;Committee&#148; </I>shall mean the Compensation Committee of the Board. The Committee shall
consist of two or more persons appointed by the Board, all of whom shall be &#147;outside directors&#148; as
defined under Code section&nbsp;162(m) and related Treasury regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>&#147;Company&#148; </I>shall mean Atlas America, Inc., a Delaware corporation, and any successor
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<I>&#147;Effective Date&#148; </I>shall mean January&nbsp;1, 2007, subject to approval of the Plan by the
stockholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<I>&#147;Maximum Award&#148; </I>shall mean the maximum amount that a Participant will earn as an Award for
a Performance Period if the maximum level of performance is achieved for each of the Performance
Goals set by the Committee for the Participant. A Participant&#146;s Maximum Award shall be determined
by the Committee based on the Participant&#146;s responsibility level, position or such other criteria
as the Committee shall determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<I>&#147;Participant&#148; </I>for any Performance Period, shall mean a senior executive employee of the
Company or a subsidiary who is designated by the Committee to participate in the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<I>&#147;Performance Goals&#148; </I>for any Performance Period, shall mean:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The performance goals of the Company and its subsidiaries or one or more business units,
as specified by the Committee, shall be based on one or more of the following objective criteria,
either in absolute terms or in comparison to publicly available industry standards or indices:
stock price, return on equity, assets under management, EBITDA (earnings before interest, taxes,
depreciation and amortization), earnings per share, price-earnings multiples, net income, operating
income, pre-tax income, revenues, working capital, accounts receivable, productivity, margin, net
capital employed, return on assets, stockholder return, return on capital employed, increase in
assets, unit volume, sales, internal sales growth, cash flow, market share, relative performance to
a comparison group designated by the Committee, or strategic business criteria consisting of one or
more objectives based on meeting specified revenue goals, market penetration goals, customer
growth, geographic business expansion goals, cost targets or goals relating to acquisitions or
divestitures. The performance goals may relate to one or more business units or the performance of
the Company as a whole, or any combination of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To the extent applicable, the Committee, in determining whether and to what extent a
Performance Goal has been achieved, shall use the information set forth in the Company&#146;s audited
financial statements and other objectively determinable information. The Performance Goals
established by the Committee may be (but need not be) different each Performance Period, and
different Performance Goals may be applicable to different Participants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<I>&#147;Performance Period&#148; </I>shall mean the fiscal year of the Company or any other period of up
to 12&nbsp;months designated by the Committee with respect to which an Award may be earned.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<I>&#147;Plan&#148; </I>shall mean this Atlas America, Inc. Annual Incentive Plan for Senior Executives, as
in effect from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 3: </B><U><B>Eligibility</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All senior executive employees of the Company and its subsidiaries are eligible to participate
in the Plan. The Committee shall designate which senior executive employees shall participate in
the Plan for each Performance Period. In order to be eligible to receive an Award with respect to
any Performance Period, an employee must be actively employed by the Company or a subsidiary on the
last day of the Performance Period, except as provided in Section&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 4: </B><U><B>Administration</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Committee Authority</U>. The Plan shall be administered by the Committee. The
Committee shall have full discretionary authority to establish the rules and regulations relating
to the Plan, to interpret the Plan and those rules and regulations, to select Participants in the
Plan, to determine each Participant&#146;s Maximum Award and Award amount, to approve all Awards, to
decide the facts in any case arising under the Plan and to make all other determinations, including
factual determinations, and to take all other actions necessary or appropriate for the proper
administration of the Plan, including the delegation of such authority or power, where appropriate.
All powers of the Committee shall be executed in its sole discretion, in the best interest of the
Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform
as to similarly situated individuals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Committee Determinations</U>. All Awards shall be made conditional upon the
Participant&#146;s acknowledgement, in writing or by acceptance of the Award, that all decisions and
determinations of the Committee shall be final and binding on the Participant, his or her
beneficiaries and any other person having or claiming an interest under such Award. Awards need
not be uniform as among Participants. The Committee&#146;s administration of the Plan, including all
such rules and regulations, interpretations, selections, determinations, approvals, decisions,
delegations, amendments, terminations and other actions, shall be final and binding on the Company
and all employees of the Company, including, the Participants and their respective beneficiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 5: </B><U><B>Determination of Awards</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Maximum Awards and Performance Goals</U>. As soon as practicable, but no later than
the earlier of (i)&nbsp;90&nbsp;days after the beginning of the Performance Period or (ii)&nbsp;the date on which
25% of the Performance Period has been completed, or such other date as may be required or
permitted under applicable regulations under Code section&nbsp;162(m), the Committee shall determine the
senior executive employees who shall be Participants during that Performance Period, each
Participant&#146;s Maximum Award and the Performance Goals for each Participant, all of which shall be
set forth in the Committee&#146;s minutes. The Performance Goals may provide for differing amounts to
be paid based on differing thresholds of performance. The Committee shall specify in the minutes
how the financial calculations for the Performance Goals will be made, including what, if any,
adjustments shall be made in the event of a change in corporate
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">capitalization, corporate transaction, extraordinary event, change in applicable accounting
rules or principles, or other event. The Committee shall establish a maximum dollar amount that
may be paid to a Participant for the Performance Period. The Company shall notify each Participant
of the applicable Performance Goals and other terms of Awards for the Performance Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Earning an Award</U>. A Participant will earn an Award for a Performance Period based
on the level of achievement of the Performance Goals established by the Committee for that period;
provided that the Committee may reduce (but not increase) an Award below the Award level determined
based on the Performance Goals. A Participant will receive no Award if the level of achievement of
Performance Goals is below the minimum required to earn an Award for the Performance Period, as
specified by the Committee at the time the Performance Goals are established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Maximum Award Amount</U>. The maximum Award payable to any Participant for any
Performance Period shall not exceed <U>$15,000,000</U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Section&nbsp;162(m)</U>. Awards shall be based on Performance Goals for each Performance
Period that shall satisfy the requirements for &#147;qualified performance-based compensation&#148; under
Code section&nbsp;162(m), including the requirement that the achievement of the Performance Goals be
substantially uncertain at the time they are established and that the Performance Goals be
established in such a way that a third party with knowledge of the relevant facts could determine
whether and to what extent the Performance Goals have been met. An Award that is designated as
&#147;qualified performance-based compensation&#148; under Code section&nbsp;162(m) may not be awarded as an
alternative to any other award that is not designated as &#147;qualified performance-based
compensation,&#148; but instead must be separate and apart from all other awards made. The Committee is
authorized to reduce an Award for any Performance Period based upon its assessment of personal
performance or other factors, but not to increase the Award beyond the amount determined based on
