U.S. Securities and Exchange Commission

                             Washington, D.C. 20549

                                   Form 10-KSB

(Mark One)

|X|              ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                   For the fiscal year ended December 31, 2004

|_|            TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                For the transition period from _______ to _______

                        Commission file number 333-105811

                       Atlas America Public #14-2004 L.P.
                 (Name of small business issuer in its charter)

Delaware                                                              86-1111314

(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                               Identification No.)

               311 Rouser Road, Moon Township, Pennsylvania 15108
               (Address of principal executive offices) (Zip Code)

Issuer's telephone number (412) 262-2830
Securities registered under Section 12(b) of the Exchange Act

Title of each class                   Name of each exchange on which registered

        None                                            None

          Securities registered under Section 12(g) of the Exchange Act
            Investor General Partner Units and Limited Partner Units
                                (Title of Class)

      Check  whether  the issuer (1) filed all  reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing  requirements  for the past 90 days.  Yes |X| No
|_|

      Check if there is no disclosure  of delinquent  filers in response to Item
405 of  Regulation  S-B  contained  in  this  form,  and no  disclosure  will be
contained,  to the  best of  registrant's  knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. |X|

      State issuer's revenues for its most recent fiscal year. $225,300

      State the aggregate market value of the voting stock held by
non-affiliates of the Registrant. Not Applicable.

      Transitional Small Business Disclosure Format (check one):

      Yes |_| No |X|

<PAGE>

                       Atlas America Public #14-2004 L.P.
                        (A Delaware Limited Partnership)
                             INDEX TO ANNUAL REPORT
                                 ON FORM 10-KSB

<TABLE>
<CAPTION>
PART I                                                                                               Page
                                                                                                     ----
<S>           <C>                                                                                   <C>
        Item 1: Description of Business........................................................     3  -  5
        Item 2: Description of Properties......................................................     6  - 10
        Item 3: Legal Proceedings..............................................................          10
        Item 4: Submission of Matters to a Vote of Security Holders............................          10

PART II
        Item 5: Market for Registrant's Common Equity and Related Security Holder Matters                11
        Item 6: Management's Discussion and Analysis of Financial Condition or Plan
                     of Operation..............................................................    11  - 13
        Item 7: Financial Statements...........................................................    14  - 25
        Item 8: Changes in and Disagreements with Accountants on Accounting and
                     Financial Disclosure......................................................          26
        Item 8A: Controls and Procedures.......................................................          26
        Item 8B. Other Information.............................................................          26

PART III
         Item 9: Directors, Executive Officers and Significant Employees, Compliance with
                     Section 16(a) of the Exchange Act.........................................    26  - 29
        Item 10: Executive Compensation........................................................          29
        Item 11: Security Ownership of Certain Beneficial Owners and Management................          29
        Item 12: Certain Relationships and Related Transactions................................    29  - 30
        Item 13: Exhibits .....................................................................    30  - 31
        Item 14: Principal Accountant Fees and Services........................................          31

SIGNATURES                                                                                               32
</TABLE>


                                       2
<PAGE>

                                     PART I

ITEM 1. DESCRIPTION OF BUSINESS

      General.  We were formed as a Delaware limited partnership on May 3, 2004,
with Atlas  Resources,  Inc.  as our  managing  general  partner.  We are in the
process  of  drilling  wells  located  primarily  in  western  Pennsylvania  and
Tennessee.  We have no employees  and rely on our managing  general  partner for
management. See Item 9 "Directors, Executive Officers and Significant Employees,
Compliance With Section 16(a) of the Exchange Act."

      At December 31, 2004 we had 1,495  investors who  contributed  $52,506,600
that was paid to our managing  general partner as operator and general  drilling
contractor  under our drilling and  operating  agreement.  Our managing  general
partner contributed cash and leases and paid all organization and offering costs
and  76% of  the  tangible  costs  for a  total  capital  contribution  to us of
$25,971,700. Together, these will be the only funds available to us for drilling
activities.  We will drill an estimated 266  development  wells in which we will
have an interest.  However,  we cannot  guarantee that all of our proposed wells
will be  drilled  or  completed.  Each of our  proposed  wells is unique and the
ultimate costs incurred may be more or less than our current estimates.

      Business Strategy. Once completed,  our wells will produce natural gas and
to a far lesser  extent oil,  which will be our only  products.  Most of our gas
will be gathered and delivered to market through Atlas  Pipeline  Partners' L.P.
gas  gathering  system which is managed by an affiliate of our managing  general
partner.  We do not plan to sell any of our wells and will  continue  to produce
them until they are  depleted at which time they will be plugged and  abandoned.
No other  wells  will be  drilled  beyond  those  initially  drilled  after  our
partnership  formation.  See Item 2 "Description  of Properties" for information
concerning our wells.

      Our ongoing  operating and maintenance  costs are expected to be fulfilled
through  revenues from the sale of our gas and oil  production.  We will pay our
managing  general  partner a monthly well  supervision  fee of $285 per well, as
outlined in our drilling and  operating  agreement.  This well  supervision  fee
covers all normal and regularly  recurring operating expenses for the production
and sale of gas and to a lesser extent oil, such as:

      o     well tending, routine maintenance and adjustment;

      o     reading meters, recording production, pumping, maintaining
            appropriate books and records; and

      o     preparing reports to us and to government agencies.

      The well supervision  fees,  however,  will not include costs and expenses
related to the purchase of certain equipment,  materials and brine disposal.  If
these  expenses are incurred,  we will pay at cost for third party  services and
materials  and a  reasonable  charge  for  services  performed  directly  by our
managing general partner or its affiliates.  Also, beginning one year after each
of our wells has been placed into production our managing  general  partner,  as
operator,  may  retain  $200 of our  revenues  per month to cover the  estimated
future plugging and abandonment costs of the well.


                                       3
<PAGE>

      Markets and  Competition.  The  availability of a ready market for natural
gas and oil  produced  by us,  and the price  obtained,  depends  upon  numerous
factors beyond our control, including the extent of domestic production,  import
of foreign natural gas and oil,  political  instability in oil and gas producing
countries and regions, market demand, competition from other energy sources, the
effect of federal  regulation  on the sale of natural gas and oil in  interstate
commerce,  other governmental regulation of the production and transportation of
natural gas and oil and the  proximity,  availability  and capacity of pipelines
and other required  facilities.  Our managing general partner is responsible for
selling our natural  gas  production,  and its policy is to treat all wells in a
given geographic area equally. Our natural gas will be sold as discussed in Item
2,  "Description  of  Properties  -  Delivery  Commitments".  Historically,  our
managing  general partner has not experienced  problems  selling our natural gas
and oil,  although  prices we will receive will vary,  sometimes  significantly.
Product availability and price are the principal means of competition in selling
natural gas and oil production.  While it is impossible to accurately  determine
our comparative  position in the industry,  we do not consider our operations to
be a significant factor in the industry.  See Item 2, "Description of Properties
- Delivery Commitments" regarding the marketing of our natural gas and oil.

      Governmental  Regulation.  The  energy  industry  in  general  is  heavily
regulated by federal and state authorities,  including regulation of production,
environmental  quality and  pollution  control.  The intent of federal and state
regulations generally is to prevent waste, protect rights to produce natural gas
and oil between owners in a common  reservoir and control  contamination  of the
environment.  Failure  to comply  with  regulatory  requirements  can  result in
substantial  fines  and  other  penalties.   The  following  discussion  of  the
regulation of the United States energy  industry is not intended to constitute a
complete   discussion  of  the  various   statutes,   rules,   regulations   and
environmental orders to which our operations may be subject.

      Regulation of oil and gas producing activities.  State regulatory agencies
where a producing natural gas well is located provide a comprehensive  statutory
and  regulatory  scheme  for  oil  and gas  operations  such  as ours  including
supervising the production activities and the transportation of natural gas sold
in intrastate markets.  Our oil and gas operations in Pennsylvania are regulated
by the Department of Environmental  Resources,  Division of Oil and Gas, and our
oil and gas  operations in Ohio are regulated by the Ohio  Department of Natural
Resources, Division of Oil and Gas. Among other things, the regulations involve:

      o     new well permit and well registration requirements, procedures and
            fees;

      o     minimum well spacing requirements;

      o     restriction on well locations and underground gas storage;

      o     certain well site restoration, groundwater protection and safety
            measures;

      o     landowner notification requirements;

      o     certain bonding or other security measures;

      o     various reporting requirements;

      o     well plugging standards and procedures; and

      o     broad enforcement powers.


                                       4
<PAGE>

      Environmental and Safety Regulation. Under the Comprehensive Environmental
Response,  Compensation and Liability Act, the Toxic Substances Control Act, the
Resource Conservation and Recovery Act, the Oil Pollution Act of 1990, the Clean
Air Act, and other  federal and state laws relating to the  environment,  owners
and  operators  of wells  producing  natural gas or oil can be liable for fines,
penalties and clean-up costs for pollution  caused by the wells.  Moreover,  the
owners' or operators'  liability can extend to pollution  costs from  situations
that occurred  prior to their  acquisition  of the assets.  State public utility
regulators in Ohio and  Pennsylvania  have either adopted  federal  standards or
promulgated   their  own  safety   requirements   consistent  with  the  federal
regulations.

      We believe we have  complied  in all  material  respects  with  applicable
federal and state regulations and do not expect that these regulations will have
a material adverse impact on our operations.  Our producing activities also must
comply with various federal, state and local laws not mentioned, including those
covering the discharge of materials into the environment,  or otherwise relating
to the protection of the environment.  Although this compliance may cause delays
or  increase  our  costs,  currently  we do not  believe  these  costs  will  be
substantial.  However,  we cannot  predict the ultimate  costs of complying with
present and future  environmental  laws and  regulations  because these laws and
regulations  are  constantly  being revised and  ultimately  may have a material
impact on our  operations  and our  compliance  costs.  Additionally,  we cannot
obtain insurance to protect against many types of environmental claims.

