##### Table of Contents



United States
Securities and Exchange Commission
 Washington, D.C. 20549
 Form 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2009
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
 For the transition period from  to
 Commission file number 333-150925-01
 ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
  Delaware
    
    27-0213766(State or other jurisdiction of
    
    (I.R.S. EmployerIncorporation or organization)
    
    Identification No.)Westpointe Corporate Center One1550 Coraopolis Heights Road, 2nd FloorMoon Township, PA
    
    15108(Address of principal executive offices)
    
    (Zip Code)
 (412) 262-2830
  Title of each class
    
    Name of each exchange on which registeredNone
    
    None
 
 Yes o No þ
 Yes o No þ
 Yes þ No o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 Yes o No þ




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##### 



ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
(A DELAWARE LIMITED PARTNERSHIP)
INDEX TO ANNUAL REPORT
ON FORM 10-K
 PAGEPART IItem 1: Business
    
    
    3-5Item 2: Properties
    
    
    6-10Item 3: Legal Proceedings
    
    
    11Item 4: (Removed and Reserved)
    
    
    11PART IIItem 5: Market for Registrants Common Equity and Related Security Holder Matters
    
    
    11Item 7: Managements Discussion and Analysis of Financial Condition or Plan of Operations
    
    
    11-14Item 8: Financial Statements
    
    
    15-33Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    33Item 9A: Controls and Procedures
    
    
    33-34Item 9B: Other Information
    
    
    34PART IIIItem 10: Directors and Executive Officers of the Registrant
    
    
    34-36Item 11: Executive Compensation
    
    
    36Item 12: Security Ownership of Certain Beneficial Owners and Management
    
    
    36-37Item 13: Certain Relationships and Related Party Transactions
    
    
    37Item 14: Principal Accountant Fees and Services
    
    
    38PART IVItem 15: Exhibits
    
    
    38SIGNATURES
    
    
    39Exhibit 23.1Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2Exhibit 99.1
   2




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The matters discussed within this report include forward-looking statements. These statements
may be identified by the use of forward-looking terminology such as anticipate, believe,
continue, could, estimate, expect, intend, may, might, plan, potential,
predict, should, or will, or the negative thereof or other variations thereon or comparable
terminology. In particular, statements about our expectations, beliefs, plans, objectives,
assumptions or future events or performance contained in this report are forward-looking
statements. We have based these forward-looking statements on our current expectations,
assumptions, estimates and projections. While we believe these expectations, assumptions, estimates
and projections are reasonable, such forward-looking statements are only predictions and involve
known and unknown risks and uncertainties, many of which are beyond our control. These and other
important factors may cause our actual results, performance or achievements to differ materially
from any future results, performance or achievements expressed or implied by these forward-looking
statements.
 
 PART I
 
 ITEM 1. DESCRIPTION OF BUSINESS
 General.
       3




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
    
    well tending, routine maintenance and adjustment;
    
    reading meters, recording production, pumping, maintaining appropriate books and
records; and
    
    preparation of reports for us and government agencies.
  Markets and Competition.
  Governmental Regulation.
 Regulation of oil and gas producing activities.
 
    
    Our oil and gas operations in Pennsylvania are regulated by the Department of
Environmental Resources, Division of Oil and Gas.
 
    
    Our oil and gas operations in Indiana are regulated by the Indiana Department of
Natural Resources.
 
    
    Our oil and gas operations in Michigan are regulated by the Michigan Department
of Natural Resources and Environment.
 
    
    Our oil and gas operations in Tennessee are regulated by the Tennessee Department
of Environment and Conservation and the Division of Geology.
  4




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
    
    new well permit and well registration requirements, procedures and fees;
 
    
    minimum well spacing requirements;
 
    
    restriction on well locations and underground gas storage;
 
    
    certain well site restoration, groundwater protection and safety measures;
 
    
    landowner notification requirements;
 
    
    certain bonding or other security measures;
 
    
    various reporting requirements;
 
    
    well plugging standards and procedures; and
 
    
    broad enforcement powers.
 Environmental and Safety Regulation.
  Where can you find more information.
  
