Atlas Pipeline Partners, L.P. Terminates Agreement to Acquire Triton Coal Company, LLC.Business Editors PHILADELPHIA--(BUSINESS WIRE)--July 31, 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. ) ("APL" or the "Partnership") announced today that it has terminated the agreement, dated January 18, 2002, (the "Agreement") to acquire Triton Coal Company, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Triton"). Michael L. Staines, 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. of the Partnership's general partner, stated: "Today we have informed Triton of our decision to terminate the Agreement. While we are disappointed at this outcome, we remain excited about the continued expansion of our gas gathering system to connect new wells drilled by an affiliate of our general partner and other operators. In addition, we recently announced a $.535 regular quarterly distribution to be paid on August 8, 2002. With a growing volume of gas transported and stabilizing gas prices, we hope to maintain, if not increase, distributions in the quarters to come." Atlas Pipeline Partners, L.P. owns and operates more than 1,300 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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