achievement of the Performance Goals for that Participant. Any reduction of a Participant&#146;s Award
shall not result in an increase in any other Participant&#146;s Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 6: </B><U><B>Payment of Awards</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall certify and announce the Awards that will be paid by the Company to each
Participant as soon as practicable following the final determination of the Company&#146;s financial
results for the relevant Performance Period. Subject to the provisions of Section&nbsp;7, payment of
the Awards certified by the Committee shall be made as soon as practicable following the close of
the Performance Period, but in any event within 2<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> months after the close of the Performance Period
and as otherwise consistent with the requirements of section 409A of the Code. All Awards shall be
paid in cash <U>or in the form of stock or stock units of the Company. Any stock or stock units
shall be issued under the Atlas America Stock Incentive Plan or a successor plan</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 7: </B><U><B>Limitations on Rights to Payment of Awards</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Employment</U>. No Participant shall have any right to receive payment of an Award
under the Plan for a Performance Period unless the Participant remains in the employ of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company through the last day of the Performance Period; provided, however, that the Committee
may determine that if a Participant&#146;s employment with the Company terminates prior to the end of
the Performance Period, the Participant shall remain eligible to receive a pro-rated portion of
any Award that would otherwise have been earned for the Performance Period, in such circumstances
as the Committee deems appropriate. If payments are to be made under the Plan after a
Participant&#146;s death, such payments shall be made to the personal representative of the
Participant&#146;s estate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Leaves of Absence</U>. If a Participant is on an authorized leave of absence during
the Performance Period, the Participant may be eligible to receive a pro-rated portion of any Award
that would otherwise have been earned, as determined by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 8: </B><U><B>Change of Control</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Committee determines otherwise, if a Change of Control occurs prior to the end of a
Performance Period, (i)&nbsp;each Participant shall receive an Award for the Performance Period in which
the Change of Control occurs, based on performance measured as of the date of the Change of
Control, or as otherwise determined by the Committee, and subject to such adjustments as the
Committee deems appropriate, (ii)&nbsp;the Performance Period shall end as of the date of the Change
of Control, and (iii)&nbsp;Awards shall be paid within 60&nbsp;days after the Change of Control (regardless
of whether the Participant remains employed after the Change of Control).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 9: </B><U><B>Deferrals</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Committee may permit a Participant to defer receipt of an
Award that would otherwise be payable to the Participant. The Committee shall establish rules and
procedures for any such deferrals, consistent with the applicable requirements of Code section
409A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 10: </B><U><B>Amendments</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may at any time amend this Plan; provided, however, that the Committee shall not
amend the Plan without stockholder approval if such approval is required by Code section&nbsp;162(m).
The Plan must be reapproved by the Company&#146;s stockholders no later than the first stockholders
meeting that occurs in the fifth year following the year in which the stockholders previously
approved the Plan, if additional Awards are to be paid under the Plan and if required by section
162(m) of the Code or the regulations thereunder. Except as provided in Subsection 12(g) below, no
amendment that adversely affects any Participant&#146;s rights to an Award that has been earned prior to
the date of the amendment shall be effective unless the Participant consents to the amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 11: </B><U><B>Termination</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may terminate this Plan at any time. In the case of termination of the Plan,
each Participant may receive a pro-rated portion of the Award that would otherwise have been earned
for the then current Performance Period had the Plan not been terminated, as determined by the
Committee. Each Award shall be paid as soon as practicable, but in no event later than 2<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> months
after the Performance Period in which the Plan terminates.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 12: </B><U><B>Miscellaneous Provisions</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>No Employment Right</U>. This Plan is not a contract between the Company and any
employee or Participant. Neither the establishment of this Plan, nor any action taken hereunder,
shall be construed as giving any employee or any Participant any right to be retained in the employ
of the Company. The Company is under no obligation to continue the Plan. Nothing contained in the
Plan shall limit or affect in any manner or degree the normal and usual powers of management,
exercised by the officers and the Board or committees thereof, to change the duties or the
character of employment of any employee or to remove any individual from the employment of the
Company at any time, all of which rights and powers are expressly reserved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>No Assignment</U>. A Participant&#146;s right and interest under the Plan may not be
assigned or transferred, except upon death as provided in Section&nbsp;7 of the Plan, and any attempted
assignment or transfer shall be null and void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Funding of the Plan; Limitation on Rights</U>. This Plan shall be unfunded. The
Company shall not be required to establish any special or separate fund or to make any other
segregation of assets to assure the payment of any Awards under this Plan. Nothing contained in
the Plan and no action taken pursuant hereto shall create or be construed to create a fiduciary
relationship between the Company and any Participant or any other person. No Participant or any
other person shall under any circumstances acquire any property interest in any specific assets of
the Company. To the extent that any person acquires a right to receive payment from the Company
hereunder, such right shall be no greater than the right of any unsecured general creditor of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Obligations to the Company</U>. If a Participant becomes entitled to payment of an
Award under the Plan, and if at such time the Participant has outstanding any debt, obligation or
other liability representing an amount owing to the Company, then the Company may offset such
amount owed to it against the Award otherwise distributable. Any determination under this Section
12(d) shall be made by the Committee in its sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Withholding Taxes</U>. All Awards under the Plan shall be subject to applicable
federal (including FICA), state and local tax withholding requirements. The Company may require
that the Participant or his or her personal representative pay to the Company the amount of any
federal, state or local taxes that the Company is required to withhold with respect to such Awards,
or the Company may deduct from other wages paid by the Company the amount of any withholding taxes
due with respect to such Awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Stockholder Approval</U>. Notwithstanding any provision of the Plan to the contrary,
all 2007 Awards will be made contingent upon, and subject to, stockholder approval of the Plan at
the 2007 annual stockholders&#146; meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Compliance with Law</U>. It is the intent of the Company that the Plan and Awards
under the Plan comply with the applicable provisions of Code section&nbsp;162(m) and that Awards qualify
for the &#147;short-term deferral&#148; exception to Code section 409A. To the extent that any legal
requirement of Code section&nbsp;162(m) or 409A as set forth in the Plan ceases to be required under
Code section&nbsp;162(m) or 409A, that Plan provision shall cease to apply. The Committee may
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">revoke any Award if it is contrary to law or modify an Award to bring it into compliance with
any valid and mandatory government regulation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Governing Law</U>. The validity, construction, interpretation and effect of the Plan
shall exclusively be governed by and determined in accordance with the law of Delaware, without
giving effect to the conflict of laws provisions thereof.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>