  5




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ITEM 2. DESCRIPTION OF PROPERTIES
 Drilling Activity . Managements Discussion and Analysis of Financial Condition or Plan of Operations
 Development WellsProductive(1)
    
    
    Dry(2)Period Ended December 31,
    
    Gross(3)
    
    
    Net(4)
    
    
    Gross(3)
    
    
    Net(4)2009
    
    
    117
    
    
    
    104.90
    
    
    
    
    
    
    
    
 
 (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 Producing Wells .
 Number of Producing WellsGross
    
    
    NetGas
    
    
    35
    
    
    
    31.50
 Production.
 AverageProduction CostPeriod Ended
    
    Production
    
    
    Average Sales Price
    
    
    (Lifting Cost)December 31,
    
    Oil (bbls)(1)
    
    
    Gas (mcf)(1)
    
    
    per bbl(1)
    
    
    per mcf(1)
    
    
    per mcfe(1) (2)2009
    
    
    
    
    
    
    311,900
    
    
    $
    
    
    
    $
    4.75
    
    
    $
    2.28
 
 (1)
    
    Mcf represents one thousand cubic feet of natural gas. Mcfe represents a
thousand cubic feet equivalent. Oil production is converted to mcfe at the rate of six
mcf per barrel (bbl).(2)
    
    Lifting costs include labor to operate the wells and related equipment, repairs
and maintenance, materials and supplies, property taxes, insurance and gathering
charges.  6




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Natural Gas and Oil Reserve Information.
 
    
    Introduce a new definition of oil and gas producing activities. This new definition
allows companies to include in their reserve base volumes from unconventional resources.
Such unconventional resources include bitumen extracted from oil sands and oil and gas
extracted from coal beds and shale formations.
    
    Report oil and gas reserves using an unweighted average price using the prior 12-month
period, based on the closing prices on the first day of each month, rather than year-end
pricing. This should maximize the comparability of reserve estimates among companies and
mitigate the distortion of the estimates that arises when using a single pricing date.
    
    Permit companies to disclose their probable and possible reserves on a voluntary basis.
Current rules limit disclosure to only proved reserves.
    
    Update and revise reserve definitions to reflect changes in the oil and gas industry and
new technologies. New updated definitions include by geographic area and reasonable
certainty.
    
    Permit the use of new technologies to determine proved reserves if those technologies
have been demonstrated empirically to lead to reliable conclusions about reserves volumes.
    
    Require additional disclosures regarding the qualifications of the chief technical
person who oversees the companys overall reserve estimation process. Additionally,
disclosures are required related to internal controls over reserve estimation, as well as a
report addressing the independence and qualifications of a companys reserves preparer or
auditor based on Society of Petroleum Engineers criteria.
   December 31,2009Natural gas (per mcf)
    
    $
    3.87Oil (per bbl)
    
    
    61.18
  7




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8




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At December 31,2009Natural gas reserves  Proved Reserves (Mcf) (1)(4):Proved developed reserves (2)
    
    
    35,375,400Total proved reserves of natural gas
    
    
    35,375,400Oil reserves  Proved Reserves (Bbl) (1)(4):Proved developed reserves (2)
    
    
    Total proved reserves of oil
    
    
    Total proved reserves (Mcfe)
    
    
    35,375,400PV-10 estimate of cash flows of proved reserves (3)(4):Proved developed reserves
    
    $
    7,689,800Total PV-10 estimate
    
    $
    7,689,800PV-10 estimate per investor partner unit (5)
    
    $
    235Undiscounted estimate per investor partner unit (5)
    
    $
    1,263
 
 (1)
    
    Proved reserves generally refers to 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 refers to reserves that can be expected to
be recovered through existing wells with existing equipment and operating methods. (Does
not include natural gas liquid reserves).(3)
    
    The present value of estimated future net cash flows is calculated by discounting
estimated future net cash flows by 10% annually.(4)
    
