Atlas Pipeline Partners, L.P. Announces Agreement to Partner with an Affiliate of Chevron Corp. in Purchase of 20% Interest i...

Atlas Pipeline Partners, L.P. (NYSE: APL) (“APL”, “Atlas Pipeline”, or the “Partnership”) announced today that it has signed an agreement to partner with Chevron Pipeline Company, an affiliate of Chevron Corporation (“Chevron”) (NYSE: CVX) through a purchase of a 20 percent interest in West Texas LPG Pipeline Limited Partnership (“WTLPG”) from Buckeye Partners, L.P. for $85 million. WTLPG owns a 2,295-mile common-carrier pipeline system that transports Natural Gas Liquids (“NGLs”) from New Mexico and Texas to Mont Belvieu for fractionation. Chevron Pipeline Company, which owns the remaining 80 percent interest, is the operator of WTLPG. The transaction is expected to close in the second quarter of 2011, subject to customary closing conditions.

“We are pleased to announce today the partnership with Chevron in WTLPG, which further expands our midstream footprint into the NGL transportation business. This system is strategic to our continuing growth in the Permian basin of West Texas and we anticipate the Partnership will expand opportunities in both the gathering of NGLs as well as the expansion of the WTLPG pipeline system,” said Eugene Dubay, Chief Executive Officer of the Partnership. “We intend to update the market prior to our quarterly earnings with a full press release related to each of our expansion projects across our assets.”

Atlas Pipeline Partners, L.P. (NYSE: APL) is active in the gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, southern Kansas, and northern and western Texas, APL owns and operates five active gas processing plants as well as approximately 8,600 miles of active intrastate gas gathering pipeline. For more information, visit the Partnership's website at www.atlaspipeline.com or contact [e-mail].

Atlas Energy, L.P. (NYSE: AHD), formerly Atlas Pipeline Holdings, L.P., is a master limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.75 million common limited partner units of APL. Additionally, AHD owns an interest in over 8,500 producing natural gas and oil wells, representing over 185 Bcfe of net proved developed reserves. For more information, please visit our website at http://www.atlasenergy.com, or contact Investor Relations at [e-mail].

Certain matters discussed within this press release are forward-looking statements. Although Atlas Pipeline Partners, L.P. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Atlas Pipeline does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in commodity process and local or national economic conditions and other risks detailed from time to time in Atlas Pipeline's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.