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<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Important Notice Regarding the Availability of Proxy Materials for<br> the Meeting to be held on June<BR>
13, 2008:</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>The proxy statement and our 2007 Annual Report are available at</B><BR>
<B><u>http://phx.corporate-ir.net/phoenix.zhtml?c=176445&#038;p=irol-reportsannual</u></B>
</DIV>

 <DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">
<DIV style="MARGIN-TOP: 150pt; FONT-SIZE: 12pt" align=right>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face=Wingdings>o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=Wingdings> n</FONT> </DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 50pt"><b>ATLAS AMERICA, INC.</b>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>PROXY</B>
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF ATLAS<BR>
AMERICA, INC.</B>

</DIV>
<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 12pt" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby constitutes and appoints Edward E. Cohen and Matthew A. Jones, or
either of them, as and for his proxies, each with the power to appoint such proxy&#146;s substitute, and
hereby authorizes them, or either of them, to vote all of the shares of common stock of Atlas
America, Inc. held of record by the undersigned on April&nbsp;25, 2008 at the Annual Meeting of
Stockholders of Atlas America, Inc. to be held Friday, June&nbsp;13, 2008 and at any and all
adjournments thereof as follows:
 </DIV>
<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 12pt" align=center><B>(Continued and to
be signed on the reverse side)</B> </DIV>
<DIV style="MARGIN-TOP: 50pt" align=center>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0 width="100%"
border=0><!-- Begin Table Head -->

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    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT
 style="FONT-SIZE: 12pt" face=Wingdings>n</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right>14475&nbsp;<FONT style="FONT-SIZE: 12pt"  face=Wingdings>n</FONT></TD></TR><!-- End Table Body --></TABLE></DIV>
<P style="FONT-SIZE: 10pt" align=center></P></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">
<DIV style="MARGIN-TOP: 18pt; FONT-SIZE: 12pt" align=center><B>ANNUAL MEETING OF STOCKHOLDERS OF</B> </DIV>
<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 24pt" align=center><B>ATLAS AMERICA, INC. </B> </DIV>
<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 12pt" align=center><B> June 13, &nbsp;2008</B> </DIV>
<DIV style="MARGIN-TOP: 70pt; FONT-SIZE: 18pt" align=center>Please sign, date and mail<br> your proxy card in the<br> envelope provided as soon<br> as possible.

</DIV>
<DIV style="MARGIN-TOP: 45pt; FONT-SIZE: 8pt" align=center><B><FONT
face=Wingdings>&#226;</FONT></B>&nbsp;Please detach along perforated line and
mail in the envelope provided.&nbsp;<B><FONT face=wingdings>&#226; </FONT> </B></DIV>
<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 12pt" align=left><FONT
face=Wingdings> n</FONT>&nbsp;&nbsp;&nbsp;&nbsp;20330300000000001000&nbsp;&nbsp; 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 061308 </DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 8pt" cellSpacing=0 cellPadding=0 width="100%" borDER=0><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 3pt">
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=middle>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=middle  align=center colSpan=21>

<DIV style="FONT-SIZE: 7pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><BR><B>
THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS AND &#147;FOR&#148;
         PROPOSALS 2 AND 3.<br>
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR
BLACK INK AS SHOWN HERE </B><FONT face=Wingdings>x</FONT>
      <BR></DIV></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top
align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=right>&nbsp;</TD>
    <TD vAlign=top align=right>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=center style=" font-size:6pt">FOR</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=center style=" font-size:6pt">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=center style=" font-size:6pt">ABSTAIN</TD>
</TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;1. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top align=left  colSpan=8> ELECTION OF CLASS III DIRECTORS:  The nominees for  Class III directors:</TD>
    <TD vAlign=top noWrap align=right>&nbsp;</TD>
    <TD vAlign=top align=right>2.</TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top align=left colSpan=3 rowSpan=0 style="font-size:8pt">
      <DIV align=justify> PROPOSAL TO ADOPT THE AMENDED AND RESTATED
                  ANNUAL INCENTIVE PLAN FOR SENIOR EXECUTIVES. </DIV></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top align=center style="FONT-SIZE: 16pt" ><FONT face="wingdings">&#111;</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top align=center style="FONT-SIZE: 16pt" ><FONT face="wingdings">&#111;</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>

<TD vAlign=top align=center style="FONT-SIZE: 16pt" ><FONT face="wingdings">&#111;</FONT></TD>
</TR>
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left colSpan=3  style="FONT-SIZE: 6pt"><B>NOMINEES:</B></TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top
align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=right>&nbsp;</TD>
    <TD vAlign=top align=right>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top rowSpan=1>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;&nbsp;&nbsp;<FONT
      style="FONT-SIZE: 16pt" face=Wingdings>o</FONT> </DIV></TD>
    <TD>&nbsp;</TD>

<TD vAlign=top noWrap align=left  style="FONT-SIZE: 6pt"><div style="font-size: 3pt">&nbsp;</div><B>FOR ALL NOMINEES</B> </TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align=left>
<FONT style="font-size: 10pt">o</font>
<div style="font-size: 1pt">&nbsp;</div>
<FONT style="font-size: 10pt">o</font>
</TD>
    <TD>&nbsp;</TD>
    <TD vAlign="top" noWrap align=left  style="FONT-SIZE: 6pt"> <div style="font-size: 1pt">&nbsp;</div>Edward
E. Cohen <div style="font-size: 6pt">&nbsp;</div>
Harmon S. Spolan</TD>
    <TD vAlign=top noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">3.</TD>
<TD valign="top"></TD>
    <TD style="FONT-SIZE: 8pt" vAlign=top align=justify colSpan=3 rowSpan=0>
      <DIV align=justify> IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO
                  VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY
                  BE BROUGHT BEFORE THE MEETING OR ANY ADJOURNMENT
                  THEREOF.</DIV></TD>
<TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top align=center style="FONT-SIZE: 16pt" ><FONT face="wingdings">&#111;</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top align=center style="FONT-SIZE: 16pt" ><FONT face="wingdings">&#111;</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top align=center style="FONT-SIZE: 16pt" ><FONT face="wingdings">&#111;</FONT></TD>
</TR>