    Please see Regulation S-X rule 4-10 for complete definitions of each reserve
category.(5)
    
    This value per $10,000 unit is determined by following the methodology used for
determining our proved reserves using the data discussed above. However, this value does
not necessarily reflect the fair market value of a unit, and each unit is illiquid.
Also, the value of a unit for purposes of presentment of the unit to our MGP for
purchase is different, because it is calculated under a formula set forth in the
partnership agreement.  Title to Properties .
   9




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##### Table of Contents



Acreage.
 Developed Acreage
    
    
    Undeveloped Acreage(3)Location
    
    Gross(1)
    
    
    Net(2)
    
    
    Gross(1)
    
    
    Net(2)Pennsylvania
    
    
    260
    
    
    
    190
    
    
    
    1,259
    
    
    
    1,168Tennessee
    
    
    
    
    
    
    
    
    
    
    652
    
    
    
    652Michigan
    
    
    1,040
    
    
    
    1,040
    
    
    
    800
    
    
    
    712Indiana
    
    
    1,280
    
    
    
    1,206
    
    
    
    2,880
    
    
    
    2,305Total
    
    
    2,580
    
    
    
    2,436
    
    
    
    5,591
    
    
    
    4,837
 
 (1)
    
    A gross acre is an acre in which we own a working interest.(2)
    
    A net acre represents 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.
      10




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ITEM 3. LEGAL PROCEEDINGS
   
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
  
 PART II
 
 ITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED SECURITY HOLDER
MATTERS
 Market Information.
 
    
    our MGP consent;
 
    
    the transfer not result in materially adverse tax consequences to us; and
 
    
    the transfer not violate federal or state securities laws.
  
    
    the assignor gives the assignee the right;
 
    
    our MGP consents to the substitution;
 
    
    the assignee pays to us all costs and expenses incurred in connection with the
substitution; and
 
    
    the assignee executes and delivers the instruments, which our MGP requires to effect
the substitution and to confirm his or her agreement to be bound by the terms of our
partnership agreement.
  Holders.
 Distributions.
  
 ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN
OF OPERATIONS
   11




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General .
  Results of Operations.
  Period EndedDecember 31,2009Production revenues (in thousands):Gas
    
    $
    1,483Oil
    
    
    Total
    
    $
    1,483Production volumes:Gas (mcf/day) (1)
    
    
    3,545Oil (bbls/day) (1)
    
    
    Total (mcfe/day) (1)
    
    
    3,545Average sales price:Gas (per mcf) (1) (2)
    
    $
    4.75Oil (per bbl) (1)
    
    $
    Average production costs:As a percent of revenues
    
    
    17
    %Per mcfe (1)
    
    $
    .79Depletion per mcfe
    
    $
    2.28
 
 (1)
    
    Mcf represents thousand cubic feet, mcfe represents thousand cubic feet
equivalent and bbls represents barrels. Bbls are converted to mcfe using the ratio of
six mcfs to one bbl.(2)
    
    The average sales price are calculated by including total revenue and dividing by
the total volume for the period.  12




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Natural Gas Revenues .
  Expenses.
   Liquidity and Capital Resources .
    Critical Accounting Policies .
 Impairment of Long-Lived Assets.
  13




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Fair Value of Financial Instruments
  Level 1 
 Level 2 
 Level 3
   Reserve Estimates .
 Asset Retirement Obligations.
 Working Interest.
  14




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ITEM 8. FINANCIAL STATEMENTS
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
  15




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 BALANCE SHEET
 DECEMBER 31,
 2009ASSETSCurrent assets:Cash and cash equivalents
    
    $
    26,313,800Accounts receivable-affiliate
    
    
    1,219,300Short-term hedge receivable due from affiliate
    
    
    3,639,400Total current assets
    
    
    31,172,500Oil and gas properties, net
    
    
    70,652,900Construction in progress
    
    
    122,532,400Long-term hedge receivable due from affiliate
    
    
    3,340,600$
    227,698,400LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    24,900Short-term hedge liability due to affiliate
    
