Atlas America, Inc. Announces Resource America Inc.'s Receipt of IRS Rulings in Connection with Distribution of ATLS Shares.

PHILADELPHIA -- Atlas America, Inc. (Nasdaq:ATLS) (the "Company") announces that its parent company, Resource America, Inc. (Nasdaq:REXI) has received the rulings it requested from the Internal Revenue Service in connection with the distribution of its remaining 10.7 million shares of the Company to the stockholders of Resource America, Inc. The effect of the rulings is that, among other things, the distribution will be tax free for U.S. federal income tax purposes to the Company and its stockholders. According to the terms of the spin off, each stockholder of Resource America, Inc. will receive, in the form of a tax free dividend, approximately 0.6 shares of ATLS for each share of REXI common stock owned. Resource America intends to complete the distribution by the close of its present fiscal quarter, which ends on June 30, 2005.

ATLS completed its initial public offering in May 2004, selling 2,645,000 shares at a price of $15.50 per share.

Atlas America, Inc. is an energy company engaged primarily in the development, production and transportation of natural gas in the Appalachian Basin, and operates primarily in eastern Ohio and western Pennsylvania. ATLS is the owner of 100% of the general partner of Atlas Pipeline Partners, L.P. (NYSE:APL) and owns 1,641,026 common units of limited partner interest. APL owns and operates more than 1,440 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio and approximately 2,200 miles of gathering pipeline in southern Oklahoma and northern Texas, as well as gas processing and treating facilities in Velma, Elk City and Prentiss Oklahoma. For more information, please visit our website at www.atlasamerica.com, or contact investor relations at [e-mail].

Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.