  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;&nbsp;&nbsp;<FONT
      style="FONT-SIZE: 16pt" face=Wingdings>o</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left  style="FONT-SIZE: 6pt"><B>WITHHOLD AUTHORITY<BR>FOR ALL
      NOMINEES</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>  <FONT style="font-size: 10pt">o</font><BR></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left>  Dennis A. Holtz</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;&nbsp;&nbsp;<FONT
      style="FONT-SIZE: 16pt" face=Wingdings>o</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=left  style="FONT-SIZE: 6pt"><B>FOR ALL EXCEPT<BR>(See instructions
      below)</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top
align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left colSpan=11 rowSpan=2><BR>
      <DIV align=justify>This proxy, when properly executed, will be voted in the manner specified above by the named proxies. If no direction is
made, this proxy will be voted FOR all nominees listed and FOR the proposal to adopt the amended and restated annual
incentive plan for senior executives.<br><br>
The undersigned hereby acknowledges receipt of the Atlas
America, Inc. Annual Report to Stockholders, Notice of the Atlas America, Inc. Annual Meeting and the Proxy Statement
relating thereto.
<BR><BR><BR><BR></DIV></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top
align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=justify colSpan=9>


<DIV style="BORDER-RIGHT: #000000 1px solid; MARGIN-LEFT: 78px; TEXT-INDENT: -78px; BORDER-BOTTOM: #000000 0px solid ;FONT-SIZE: 7pt">
      <DIV align="justify" style="margin-right: 1%">
<B><U>INSTRUCTIONS:</u></b> To withhold authority to vote for any
individual nominee(s), mark <B>&#147;FOR ALL EXCEPT&#148;</B> and fill in the
circle next to each nominee you wish to withhold, as shown
here:<FONT style="FONT-SIZE: 10pt"
      face=Webdings>=</FONT></DIV></DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle align=left colSpan=11  > &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Mark &#147;X&#148; here if you plan to attend the meeting.&nbsp;<FONT face="wingdings" size=4>&#111;</FONT></TD></TR>
  <TR style="FONT-SIZE: 1pt">
    <TD vAlign=top align=left colSpan=9>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 0px solid">&nbsp;</DIV></TD></TR>
  <TR style="FONT-SIZE: 1pt" vAlign=bottom>
    <TD vAlign=top align=left colSpan=9>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=right>&nbsp;</TD>
    <TD vAlign=top align=right>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD></TR>
  <TR style="FONT-SIZE: 20pt" vAlign=bottom>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top
align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left colSpan=11>&nbsp;</TD></TR>
  <TR style="FONT-SIZE: 30pt">
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top
align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=justify colSpan=8>
      <DIV style="MARGIN-RIGHT: 15px; font-size:7pt" align=justify>To change the address on
      your account, please check the box at right and indicate your new address
      in the address space above. Please note that changes to the registered
      name(s) on the account may not be submitted via this method. </DIV></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=top align=center><FONT style="FONT-SIZE: 16pt"
      face=Wingdings>&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=right>&nbsp;</TD>
    <TD vAlign=top align=right>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top
align=left>&nbsp;</TD></TR><!-- End Table Body --></TABLE></DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 8pt" cellSpacing=0 cellPadding=0 width="100%" borDER=0><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 1pt" vAlign=bottom>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width=1>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>
    <TD noWrap>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">Signature of
      Stockholder&nbsp;&nbsp; </DIV></TD>
    <TD style="FONT-SIZE: 12pt" vAlign=top align=left colSpan=3>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>
    <TD align=left>&nbsp;Date:&nbsp;&nbsp; </TD>
    <TD style="FONT-SIZE: 12pt" vAlign=top align=left colSpan=2>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>
    <TD noWrap align=left colSpan=3>&nbsp;Signature of Stockholder&nbsp;&nbsp;
    </TD>
    <TD style="FONT-SIZE: 12pt" vAlign=top align=left colSpan=2>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD>
    <TD align=center>&nbsp;Date:&nbsp;&nbsp; </TD>
    <TD style="FONT-SIZE: 12pt" vAlign=top align=left colSpan=2>
      <DIV
      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</DIV></TD></TR><!-- End Table Body --></TABLE></DIV>
<DIV align=left>
<TABLE
style="FONT-SIZE: 8pt; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000"
cellSpacing=0 cellPadding=0 width="100%" borDER=0>

  <TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Note:</B></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 6pt">Please sign exactly as your name or names
      appear on this Proxy. When shares are held jointly, each holder should
      sign. When signing as executor, administrator, attorney, trustee or
      guardian, please give full title as such. If the signer is a corporation,
      please sign full corporate name by duly authorized officer, giving full
      title as such. If signer is a partnership, please sign in partnership name
      by authorized person.</TD></TR></TABLE></DIV>
<DIV style="MARGIN-TOP: -13pt; FONT-SIZE: 12pt" align=left><FONT
face=Wingdings>n</FONT> </DIV>
<DIV style="MARGIN-TOP: -13pt; FONT-SIZE: 12pt" align=right><FONT
face=Wingdings>n</FONT> </DIV>
<P style="FONT-SIZE: 10pt" align=center> </P></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>ANNUAL MEETING OF STOCKHOLDERS OF


</B>
</DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 18pt"><B>ATLAS AMERICA, INC.
</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>June&nbsp;13,  2008</B><br><b>ESOP</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="5" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" bgcolor="#d1cdcd" valign="top" nowrap style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-left: 1px solid #000000">
<B>PROXY VOTING INSTRUCTIONS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P><DIV style="position: relative; float: left; width: 50%">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 15pt"><U><B>MAIL</B></U> <B>-</B> Sign, date and mail your proxy card in the envelope provided as soon as
possible.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 1pt; margin-left: 15pt"><FONT style="font-variant: SMALL-CAPS">- or -</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 1pt; margin-left: 15pt"><U><B>TELEPHONE</B></U><B>-</B>
Call toll-free <B>1-800-PROXIES </B><BR>



(1-800-776-9437) in the United States or
<B> 1-718-921-8500 </B>
from foreign countries and follow the instructions.  Have your proxy card available when you call.






