##### 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 333-150925-02
 ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
  Delaware
(State or other jurisdiction of 
Incorporation or organization)
    
    26-3223040
(I.R.S. Employer
Identification No.)Westpointe Corporate Center One1550 Coraopolis Heights Road, 2nd FloorMoon Township, PA
(Address of principal executive offices)
    
    15108
(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
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ




---



##### 



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
(A DELAWARE LIMITED PARTNERSHIP)
INDEX TO ANNUAL REPORT
ON FORM 10-K
 PAGEPART IItem 1: Business
    
    
    3-5Item 2: Properties
    
    
    5-10Item 3: Legal Proceedings
    
    
    10Item 4: (Removed and Reserved)
    
    
    10PART IIItem 5: Market for Registrants Common Equity and Related Security Holder Matters
    
    
    10Item 7: Managements Discussion and Analysis of Financial Condition or Plan of Operations
    
    
    11-14Item 8: Financial Statements
    
    
    15-34Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    34Item 9A: Controls and Procedures
    
    
    34-35Item 9B: Other Information
    
    
    35PART IIIItem 10: Directors and Executive Officers of the Registrant
    
    
    35-37Item 11: Executive Compensation
    
    
    38Item 12: Security Ownership of Certain Beneficial Owners and Management
    
    
    38Item 13: Certain Relationships and Related Party Transactions
    
    
    38-39Item 14: Principal Accountant Fees and Services
    
    
    39PART IVItem 15: Exhibits
    
    
    40SIGNATURES
    
    
    41Exhibit 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.
  
    
    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.
  4




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Environmental and Safety Regulation.
  Where can you find more information.
  
 
 ITEM 2.
    
    DESCRIPTION OF PROPERTIES
 Drilling Activity .
 Development WellsProductive(1)
    
    
    Dry(2)Period Ended December 31,
    
    Gross(3)
    
    
    Net(4)
    
    
    Gross(3)
    
    
    Net(4)2009
    
    
    81.00
    
    
    
    55.50
    
    
    
    4.00
    
    
    
    4.00
 
 (1)
    
    A productive well generally refers to a well that is not a dry hole.(2)
    
    A dry hole generally refers to 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.  5




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Summary of Producing Wells .
 Number of Producing WellsGross
    
    
    NetGas
    
    
    81
    
    
    
    55.50
 Production.
 AveragePeriod
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Production CostEnded
    
    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
    
    
    1,300
    
    
    
    2,898,300
    
    
    $
    56.18
    
    
    $
    5.86
    
    
    $
    1.59
 
 (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. 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.
   6




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December 31,2009Natural gas (per mcf)
    
    $
    3.87Oil ( per bbl)
    
    
    61.18
   7




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At December 31,2009Natural gas reserves  Proved Reserves (Mcf) (1) (4):Proved developed reserves (2)
    
    
    47,356,500Total proved reserves of natural gas
    
    
    47,356,500Oil reserves  Proved Reserves (Bbl) (1) (4):Proved developed reserves (2)
    
    
    28,600Total proved reserves of oil
    
    
    28,600Total proved reserves (Mcfe)
    
    
    47,528,100PV-10 estimate of cash flows of proved reserves (3) (4):Proved developed reserves
    
    $
    54,568,785Total PV-10 estimate
    
    $
    54,568,785PV-10 estimate per investor partner unit (5)
    
    $
    3,111Undiscounted estimate per investor partner unit (5)
    
    $
    6,953
 
 (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 .
  8




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Acreage.
 Developed Acreage
    
    
    Undeveloped Acreage(3)Location
    
    Gross(1)
    
    
    Net(2)
    
    
    Gross(1)
    
    
    Net(2)Pennsylvania
    
    
    1,382
    
    
    
    907
    
    
    
    343
    
    
    
    149Tennessee
    
    
    383
    
    
    
    288
    
    
    
    127
    
    
    
    74Michigan
    
    
    480
    
    
    
    480
    
    
    
    160
    
    
    
    142Indiana
    
    
    960
    
    
    
    865
    
    
    
    
    
    
    
    Total
    
    
    3,205
    
    
    
    2,540
    
    
    
    630
    
    
    
    365
 
 (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.
     9




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ITEM 3.
    
    LEGAL PROCEEDINGS
   
 ITEM 4.
    