      Where can you find more  information.  We will  file  Form  10-KSB  Annual
Report and Form 10-QSB Quarterly Reports as well as other non-recurring  special
purpose reports with the Securities and Exchange Commission.  A complete list of
our filings is available on the Securities and Exchange  Commission's website at
WWW.SEC.GOV. Any of our filings are also available at the SEC's Public Reference
Room at 450 Fifth Street,  N.W.,  Washington,  D.C. 20549.  The Public Reference
Room may be contacted at 1-800- SEC-0330 for further information.

            Additionally,  our Managing  General Partner will provide you copies
      of any of these reports without charge. Such requests should be made to:

                       Atlas America Public #14-2004 L.P.
                                 311 Rouser Road
                             Moon Township, PA 15108


                                       5
<PAGE>

ITEM 2. DESCRIPTION OF PROPERTIES

            Drilling Activity. As of December 31, 2004, we have drilled 56 gross
      wells.  All the wells drilled were  development  wells,  which mean a well
      drilled  within the proved area of an oil or gas reservoir to the depth of
      a stratigraphic horizon known to be productive.

<TABLE>
<CAPTION>
                                                                          Development Wells
                                                 ---------------------------------------------------------------------
                                                          Productive (1)                          Dry (2)
                                                 ----------------------------------    -------------------------------
Period Ending December 31, 2004                    Gross (3)           Net (4)           Gross (3)         Net (4)
                                                 ---------------    ---------------    --------------    -------------
<S>                                                    <C>               <C>                 <C>              <C>
Pennsylvania...............................            56                55.1                --               --
</TABLE>

(1)   A "productive well" generally means a well that is not a dry hole.

(2)   A "dry hole"  generally  means a well found to be  incapable  of producing
      either oil or gas in sufficient quantities to justify completion as an oil
      or gas well. The term  "completion"  refers either to the  installation of
      permanent  equipment for the production of oil or gas or, in the case of a
      dry  hole,  to  the  reporting  of the  abandonment  of  the  well  to the
      appropriate regulatory agency.

(3)   A "gross" well is a well in which we have a working interest.

(4)   A "net" well equals the actual  working  interest we own in one gross well
      divided by one hundred.  For example,  a 50% working interest in a well is
      one gross well, but a .50 net well.

      Summary  of  Productive  Wells.  The table  below  shows the number of our
productive  gross and net wells at December 31, 2004, in which we have a working
interest.  All of our wells are  classified  as gas wells and are located in the
Appalachian Basin.

                                                            Number of
                                                         Productive Wells
                                                         ----------------
                                                          Gross       Net
                                                         ------     ------

      Gas ..........................................          3        2.5
      Oil ..........................................         --         --
                                                         ------     ------
          Total ....................................          3        2.5
                                                         ======     ======

      Production.  The following  table shows the  quantities of natural gas and
oil produced (net to our interest),  average sales price, and average production
(lifting) cost per equivalent unit of production for the period indicated.

<TABLE>
<CAPTION>
                                Production                   Average Sales Price                Average
                      -------------------------------    ----------------------------       Production Cost
      Year                                                                                   (Lifting Cost)
      Ended            Oil (bbls)        Gas (mcf)         per bbl         per mcf          per mcfe (1) (2)
      -----------     -------------    --------------    ------------    ------------    -----------------------
<S>                           <C>            <C>         <C>               <C>                 <C>
      2004                    125            28,700      $     40.48       $  7.68             $     .37
</TABLE>

---------------

(1)   "Mcf"  means one  thousand  cubic  feet of  natural  gas.  "Mcfe"  means a
      thousand cubic feet equivalent. Oil production is converted to mcfe at the
      rate of six mcf per barrel ("bbl").


                                       6
<PAGE>

(2)   Lifting costs  include  labor to operate the wells and related  equipment,
      repairs and maintenance, materials and supplies, property taxes, insurance
      and gathering charges.

      Natural Gas and Oil Reserve  Information.  The following  tables summarize
information  regarding our estimated  proved  natural gas and oil reserves as of
the date  indicated.  All of our reserves are located in the United  States.  We
base our  estimates  relating to our proved  natural gas reserves and future net
revenues of natural gas reserves upon internally prepared reports. In accordance
with SEC  guidelines,  we make the SEC PV-10  estimates of future net cash flows
from proved reserves using natural gas sales prices in effect as of the dates of
the estimates which are held constant throughout the life of the properties.  We
based our  estimates of proved  reserves upon the  following  year-end  weighted
average prices at December 31, 2004:

         Natural gas (per mcf)..........................     $     7.19
         Oil (per bbl)..................................     $    39.75

      Reserve  estimates are imprecise and may change as additional  information
becomes available.  Furthermore,  estimates of natural gas and oil reserves,  of
necessity,  are projections  based on engineering  data. There are uncertainties
inherent in the  interpretation of this data as well as the projection of future
rates of  production  and the  timing  of  development  expenditures.  Reservoir
engineering is a subjective process of estimating  underground  accumulations of
natural gas and oil that cannot be measured in an exact way, and the accuracy of
any  reserve  estimate is a function  of the  quality of  available  data and of
engineering and geological interpretation and judgment. Reserve reports of other
engineers  might  differ  from the  reports we  prepared.  Results of  drilling,
testing  and  production  subsequent  to the date of the  estimate  may  justify
revision of this estimate.  Future prices  received from the sale of natural gas
may be different  from those we estimated in preparing our reports.  The amounts
and  timing of future  operating,  development  and  abandonment  costs may also
differ from those used.  Accordingly,  the reserves  set forth in the  following
tables  ultimately may not be produced and the proved  undeveloped  reserves may
not be  developed  within the periods  anticipated.  You should not construe the
estimated PV-10 values as  representative of the fair market value of our proved
natural gas  properties.  PV-10 values are based upon  projected  cash  inflows,
which do not provide for changes in natural gas and oil prices or for escalation
of expenses and capital costs.  The  meaningfulness  of these estimates  depends
upon the accuracy of the assumptions upon which they were based.

      We evaluate natural gas reserves at constant  temperature and pressure.  A
change in either of these  factors  can affect the  measurement  of natural  gas
reserves.  We deducted when applicable,  operating costs,  development costs and
production-related and ad valorem taxes in arriving at the estimated future cash
flows.  We made no  provision  for  income  taxes,  and based the  estimates  on
operating methods and conditions prevailing as of the dates indicated. We cannot
assure you that these  estimates  are  accurate  predictions  of future net cash
flows  from  natural  gas  reserves  or  their  present  value.  For  additional
information  concerning  our natural gas  reserves  and  estimates of future net
revenues,  see the  notes  to our  financial  statements  in  Item 7  "Financial
Statements".

      At December 31, 2004, the managing general partner  contributed well sites
from their  lease  inventory.  The wells are to be  completed  by the end of the
second quarter of the year ending December 31, 2005.  Reserve  information below
relates  only to those sites that were part of the  managing  general  partner's
proved undeveloped lease inventory.


                                       7
<PAGE>

      At December 31,                                              2004
                                                               -----------

      Natural gas reserves - Proved Reserves (Mcf)(1)(5):
         Proved developed reserves (2) .....................       432,500
         Proved undeveloped reserves (3) ...................     4,952,700
                                                               -----------
           Total proved reserves of natural gas ............     5,385,200

      Oil reserves - Proved Reserves (Bbl)(1)(5):
         Proved developed reserves (2) .....................
         Proved undeveloped reserves (3) ...................         3,800
                                                               -----------
           Total proved reserves of oil ....................         3,800

      Total proved reserves (Mcfe) .........................     5,408,000
                                                               ===========

      PV-10 estimate of cash flows of proved reserves (4)(5):
         Proved developed reserves .........................   $ 1,815,500
         Proved undeveloped reserves .......................    15,375,100
                                                               -----------
           Total PV-10 estimate ............................   $17,190,600
                                                               ===========

(1)   "Proved reserves"  generally means the estimated  quantities of crude oil,
      natural gas, and natural gas liquids which geological and engineering data
      demonstrate  with  reasonable  certainty to be recoverable in future years
      from known  reservoirs under existing  economic and operating  conditions,
      i.e., prices and costs as of the date the estimate is made. Prices include
      consideration  of changes in existing  prices provided only by contractual
      arrangements,  but  not  on  escalations  based  upon  future  conditions.
      Reservoirs  are considered  proved if economic  production is supported by
      either  actual  production  or conclusive  formation  test.  The area of a
      reservoir considered proved includes:  that portion delineated by drilling
      and  defined  by  gas-oil  and/or  oil-water  contacts,  if  any;  and the
      immediately   adjoining  portions  not  yet  drilled,  but  which  can  be
      reasonably  judged as  economically  productive  on the basis of available
      geological and engineering data.

(2)   "Proved developed  reserves" generally means reserves that can be expected
      to be  recovered  through  existing  wells  with  existing  equipment  and
      operating methods.

(3)   "Proved  undeveloped  reserves" generally means reserves that are expected
      to be recovered  from new wells on  undrilled  acreage,  or from  existing
      wells where a relatively major  expenditure is required for  recompletion.
      Reserves on undrilled  acreage  shall be limited to those  drilling  units
      offsetting productive units that are reasonably certain of production when
      drilled.

(4)   The present  value of  estimated  future net cash flows is  calculated  by
      discounting estimated future net cash flows by 10% annually.

(5)   Please  see  Regulation  S-X rule 4-10 for  complete  definitions  of each
      reserve category.

      We have not filed any estimates of our oil and gas reserves with, nor were
such estimates  included in any reports to, any Federal or foreign  governmental
agency  other than the SEC within the 12 months  before the date of this filing.
For  additional  information  concerning  our natural gas and oil  reserves  and
activities,  see the  notes to our  financial  statements  in Item 7  "Financial
Statements".