    
    45,300Total current liabilities
    
    
    70,200Asset retirement obligations
    
    
    1,152,700Long-term hedge liability due to affiliate
    
    
    548,700Partners capital:Managing general partner
    
    
    10,510,800Investor subscriptions receivable
    
    
    (20,187,700
    )Investor partners (22,928.90 units)
    
    
    229,217,700Accumulated other comprehensive income
    
    
    6,386,000Total partners capital
    
    
    225,926,800$
    227,698,400
   16




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 STATEMENT OF OPERATIONS
 FOR PERIOD ENDED JUNE 9, 2009 (date of formation) THROUGH
 DECEMBER 31, 2009
 2009REVENUESNatural gas and oil
    
    $
    1,483,100Total revenues
    
    
    1,483,100COST AND EXPENSESProduction
    
    
    246,700Depletion
    
    
    711,900General and administrative
    
    
    42,000Total expenses
    
    
    1,000,600Net earnings
    
    $
    482,500Allocation of net earnings:Managing general partner
    
    $
    266,200Investor partners
    
    $
    216,300Net earnings per investor partnership unit
    
    $
    9
   17




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 STATEMENT OF COMPREHENSIVE INCOME
 FOR PERIOD ENDED JUNE 9, 2009 (date of formation) THROUGH
 DECEMBER 31, 2009
 2009Net earnings
    
    $
    482,500Other comprehensive income:Unrealized holding gain on hedging contracts
    
    
    6,413,400Less: reclassification adjustment for gains realized in net earnings
    
    
    (27,400
    )Total other comprehensive income
    
    
    6,386,000Comprehensive income
    
    $
    6,868,500
   18




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
STATEMENT OF CHANGES IN PARTNERS CAPITAL
FOR PERIOD ENDED JUNE 9, 2009 (date of formation) THROUGH
DECEMBER 31, 2009
 AccumulatedManaging
    
    
    
    
    
    
    Investor
    
    
    OtherGeneral
    
    
    Investor
    
    
    Subscription
    
    
    ComprehensivePartner
    
    
    Partners
    
    
    Receivable
    
    
    Income
    
    
    TotalBalance at June 9, 2009
    
    $
    100
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    100Partners capital contributions:Capital contribution
    
    
    
    
    
    
    229,001,400
    
    
    
    (20,187,700
    )
    
    
    
    
    
    
    208,813,700Syndication and offering costs
    
    
    23,779,100
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    23,779,100Tangible equipment/leasehold costs
    
    
    10,244,500
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,244,500Total contributions
    
    
    34,023,600
    
    
    
    229,001,400
    
    
    
    (20,187,700
    )
    
    
    
    
    
    
    242,837,300Syndication and offering costs, immediately charged to capital
    
    
    (23,779,100
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (23,779,100
    )10,244,500
    
    
    
    229,001,400
    
    
    
    (20,187,700
    )
    
    
    
    
    
    
    219,058,200Participation in revenue and costs and expenses:Net production revenues
    
    
    370,900
    
    
    
    865,500
    
    
    
    
    
    
    
    
    
    
    
    1,236,400Depletion
    
    
    (92,100
    )
    
    
    (619,800
    )
    
    
    
    
    
    
    
    
    
    
    (711,900
    )General and administrative
    
    
    (12,600
    )
    
    
    (29,400
    )
    
    
    
    
    
    
    
    
    
    
    (42,000
    )Net earnings
    
    
    266,200
    
    
    
    216,300
    
    
    
    
    
    
    
    
    
    
    
    482,500Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,386,000
    
    
    
    6,386,000Balance at December 31, 2009
    
    $
    10,510,800
    
    
    $
    229,217,700
    
    
    $
    (20,187,700
    )
    
    $
    6,386,000
    
    
    $
    225,926,800
   19




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 STATEMENT OF CASH FLOWS
 FOR PERIOD ENDED JUNE 9, 2009 (date of formation) THROUGH
 DECEMBER 31, 2009
 2009Cash flows from operating activities:Net earnings
    