</DIV>
<DIV align="center" style="font-size: 8pt; margin-top: 1pt">- OR
-</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 1pt;  margin-left: 15pt"><U><B>INTERNET</B></U> <B>-</B> Access &#147;<B>www.voteproxy.com</B>&#148; and follow
the <FONT style="white-space: nowrap">on-screen </FONT>instructions. Have your proxy card
available when you access the web page.
</DIV>
<DIV align="center" style="font-size: 8pt; margin-top: 1pt">- OR
-</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 1pt;  margin-left: 15pt">
<U><B>IN PERSON</B></U> <B>-</B>

You may vote your shares in person by attending the Annual Meeting.





</DIV>



</DIV>
<DIV style="position: relative; float: right; width: 47%">
<P>
<DIV align="center" STYLE="margin-top: 20pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
              <TD valign="top"  align="center" style="border-top: 1px solid #000000" nowrap><DIV style="margin-left:0px; text-indent:-0px"><BR><B>COMPANY NUMBER</B><BR><BR>
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="center" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><BR><B>ACCOUNT NUMBER</B><BR><BR></DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" bgcolor="#d1cdcd"  style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" bgcolor="#d1cdcd"  style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><BR><BR><BR></DIV></TD>
    <TD  bgcolor="#d1cdcd" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>
<BR clear="all"><BR>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 9px;  margin-left: 15pt; margin-right: 15pt">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 15pt">

You may enter your voting instructions at 1-800-PROXIES in the United States or 1-718-921-8500 from
foreign countries or www.voteproxy.com up until 11:59 PM Eastern Time the day before the cut-off or meeting date.




</DIV>
</DIV>



<DIV align="center" style="font-size: 8pt; margin-top: 1pt"><FONT face="Wingdings">&#226;</FONT>&nbsp;&nbsp;Please
detach along perforated line and mail in the envelope provided
<U>IF</U> you are not voting via telephone or the Internet.&nbsp;&nbsp; <FONT face="Wingdings">&#226;</FONT>
</DIV>

<DIV align="justify" style="font-size: 12pt; margin-top: 6pt; margin-left: 15pt"><FONT face="Wingdings">&#110;</FONT>
&nbsp;&nbsp;&nbsp;20330000000000001000 &nbsp;&nbsp;&nbsp;8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 061308

</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="middle" style="font-size: 7pt">

<TD valign="middle" align="center" colspan="21" style="border-right: 0px solid #000000; border-bottom: 1px solid #000000; border-left: 0px solid #000000; border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px; margin-bottom: 2pt">
<BR><B>


THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS AND &#147;FOR&#148; PROPOSAL 2.<br>
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.  PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE
<FONT face="Wingdings">&#253;</FONT></B><BR>

</DIV></TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD colspan="8" valign="top" align="left">1. ELECTION OF CLASS III DIRECTORS: The nominees for Class III directors:</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>

<TD align="left" valign="top" colspan="2" rowspan="5"><div align="justify">PROPOSAL TO ADOPT THE AMENDED AND RESTATED
ANNUAL INCENTIVE PLAN FOR SENIOR EXECUTIVES.</div>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD align="right" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3"><B>NOMINEES:</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000" align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>

    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center">
<DIV style="margin-left:0px; text-indent:-0px">
<FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></DIV></TD>
    <TD valign="top" rowspan="1">&nbsp;</TD>
    <TD align="left" valign="middle" nowrap><B>FOR ALL NOMINEES</B>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT face="Wingdings">&#161;</FONT><div
style="font-size: 2pt">&nbsp;</div>
<FONT face="Wingdings">&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Edward E.
Cohen<BR>

Harmon S. Spolan
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" nowrap style="border-right: 1px solid #000000">
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>


</TR>

<TR valign="top">
    <TD align="center">
<DIV style="margin-left:0px; text-indent:-0px">
<FONT face="Wingdings" style="font-size: 16pt">
&#111;</FONT><br><br><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></div></TD>
    <TD valign="top" rowspan="2" align="right">&nbsp;</TD>
    <TD align="left" valign="top" nowrap><B>WITHHOLD AUTHORITY<BR>FOR ALL NOMINEES</B><BR><BR><B>FOR ALL EXCEPT</B><BR>(See instructions below)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dennis A. Holtz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="justify" valign="top" colspan="11"><div align="justify"><B>This Proxy Card, when properly executed, will be voted in the manner directed herein by the Trustee, subject to the Trustee's
obligations under ERISA. If no direction is made, the shares allocated to your account will be voted by the Trustee in its discretion.
If you vote to "Abstain" on a matter, your shares will be voted by the Trustee as if you had failed to vote your shares.</B><BR><BR>
<B>THIS PROXY CARD IS SOLICITED ON BEHALF OF THE TRUSTEE OF THIS ESOP.</B><BR><BR>
<B>You will not be entitled to vote the Allocated Shares to your ESOP
account at the stockholders&#146; meeting.</B> Therefore,
if we do not receive your Proxy Card by June 6, 2008, you, in effect, will be forfeiting the voting rights, which the ESOP makes available to you. We encourage all ESOP participants to exercise their right to vote the Allocated Shares in their ESOP accounts by returning their Proxy Cards promptly. If you decide to change your voting instructions after you have submitted your Proxy Card,
 you must obtain a new Proxy Card from us by contacting us at the address set forth below.
If you have any questions
or comments concerning the votes to be taken at the
annual meeting, or concerning the procedure for completing and returning your
Proxy Card, please call or write Patrick De Craene, who is a Vice President of the
Trustee, at GreatBanc Trust Company, 801 Warrenville Road, Suite 500, Lisle, Illinois
60532, telephone (630) 810-4500 fax (630) 810-4501. Your telephone call or other communication with Mr. De Craene will be kept confidential.<br><br></div>
</TD>
</TR>
<TR valign="top">
<TD align="left"><U><b>INSTRUCTIONS:</b></U></td>
<TD colspan="7" valign="top" align="left"><DIV style="border-top: 0px solid #000000; border-right: 1px solid #000000">To withhold authority to vote for any individual nominee(s), mark <B>&#147;FOR ALL EXCEPT&#148;</B> and fill in the circle next to  each nominee you wish to withhold, as shown here: <FONT face="Webdings">&#61;</FONT><br><br></DIV></TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="10" align="left"><div align="justify">The undersigned hereby revokes any proxy or proxies heretofore given to vote upon or act with respect to such stock and hereby ratifies and confirms all that said proxies, their substitutes or any of them may lawfully do by virtue hereof.</div>
</TD>
</TR>

