Atlas Pipeline Partners, L.P. Announces Completion of Spectrum Field Services, Inc. Acquisition.

PHILADELPHIA -- Atlas Pipeline Partners, L.P. (the "Partnership") (NYSE:APL) announces that it has completed the acquisition of Spectrum Field Services, Inc. ("Spectrum"), a privately owned natural gas gathering and processing company headquartered in Tulsa, Oklahoma. Total consideration is $140 million plus transaction costs.

Spectrum's principal assets include 1,900 miles of natural gas pipelines and a natural gas processing facility in Velma, Oklahoma. APL expects this acquisition to provide a significant source of additional income and diversification.

Michael Staines, President and COO, said, "The Spectrum acquisition will significantly increase our size as well as diversify the geographic areas in which we operate and the natural gas midstream services we provide to our customers. It will also strengthen our Partnership, and we expect it will enhance unitholder value."

Spectrum's majority shareholders are Energy Spectrum Partners II and III LP of Dallas, Texas. Spectrum's business includes gathering natural gas and then processing it into pipeline quality natural gas by extracting natural gas liquids ("NGLs") and removing various impurities. During 2003, Spectrum processed an average of 47 million cubic feet per day of natural gas and produced an average of 5,100 barrels per day of NGLs. The majority of Spectrum's natural gas supply is from long-lived, mid-continent casinghead gas production.

Permanent financing for the acquisition of Spectrum was provided by APL's new Wachovia Bank N.A. led credit facility, a portion of which will be replaced by proceeds from its recent offering led by Lehman Brothers of 2,100,000 common units which priced at $34.76 on July 14, 2004.

Prior to the acquisition of Spectrum, Atlas Pipeline Partners, L.P. owns and operates more than 1,380 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio. The Partnership is paid a fee for the natural gas volumes that are gathered and transported through its pipeline system, based on the gross selling price of that gas, from approximately 4,600 wells that are currently connected to the system.

Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. The Partnership's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of many factors, including competition within the energy industry, climactic conditions, volatility in the price of gas in the Appalachian and mid-continent area, actual versus projected drilling activity, volumetric production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry and the other factors disclosed under "risk factors" in our most recent 10-K and Prospectus Supplement dated July 14, 2004.