                                       8
<PAGE>

      Title to Properties.  We believe that we hold good and indefeasible  title
to our  properties,  in  accordance  with  standards  generally  accepted in the
natural gas industry,  subject to  exceptions  stated in the opinions of counsel
employed by us in the various  areas in which we conduct our  activities.  We do
not believe  that these  exceptions  detract  substantially  from our use of any
property.  As is  customary  in the  natural  gas  industry,  we conduct  only a
perfunctory  title  examination  at the time we  acquire a  property.  Before we
commence drilling  operations,  we conduct an extensive title examination and we
perform  curative  work on defects that we deem  significant.  We have  obtained
title examinations for substantially all of our managed producing properties. No
single property represents a material portion of our holdings.

      Our  properties  are  subject to  royalty,  overriding  royalty  and other
outstanding interests customary in the natural gas industry.  Our properties are
also subject to burdens such as liens incident to operating  agreements,  taxes,
development  obligations under natural gas and oil leases, farm-out arrangements
and other encumbrances,  easements and restrictions.  We do not believe that any
of these burdens will materially interfere with our use of our properties.

      Acreage.  The table  below  shows the  estimated  acres of  developed  and
undeveloped  oil and gas  acreage  in  which  we have an  interest  by  state at
December 31, 2004.

                                     Undeveloped Acreage    Developed Acreage
                                              (3)
                                     -------------------   -------------------

Location                             Gross (1)   Net (2)    Gross        Net
--------                             ---------   -------    -----        ---
Pennsylvania .....................      4,806      4,631         85         81
Tennessee ........................        640        520         --         --
                                     --------   --------   --------   --------
     Total .......................      5,446      5,151         85         81

------------
(1)   A "gross" acre is an acre in which we own a working interest.

(2)   A "net" acre equals the actual  working  interest we own in one gross acre
      divided by one hundred.  For example, a 50% working interest in an acre is
      one gross acre, but a .50 net acre.

(3)   "Undeveloped acreage" means those lease acres on which wells have not been
      drilled  or  completed  to a point that would  permit  the  production  of
      commercial  quantities  of oil and gas  regardless  of  whether or not the
      acreage contains proved reserves.

      Delivery  Commitments.  Our managing  general  partner and its  affiliates
Resource  Energy,  Inc. and Atlas Energy  Group,  Inc. have a natural gas supply
agreement with First Energy Solutions Corporation for a 10-year term which began
on April 1, 1999. First Energy Solutions  Corporation is the marketing affiliate
of First  Energy  Corporation,  which is  based  in  Akron,  Ohio and is a large
regional  electric  utility  listed on the New York Stock  Exchange  and trading
under the symbol  (FE).  For the next 12 months  our  managing  general  partner
anticipates  that  approximately  45% of our  gas  will  be  sold  through  this
agreement with First Energy Solutions  Corporation and approximately 29% will be
sold through a natural gas supply agreement with UGI Energy  Services,  Inc. and
approximately 26% will be sold through other third-party  natural gas purchasers
or marketers.  All of the natural gas production  from wells situated in Fayette
County,  Pennsylvania is being sold to UGI Energy Services, Inc. The natural gas
delivery  commitments  with  First  Energy  Solutions  Corporation,  UGI  Energy
Services, Inc. and our other third-party natural gas purchasers or marketers are
generally for a one year term.

      The pricing  arrangements  with First Energy  Solutions  Corporation,  UGI
Energy Services, Inc. and other third-party gas purchasers or marketers are tied
to the  New  York  Mercantile  Exchange  Commission  ("NYMEX")  monthly  futures
contract price,  which is reported daily in the Wall Street  Journal.  The total
price  received for our gas is a combination  of the monthly NYMEX futures price
plus a fixed basis.  For example,  the NYMEX futures price is the base price and
there is an  additional  premium  paid,  because of the location of the gas (the
Appalachian  Basin) in relation  to the gas market,  which is referred to as the
"basis."


                                        9
<PAGE>

      Pricing for natural gas and oil has been  volatile and  unpredictable  for
many years. The agreements with First Energy Solutions  Corporation,  UGI Energy
Services, Inc. and the other third-party gas purchasers or marketers also permit
our managing  general  partner and its  affiliates to implement gas price hedges
through  those  companies.  First  Energy  Solutions  Corporation,   UGI  Energy
Services,  Inc. and the other third-party purchasers or marketers also use NYMEX
based   financial   instruments  to  hedge  their  pricing   exposure  and  make
price-hedging opportunities available to our managing general partner which then
makes  those  arrangements  available  to us and  its  other  partnerships.  The
majority of our managing general  partner's  hedges are implemented  through its
natural gas purchasers.  These  transactions  are similar to NYMEX based futures
contracts,  swaps and  options,  but also  require  firm  delivery of the hedged
quantity.  Thus, our managing general partner limits these  arrangements to much
smaller  quantities  than those projected to be available at any delivery point.
The price paid by First Energy Solutions Corporation,  UGI Energy Services, Inc.
and any other  third-party  purchasers  for certain  volumes of natural gas sold
under these hedge agreements may be significantly  different from the underlying
monthly spot market value. Additionally, to limit our managing general partner's
and its  partnerships'  exposure to changes in natural  gas prices our  managing
general partner uses hedges through contracts  including regulated NYMEX futures
and options contracts and non-regulated  over-the-counter futures contracts with
qualified counterparties. The futures contracts employed by our managing general
partner are  commitments  to purchase  or sell  natural gas at future  dates and
generally cover one-month periods for up to 24 months in the future. The overall
portion of our natural gas portfolio that is hedged changes from time to time.

      To assure that all financial  instruments  will be used solely for hedging
price risks and not for speculative  purposes,  our managing general partner has
established  a committee  to assure  that all gas prices  hedges,  whether  made
through a  third-party  marketer or purchaser  or through our  managing  general
partner's  and its  affiliates'  contracts,  are  made in  compliance  with  our
managing general partner's hedging policies and procedures. Our managing general
partner does not intend to contract  for  positions  that it cannot  offset with
actual production.

      We are not required to provide any fixed and  determinable  quantities  of
gas under any agreement  other than agreements that are a consequence of limited
hedging agreements with First Energy Solutions Corporation, UGI Energy Services,
Inc. and the other third-party gas purchasers or marketers.

ITEM 3. LEGAL PROCEEDINGS

      None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

      None.


                                       10
<PAGE>

                                     PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SECURITY HOLDER
MATTERS

      Market Information.  There is no established public trading market for our
units  and  we do not  anticipate  a  market  will  develop.  Our  units  may be
transferred  only  in  accordance  with  the  provisions  of  Article  VI of our
partnership agreement which require that:

      o     our managing general partner consent;

      o     the transfer not result in materially adverse tax consequences to
            us; and

      o     the transfer not violate federal or state securities laws.

An  assignee  of a unit may become a  substituted  partner  only on meeting  the
following conditions:

      o     the assignor gives the assignee the right;

      o     our managing general partner consents to the substitution;

      o     the assignee pays to us all costs and expenses incurred in
            connection with the substitution; and

      o     the  assignee  executes  and  delivers  the  instruments  which  our
            managing  general partner requires to effect the substitution and to
            confirm  his or her  agreement  to be  bound  by  the  terms  of our
            partnership agreement.

      A substitute partner is entitled to all of the rights of full ownership of
the assigned units, including the right to vote.

      Holders. As of December 31, 2004, we had 1,495 interest holders.

      Distributions. Our managing general partner reviews our accounts quarterly
to determine  whether cash  distributions  are  appropriate and the amount to be
distributed,  if any. We  distribute  those funds,  which our  managing  general
partner determines are not necessary for us to retain, to our partners.  We will
not  advance  or borrow  for  purposes  of  distributions  if the  amount of the
distributions  would exceed our accrued and  received  revenues for the previous
four  quarters,  less paid and  accrued  operating  costs  with  respect  to the
revenues.

      The  determination  of the revenues  and costs will be made in  accordance
with generally accepted accounting  principles,  consistently  applied, and cash
distributions  to our managing  general  partner may only be made in conjunction
with  distributions  to our limited  partners.  During the  calendar  year ended
December 31, 2004, we did not have any distributions.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

      Forward-Looking  Statements.  When  used in this  Form  10-KSB,  the words
"believes"  "anticipates"  "expects"  and similar  expressions  are  intended to
identify  forward-looking  statements.  Such  statements  are subject to certain
risks and uncertainties  more  particularly  described in Item 1 of this report.
These risks and uncertainties  could cause actual results to differ  materially.
Readers  are  cautioned  not to place undue  reliance  on these  forward-looking
statements,  which speak only as of the date hereof.  We undertake no obligation
to publicly release the results of any revisions to  forward-looking  statements
which we may make to reflect events or circumstances after the date of this Form
10-KSB or to reflect the occurrence of unanticipated events.

      This Item 6  "Management's  Discussion  and Analysis or Plan of Operation"
should be read in conjunction  with Item 7 "Financial  Statements" and the notes
to our financial statements.


                                       11
<PAGE>

      Results of Operations.  The following table sets forth information for the
period May 3, 2004 through December 31, 2004 relating to revenues recognized and
costs and expenses incurred,  daily production volumes, average sales prices and
production cost per equivalent unit during the period indicated:

                                                          Period Ended
                                                          December 31,
                                                          ------------
                                                             2004
                                                          ------------
           Revenues (in thousands):
                Gas(1) ................................     $    220
                Oil ...................................     $      5
           Production volumes:
                Gas (thousands of cubic feet (mcf)/day)           78
                Oil (barrels (bbls)/day) ..............            1
           Average sales price:
                Gas (per mcf) .........................     $   7.68
                Oil (per bbl) .........................     $  40.48
           Production costs:
                As a percent of sales .................            5%
                Per equivalent mcf ....................     $    .37

-------------
(1) Excludes sales of residual gas and sales to landowners.