<TR valign="bottom" style="font-size; 1pt">

<TD colspan="9" valign="top" align="left"><DIV style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</DIV></TD>

    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>













<TR valign="top">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="center" colspan="6" nowrap>Mark &#147;X&#148; here if you plan to attend the meeting. <FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" colspan="7" style="border-right: 0px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

<div align="justify">
To change the address on your account, please check the box at right and indicate your
 new address in the address space above.  Please note that changes to the registered
 name(s) on the account may not be submitted via this method.

</div>
</TD>
    <TD style="border-right: 0px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="middle" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature
of Stockholder&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="3" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left">&nbsp;Date:&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left" nowrap colspan="3">&nbsp;Signature
of Stockholder&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left">&nbsp;Date:&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 6pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Note:</B></TD>
    <TD>&nbsp;</TD>
    <TD><div align="justify" style="margin-right: 4%">

Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign.
  When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign
full corporate name by duly authorized officer, giving full title as such.  If signer is a partnership, please sign in partnership name by authorized person.

</div>

</TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 12pt; margin-top: -13pt"><FONT face="Wingdings">&#110;</FONT>
</DIV>

<DIV align="right" style="font-size: 12pt; margin-top: -13pt"><FONT face="Wingdings">&#110;</FONT>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

</DIV>





<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Important Notice Regarding the Availability of Proxy Materials for<br> the Meeting to be held on June<BR>
13, 2008:</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>The proxy statement and our 2007 Annual Report are available at</B><BR>
<B><u>http://phx.corporate-ir.net/phoenix.zhtml?c=176445&#038;p=irol-reportsannual</u></B>
</DIV>

 <DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">
<DIV style="MARGIN-TOP: 150pt; FONT-SIZE: 12pt" align=right>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face=Wingdings>o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=Wingdings> n</FONT> </DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 50pt"><b>ATLAS AMERICA, INC.</b>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>PROXY</B>
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>THIS PROXY IS
SOLICITED ON BEHALF OF<BR>
THE TRUSTEE OF THE<BR>ATLAS AMERICA, INC. EMPLOYEE STOCK OWNERSHIP PLAN</B></DIV>

<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 12pt" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned, a participant in the Atlas America, Inc. Employee Stock Ownership Plan
(&#147;ESOP&#148;), hereby directs GreatBanc Trust Company,
as Trustee of the ESOP, to vote, as designated
below, all the shares of common stock of Atlas America, Inc. allocated
to the account of the undersigned
in the ESOP (the &#147;Allocated Shares&#148;) at the Annual Meeting of
Stockholders of Atlas America, Inc.
to be held Friday, June 13, 2008 and at any and all adjournments thereof as follows:</DIV>

<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 12pt" align=center><B>(Continued and to
be signed on the reverse side)</B> </DIV>
<DIV style="MARGIN-TOP: 50pt" align=center>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0 width="100%"
border=0><!-- Begin Table Head -->

  <TR vAlign=bottom>
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT
 style="FONT-SIZE: 12pt" face=Wingdings>n</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom align=right>14475&nbsp;<FONT style="FONT-SIZE: 12pt"  face=Wingdings>n</FONT></TD></TR><!-- End Table Body --></TABLE></DIV>
<P style="FONT-SIZE: 10pt" align=center></P></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">
<DIV style="MARGIN-TOP: 18pt; FONT-SIZE: 12pt" align=center><B>ANNUAL MEETING OF STOCKHOLDERS OF</B> </DIV>
<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 24pt" align=center><B>ATLAS AMERICA, INC. </B> </DIV>
<DIV style="MARGIN-TOP: 12pt; FONT-SIZE: 12pt" align=center><B> June 13, &nbsp;2008<br>ESOP</B> </DIV>
<DIV style="MARGIN-TOP: 70pt; FONT-SIZE: 18pt" align=center>Please sign, date and mail<br> your proxy card in the<br> envelope provided as soon<br> as possible.

</DIV>
<DIV style="MARGIN-TOP: 45pt; FONT-SIZE: 8pt" align=center><FONT face="Wingdings">&#226;</FONT>&nbsp;Please detach along perforated line and mail in the envelope provided.&nbsp;<FONT face="Wingdings">&#226;</FONT> </DIV>



<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 15pt"><FONT face="Wingdings">&#110;</FONT>
&nbsp;&nbsp;&nbsp;20330000000000001000 &nbsp;&nbsp;&nbsp;8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 061308

</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="middle" style="font-size: 7pt">
    <TD valign="middle" align="center" colspan="21" style="border-right: 0px solid #000000; border-bottom: 1px solid #000000; border-left: 0px solid #000000; border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">
<BR><B>


THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS AND &#147;FOR&#148; PROPOSAL 2.<br>
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.  PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE
<FONT face="Wingdings">&#253;</FONT></B>
</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD colspan="8" valign="top" align="left">1. ELECTION OF CLASS III DIRECTORS: The nominees for Class III directors:</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD align="left" valign="top" colspan="2" rowspan="5">PROPOSAL TO ADOPT THE AMENDED AND RESTATED
ANNUAL INCENTIVE PLAN FOR SENIOR EXECUTIVES.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD align="right" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3"><B>NOMINEES:</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000" align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>

    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></DIV></TD>
    <TD valign="top" rowspan="1">&nbsp;</TD>
    <TD align="left" valign="middle" nowrap><B>FOR ALL NOMINEES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#161;</FONT><BR>
<FONT face="Wingdings">&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Edward E. Cohen<BR>
Harmon S. Spolan
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" nowrap style="border-right: 1px solid #000000">
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

