UPDATE: Atlas Resource Partners to Buy Low-Decline Oil Properties for ~$420M

Atlas Resource Partners, L.P.

("ARP" or "the Company") announces that it has entered into a definitive agreement to acquire total reserves of approximately 47 million barrels of oil equivalent ("Mmboe") of oil and natural gas liquids ("NGLs"), including proved developed producing reserves of approximately 25 Mmboe, for $420 million. The acquired position is located in the Rangely field in northwest Colorado, a mature tertiary CO2 flood with low-decline oil production. The transaction is subject to customary purchase price adjustments and is expected to close in the second quarter 2014, with an effective date of April 1, 2014. The acquired assets are expected to provide ARP with a stable, high margin cash flow stream with a low-decline profile (average 3-4% annual decline rate over the past 15 years). The asset position is a tertiary oil recovery project using CO2 flood activity, and the production mix is predominantly oil at 90%, with the remainder coming from NGLs. ARP will have an approximate 25% non-operating net working interest in the assets, and Chevron Corporation will continue as operator. Material capital expenditures and growth projects are subject to ARP's approval. Edward E. Cohen, Chairman and Chief Executive Officer of ARP, commented, "We welcome the opportunity to work once again with Chevron. These are ideal assets for our MLP – long-lived, low-decline, but with upside potential from over 20 Mmboe of undeveloped reserves." Details of the Acquired Assets: Approximately 47 MMboe of total reserves, including 25 Mmboe of proved developed producing reserves; reserves-to-production ratio of ~ 44 years based on daily production described below Net daily production rate is approximately 2,900 boe/d for the first quarter 2014 from over 380 producing wells and over 270 injector wells Over 10,000 acres in the position, including 6,100 acres in the Weber Sand Unit in Rio Blanco County, CO Production consists of approximately 90% oil and 10% NGL; oil price differential of approximately $6.50 - $9.00 below WTI; NGL realized pricing has exhibited a high correlation to realized oil pricing of approximately 70-75% Lease operating costs of approximately $25-$30/boe Long term CO2 supply contracts are in place on the assets Matthew A. Jones, President of ARP, added, "Our newly established position in the Rangely field further de-risks our operations through the addition of substantial oil production and proved oil reserves. We expect immediate benefits from strong cash margins generated from the acquired assets, and look forward to pursuing growth opportunities in the position with Chevron to further enhance value." ARP is currently working with its lending group to expand the borrowing base on its revolving credit facility, based upon the expected increased level of oil and gas reserves resulting from the acquisition. Deutsche Bank Securities acted as financial advisor for ARP in the transaction, and Jones Day acted as legal advisor to ARP.