      Liquidity and Capital  Resources.  Cash used in investing  activities  was
$52,506,600  for the period ended December 31, 2004,  which was used in drilling
contracts paid to our managing general partner.

      Cash provided by financing activities was $52,506,600 for the period ended
December 31, 2004, which came from investor capital contributions.

      Our managing  general  partner  believes that we have adequate  capital to
develop   approximately  266  gross  wells  under  our  drilling  and  operating
agreement.  Our wells will be drilled  primarily  in  western  Pennsylvania  and
Tennessee.  Funds  contributed by our investor partners and our managing general
partner after our formation will be the only funds  available to us for drilling
activities, no other wells will be drilled after this initial group. Although we
estimate that 266 gross development  wells will be drilled,  we cannot guarantee
that  all of our  proposed  wells  will be  drilled  or  completed.  Each of our
proposed  wells is unique and the  ultimate  costs  incurred may be more or less
than our current estimates.

      Our ongoing  operating and maintenance  costs are expected to be fulfilled
through revenues from the sale of our gas and oil production. Although we do not
anticipate  a shortfall to pay for our ongoing  expenses,  if one were to occur,
funds will be borrowed  from our  managing  general  partner or its  affiliates,
which are not  contractually  committed to make a loan. The amount we may borrow
may not at any time exceed 5% of our total  subscriptions and no borrowings will
be obtained from third parties.

      We have not and will not  devote  any funds to  research  and  development
activities and no new products or services will be introduced. We do not plan to
sell any of our wells and will  continue to produce them until they are depleted
at which time they will be plugged and abandoned.  We have no employees and rely
on our managing general partner for management. See Item 9 "Directors, Executive
Officers  and  Significant  Employees,  Compliance  With  Section  16(A)  of the
Exchange Act."

      Critical Accounting Policies. The discussion and analysis of our financial
condition  and results of operations  are based upon our  financial  statements,
which have been prepared in accordance with


                                       12
<PAGE>

accounting  principles  generally accepted in the United States of America.  The
preparation  of these  financial  statements  requires us to make  estimates and
judgments that affect the reported amounts of our assets, liabilities,  revenues
and  cost  and  expenses,  and  related  disclosure  of  contingent  assets  and
liabilities.  On an on-going basis,  we evaluate our estimates,  including those
related to oil and gas reserves  and certain  accrued  liabilities.  We base our
estimates on  historical  experience  and on various other  assumptions  that we
believe reasonable under the circumstances,  the results of which form the basis
for making  judgments about the carrying  values of assets and liabilities  that
are not readily  apparent  from other  sources.  Actual  results may differ from
these estimates under different assumptions or conditions.

      We have  identified  the  following  policies as critical to our  business
operations and the  understanding  of our results of operations.  For a detailed
discussion on the application of these and other accounting policies, see Note 2
of the "Notes to Financial Statements" in Item 7 "Financial Statements".

      Use of Estimates.  Preparation  of the financial  statements in conformity
with accounting  principles  generally  accepted in the United States of America
requires  management to make estimates and assumptions  that affect the reported
amounts of assets and  liabilities  and the disclosure of contingent  assets and
liabilities  as of the date of the  consolidated  financial  statements  and the
reported amounts of revenues and costs and expenses during the reporting period.
Actual results could differ from these estimates.

      Reserve  Estimates.  Our  estimates  of our  proved  natural  gas  and oil
reserves and future net revenues  from them will be based upon reserve  analyses
that rely upon various  assumptions,  including those required by the SEC, as to
natural  gas  and  oil  prices,   drilling  and  operating   expenses,   capital
expenditures,   abandonment   costs,   taxes  and  availability  of  funds.  Any
significant  variance in these assumptions could materially affect the estimated
quantity of our reserves.  As a result,  our estimates of our proved natural gas
and oil reserves will be inherently imprecise. Actual future production, natural
gas  and  oil  prices,  revenues,  taxes,  development  expenditures,  operating
expenses and  quantities  of  recoverable  natural gas and oil reserves may vary
substantially from our estimates or estimates  contained in the reserve reports.
In addition,  our proved  reserves may be subject to downward or upward revision
based upon production  history,  results of future  exploration and development,
prevailing  natural gas and oil prices,  mechanical  difficulties,  governmental
regulation and other factors, many of which are beyond our control.

      Impairment of Oil and Gas Properties. We will review our producing oil and
gas  properties  for  impairment  on an annual  basis and  whenever  events  and
circumstances indicate a decline in the recoverability of their carrying values.
We will estimate the expected  future cash flows from our oil and gas properties
and compare  such future  cash flows to the  carrying  amount of the oil and gas
properties to determine if the carrying amount is  recoverable.  If the carrying
amount exceeds the estimated  undiscounted future cash flows, we will adjust the
carrying amount of the oil and gas properties to their fair value in the current
period.  The factors used to determine fair value  include,  but are not limited
to, estimates of reserves,  future  production  estimates,  anticipated  capital
expenditures,  and a discount rate  commensurate  with the risk  associated with
realizing the expected cash flows projected.  Given the complexities  associated
with oil and gas reserve  estimates  and the history of price  volatility in the
oil and gas  markets,  events  may  arise  that  will  require  us to  record an
impairment of our oil and gas properties and there can be no assurance that such
impairments will not be required in the future.

      Dismantlement,  Restoration,  Reclamation  and  Abandonment  Costs.  On an
annual  basis,  we  estimate  the  costs of future  dismantlement,  restoration,
reclamation and abandonment of our natural gas and oil-producing  properties. We
also estimate the salvage value of equipment  recoverable upon  abandonment.  On
October 1, 2002 we adopted SFAS 143, as discussed in Note 2 to our  consolidated
financial  statements.  As of December 31, 2004,  our estimate of salvage values
was greater than or equal to our estimate of the costs of future  dismantlement,
restoration,  reclamation  and  abandonment.  A decrease in salvage values or an
increase in dismantlement,  restoration,  reclamation and abandonment costs from
those we have estimated,  or changes in our estimates or cost,  could reduce our
gross profit from energy operations.


                                       13
<PAGE>

ITEM 7. FINANCIAL STATEMENTS

             Report of Independent Registered Public Accounting Firm

To the Partners of
Atlas America Public #14-2004 L.P.
A Delaware Limited Partnership

We have audited the  accompanying  balance sheet of Atlas  America  Public #14 -
2004 L.P. (a Delaware  Limited  Partnership)  as of December 31,  2004,  and the
related statement of operations,  changes in partners' capital accounts and cash
flows for the period May 3, 2004 (date of formation) to December 31, 2004. These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

We conducted  our audit in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Partnership is not required to
have,  nor were we  engaged to perform  an audit of its  internal  control  over
financial reporting.  Our audit included  consideration of internal control over
financial  reporting  as  a  basis  for  designing  audit  procedures  that  are
appropriate  in the  circumstances,  but not for the  purpose of  expressing  an
opinion  on  the  effectiveness  of  the  Partnership's  internal  control  over
financial  reporting.  Accordingly,  we express no such  opinion.  An audit also
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by  management,  as well as evaluating the
overall financial statement  presentation.  We believe that our audit provides a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of Atlas America Public #14-2004
L.P.,  as of December 31, 2004,  and the results of its  operations,  changes in
partners'  capital  accounts  and cash flows for the period May 3, 2004 (date of
formation)  to December 31,  2004,  in  conformity  with  accounting  principles
generally accepted in the United States of America.


/s/ Grant Thornton LLP

Cleveland, Ohio
March 18, 2005


                                       14
<PAGE>

                       ATLAS AMERICA PUBLIC #14-2004 L.P.
                        (A Delaware Limited Partnership)

                                  BALANCE SHEET
                                December 31, 2004

                                     ASSETS
Current assets:
Accounts receivable - affiliate ..............................    $    214,200
                                                                  ------------
     Total current assets ....................................         214,200

Oil and gas properties, well drilling contracts and leases,
   (successful efforts) ......................................      70,878,300
     Less accumulated depletion and depreciation .............         (97,100)
                                                                  ------------
                                                                    70,781,200
                                                                  ------------
                                                                  $ 70,995,400
                                                                  ============

                        LIABILITIES AND PARTNERS' CAPITAL

Asset retirement obligation ..................................    $    276,000

Partners' capital:
   Managing general partner ..................................      18,140,300
   Other partners (5,256.95 units) ...........................      52,579,100
                                                                  ------------
                                                                    70,719,400

                                                                  $ 70,995,400
                                                                  ============

    The accompanying notes are an integral part of these financial statements


                                       15
<PAGE>

                       ATLAS AMERICA PUBLIC #14-2004 L.P.
                        (A Delaware Limited Partnership)

                             STATEMENT OF OPERATIONS
    For the period May 3, 2004 (date of formation) through December 31, 2004

       REVENUES
       Natural gas and oil sales ..........................     $225,300
                                                                --------
              Total revenues ..............................      225,300

       COST AND EXPENSES
       Production expenses ................................       10,900
       Depletion and depreciation of oil and gas properties       97,100
       General and administrative expenses ................          200
                                                                --------
              Total expenses ..............................      108,200
                                                                --------
                   Net earnings ...........................     $117,100
                                                                ========

       Allocation of net earnings:
           Managing general partner .......................     $ 44,600
                                                                ========
           Limited partners ...............................     $ 72,500
                                                                ========
              Net earnings per limited partnership unit ...     $     14
                                                                ========

    The accompanying notes are an integral part of these financial statements


                                       16
<PAGE>

                       ATLAS AMERICA PUBLIC #14-2004 L.P.
                        (A Delaware Limited Partnership)

               STATEMENTS OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS
    For the period May 3, 2004 (date of formation) through December 31, 2004

<TABLE>
<CAPTION>
                                                               Managing
                                                               General            Other
                                                               Partner           Partners           Total
                                                               --------          --------           -----
<S>                                                          <C>               <C>               <C>
Balance at May 3, 2004 .................................     $         --      $         --      $         --