    $
    482,500Adjustments to reconcile net earnings to net cash used in operating activities:Depletion
    
    
    711,900Increase in accounts receivable-affiliate
    
    
    (1,219,300
    )Increase in accrued liabilities
    
    
    24,900Net cash used in operating activities
    
    
    Cash flows from investing activities:Oil and gas well drilling contracts paid to MGP
    
    
    (182,500,000
    )Net cash used in investing activities
    
    
    (182,500,000
    )Cash flows from financing activities:Initial capital contribution by MGP
    
    
    100Partners capital contributions
    
    
    208,813,700Net cash provided by financing activities
    
    
    208,813,800Net increase in cash and cash equivalents
    
    
    26,313,800Cash and cash equivalents at beginning of period
    
    
    Cash and cash equivalents at end of period
    
    $
    26,313,800Supplemental Schedule of non-cash investing and financing activities:Assets contributed by the managing general partner:Tangible equipment
    
    $
    7,996,500Lease costs
    
    
    2,248,000Syndication and offering costs
    
    
    23,779,100$
    34,023,600Asset retirement obligation
    
    $
    1,152,700
   20




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2009
 NOTE 1  DESCRIPTION OF BUSINESS
  NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
  Use of Estimates
  Accounts Receivable and Allowance for Possible Losses
  Revenue Recognition
    21




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Fair Value of Financial Instruments
  Supplemental Cash Flow Information
  Comprehensive Income
  Working Interest
  Oil and Gas Properties
   22




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
  December 31,2009Natural gas and oil properties:Proved properties:Leasehold interests
    
    $
    2,248,000Wells and related equipment
    
    
    69,116,80071,364,800Accumulated depletion
    
    
    (711,900
    )$
    70,652,900
   Asset Retirement Obligation
  Environmental Matters
    23




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Major Customers
  Income Taxes
  Recently Adopted Accounting Standards
   
    
    Introduce a new definition of oil and gas producing
activities. This new definition allows companies to include
in their reserve base volumes from unconventional resources.
Such unconventional resources include bitumen extracted from
oil sands and oil and gas extracted from coal beds and shale
formations;
    
    Report oil and gas reserves using an unweighted average
price using the prior 12-month period, based on the closing
prices on the first day of each month, rather than year-end
pricing. This should maximize the comparability of reserve
estimates among companies and mitigate the distortion of the
estimates that arises when using a single pricing date;
    
    Permit companies to disclose their probable and possible
reserves on a voluntary basis. Current rules limit
disclosure to only proved reserves;
    
    Update and revise reserve definitions to reflect changes in
the oil and gas industry and new technologies. New updated
definitions include by geographic area and reasonable
certainty;
  24




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Recently Adopted Accounting Standards (Continued)
 
    
    Permit the use of new technologies to determine proved
reserves if those technologies have been demonstrated
empirically to lead to reliable conclusions about reserves
volumes; and
    
    Require additional disclosures regarding the qualifications
of the chief technical person who oversees the companys
overall reserve estimation process. Additionally,
disclosures are required with regard to internal controls
over reserve estimation, as well as a report addressing the
independence and qualifications of a companys reserves
preparer or auditor based on Society of Petroleum Engineers
criteria.
      25




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Recently Adopted Accounting Standards (Continued)
    NOTE 3  PARTICIPATION IN REVENUES AND COSTS
  ManagingGeneral
    
    
    OtherPartner
    
    
    Partners(3)Organization and offering costs
    
    
    100
    %
    
    
    0
    %Lease costs
    
    
    100
    %
    
    
    0
    %Revenues (1)
    
    
    30
    %
    
    
    70
    %Operating costs, administrative costs, direct costs and all other operating costs (2)
    
    
    30
    %
    
    
    70
    %Intangible drilling costs
    
    
    0
    %
    
    
    100
    %Tangible equipment costs
    
    
    40
    %
    
    
    60
    %
 (1)
    
