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SECOND AMENDMENT TO CREDIT AGREEMENT

        This Second Amendment to Credit Agreement (this “Amendment”) is dated as
of September 10, 2004, by and among ATLAS AMERICA, INC., a Delaware corporation
(the “Borrower”); AIC, INC., a Delaware corporation (“AIC”); ATLAS ENERGY
CORPORATION, an Ohio corporation (“AEC”); ATLAS AMERICA, INC., a Pennsylvania
corporation (“Atlas PA”); ATLAS ENERGY GROUP, INC., an Ohio corporation (“Atlas
Energy”); ATLAS ENERGY HOLDINGS, INC., a Delaware corporation (“Atlas
Holdings”); ATLAS NOBLE CORP., a Delaware corporation (“Atlas Noble”); ATLAS
PIPELINE PARTNERS GP, LLC, a Delaware limited liability company (“Atlas
Pipeline”), ATLAS RESOURCES, INC., a Pennsylvania corporation (“Atlas
Resources”); REI-NY, INC., a Delaware corporation (“REI”); RESOURCE AMERICA,
INC., a Delaware corporation (“Parent”); RESOURCE ENERGY, INC., a Delaware
corporation (“Resource Energy”); and VIKING RESOURCES CORPORATION, a
Pennsylvania corporation (“Viking”); (AIC, AEC, Atlas Energy, Atlas Holdings,
Atlas Noble, Atlas Pipeline, Atlas PA, Atlas Resources, Parent, REI, Resource
Energy, and Viking collectively, the “Guarantors,” the Borrower and the
Guarantors herein collectively, the “Obligors”); each of the lenders that is a
signatory hereto (individually, together with its successors and assigns, a
“Lender” and collectively, the “Lenders”); WACHOVIA BANK, NATIONAL ASSOCIATION,
as administrative agent for the Lenders (in such capacity, together with its
successors in such capacity, the “Administrative Agent”), and WACHOVIA BANK,
NATIONAL ASSOCIATION, as issuing bank (in such capacity, together with its
successors in such capacity, the “Issuing Bank”).

R E C I T A L S

        A.        The parties hereto are parties to that certain Credit
Agreement dated as of March 12, 2004, as amended by that certain First Amendment
to Credit Agreement dated as of July 10, 2004 (as renewed, extended, amended, or
restated from time to time, the “Credit Agreement”).

         B.        Borrower has requested that Administrative Agent, Issuing
Bank and Lenders amend the Credit Agreement as provided herein, subject to the
terms and conditions hereof.

        NOW, THEREFORE, in consideration of the foregoing, and intending to be
legally bound, the parties agree as follows:

        SECTION 1.    Terms Defined in Agreement.    As used in this Amendment,
except as may otherwise be provided herein, all capitalized terms which are
defined in the Credit Agreement shall have the same meaning herein as therein,
all of such terms and their definitions being incorporated herein by reference.
Unless otherwise indicated herein, all capitalized and undefined terms used
herein shall have the same meanings as set forth in the Credit Agreement.

         SECTION 2.    Amendments to Credit Agreement. Subject to the condition
precedent set forth in Section 3 hereof, the Credit Agreement is hereby amended
as follows:

          (a)      The definition of “Borrowing Base Period” in Section 1.02 of
the Credit Agreement shall read as follows:

  Borrowing Base Period shall mean (i) the period from the Closing Date until
September 10, 2004, (ii) the period from September 10, 2004 until December 14,
2004, and (iii) each six-month period commencing on each December 15 and June 15
thereafter.

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           (b)    Section 8.07(a) of the Credit Agreement is hereby amended to
read as follows:

          Not less than 30 days prior to each Scheduled Borrowing Base
Redetermination Date, commencing with the Scheduled Borrowing Base
Redetermination to occur on or around September 10, 2004, the Borrower shall
furnish to the Administrative Agent and the Lenders a Reserve Report. The
Reserve Report of each year delivered in connection with the December 15
Scheduled Borrowing Base Redetermination, commencing December 15, 2004, shall be
prepared by certified independent petroleum engineers or other independent
petroleum consultant(s) acceptable to the Administrative Agent. The Reserve
Report delivered in connection with the September 10, 2004 Scheduled Borrowing
Base Redetermination and for each year delivered in connection with the June 15
Scheduled Borrowing Base Redetermination, commencing June 15, 2005, shall be
prepared by or under the supervision of the chief engineer of the Borrower and a
Responsible Officer shall certify such Reserve Report to be true and accurate
and to have been prepared in accordance with the procedures used in the
immediately preceding December 15 Scheduled Borrowing Base Redetermination
Reserve Report.

         SECTION 3.     Redetermination of Borrowing Base.     As of the
Amendment Effective Date (as hereinafter defined), the Borrowing Base shall be
$75,000,000 which amount is comprised of the APL Collateral Value determined to
be $10,000,000, and the Oil and Gas Properties Collateral Value, determined to
by $65,000,000.