Partners' capital contributions
       Cash ............................................               --        52,506,600        52,506,600
       Syndication and offering costs ..................        7,876,000                --         7,876,000
       Tangible equipment/leasehold costs ..............       18,095,700                --        18,095,700
                                                             ------------      ------------      ------------
              Total contributions ......................       25,971,700        52,506,600        78,478,300

Syndication and offering costs,  immediately  charged to
capital ................................................       (7,876,000)               --        (7,876,000)
                                                             ------------      ------------      ------------
                                                               18,095,700        52,506,600        70,602,300
Participation in revenue and costs and expenses
       Net production revenues .........................           69,600           144,800           214,400
       Depletion and depreciation ......................          (24,900)          (72,200)          (97,100)
       General and administrative ......................             (100)             (100)             (200)
                                                             ------------      ------------      ------------
              Net income ...............................           44,600            72,500           117,100
                                                             ------------      ------------      ------------

Balance at December 31, 2004 ...........................     $ 18,140,300      $ 52,579,100      $ 70,719,400
                                                             ============      ============      ============
</TABLE>


    The accompanying notes are an integral part of these financial statements


                                       17
<PAGE>

                       ATLAS AMERICA PUBLIC #14-2004 L.P.
                        (A Delaware Limited Partnership)

                             STATEMENT OF CASH FLOWS
    For the period May 3, 2004 (date of formation) through December 31, 2004

<TABLE>
<S>                                                                                              <C>
Cash flows from operating activities:
   Net earnings ............................................................................     $    117,100
   Adjustments  to  reconcile  net  earnings to net cash  provided by  operating activities:
       Depletion and depreciation ..........................................................           97,100
       (Increase) in accounts receivable-affiliate .........................................         (214,200)
                                                                                                 ------------
               Net cash provided by operating activities ...................................               --

Cash flows from investing activities:
   Oil and gas well drilling contracts paid to
       Managing General Partner ............................................................     $(52,506,600)
                                                                                                 ------------

               Net cash and cash equivalents used in investing activities ..................      (52,506,600)

Cash flows from financing activities:
   Partners' capital contributions .........................................................       52,506,600
                                                                                                 ------------

               Net cash provided by financing activities ...................................       52,506,600
                                                                                                 ------------

                   Net increase in cash and cash equivalents ...............................               --

Cash and cash equivalents at beginning of period ...........................................               --
                                                                                                 ------------

Cash and cash equivalents at end of period .................................................     $         --
                                                                                                 ============

Supplemental schedule of noncash investing and financing activities:

   Assets contributed by Managing General Partner:
       Tangible equipment/lease costs, included in oil and gas properties ..................     $ 18,095,700
       Syndication and offering costs ......................................................        7,876,000
       Capitalized asset retirement costs ..................................................          276,000
                                                                                                 ------------

                                                                                                 $ 26,247,700
                                                                                                 ============
</TABLE>

    The accompanying notes are an integral part of these financial statements


                                       18
<PAGE>

                       Atlas America Public #14-2004 L.P.
                        (A Delaware Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2004

NOTE 1 - NATURE OF OPERATIONS

      Atlas America Public #14-2004 L.P. (the "Partnership") is a Delaware
Limited   Partnership  which  includes  Atlas  Resources,   Inc.   ("Atlas")  of
Pittsburgh,   Pennsylvania,  as  Managing  General  Partner  and  Operator,  and
subscribers to units as either  Limited  Partners or Investor  General  Partners
depending  upon  their  election.  As of  December  31,  2004,  there were 1,495
investors who contributed $52,506,600. The Partnership was formed on May 3, 2004
to drill and operate gas wells  located  primarily in Western  Pennsylvania  and
Tennessee.  At December 31, 2004, the majority of the  Partnership's  properties
were  scheduled  for  drilling.  Recoverability  of the  cost of  properties  is
dependent on the results of such development activities.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      A summary of significant accounting policies applied in the preparation of
the accompanying financial statements follows:

Basis of Accounting

      The  financial  statements  are  prepared in  accordance  with  accounting
principles generally accepted in the United States of America.

Oil and Gas Properties

      Oil and gas properties consist of the following:

                                                               At December 31,
                                                                    2004
                                                               ---------------

   Mineral interest in properties:
        Proved properties .................................     $  1,505,500
        Wells and related equipment .......................       69,372,800
                                                                ------------
                                                                  70,878,300

   Accumulated depreciation and depletion and amortization:
        Oil and gas properties ............................          (97,100)
                                                                ------------
                                                                $ 70,781,200
                                                                ============

      The Partnership  uses the successful  efforts method of accounting for oil
and gas producing activities.  Costs to acquire mineral interests in oil and gas
properties  and to drill  and  equip  wells are  capitalized.  Depreciation  and
depletion is computed on a field-by-field basis by the unit-of-production method
based on periodic estimates of oil and gas reserves.


                                       19
<PAGE>

                       Atlas America Public #14-2004 L.P.
                        (A Delaware Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Use of Estimates

      Preparation  of the financial  statements in  conformity  with  accounting
principles   generally  accepted  in  the  United  States  of  America  requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities  and the disclosure of contingent  assets and liabilities
as of the date of the financial  statements and the reported amounts of revenues
and costs and expenses during the reporting period.  Actual results could differ
from these estimates.

Asset Retirement Obligation

      The Partnership  follows Statement of Financial  Accounting  Standards No.
143 "Accounting for Asset Retirement  Obligations" (SFAS No. 143) which requires
the  Partnership  to  recognize  an  estimated  liability  for the  plugging and
abandonment of its oil and gas wells.  Under SFAS No. 143, the Partnership  must
currently  recognize a liability for future asset  retirement  obligations  if a
reasonable estimate of the fair value of that liability can be made. The present
values of the expected  asset  retirement  costs are  capitalized as part of the
carrying amount of the long-lived  asset.  SFAS No. 143 requires the Partnership
to  consider   estimated   salvage  value  in  the   calculation  of  depletion,
depreciation and amortization.

      The  estimated  liability  is  based  on the  managing  general  partner's
historical  experience in plugging and  abandoning  wells,  estimated  remaining
lives of those wells based on reserves  estimates,  external estimates as to the
cost to plug and  abandon  the  wells  in the  future,  and  federal  and  state
regulatory   requirements.   The  liability  is  discounted   using  an  assumed
credit-adjusted  risk-free interest rate. Revisions to the liability could occur
due to changes in estimates of plugging and abandonment costs or remaining lives
of the  wells,  or if  federal  or  state  regulators  enact  new  plugging  and
abandonment requirements.

      The Partnership has no assets legally  restricted for purposes of settling
asset retirement  obligations.  Except for the item previously  referenced,  the
Partnership  has  determined  that  there  are  no  other  material   retirement
obligations associated with tangible long-lived assets.

      A  reconciliation  of the  Partnership's  liability  for well plugging and
abandonment costs for the period ended December 31, 2004 is as follows:

    Asset retirement obligation at December 31, 2003 .........     $     --
    Liabilities incurred from drilling wells .................      276,000
                                                                   --------
    Asset retirement obligation at December 31, 2004 .........     $276,000
                                                                   ========


                                       20
<PAGE>

                       Atlas America Public #14-2004 L.P.
                        (A Delaware Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED
                                December 31, 2004

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition

      Revenues from the sale of natural gas and oil will be recognized  when the
gas and oil are delivered to the purchaser.

Environmental Matters

      The  Partnership is subject to various  federal,  state and local laws and
regulations  relating to the protection of the environment.  The Partnership has
established procedures for the ongoing evaluation of its operations, to identify
potential  environmental  exposures and to comply with  regulatory  policies and
procedures.

      The Partnership  accounts for  environmental  contingencies  in accordance
with SFAS No. 5 "Accounting for Contingencies."  Environmental expenditures that
relate to  current  operations  are  expensed  or  capitalized  as  appropriate.
Expenditures that relate to an existing condition caused by past operations, and
do not  contribute  to  current  or future  revenue  generation,  are  expensed.
Liabilities are recorded when  environmental  assessments  and/or  clean-ups are
probable,  and the costs can be reasonably estimated.  The Partnership maintains
insurance that may cover in whole or in part certain environmental expenditures.
For the period ended December 31, 2004,  the  Partnership  had no  environmental
matters requiring specific disclosure or the recording of a liability.

Major Customers

      The   Partnership's   natural  gas  is  sold  under  contract  to  various
purchasers.  For the period  ended  December  31,  2004,  sales to First  Energy
Solutions  Corporation and UGI Energy Services,  Inc. accounted for 45% and 29%,
respectively, of total revenues.

NOTE 3 - FEDERAL INCOME TAXES

      The  Partnership is not treated as a taxable entity for federal income tax
purposes.  Any item of income,  gain, loss, deduction or credit flows through to
the  partners  as though each  partner had  incurred  such item  directly.  As a
result,  each  partner must take into account his pro rata share of all items of
partnership income and deductions in computing his federal income tax liability.


                                       21
<PAGE>

                       Atlas America Public #14-2004 L.P.
                        (A Delaware Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 4 - PARTICIPATION IN REVENUES AND COSTS

      The  Managing  General  Partner  and the  other  partners  will  generally
participate in revenues and costs in the following manner:

<TABLE>
<CAPTION>
                                                                      Managing           Other
                                                                   General Partner    Partners (3)
                                                                   ---------------    ------------
<S>                                                                     <C>               <C>
Organization and offering costs                                         100%                0%
Lease costs                                                             100%                0%
Revenues                                                                 (1)               (1)
Operating costs, administrative costs, direct costs and all
     other costs                                                         (2)               (2)
Intangible drilling costs                                                 0%              100%
Tangible equipment costs                                                 76%               24%
</TABLE>

(1)   Subject  to  the  Managing  General  Partner's  subordination  obligation,
      substantially  all  partnership  revenues  will  be  shared  in  the  same
      percentage as capital  contributions are to the total partnership  capital
      contributions,  except that the Managing  General  Partner will receive an
      additional 7% of the partnership revenues, which may not exceed 35%.