</tr>
<TR valign="top">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT><br><br><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></div></TD>
    <TD valign="top" rowspan="2" align="right">&nbsp;</TD>
    <TD align="left" valign="top" nowrap><B>WITHHOLD AUTHORITY<BR>FOR ALL NOMINEES</B><BR><BR><B>FOR ALL EXCEPT</B><BR>(See instructions below)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dennis A. Holtz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="justify" valign="top" colspan="11"><div style="text-align: justify"><B>This Proxy Card, when properly executed, will be voted in the manner directed herein by the Trustee, subject to the Trustee's
obligations under ERISA. If no direction is made, the shares allocated to your account will be voted by the Trustee in its discretion.
If you vote to "Abstain" on a matter, your shares will be voted by the Trustee as if you had failed to vote your shares.</B><BR><BR>
<B>THIS PROXY CARD IS SOLICITED ON BEHALF OF THE TRUSTEE OF THIS ESOP.</B><BR><BR>
<B>You will not be entitled to vote the Allocated Shares to your ESOP account at the stockholders' meeting.</B> Therefore, if we do not receive your Proxy Card by June 6, 2008, you, in effect, will be forfeiting the voting rights, which the ESOP makes available to you. We encourage all ESOP participants to exercise their right to vote the Allocated Shares in their ESOP accounts by returning their Proxy Cards promptly. If you decide to change your voting instructions after you have submitted your Proxy Card,
 you must obtain a new Proxy Card from us by contacting us at the address set forth below. If you have any questions or comments concerning the votes to be taken at the annual meeting, or concerning the procedure for completing and returning your Proxy Card, please call or write Patrick De Craene, who is a Vice President of the Trustee, at GreatBanc Trust Company, 801 Warrenville Road, Suite 500, Lisle, Illinois 60532, telephone (630)
810-4500 fax (630) 810-4501. Your telephone call or other communication with Mr. De Craene will be kept confidential.<br><br></div>
</TD>
</TR>
<TR valign="top">
<TD align="left"><U><b>INSTRUCTIONS:</b></U></td>
<TD colspan="7" valign="top" align="left"><DIV style="border-top: 0px solid #000000; border-right: 1px solid #000000">To withhold authority to vote for any individual nominee(s), mark <B>&#147;FOR ALL EXCEPT&#148;</B> and fill in the circle next to  each nominee you wish to withhold, as shown here: <FONT face="Webdings">&#61;</FONT><br><br></DIV></TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="10" align="left"><div style="text-align: justify">The undersigned
hereby revokes any proxy or proxies heretofore given to vote upon or act with
respect to such stock and hereby ratifies and confirms all that said
proxies, their substitutes or any of them may lawfully do by virtue hereof.</div>
</TD>
</TR>

<TR valign="bottom" style="font-size; 1pt">

<TD colspan="9" valign="top" align="left"><DIV style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</DIV></TD>

    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>













<TR valign="top">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="center" colspan="6" nowrap>Mark &#147;X&#148; here if you plan to attend the meeting. <FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" colspan="7" style="border-right: 0px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

<div style="text-align: justify">
To change the address on your account, please check the box at right and indicate your
 new address in the address space above.  Please note that changes to the registered
 name(s) on the account may not be submitted via this method.

</div>
</TD>
    <TD style="border-right: 0px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="middle" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature
of Stockholder&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="3" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left">&nbsp;Date:&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left" nowrap colspan="3">&nbsp;Signature
of Stockholder&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left">&nbsp;Date:&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 6pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Note:</B></TD>
    <TD>&nbsp;</TD>
    <TD><div style="margin-right: 4%; text-align: justify">

Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign.
  When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign
full corporate name by duly authorized officer, giving full title as such.  If signer is a partnership, please sign in partnership name by authorized person.

</div>

</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: -13pt"><FONT face="Wingdings">&#110;</FONT>
</DIV>

<DIV align="right" style="font-size: 12pt; margin-top: -13pt"><FONT face="Wingdings">&#110;</FONT>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

</DIV>
</div>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>ANNUAL MEETING OF STOCKHOLDERS OF


</B>
</DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 18pt"><B>ATLAS AMERICA, INC.
</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>June&nbsp;13,  2008</B><br><b>ESOP</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="5" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" bgcolor="#d1cdcd" valign="top" nowrap style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-left: 1px solid #000000">
<B>PROXY VOTING INSTRUCTIONS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P><DIV style="position: relative; float: left; width: 50%">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 15pt"><U><B>MAIL</B></U> <B>-</B> Sign, date and mail your proxy card in the envelope provided as soon as
possible.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 1pt; margin-left: 15pt"><FONT style="font-variant: SMALL-CAPS">- or -</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 1pt; margin-left: 15pt"><U><B>TELEPHONE</B></U><B>-</B>
Call toll-free <B>1-800-PROXIES </B><BR>



(1-800-776-9437) in the United States or
<B> 1-718-921-8500 </B>
from foreign countries and follow the instructions.  Have your proxy card available when you call.






</DIV>
<DIV align="center" style="font-size: 8pt; margin-top: 1pt">- OR
-</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 1pt;  margin-left: 15pt"><U><B>INTERNET</B></U> <B>-</B> Access &#147;<B>www.voteproxy.com</B>&#148; and follow
the <FONT style="white-space: nowrap">on-screen </FONT>instructions. Have your proxy card
available when you access the web page.
</DIV>
<DIV align="center" style="font-size: 8pt; margin-top: 1pt">- OR
-</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 1pt;  margin-left: 15pt">
<U><B>IN PERSON</B></U> <B>-</B>

You may vote your shares in person by attending the Annual Meeting.





</DIV>



</DIV>
<DIV style="position: relative; float: right; width: 47%">
<P>
<DIV align="center" STYLE="margin-top: 20pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
              <TD valign="top"  align="center" style="border-top: 1px solid #000000" nowrap><DIV style="margin-left:0px; text-indent:-0px"><BR><B>COMPANY NUMBER</B><BR><BR>
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="center" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><BR><B>ACCOUNT NUMBER</B><BR><BR></DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" bgcolor="#d1cdcd"  style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" bgcolor="#d1cdcd"  style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><BR><BR><BR></DIV></TD>
    <TD  bgcolor="#d1cdcd" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>
<BR clear="all"><BR>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 9px;  margin-left: 15pt; margin-right: 15pt">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 15pt">

You may enter your voting instructions at 1-800-PROXIES in the United States or 1-718-921-8500 from
foreign countries or www.voteproxy.com up until 11:59 PM Eastern Time the day before the cut-off or meeting date.




