Atlas America, Inc. Closes Initial Public Offering.

Energy Editors/Business Editors

PHILADELPHIA--(BUSINESS WIRE)--May 14, 2004

Atlas America, Inc. (Nasdaq:ATLS)(the "Company") announces that is has completed its initial public offering. The Company sold 2,300,000 shares of common stock at a price of $15.50 per share through underwriters Friedman, Billings, Ramsey & Co., Inc. and KeyBanc Capital Markets.

The net proceeds of the offering of $33.2 million, after deducting underwriting discounts, will be distributed to its parent, Resource America, Inc. (Nasdaq:REXI) in the form of repayment of inter-company debt and as a non-taxable dividend. Following the offering, Resource America will continue to own approximately 82.3% of ATLS common stock.

The underwriters have been granted an over-allotment option for an additional 345,000 shares of common stock exercisable within thirty days. The over-allotment option, if fully exercised, would generate an additional $5.0 million in net proceeds for distribution to Resource America, thus reducing its ownership to 80.2%.

For more complete information about Atlas America, Inc. and the offering, you may obtain a prospectus by submitting requests to Ms. Kathy Innis, Friedman, Billings, Ramsey, 1001 19th Street, North Arlington, Virginia, 22209.

Atlas America, Inc. is an energy company engaged primarily in the development, production and transportation of natural gas in the Appalachian Basin. ATLS is the owner of 100% of the general partner of Atlas Pipeline Partners, L.P. (NYSE:APL) and owns 1,641,026 subordinated units which represents approximately 32% of the limited partner units outstanding. APL owns and operates more than 1,380 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio.

Resource America, Inc., the parent of Atlas America, Inc., is an asset management company that uses industry-specific expertise to generate and administer investment opportunities for its own account and for outside investors in the energy, financial services, real estate and equipment leasing industries. For more information, please visit our website at www.resourceamerica.com or contact investor relations at [e-mail].

Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy industry, climactic conditions and the price of gas in the Appalachian area, actual versus projected drilling activity and the volumetric production from the wells, and the cost of supplies and services in the energy industry.