         SECTION 4.     Amendment Effective Date.      This Amendment shall be
binding upon all parties to the Credit Agreement (the “Amendment Effective
Date”) upon:

          (a)        receipt of sufficient counterparts of this Amendment
executed and delivered to Administrative Agent by Borrower, Administrative
Agent, and each Lender; and

          (b)        receipt of $37,500 by Administrative Agent for the ratable
benefit of the Lenders of the fee attributable to the marginal increase in the
Borrowing Base (0.375% of $10,000,000).

         SECTION 5.     Representations and Warranties of Obligors.     Each of
the Obligors represents and warrants to Administrative Agent and Lenders, with
full knowledge that Administrative Agent and Lenders are relying on the
following representations and warranties in executing this Amendment, as
follows:

          (a)        Each Obligor has the organizational power and authority to
execute, deliver and perform this Amendment and such other Loan Documents
executed in connection herewith, and all organizational action on the part of
such Person requisite for the due execution, delivery and performance of this
Amendment and such other Loan Documents executed in connection herewith has been
duly and effectively taken.

          (b)        The Credit Agreement, as amended by this Amendment, the
Loan Documents and each and every other document executed and delivered in
connection with this Amendment to which any Obligor is a party constitute the
legal, valid and binding obligations of each Obligor to the extent it is a party
thereto, enforceable against such Person in accordance with their respective
terms.

          (c)        This Amendment does not and will not violate any provisions
of any of the organizational documents of any Obligor, or any contract,
agreement, instrument or

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  requirement of any Governmental Authority to which Borrower is subject.
Obligors’ execution of this Amendment will not result in the creation or
imposition of any lien upon any properties of any Obligor, other than those
permitted by the Credit Agreement and this Amendment.

    (d)        The execution, delivery and performance of this Amendment by
Obligors does not require the consent or approval of any other Person,
including, without limitation, any regulatory authority or governmental body of
the United States of America or any state thereof or any political subdivision
of the United States of America or any state thereof.

          (e)        No Default or Event of Default exists, and all of the
representations and warranties contained in the Credit Agreement and all
instruments and documents executed pursuant thereto or contemplated thereby are
true and correct in all material respects on and as of this date, other than
those which have been disclosed to Administrative Agent and Lenders in writing.

          (f)        Nothing in this Section 5 of this Amendment is intended to
amend any of the representations or warranties contained in the Credit Agreement
or of the Loan Documents to which any Obligor is a party.

         SECTION 6.     Reference to and Effect on the Agreement.

          (a)        On and after the Amendment Effective Date, each reference
in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein, ”
or words of like import shall mean and be a reference to the Credit Agreement as
amended hereby.

          (b)        Except as specifically amended by this Amendment, the
Credit Agreement shall remain in full force and effect and is hereby ratified
and confirmed.

         SECTION 7.     Cost, Expenses and Taxes.     Borrower agrees to pay on
demand all reasonable costs and expenses of Administrative Agent in connection
with the preparation, reproduction, execution and delivery of this Amendment and
the other instruments and documents to be delivered hereunder, including
reasonable attorneys’ fees and out-of-pocket expenses of Administrative Agent.
In addition, Borrower shall pay any and all recording and filing fees payable or
determined to be payable in connection with the execution and delivery, filing
or recording of this Amendment and the other instruments and documents to be
delivered hereunder, and agrees to save Administrative Agent harmless from and
against any and all liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes or fees.

         SECTION 8.     Extent of Amendments.     Except as otherwise expressly
provided herein, the Credit Agreement and the other Loan Documents are not
amended, modified or affected by this Amendment. Obligors ratify and confirm
that (i) except as expressly amended hereby, all of the terms, conditions,
covenants, representations, warranties and all other provisions of the Credit
Agreement remain in full force and effect, (ii) each of the other Loan Documents
are and remain in full force and effect in accordance with their respective
terms, and (iii) the collateral under the Security Instruments is unimpaired by
this Amendment.

         SECTION 9.     Disclosure of Claims.      As additional consideration
to the execution, delivery, and performance of this

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         Amendment by the parties hereto and to induce Lenders to enter into
this Amendment, each Obligor represents and warrants that no Obligor knows of no
defenses, counterclaims or rights of setoff to the payment of any Indebtedness.

         SECTION 10.     Affirmation of Guaranty Agreements, Security Interest.

          (a)        Each of the undersigned Guarantors hereby consents to and
accepts the terms and conditions of this Amendment and the transactions
contemplated thereby, agrees to be bound by the terms and conditions thereof,
and ratifies and confirms that each Guaranty Agreement and each of the other
Loan Documents to which it is a party is, and shall remain, in full force and
effect after giving effect to this Amendment.

          (b)        Obligors hereby confirm and agree that any and all liens,
security interest and other security or collateral now or hereafter held by
Administrative Agent for the benefit of Lenders as security for payment and
performance of the Obligations hereby under such Security Instruments to which
such Obligor is a party are renewed and carried forth to secure payment and
performance of all of the Obligations. The Security Instruments are and remain
legal, valid and binding obligations of the parties thereto, enforceable in
accordance with their respective terms.

