Atlas Pipeline Partners, L.P. Declares Distribution of 54 Cents Per Common Unit for the Fourth Quarter.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Dec. 23, 2002 Atlas Pipeline Partners L.P. (AMEX AMEX See: American Stock Exchange :APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. ) (the "Partnership") announces that the Managing Board of Directors of its General Partner has declared a quarterly distribution for the period ending December 31, 2002 in the amount of $.54 per common unit. The distribution will be paid on February 7, 2003 to unit holders of record at the close of business on December 31, 2002. Michael Staines Michael Staines (1885-1955) was an Irish republican and politician. He was born in Newport Co. Mayo, his mother's home village, and where his father was serving as an RIC officer. , President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated: "I am pleased to announce our distribution for the fourth quarter of 2002. As we expected, gas prices have been increasing over the past several weeks and coupled with anticipated increases in gas throughput we look forward to maintaining a strong distribution to our unit holders. In an effort to build our through put we have recently initiated a major upgrade to our gas gathering system in Crawford County, Pennsylvania Crawford County is a county located in the U.S. state of Pennsylvania. As of 2000, the population was 90,366. Crawford County was created on March 12, 1800 from part of Allegheny County and named for Colonel William Crawford. Its county seat is Meadville6. . This upgrade will allow more efficient production of gas from the wells currently connected to that system and will access more than 180 potential well sites that Atlas America, Inc., an affiliate of our general partner, expects to drill and connect to our system in the next few years. We will begin to see revenue generated from this project by the second quarter of 2003." Atlas Pipeline Partners, L.P. owns and operates more than 1,350 miles of natural gas gathering pipelines in western Pennsylvania, western New York
Western New York refers to the westernmost region of New York State. and eastern Ohio. The Partnership is paid a fee for the natural gas volumes that are gathered and transported through its pipeline system from approximately 4,200 wells that are currently connected to the system. Resource America, Inc. (Nasdaq:REXI), through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Atlas America, Inc., is the owner of the Partnership's general partner and a 50.3% owner of the Partnership's common units. Atlas America, Inc. owns an interest in and operates approximately 3,800 of the wells currently connected to the Partnership's 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 certain factors, including competition within the energy industry, climactic conditions and the price of gas in the Appalachian area, actual versus projected volumetric volumetric /vol·u·met·ric/ (vol?u-met´rik) pertaining to or accompanied by measurement in volumes. vol·u·met·ric adj. Of or relating to measurement by volume. production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry. |
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