Atlas Resource Partners L.P.

Atlas Resource Partners L.P. is an exploration and production master limited partnership active in oil and gas production in the Barnett Shale, the Appalachian Basin, the Raton Basin, the Black Warrior Basin and the Mississippi Lime. The company owns an interest in over 12,000 producing natural gas and oil wells, representing ~1.4 Tcf eq net proved reserves. Additionally, Atlas Resource Partners is a leading sponsor for tax-advantaged direct natural gas and oil investment partnerships in the United States, a business that it has operated for over 40 years through several Atlas entities.

Expert Comments:

Ben Wyatt, Stephens Inc. (8/13/14)
"We expect a stronger H2/14 from Atlas Resource Partners L.P. . .the company expects to drill 45 additional Marble Falls wells in H2/14, which could provide a nice uplift to oil production as wells continue to outperform Atlas' type curve."

John Abbott, Bank of America Merrill Lynch (8/12/14)
"We believe Q2/14 was a solid operating quarter for Atlas Resource Partners L.P. with no execution issues and pro forma production of ~287.5 Mcfe/d, which was 2% ahead of our estimate. A distributable cash flow ratio of 0.97x may have seemed somewhat disappointing, but by our estimates, it could have been even closer to 0.92x without the recent oily Rangely acquisition, which we believe demonstrates that this latest deal has provided some buffer against lower gas prices."

Daniel Schenk, MLV & Co (8/11/14)
"We continue to remain positive on Atlas Resource Partners L.P.'s diversified, long-lived, low-decline portfolio and highlight the ~$500M in M&A activity during H1/14. The partnership's growing liquids focus and high-yielding gas properties are expected to provide much needed distribution security. . .we maintain our Buy rating."

John Ragozzino, RBC Capital Markets (8/11/14)
"Atlas Resource Partners L.P. reported EBITDAX of $79.1M, which came in 6.1% above our estimate of $74.6M and 6.5% above Wall Street's $74.3M. DCFPS of $0.73, implying 1.26x distribution coverage, was 25% higher than our estimate of $0.58 as lower maintenance capex and interest expense compounded the higher than forecast EBITDAX."

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