         SECTION 11.     Execution and Counterparts.      This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same instrument. Delivery of an executed counterpart of this
Amendment by facsimile and other Loan Documents shall be equally as effective as
delivery of a manually executed counterpart of this Amendment and such other
Loan Documents.

         SECTION 12.     Governing Law.     This Amendment shall be governed by
and construed in accordance with the laws of the State of Texas.

         SECTION 13.      Headings.     Section headings in this Amendment are
included herein for convenience and reference only and shall not constitute a
part of this Amendment for any other purpose.

         SECTION 14.    NO ORAL AGREEMENTS.     THE CREDIT AGREEMENT (AS AMENDED
BY THIS AMENDMENT) AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[The remainder of this page intentionally blank. Signature pages to follow.]

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        In Witness Whereof, the parties have executed this Amendment to Credit
Agreement the day and year first above written.

  BORROWER:   Address for Notice: ATLAS AMERICA, INC., a Delaware corporation  
Atlas America, Inc. c/o Resource America, Inc. By:  /s/ Michael L. Staines 1845
Walnut Street, 10th Floor Name:  Michael L. Staines Philadelphia, Pennsylvania
19103 Title:  Executive Vice President & Secretary Attention: Steven Kessler Fax
No.: 215.546.4785 E-mail:skessler@resourceamerica.com  

  GUARANTORS:     AIC, INC.,   a Delaware corporation     By:  /s/ Michael L.
Staines   Name:  Michael L. Staines   Title:    Secretary       ATLAS AMERICA,
INC.,   a Pennsylvania corporation     By:  /s/ Michael L. Staines  
Name:  Michael L. Staines   Title:  Senior Vice President and Secretary      
ATLAS ENERGY CORPORATION,   an Ohio corporation   By:  /s/ Michael L. Staines  
Name:  Michael L. Staines   Title:    Vice President and Secretary       ATLAS
ENERGY GROUP, INC.,   an Ohio corporation   By:  /s/ Michael L. Staines  
Name:  Michael L. Staines   Title:    Senior Vice President and Secretary

Signature Page to Second Amendment to Credit Agreement

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        ATLAS ENERGY HOLDINGS, INC.,   a Delaware corporation     By:  /s/
Thomas C. Elliott   Name:  Thomas C. Elliott   Title:    Vice President      
ATLAS NOBLE CORP.,   a Delaware corporation     By:  /s/ Michael L. Staines  
Name:  Michael L. Staines   Title:    President and Secretary       ATLAS
PIPELINE PARTNERS GP, LLC,   a Delaware limited liability company     By:  /s/
Michael L. Staines   Name:  Michael L. Staines   Title:    President and Chief
Operating Officer       ATLAS RESOURCES, INC.,   a Pennsylvania corporation    
By:  /s/ Michael L. Staines   Name:  Michael L. Staines   Title:    Senior Vice
President and Secretary       REI-NY, INC.,   a Delaware corporation    
By:  /s/ Michael L. Staines   Name:  Michael L. Staines   Title:    Vice
President and Asst. Secretary       RESOURCE AMERICA, INC.,   a Delaware
corporation     By:  /s/ Steven J. Kessler   Name:  Steven J. Kessler  
Title:    Senior Vice President and CFO

Signature Page to Second Amendment to Credit Agreement

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        RESOURCE ENERGY, INC.,  , a Delaware corporation     By:  /s/ Michael L.
Staines   Name:  Michael L. Staines   Title:    President and Secretary      
VIKING RESOURCES CORPORATION,   a Pennsylvania corporation     By:  /s/ Michael
L. Staines   Name:  Michael L. Staines   Title:    President and Secretary

Signature Page to Second Amendment to Credit Agreement

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        LENDER, ADMINISTRATIVE AGENT AND   ISSUING BANK:     WACHOVIA BANK,
NATIONAL ASSOCIATION   Individually, Administrative Agent and Issuing Bank    
By:  /s/ Russell Clingman   Name:  Russell Clingman   Title:  Director    
Lending Office for Base Rate Loans and   LIBOR Loans and Address for Notices:  
Wachovia Bank, National Association   1001 Fannin, Suite 2255   Houston, Texas
77002   Telephone No.: 713-346-2716   Telecopier No.: 713-650-6354   Attention:
Russell Clingman

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        LENDERS:     BANK OF OKLAHOMA, N.A.     By:  _________________________  
Name:  _________________________   Title:  _________________________

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          U.S. BANK, NATIONAL ASSOCIATION     By:  _________________________  
Name:  _________________________   Title:  _________________________

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          COMPASS BANK     By:  _________________________  
Name:  _________________________   Title:  _________________________

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          TEXAS CAPITAL BANK, N.A.     By:  _________________________  
Name:  _________________________   Title:  _________________________