    Subject to the MGP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 MGP will receive an additional
10% of the partnership revenues, the MGP revenue percentage may not exceed 40%.(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 can be converted limited partner units when all wells
have been drilled and completed. Thereafter, the 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.  26




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 4  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
  
    
    Drilling contracts to drill and complete wells for the Partnership are charged at cost
plus 18%. The cost of the wells includes reimbursement to the Partnerships MGP of its
general and administrative overhead cost. Cash and subscriptions receivable totaling
$46,501,500 were received by the Partnerships broker/dealer and held on account at
December 31, 2009. These funds were subsequently received by the Partnership in January
2010. The Partnership paid $182,500,000 to its MGP in 2009 under the drilling contract.
    
    The Partnerships MGP contributed undeveloped leases necessary to cover each of the
Partnerships prospects and as of December 31, 2009 received a credit to its capital
account in the Partnership of $2,248,000.
    
    Administrative costs which are included in general and administrative expenses in the
Partnerships Statements of Operations are payable at $75 per well per month.
Administrative costs incurred in 2009 were $2,600.
    
    Monthly well supervision fees which are included in production expenses in the
Partnerships Statements of Operations are payable at $975 per well, per month for Marcellus
wells, $1,500 per well, per month for New Albany and Indiana wells and $600 per well, per
month for horizontal Antrim Shale wells. For all other wells a fee of $392 is charged per
well, per month for operating and maintaining the wells. Well supervision fees incurred in
2009 were $31,800.
    
    Transportation fees which are included in production expenses in the Partnerships
Statements of Operations are generally payable at 13% of the natural gas sales price.
Transportation fees incurred in 2009 were $174,500.
    
    Assets contributed from the MGP which are disclosed on the Partnerships Statement of
Cash Flows as non-cash investing and financing activities for the period ended December 31,
2009 were $10,244,500.
    
    The MGP received a credit to its capital account of $23,779,100 in 2009 for fees,
commissions and reimbursement costs to organize the Partnership.
  NOTE 5  COMMITMENTS
    27




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 6  SUBORDINATION BY MANAGING GENERAL PARTNER
  NOTE 7  DERIVATIVE INSTRUMENTS
   Asset Derivatives
    
    
    Liability DerivativesDerivatives in
    
    
    
    Fair Value
    
    
    
    
    Fair ValueCash Flow
    
    Balance Sheet
    
    December 31,
    
    
    Balance Sheet
    
    December 31,Hedging Relationships
    
    Location
    
    2009
    
    
    Location
    
    2009Commodity contracts:
    
    Current assets
    
    $
    3,639,400
    
    
    Current liabilities
    
    $
    (45,300
    )Long-term assets
    
    
    3,340,600
    
    
    Long-term liabilities
    
    
    (548,700
    )Total derivatives
    
    
    
    $
    6,980,000
    
    
    
    
    $
    (594,000
    )
 Effects of Derivative Instruments on Statement of Operations:
 Income
    
    
    
    
    GainRecognized in OCI
    
    
    
    
    Reclassified from OCIon Derivative
    
    
    Location of Gain/(Loss)
    
    into Income(Effective Portion)
    
    
    Reclassified from
    
    (Effective Portion)Derivatives in
    
    Period Ended
    
    
    Accumulated
    
    Period EndedCash Flow
    
    December 31,
    
    
    OCI into Income
    
    December 31,Hedging Relationships
    
    2009
    
    
    (Effective Portion)
    
    2009Commodity contracts
    
    $
    6,413,400
    
    
    Natural gas and oil revenue
    
    $
    27,400
  28




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 7  DERIVATIVE INSTRUMENTS (Continued)
    Natural Gas Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (MMbtu)(1)
    
    
    (per MMbtu)(1)
    
    
    Asset(2)2010
    
    
    2,104,200
    
    
    $
    7.34
    
    
    $
    3,233,9002011
    
    
    1,067,900
    
    
    