(2)   These  costs  will be  charged  to the  partners  in the same ratio as the
      related production revenues are credited.

(3)   Other Partners include both investor limited partners and investor general
      partners.  General  Partner  units will  automatically  convert to limited
      partner units when all wells have been drilled and completed.  Thereafter,
      each  investor  general  partner will have limited  liability as a limited
      partner under the Delaware  Revised Uniform  Limited  Partnership Act with
      respect to his or her interest in the partnership.

NOTE  5 - TRANSACTIONS WITH ATLAS AND ITS AFFILIATES

      The  Partnership has entered into the following  significant  transactions
with Atlas and its affiliates as provided under the Partnership agreement:


                                       22
<PAGE>

                       Atlas America Public #14-2004 L.P.
                        (A Delaware Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 5 - TRANSACTIONS WITH ATLAS AND ITS AFFILIATES (Continued)

      Drilling contracts to drill and complete wells for the Partnership at cost
      plus 15%.  The cost of the wells  includes  reimbursement  to Atlas of its
      general  and  administrative  overhead  cost  ($12,748  per  well) and all
      ordinary and actual costs of drilling,  testing and  completing the wells.
      The  Partnership  paid  $52,506,600  to Atlas in 2004  under the  drilling
      contract.

      Atlas  contributed all the undeveloped  leases  necessary to cover each of
      the  Partnership's  prospects and received a credit to its capital account
      in the Partnership of $1,505,500.

      Administrative  costs which are  included  in general  and  administrative
      expenses in the  Statement of  Operations  are payable to Atlas at $75 per
      well per month. Administrative costs incurred in 2004 were $200.

      Monthly well supervision fees which are included in production expenses in
      the  Statement  of  Operations  are  payable to Atlas at $285 per well per
      month for operating  and  maintaining  the wells.  Well  supervision  fees
      incurred in 2004 were $800.

      Transportation  fees which are  included  in  production  expenses  in the
      Statement of Operations are payable to Atlas at $.35 per MCF (one thousand
      cubic feet). Transportation costs incurred in 2004 were $10,000.

      Atlas and Anthem Securities, an affiliate of Atlas, received $7,876,000 in
      2004 for fees,  commissions and  reimbursements as  dealer-manager  and to
      organize the Partnership.

NOTE 6 - COMMITMENTS

      As of December 31, 2004,  the  Partnership  has entered into well drilling
contracts with Atlas aggregating $69,096,800 of which $52,506,600 has been paid.
The balance was funded by the  Managing  General  Partner as a component  of its
agreed upon capital contribution.

      Subject  to  certain  conditions,  investor  partners  may  present  their
interests  beginning in 2009 for purchase by Atlas.  The purchase  price will be
calculated by Atlas in accordance with the terms of the  partnership  agreement.
Atlas is not  obligated  to purchase  more than 5% of the units in any  calendar
year. In the event that Atlas is unable to obtain the necessary funds, Atlas may
suspend its purchase obligation.

      Beginning one year after each of our wells has been placed into production
our managing general partner,  as operator,  may retain $200 of our revenues per
month to cover the estimated future plugging and abandonment costs of the well.

NOTE 7 - SUBORDINATION OF MANAGING GENERAL PARTNER'S REVENUE SHARE

      Under the terms of the  partnership  agreement,  Atlas may be  required to
subordinate  up to 50% of its share of production  revenues of the  Partnership,
net of related operating costs,  administrative  costs and well supervision fees
to the  receipt  by  the  investor  partners  of  cash  distributions  from  the
Partnership equal


                                       23
<PAGE>

                       Atlas America Public #14-2004 L.P.
                        (A Delaware Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 7 - SUBORDINATION OF MANAGING GENERAL PARTNER'S REVENUE SHARE (Continued)

to at least 10% of their agreed subscriptions, determined on a cumulative basis,
in each of the first five years of Partnership  operations,  commencing with the
first distribution of revenues to the investor partners.

NOTE 8 - INDEMNIFICATION

      In  order  to  limit  the  potential  liability  of any  investor  general
partners,  Atlas has  agreed to  indemnify  each  investor  that  elects to be a
general  partner from any liability  incurred which exceeds such partner's share
of Partnership assets.

NOTE 9 - NATURAL GAS AND OIL PRODUCING ACTIVITIES (unaudited)

      The  supplementary  information  summarized  below presents the results of
natural gas and oil  activities  in  accordance  with  Statements  of  Financial
Accounting   Standards  No.  69,   "Disclosures  About  Oil  and  Gas  Producing
Activities" ("SFAS No. 69"). Annually,  reserve value information is provided to
the investor  partners  pursuant to the partnership  agreement.  The partnership
agreement  provides a presentment  feature whereby the managing  general partner
will  buy  partnership  units,  subject  to  annual  limitations,  based  upon a
valuation formula price in the partnership agreement.  Therefore,  reserve value
information under SFAS No. 69 is not presented.

      No consideration has been given in the following information to the income
tax effect of the  activities  as the  Partnership  is not  treated as a taxable
entity for income tax purposes.

      (1) Capitalized Costs

      The following table presents the capitalized  costs related to natural gas
and oil producing activities at December 31:

                                                                 2004
                                                             ------------
      Oil and gas properties well drilling contracts         $ 69,372,800
      Mineral interest in properties - proved properties        1,505,500
      Accumulated depreciation and depletion                      (97,100)
                                                             ------------
          Net capitalized costs                              $ 70,781,200
                                                             ============

      (2) Results of Operations for Oil and Gas Producing Activities

      The following table presents the results of operations  related to natural
gas and oil production for the years ended December 31:

                                                                       2004
                                                                     ---------
 Natural gas and oil sales                                           $ 225,300
 Production costs                                                      (10,900)
 Accretion of asset retirement obligation                                   --
 Depreciation and depletion and impairment                             (97,100)
                                                                     ---------
     Results of operations from oil and gas producing activities     $ 117,300
                                                                     =========


                                       24
<PAGE>

                       Atlas America Public #14-2004 L.P.
                        (A Delaware Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 9 - NATURAL GAS AND OIL PRODUCING ACTIVITIES (unaudited) (Continued)

      (3) Costs incurred

      Costs incurred for the period ended December 31, 2004 are as follows:

                                                           2004
                                                       -----------
             Capitalized asset retirement              $   276,000
             Acquisition costs                           1,505,500
             Tangible equipment and drilling costs      69,372,800
                                                       -----------

                       Total incurred costs            $71,154,300
                                                       ===========

      (4) Reserve Information

      The information presented below represents estimates of proved natural gas
and  oil  reserves.   Reserves  are  estimated  in  accordance  with  guidelines
established  by  the  Securities  and  Exchange  Commission  and  the  Financial
Accounting  Standards  Board which  require that  reserve  estimates be prepared
under existing economic and operating conditions with no provision for price and
cost escalation except by contractual arrangements. Refer to regulation S-X rule
4-10 of the Securities and Exchange Commission contains complete  definitions of
each  of  the  following  reserve  categories.  Proved  reserves  are  generally
estimated  quantities of oil and natural gas which  geological  and  engineering
data  demonstrate  with  reasonable  certainty to be recoverable in future years
from known reservoirs.  Proved developed  reserves generally are those which are
expected to be recovered  through  existing  wells with  existing  equipment and
operating methods. Proved undeveloped reserves generally means reserves that are
expected  to be  recovered  either from new wells on  undrilled  acreage or from
existing   wells  where  a  relatively   major   expenditure   is  required  for
recompletion.  Reserves on undrilled acreage are limited to those drilling units
offsetting  productive  units that are  reasonably  certain of  production  when
drilled.  All reserves at December 31, 2004, are proved undeveloped reserves and
are located in the Appalachian Basin. There are numerous  uncertainties inherent
in  estimating  quantities  of proved  reserves  and in  projecting  future  net
revenues and the timing of development expenditures.  The reserve data presented
represents estimates only and should not be construed as being exact.

      At December 31, 2004, the Managing General Partner  contributed well sites
from their  lease  inventory  to drill an  estimated  266 gross  wells which are
expected  to be  completed  by the end of the second  quarter of the fiscal year
ending December 31, 2005.

                                             Natural Gas         Oil
                                                (MCF)          (BBLS)
                                             -----------     -----------
        Proved undeveloped reserves:
             Beginning of period                      --              --
             Proved developed reserves           432,500              --
             Proved undeveloped reserves       4,924,000           3,800
             Production                           28,700              --
                                             -----------     -----------

        Balance, December 31, 2004             5,385,200           3,800
                                             ===========     ===========


                                       25
<PAGE>

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE:

      None.

ITEM 8A. CONTROLS AND PROCEDURES

      Under the supervision and with the  participation  of our Managing General
Partner's  management  including our Managing General  Partner's Chief Executive
Officer and Chief Financial Officer,  our Managing General Partner has evaluated
the  effectiveness  of the design and operation of its  disclosure  controls and
procedures  (as defined in  Exchange  Act Rule  13a-14(c))  as of the end of the
period  covered  by this  annual  report  on Form  10-KSB,  and  based  on their
evaluation,  the Chief  Executive  Officer  and  Chief  Financial  Officer  have
concluded  that these  disclosure  controls and  procedures are effective in all
material  respects,  including those to ensure that  information  required to be
disclosed in reports  filed or submitted  under the  Securities  Exchange Act is
recorded, processed, summarized, and reported, within the time periods specified
in the SEC's rules and forms, and is accumulated and communicated to management,
including  our Managing  General  Partner's  Chief  Executive  Officer and Chief
Financial  Officer,  as appropriate to allow for timely  disclosure.  There have
been no  significant  changes in our internal  controls or in other factors that
could  significantly  affect these controls in the fourth quarter and subsequent
to the date of their evaluation.