</DIV>
</DIV>



<DIV align="center" style="font-size: 8pt; margin-top: 1pt"><FONT face="Wingdings">&#226;</FONT>&nbsp;&nbsp;Please
detach along perforated line and mail in the envelope provided
<U>IF</U> you are not voting via telephone or the Internet.&nbsp;&nbsp; <FONT face="Wingdings">&#226;</FONT>
</DIV>

<DIV align="justify" style="font-size: 12pt; margin-top: 6pt; margin-left: 15pt"><FONT face="Wingdings">&#110;</FONT>
&nbsp;&nbsp;&nbsp;20330000000000001000 &nbsp;&nbsp;&nbsp;8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 061308

</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="middle" style="font-size: 7pt">
    <TD valign="middle" align="center" colspan="21" style="border-right: 0px solid #000000; border-bottom: 1px solid #000000; border-left: 0px solid #000000; border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">
<BR><B>


THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS AND &#147;FOR&#148; PROPOSAL 2.<br>
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.  PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE
<FONT face="Wingdings">&#253;</FONT></B>
</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD colspan="8" valign="top" align="left">1. ELECTION OF CLASS III DIRECTORS: The nominees for Class III directors:</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD align="left" valign="top" colspan="2" rowspan="5">PROPOSAL TO ADOPT THE AMENDED AND RESTATED
ANNUAL INCENTIVE PLAN FOR SENIOR EXECUTIVES.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="5"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD align="right" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3"><B>NOMINEES:</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000" align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>

    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">
<FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></DIV></TD>
    <TD valign="top" rowspan="1">&nbsp;</TD>
    <TD align="left" valign="middle" nowrap><B>FOR ALL NOMINEES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#161;</FONT><BR>
<FONT face="Wingdings">&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Edward E. Cohen<BR>
Harmon S. Spolan
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" nowrap style="border-right: 1px solid #000000">
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>


</TR>

<TR valign="top">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT><br><br><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></div></TD>
    <TD valign="top" rowspan="2" align="right">&nbsp;</TD>
    <TD align="left" valign="top" nowrap><B>WITHHOLD AUTHORITY<BR>FOR ALL NOMINEES</B><BR><BR><B>FOR ALL EXCEPT</B><BR>(See instructions below)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#161;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dennis A. Holtz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="justify" valign="top" colspan="11"><div style="text-align: justify"><B>This Proxy Card, when properly executed, will be voted in the manner directed herein by the Trustee, subject to the Trustee's
obligations under ERISA. If no direction is made, the shares allocated to your account will be voted by the Trustee in its discretion.
If you vote to "Abstain" on a matter, your shares will be voted by the Trustee as if you had failed to vote your shares.</B><BR><BR>
<B>THIS PROXY CARD IS SOLICITED ON BEHALF OF THE TRUSTEE OF THIS ESOP.</B><BR><BR>
<B>You will not be entitled to vote the Allocated Shares to your ESOP account at the stockholders' meeting.</B> Therefore, if we do not receive your Proxy Card by June 6, 2008, you, in effect, will be forfeiting the voting rights, which the ESOP makes available to you. We encourage all ESOP participants to exercise their right to vote the Allocated Shares in their ESOP accounts by returning their Proxy Cards promptly. If you decide to change your voting instructions after you have submitted your Proxy Card,
 you must obtain a new Proxy Card from us by contacting us at the address set forth below. If you have any questions or comments concerning the votes to be taken at the annual meeting, or concerning the procedure for completing and returning your Proxy Card, please call or write Patrick De Craene, who is a Vice President of the Trustee, at GreatBanc Trust Company, 801 Warrenville Road, Suite 500, Lisle, Illinois 60532, telephone (630)
810-4500 fax (630) 810-4501. Your telephone call or other communication with Mr. De Craene will be kept confidential.<br><br></div>
</TD>
</TR>
<TR valign="top">
<TD align="left"><U><b>INSTRUCTIONS:</b></U></td>
<TD colspan="7" valign="top" align="left"><DIV style="border-top: 0px solid #000000; border-right: 1px solid #000000">To withhold authority to vote for any individual nominee(s), mark <B>&#147;FOR ALL EXCEPT&#148;</B> and fill in the circle next to  each nominee you wish to withhold, as shown here: <FONT face="Webdings">&#61;</FONT><br><br></DIV></TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="10" align="left"><div style="text-align: justify">The undersigned hereby revokes any proxy or proxies heretofore given to vote upon or act with respect to such stock and hereby ratifies and confirms all that said proxies, their substitutes or any of them may lawfully do by virtue hereof.</div>
</TD>
</TR>

<TR valign="bottom" style="font-size; 1pt">

<TD colspan="9" valign="top" align="left"><DIV style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</DIV></TD>

    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>













<TR valign="top">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="center" colspan="6" nowrap>Mark &#147;X&#148; here if you plan to attend the meeting. <FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" colspan="7" style="border-right: 0px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

<div style="text-align: justify">
To change the address on your account, please check the box at right and indicate your
 new address in the address space above.  Please note that changes to the registered
 name(s) on the account may not be submitted via this method.

</div>
</TD>
    <TD style="border-right: 0px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="middle" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD nowrap><DIV style="margin-left:0px; text-indent:-0px">Signature
of Stockholder&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="3" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left">&nbsp;Date:&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left" nowrap colspan="3">&nbsp;Signature
of Stockholder&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left">&nbsp;Date:&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2" style="font-size: 12pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 6pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Note:</B></TD>
    <TD>&nbsp;</TD>
    <TD><div style="margin-right: 4%; text-align: justify">

Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign.
  When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign
full corporate name by duly authorized officer, giving full title as such.  If signer is a partnership, please sign in partnership name by authorized person.

</div>

</TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 12pt; margin-top: -13pt"><FONT face="Wingdings">&#110;</FONT>
</DIV>

<DIV align="right" style="font-size: 12pt; margin-top: -13pt"><FONT face="Wingdings">&#110;</FONT>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

</DIV>


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