    6.98
    
    
    
    1,017,7002012
    
    
    1,033,500
    
    
    
    7.22
    
    
    
    797,2002013
    
    
    697,800
    
    
    
    7.08
    
    
    
    255,500$
    5,304,300
 Natural Gas Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (MMbtu)(1)
    
    
    (per MMbtu)(1)
    
    
    Asset(2)2010
    
    Puts purchased
    
    
    153,900
    
    
    $
    7.84
    
    
    $
    360,2002010
    
    Calls sold
    
    
    153,900
    
    
    
    9.01
    
    
    
    2011
    
    Puts purchased
    
    
    731,600
    
    
    
    6.45
    
    
    
    432,4002011
    
    Calls sold
    
    
    731,600
    
    
    
    7.63
    
    
    
    2012
    
    Puts purchased
    
    
    332,900
    
    
    
    6.51
    
    
    
    175,4002012
    
    Calls sold
    
    
    332,900
    
    
    
    7.71
    
    
    
    2013
    
    Puts purchased
    
    
    298,900
    
    
    
    6.58
    
    
    
    113,7002013
    
    Calls sold
    
    
    298,900
    
    
    
    7.79
    
    
    
    $
    1,081,700Total Net
Asset
    
    
    $
    6,386,000
 (1)
    
    MMBTU represents million British Thermal Units. Bbl represents barrels.(2)
    
    Fair value based on forward NYMEX natural gas prices.
  29




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 8  FAIR VALUE OF FINANCIAL INSTRUMENTS
  Level 1 
    
    Unadjusted quoted prices in active markets for identical assets and
liabilities that the reporting entity has the ability to access at the measurement date.Level 2 
    
    Inputs other than quoted prices included within Level 1 that are observable
for the asset and liability or can be corroborated with observable market data for
substantially the entire contractual term of the asset or liability.Level 3 
    
    Unobservable inputs that reflect the entities own assumptions about the
assumptions that market participants would use in the pricing of the asset or liability
and are consequently not based on market activity, but rather through particular
valuation techniques.
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
  December 31, 2009Level 2
    
    
    TotalCommodity-based derivatives
    
    $
    6,386,000
    
    
    $
    6,386,000Total
    
    $
    6,386,000
    
    
    $
    6,386,000
 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
    30




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 9  ASSET RETIREMENT OBLIGATION
    Period EndedDecember 31,2009Asset retirement obligation at beginning of period
    
    
    Liabilities incurred from drilling wells
    
    
    1,152,700Asset retirement obligation at end of period
    
    $
    1,152,700
 NOTE 10  INDEMNIFICATION
   31




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 11  NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED)
 (1) Capitalized Costs Related to Oil and Gas Producing Activities
  At December 31,2009Mineral interest in proved properties:
    
    $
    2,248,000Wells and related equipment
    
    
    69,116,800Accumulated depletion
    
    
    (711,900
    )Net capitalized cost
    
    $
    70,652,900
 (2) Oil and Gas Reserve Information
      32




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 11  NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED) (Continued)
 Natural Gas
    
    
    Oil(Mcf)
    
    
    (Bbls)Proved developed reserves:Beginning of period
    
    
    
    
    
    
    Extensions, discoveries and other additions
    
    
    35,687,300
    
    
    
    Production
    
    
    (311,900
    )
    
    
    Balance December 31, 2009
    
    
    35,375,400
    
    
    
    
 
 ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
  
 ITEM 9A. CONTROLS AND PROCEDURES
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
   Managements Report on Internal Control over Financial Reporting
 Internal Control  Integrated
Framework
  33




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ITEM 9B. OTHER INFORMATION
  
 PART III
 
 ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
 nd
 Executive Officers and Directors.
 NAME
    
    AGE
    
    POSITION OR OFFICEFreddie M. Kotek
    
    
    54
    
    
    Chairman of the Board of Directors, Chief Executive
Officer and PresidentFrank P. Carolas
    