ITEM 8B. OTHER INFORMATION

      None.

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES, COMPLIANCE WITH
SECTION 16(A) OF THE EXCHANGE ACT

      Responsibilities of Atlas Resources.  We have no employees and rely on our
managing general partner,  which also serves as  driller-operator  of the wells,
for  management.  Our  managing  general  partner  has  complete  and  exclusive
discretion  and control over our  operations and activities and makes all of our
decisions  affecting the wells we have  drilled.  Our managing  general  partner
provides   continuing  review  and  analysis  of  all  wells  and  monitors  all
expenditures  and  commitments  made on our behalf.  In  addition,  our managing
general partner  performs  administrative  services  relating to our funding and
operation, participant reporting, financial budgeting and record keeping.

      Business of Atlas Resources. Our managing general partner was incorporated
in 1979 and its affiliate,  Atlas Energy Group,  Inc., an Ohio  corporation that
was the first of the Atlas group of companies,  was  incorporated in 1973. Atlas
Energy Group serves as our operator in Ohio.

      In 1998,  the Atlas  Group,  the former  parent  company  of our  managing
general partner,  merged into Atlas America,  Inc., a newly formed subsidiary of
Resource America,  Inc. Resource America is a publicly traded  proprietary asset
management company.  Our managing general partner depends on its indirect parent
company,  Atlas  America,  for  management  and  administrative   functions  and
financing its capital  contributions to us and its other partnerships.  See Item
11  "Security  Ownership  of Certain  Beneficial  Owners and  Management"  for a
discussion  of the  ownership  of our  managing  general  partner.  During 2004,
Resource  America  offered a portion of its common stock in Atlas  America,  the
Delaware holding company,  pursuant to an S-1 Registration  Statement.  Resource
America owns  approximately  80.2% of the outstanding  shares of Atlas America's
common stock.


                                       26
<PAGE>

      Resource America has informed our managing general partner that it intends
to distribute  its remaining  ownership  interest in Atlas America to its common
stockholders.  Resource America expects the  distributions to take the form of a
spin-off by means of a special dividend to Resource America common  stockholders
of all of Atlas  America's  common  stock  owned by Resource  America.  Resource
America further has advised us that it anticipates  that the  distribution  will
occur by the end of 2005.  Resource  America has sole  discretion if and when to
complete the  distribution  and its terms.  Resource  America does not intend to
complete the distribution  unless it receives a ruling from the Internal Revenue
Service and/or an opinion from its tax counsel as to the tax-free  nature of the
distribution to Resource  America and its  stockholders  for U.S. federal income
tax  purposes.   The  Internal   Revenue  Service   requirements   for  tax-free
distributions  of this nature are complex and the Internal  Revenue  Service has
broad  discretion,  so there is significant  uncertainty as to whether  Resource
America will be able to obtain such ruling.  Because of this uncertainty and the
fact that the timing and completion of the distribution is in Resource America's
sole discretion,  the distribution may not occur by the contemplated time or may
not occur at all.

      Atlas  America  is  headquartered  at  311  Rouser  Road,  Moon  Township,
Pennsylvania 15108, which is also our managing general partner's primary office.

      Executive Officers and Directors.  The executive officers and directors of
our managing general partner will serve until their successors are elected.  The
executive officers and directors of our managing general partner are as follows:

<TABLE>
<CAPTION>
NAME                          AGE      POSITION OR OFFICE
----                          ---      ------------------
<S>                           <C>      <C>
Freddie M. Kotek              49       Chairman of the Board of Directors, Chief Executive Officer and President
Frank P. Carolas              45       Executive Vice President - Land and Geology and a Director
Jeffrey C. Simmons            46       Executive Vice President - Operations and a Director
Jack L. Hollander             49       Senior Vice President - Direct Participation Programs
Nancy J. McGurk               49       Senior Vice President, Chief Financial Officer and Chief Accounting Officer
Michael L. Staines            55       Senior Vice President, Secretary and a Director
</TABLE>

With respect to the biographical information set forth below:

      o     the approximate amount of an individual's professional time devoted
            to the  business  and affairs of our  managing  general  partner and
            Atlas  America have been  aggregated  because there is no reasonable
            method for them to  distinguish  their  activities  between  the two
            companies; and

      o     for those  individuals  who also hold  senior  positions  with other
            affiliates  of our managing  general  partner,  if it is stated that
            they devote  approximately  100% of their  professional  time to our
            managing general partner and Atlas America, it is because either the
            other  affiliates  are not  currently  active in drilling new wells,
            such as Viking Resources or Resource Energy, and the individuals are
            not required to devote a material amount of their  professional time
            to the affiliates,  or there is no reasonable  method to distinguish
            their  activities  between our  managing  general  partner and Atlas
            America  as  compared  with the  other  affiliates  of our  managing
            general partner, such as Viking Resources or Resource Energy.

Freddie M. Kotek.  President and Chief Executive  Officer since January 2002 and
Chairman of the Board of  Directors  since  September  2001.  Mr. Kotek has been
Executive  Vice  President  and Chief  Financial  Officer of Atlas  America from
February 2004 to March 2005,  and served as a director from September 2001 until
February 2004. Mr. Kotek was a Senior Vice  President of Resource  America,  and
President  of Resource  Leasing,  Inc. (a  wholly-owned  subsidiary  of Resource
America) from 1995 until May,  2004 when he resigned  from Resource  America and
all of its subsidiaries  which are not subsidiaries of Atlas America.  Mr. Kotek
was President of Resource Properties from September 2000 to October 2001 and its
Executive Vice President from 1993 to August 1999. Mr. Kotek received a Bachelor
of Arts degree from Rutgers  College in 1977 with high honors in  Economics.  He
also received a Master in Business Administration


                                       27
<PAGE>

degree from the Harvard Graduate School of Business  Administration in 1981. Mr.
Kotek devotes  approximately  95% of his  professional  time to the business and
affairs of the managing general partner and Atlas America,  and the remainder of
his  professional  time to the  business  and  affairs of the  managing  general
partner's affiliates.

Frank P. Carolas. Executive Vice President-Land and Geology and a Director since
January 2001.  Mr. Carolas has been an Executive Vice President of Atlas America
since  January 2001 and served as a Director of Atlas  America from January 2002
until February  2004. Mr. Carolas was a Vice President of Resource  America from
April 2001 until May 2004 when he resigned from Resource  America.  Mr.  Carolas
served as Vice  President of Land and Geology for the managing  general  partner
from  July  1999  until  December  2000 and for Atlas  America  from 1998  until
December 2000.  Before that Mr. Carolas served as Vice President of Atlas Energy
Group,  Inc. from 1997 until 1998,  which was the former  parent  company of the
managing general partner. Mr. Carolas is a certified petroleum geologist and has
been with our  managing  general  partner  and its  affiliates  since  1981.  He
received  a Bachelor  of  Science  degree in  Geology  from  Pennsylvania  State
University  in 1981 and is an  active  member  of the  American  Association  of
Petroleum Geologists. Mr. Carolas devotes approximately 100% of his professional
time to the  business  and  affairs of the  managing  general  partner and Atlas
America.

Jeffrey C. Simmons.  Executive  Vice  President-Operations  and a Director since
January, 2001. Mr. Simmons has been an Executive Vice President of Atlas America
since  January 2001 and was a Director of Atlas  America from January 2002 until
February 2004.  Mr. Simmons was a Vice President of Resource  America from April
2001 until May 2004 when he resigned from Resource  America.  Mr. Simmons served
as Vice President of Operations for the managing  general partner from July 1999
until  December 2000 and for Atlas America from 1998 until  December  2000.  Mr.
Simmons joined Resource America in 1986 as a senior  petroleum  engineer and has
served in various executive  positions with its energy  subsidiaries since then.
Before Mr.  Simmons'  career  with  Resource  America,  he had worked  with Core
Laboratories,  Inc., of Dallas,  Texas, and PNC Bank of Pittsburgh.  Mr. Simmons
received his Petroleum  Engineering degree from Marietta College in 1981 and his
Masters degree in Business  Administration  from Ashland University in 1992. Mr.
Simmons devotes  approximately  80% of his professional time to the business and
affairs of the managing general partner and Atlas America,  and the remainder of
his  professional  time to the  business  and  affairs of the  managing  general
partner's affiliates, primarily Viking Resources and Resource Energy.

Jack L. Hollander.  Senior Vice President - Direct Participation  Programs since
January 2002 and before that he served as Vice President - Direct  Participation
Programs from January 2001 until  December  2001.  Mr.  Hollander also serves as
Senior Vice  President - Direct  Participation  Programs of Atlas  America since
January 2002. Mr.  Hollander  practiced law with Rattet,  Hollander & Pasternak,
concentrating in tax matters and real estate transactions,  from 1990 to January
2001,  and  served  as  in-house  counsel  for  Integrated  Resources,  Inc.  (a
diversified  financial services company) from 1982 to 1990. Mr. Hollander earned
a Bachelor of Science  degree from the  University of Rhode Island in 1978,  his
law  degree  from  Brooklyn  Law  School in 1981,  and a Master of Law degree in
Taxation from New York University  School of Law Graduate  Division in 1982. Mr.
Hollander  is a  member  of the New  York  State  bar,  the  Investment  Program
Association,  and the Financial  Planning  Association.  Mr.  Hollander  devotes
approximately  100% of his professional  time to the business and affairs of the
managing general partner and Atlas America.

