Atlas Pipeline Partners, L.P. Reports Increased Earnings for Quarter Ended March 31, 2004.

Energy Editors/Business Editors

PHILADELPHIA--(BUSINESS WIRE)--May 6, 2004

Atlas Pipeline Partners, L.P. (AMEX:APL)(the "Partnership") announces that its revenues for the three months ended March 31, 2004 were $4,245,900 compared to $3,329,500 for the three months ended March 31, 2003. Net income for the three months ended March 31, 2004 was $2,476,600 compared to $1,912,000 for the three months ended March 31, 2003. Net income per limited partner unit - basic and diluted - was $.49 for the three months ended March 31, 2004 compared to $.55 for the three months ended March 31, 2003.

The decrease in net income per limited partner unit is directly a result of the additional 1,092,500 common units issued in the May 2003 follow-on equity offering, the net proceeds of which were intended to fund future capital expenditures and pay off the Partnership's credit facility to allow full availability for financing the acquisition of Alaska Pipeline Company.

The increase in net income reflects a generally higher price environment for the sales of natural gas during 2004 compared to 2003 and increased volumes of gas transported by our system - the two principal factors on which our revenue is based. Average daily transported volumes increased from 50.0 million cubic feet of gas per day in the three months ended March 31, 2003 to 51.4 million cubic feet of gas per day during the three months ended March 31, 2004.

Michael Staines, President and Chief Operating Officer, stated: "During the first quarter of 2004 we benefited from increased gas through-put, higher gas prices and the resulting higher revenue we earned, which allowed us to increase our first quarter 2004 regular distribution to our limited partners by 13% over the similar period of 2003. At the same time, the additional 1,092,500 common units issued in our May 2003 equity offering and the pace at which we have been able to put the proceeds of that offering to use adversely impacted our net income per limited partner unit which decreased to $.49 per unit in the first quarter of 2004. We expect those funds to be fully utilized upon the acquisition of Alaska Pipeline Company, which we continue to expect will close in early June 2004."

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 more than 4,600 wells that are currently connected to the system. Atlas America, Inc., is the owner of the Partnership's general partner, a 32% owner of the Partnership's units and an interest owner in and the operator of approximately 4,100 of the wells currently connected to the Partnership's system. For more information, visit our website at www.atlaspipelinepartners.com or contact [e-mail].

Resource America, Inc. (Nasdaq:REXI), the parent company of Atlas Pipeline Partners, L.P.'s general partner, is a specialized 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 sectors. For more information, please visit our website at www.resourceamerica.com or contact [e-mail].

The Partnership will host a conference call on May 7, 2004 at 8:30 a.m. EST to review these results. A simultaneous webcast of the call may be accessed over the Internet on the Investor Relations page at www.atlaspipelinepartners.com. To listen, please go to the website at least 10 minutes prior to the call and click on the APL link. The webcast will be archived and available for replay through midnight on May 21, 2004.

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 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.

First Fiscal Quarter Ended March 31, 2004 Results at a Glance:

                                             Three Months Ended
                                                  March 31
                                            2004              2003
                                        ------------      ------------
                                                 (Unaudited)
Revenues                                $ 4,245,900       $ 3,329,500
Cost and expenses:
     Transportation and compression         606,800           608,200
     General and administrative             581,100           319,100
     Depreciation and amortization          518,700           406,700
     Interest                                62,700            83,500
                                        ------------      ------------
Total cost and expenses                   1,769,300         1,417,500
Net income                              $ 2,476,600       $ 1,912,000
                                        ============      ============
Net income - limited partners           $ 2,121,500       $ 1,779,800
                                        ============      ============
Basic and diluted net income per
 limited partner unit                   $       .49       $       .55
                                        ============      ============
Average daily volume throughput (mcf)        51,437            50,045
                                        ============      ============
Average revenue per mcf                 $       .90       $       .74
                                        ============      ============
Weighted average units outstanding -
 basic                                    4,354,685         3,262,185
                                        ============      ============
Weighted average units outstanding -
 diluted                                  4,355,615         3,262,185
                                        ============      ============
Total assets                            $47,349,800       $30,317,600
                                        ============      ============
Partners' capital
  Common unit holders                   $43,163,000       $19,140,200
                                        ============      ============
  Subordinated unit holders             $   119,600       $   660,000
                                        ============      ============
  General partner                       $   320,700       $  (163,400)
                                        ============      ============