    
    50
    
    
    Executive Vice President  Land and Geology and a DirectorJeffrey C. Simmons
    
    
    51
    
    
    Executive Vice President  Operations and a DirectorJack L. Hollander
    
    
    53
    
    
    Senior Vice President  Direct Participation ProgramsSean P. McGrath
    
    
    38
    
    
    Chief Accounting OfficerMatthew A. Jones
    
    
    48
    
    
    Chief Financial Officer
  
    
    the approximate amount of an individuals professional time devoted to the business and
affairs of our MGP and Atlas America have been aggregated because there is no reasonable
method for them to distinguish their activities between the two companies; and
    
    for those individuals who also hold senior positions with other affiliates of our MGP,
if it is stated that they devote approximately 100% of their professional time to our MGP
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 MGP and Atlas
America as compared with the other affiliates of our MGP, such as Viking Resources or
Resource Energy.
  34




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Freddie M. Kotek
 Frank P. Carolas.
 Jeffrey C. Simmons.
 Jack L. Hollander.
  35




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Sean P. McGrath
 Matthew A. Jones
 Audit Committee Financial Expert.
 Remuneration of Officers and Directors.
 Code of Business Conduct and Ethics. nd
 
 ITEM 11. EXECUTIVE COMPENSATION
 Certain Relationships and Related Party Transactions
 
 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
   36




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Organizational and Security Ownership of Beneficial Owners.
 
 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
 Oil and Gas Revenues.
 Leases.
 Administrative Costs.
 Drilling Contracts.
 Well Charges.
 Dealer-Manager Fees.
 Transportation Fees.
 Other Compensation.
  37




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ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
 Audit Fees.
 Procedures for Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of
Independent Auditor.
 
 PART IV
 
 ITEM 15. EXHIBITS
 
 EXHIBIT INDEX
 Description
    
    Location4(a)
    
    Certificate of Limited Partnership for
Atlas Resources Public 18-2009 (C) L.P.
    
    Previously filed in
our Form S-1/A on
October 10, 20074(b)
    
    Amended and Restated Certificate and
Agreement of Limited Partnership for Atlas
Resources 18-2009 (C) L.P.(1)
    
    Previously filed in
our Form S-1/A on
October 10, 20074(c)
    
    Drilling and Operating Agreement for Atlas
Resources Public 18-2009 (C) L.P.
(1)
    
    Previously filed in
our Form S-1/A on
October 10, 200723.1
    
    Consent of Wright and Company, Inc.31.1
    
    Rule 13a-14(a)/15(d)  14 (a) Certification31.2
    
    Rule 13a-14(a)/15(d)  14 (a) Certification.32.1
    
    Section 1350 Certification.32.2
    
    Section 1350 Certification.99.1
    
    Summary Reserve Report
 
 (1)
    
    Filed on October 15, 2008 in the Form S-1 Registration Statement dated
October 15, 2008, File No. 333-150925-01  38




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SIGNATURES
   Date:  March 30, 2010
    Atlas Resources, LLC, Managing General PartnerBy:
    /s/ Freddie M. KotekFreddie M. Kotek, Chairman of the Board of Directors,Chief Executive  Officer and President  Date:  March 30, 2010
    By:
    /s/ Freddie M. KotekFreddie M. Kotek, Chairman of the Board of Directors,Chief Executive  Officer and PresidentDate:  March 30, 2010
    By:
    /s/ Frank P. CarolasFrank P. Carolas, Executive Vice
President  Land and GeologyDate:  March 30, 2010
    By:
    /s/ Jeffrey C. SimmonsJeffrey C. Simmons, Executive
Vice President  OperationsDate:  March 30, 2010
    By:
    /s/ Sean P. McGrathSean P. McGrath, Chief Accounting OfficerDate:  March 30, 2010
    By:
    /s/ Matthew A. JonesMatthew A. Jones, Chief Financial Officer Supplemental information to be furnished with reports filed pursuant to Section 15(d) of the
Exchange Act by Non-reporting Issuers
   39