Nancy J. McGurk.  Senior Vice  President  since  January 2002,  Chief  Financial
Officer and Chief Accounting  Officer since January 2001. Ms. McGurk also serves
as Senior Vice  President  since  January 2002 and Chief  Accounting  Officer of
Atlas America since January 2001. Ms. McGurk served as Chief  Financial  Officer
for Atlas America from January 2001 until  February  2004. Ms. McGurk was a Vice
President  of Resource  America from 1992 until May 2004 and its  Treasurer  and
Chief  Accounting  Officer  from 1989 until  May,  2004 when she  resigned  from
Resource  America.  Also,  since 1995 Ms. McGurk has served as Vice  President -
Finance of  Resource  Energy,  Inc.  Ms.  McGurk  received a Bachelor of Science
degree  in  Accounting  from  Ohio  State  University  in  1978,  and has been a
Certified Public Accountant since 1982. Ms. McGurk devotes  approximately 80% of
her professional time to the business and affairs of


                                       28
<PAGE>

the  managing  general  partner  and Atlas  America,  and the  remainder  of her
professional  time to the business and affairs of the managing general partner's
affiliates.

Michael L. Staines. Senior Vice President, Secretary, and a Director since 1998.
Mr.  Staines has been an Executive Vice President and Secretary of Atlas America
since 1998.  Mr.  Staines was a Senior Vice  President of Resource  America from
1989 until May, 2004 when he resigned from Resource  America.  Mr. Staines was a
director of Resource  America from 1989 to February 2000 and Secretary from 1989
to October 1998. Mr.  Staines has been  President of Atlas Pipeline  Partners GP
since January 2001 and its Chief Operating  Officer and a member of its Managing
Board since its formation in November  1999. Mr. Staines is a member of the Ohio
Oil and Gas Association and the Independent Oil and Gas Association of New York.
Mr.  Staines  received a Bachelor of Science  degree from Cornell  University in
1971 and a Master of Business degree from Drexel University in 1977. Mr. Staines
devotes approximately 5% of his professional time to the business and affairs of
the  managing  general  partner  and Atlas  America,  and the  remainder  of his
professional  time to the business and affairs of the managing general partner's
affiliates, including Atlas Pipeline Partners GP.

Audit Committee Financial Expert. The Board of Directors of our managing general
partner has  determined  that Donald Delson meets the  requirement  of an "audit
committee financial expert" which is independent.

ITEM 10. EXECUTIVE COMPENSATION

      We have no employees  and rely on the  employees  of our managing  general
partner  and its  affiliates  for all  services.  No officer or  director of our
managing  general  partner  will  receive  any  direct   remuneration  or  other
compensation  from us.  Those  persons  will  receive  compensation  solely from
affiliated  companies  of our  managing  general  partner.  See Item 12 "Certain
Relationships and Related Transactions" for a discussion of compensation paid by
us to our managing general partner.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

      As of December 31, 2004, we had issued and outstanding  5,256.95 units. No
officer or director of our managing  general  partner owns any units.  Although,
subject to certain  conditions,  investor partners may present their units to us
beginning in 2009 for purchase,  we are prohibited by our partnership  agreement
from purchasing more than 5% of the units in any calendar year.

      Resource  America owns 80.2% of the common stock of Atlas  America,  which
owns 100% of the common stock of AIC, Inc.,  which owns 100% of the common stock
of our managing general partner.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      Oil and Gas Revenues.  After formation,  our managing general partner paid
or will pay our organization and offering costs in the amount of $7,876,000, 76%
of the equipment  costs  estimated to be  $16,590,200,  any equipment costs that
exceeded 10% of the  partnership's  subscription  proceeds which would otherwise
have been charged to the investors and  contributed  all the leases on which the
wells were or are being drilled, for a total capital  contribution  estimated to
be  $25,971,700.  In return,  our  managing  general  partner  will share in our
production revenues in the same percentage as its capital  contribution bears to
our total capital  contributions  except that the managing  general partner will
receive an additional 7% of partnership revenues.  However, our managing general
partner's  total  revenue  share  may not  exceed  35% of  partnership  revenues
regardless  of the  amount of its  capital  contribution.  For  example,  if the
managing general partner contributes 25% of our total capital  contributions and
you and the other investors  contribute 75% of our total capital  contributions,
then the managing general partner will receive 32% of our revenues and the other
investors will receive 68% of our revenues.


                                       29
<PAGE>

      Leases. On the final closing date our managing general partner contributed
to us 266 undeveloped  prospects to drill and we received a credit in the amount
of $1,505,500.

      Administrative  Costs.  Our managing  general  partner and its  affiliates
receive an unaccountable,  fixed payment  reimbursement for their administrative
costs of $75 per well per  month,  which will be  proportionately  reduced if we
acquire  less than 100% of the  working  interest  in a well.  During the period
ended  December 31, 2004,  our  managing  general  partner  received  $200,  for
administrative costs.

      Direct Costs.  Our managing  general  partner and its  affiliates  will be
reimbursed for all direct costs expended on our behalf.

      Drilling  Contracts.  After our initial and final closing date, we entered
into a drilling contract with our managing general partner to drill and complete
approximately 266 gross wells. The total amount received by our managing general
partner was  $52,506,600  for drilling and  completing  the wells for the period
ended December 31, 2004.

      Well Charges. Our managing general partner, as operator,  is reimbursed at
actual cost for all direct  expenses  incurred on our behalf and  receives  well
supervision  fees for  operating  and  maintaining  the wells  during  producing
operations  in the  amount  of $285 per  well per  month  subject  to an  annual
adjustment for inflation.  The well supervision fees are proportionately reduced
to the extent we acquire less than 100% of the working  interest in a well.  For
the period end December 31, 2004 our managing general partner received $800, for
well supervision fees.

      Transportation  Fees.  We pay a  gathering  fee to  our  managing  general
partner at a competitive rate for each mcf of natural gas  transported.  For the
period ended December 31, 2004,  $10,000 was paid. In turn, our managing general
partner paid 100% of this amount to Atlas Pipeline Partners, L.P. for the use of
its gathering system in transporting a majority of our natural gas production.

      Dealer-Manager  Fees.  As  part of our  formation,  our  managing  general
partner's  affiliate,  Anthem  Securities,  as  dealer-manager  received  a 2.5%
dealer-manager  fee, a 7% sales  commission,  a .5%  reimbursement  of marketing
expenses,  and a .5%  reimbursement  of  the  selling  agent's  accountable  due
diligence fees in the amount of $5,513,200.  The dealer-manager  will receive no
further compensation related to our formation.

      Other Compensation.  If our managing general partner makes a loan to us it
may receive a  competitive  rate of interest.  If our managing  general  partner
provides  equipment,  supplies  and other  services  to us, then it may do so at
competitive industry rates.

ITEM 13.  EXHIBITS

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
                             Description                                                               Location
                             -----------                                                               --------
<S>        <C>                                                                          <C>
4(a)       Certificate of Limited Partnership for Atlas America Public                  Previously filed in the Form S-1 on June
           #14-2004 L.P.                                                                30, 2004

4(b)       Amended and Restated  Certificate and Agreement of Limited                   Previously filed in the Form S-1 on June
           Partnership for Atlas America Public #14-2004 L.P.                           30, 2004

4(c)       Drilling and Operating  Agreement for Atlas America  Public  #14-2004        Previously filed in the Form S-1 on June
           L.P.                                                                         30, 2004

31.1       Rule 13a-14(a)/15(d) - 14 (a) Certification.


31.2       Rule 13a-14(a)/15(d) - 14 (a) Certification.
</TABLE>


                                       30
<PAGE>

32.1          Section 1350 Certification.

32.2          Section 1350 Certification.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

      Audit Fees. No aggregate fees were  recognized by the  Partnership  during
the period ending  December 31, 2004 for its principal  accounting  firm,  Grant
Thornton,  LLP as this was its first year of existence.  The audit  committee of
our  managing  general  partner  considers  whether any  provision  of non-audit
services is compatible with maintaining the principal accountant's independence.

      Procedures  for Audit  Committee  Pre-Approval  of Audit  and  Permissible
Non-Audit Services of Independent  Auditor.  Pursuant to its charter,  the Audit
Committee of our managing  general  partner is  responsible  for  reviewing  and
approving,  in advance,  any audit and any permissible  non-audit  engagement or
relationship between us and our independent auditors.

      Code of Ethics. The directors and officers of our managing general partner
have adopted a Code of Business Conduct and Ethics that applies to all executive
officers   and   directors   that  is   posted   on  Atlas   America's   website
(www.atlasamerica.com).


                                       31
<PAGE>

                                   SIGNATURES

      In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

Atlas America Public #14-2004 L.P.

<TABLE>
<S>                                  <C>
By:  (Signature and Title):          Atlas Resources Inc., Managing General Partner

By:  (Signature and Title):          /s/ Freddie M. Kotek
                                     ----------------------------------------------------------------------------
                                     Freddie M. Kotek, Chairman of the Board of Directors, Chief Executive
                                     Officer and President
</TABLE>

Date: March 31, 2005

      In  accordance  with the Exchange  Act, this report has been signed by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.

<TABLE>
<S>                                  <C>
By:  (Signature and Title):          /s/ Freddie M. Kotek
                                     ----------------------------------------------------------------------------
                                     Freddie M. Kotek, Chairman of the Board of Directors, Chief Executive
                                     Officer and President
Date: March 31, 2005

By:  (Signature and Title):          /s/ Frank P. Carolas
                                     ----------------------------------------------------------------------------
                                     Frank P. Carolas, Executive Vice President - Land and Geology and a Director

Date: March 31, 2005

By:  (Signature and Title):          /s/ Jeffrey C. Simmons
                                     ----------------------------------------------------------------------------
                                     Jeffrey C. Simmons, Executive Vice President - Operations and a Director

Date: March 31, 2005

By:  (Signature and Title):          /s/ Nancy J. McGurk
                                     ----------------------------------------------------------------------------
                                     Nancy J. McGurk, Vice President, Chief Financial Officer and Chief
                                     Accounting Officer
Date: March 31, 2005
</TABLE>

Supplemental information to be furnished with reports filed pursuant to Section
               15(d) of the Exchange Act by Non-reporting Issuers

      An annual report will be furnished to security  holders  subsequent to the
filing of this report.


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