    (REMOVED AND RESERVED)
  
 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.
   10




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##### Table of Contents



ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN
OF OPERATIONS
  General .
  Results of Operations.
  Period EndedDecember 31,2009Production revenues (in thousands):Gas
    
    $
    16,979Oil
    
    
    75Total
    
    $
    17,054Production volumes:Gas (mcf/day) (1)
    
    
    14,069Oil (bbls/day) (1)
    
    
    7Total (mcfe/day) (1)
    
    
    14,111Average sales price:Gas (per mcf) (1)
    
    $
    5.86Oil (per bbl) (1)
    
    $
    56.18Average production costs:As a percent of revenues
    
    
    27
    %Per mcfe (1)
    
    $
    1.59Depletion per mcfe
    
    $
    2.82
 
 (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.  11




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Natural Gas Revenues .
  Oil Revenue
 Expenses.
    Liquidity and Capital Resources .
      12




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Critical Accounting Policies.
 Impairment of Long-Lived Assets.
 Fair Value of Financial Instruments
  Level 1 
 Level 2 
 Level 3
    13




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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 (B) L.P.
BALANCE SHEET
DECEMBER 31,
 2009ASSETSCurrent assets:Cash and cash equivalents
    
    $
    4,442,800Accounts receivable  affiliate
    
    
    8,479,500Short-term hedge receivable due from affiliate
    
    
    5,260,100Total current assets
    
    
    18,182,400Oil and gas properties, net
    
    
    109,215,300Long-term hedge receivable due from affiliate
    
    
    4,447,400$
    131,845,100LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    552,800Short-term hedge liability due to affiliate
    
    
    64,100Total current liabilities
    
    
    616,900Asset retirement obligation
    
    
    431,100Long-term hedge liability due to affiliate
    
    
    685,000Partners capital:Managing general partner
    
    
    11,088,100Investors partners (12,278 units)
    
    
    110,361,200Accumulated other comprehensive income
    
    
    8,662,800Total partners capital
    
    
    130,112,100$
    131,845,100
   16




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
STATEMENT OF OPERATIONS
FOR THE PERIOD JANUARY 31, 2009 (date of formation) THROUGH
DECEMBER 31, 2009
 2009REVENUESNatural gas and oil
    
    $
    17,054,200Interest income
    
    
    300Total revenues
    
    
    17,054,500COST AND EXPENSESProduction
    
    
    4,618,400Depletion
    
    
    8,185,900Accretion of asset retirement obligation
    
    
    12,900Impairment of oil and gas properties
    
    
    14,593,900General and administrative
    
    
    66,700Total expenses
    
    
    27,477,800Net loss
    
    $
    (10,423,300
    )Allocation of net earnings (loss):Managing general partner
    
    $
    1,769,700Investor partners
    
    $
    (12,193,000
    )Net loss per investor partnership unit
    
    $
    (993
    )
   17




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
STATEMENT OF COMPREHENSIVE LOSS
FOR THE PERIOD JANUARY 31, 2009 (date of formation) THROUGH
DECEMBER 31, 2009
 2009Net loss
    
    $
    (10,423,300
    )Other comprehensive income (loss):Unrealized holding gain on hedging contracts
    
    
    12,730,900Less: reclassification adjustment for gains realized in net earnings
    
    
    (4,068,100
    )Total other comprehensive income
    
    
    8,662,800Comprehensive loss
    
    $
    (1,760,500
    )
   18




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
STATEMENT OF CHANGES IN PARTNERS CAPITAL
FOR THE PERIOD JANUARY 31, 2009 (date of formation) THROUGH
DECEMBER 31, 2009
 AccumulatedManaging
    
    
    
    
    
    
    OtherGeneral
    
    
    Investor
    
    
    ComprehensivePartner
    
    
    Partners
    
    
    Income
    
    
    TotalBalance at January 31, 2009
    
    $
    100
    
    
    $
    
    
    
    $
    
    
    
    $
    100Partners capital contributions:Cash
    
    
    
    
    
    
    122,554,200
    
    
    
    
    
    
    
    122,554,200Syndication and offering costs
    
    
    14,064,800
    
    
    
    
    
    
    
    
    
    
    
    14,064,800Tangible equipment/leasehold costs
    
    
    9,318,300
    
    
    
    
    
    
    
    
    
    
    
    9,318,300Total contributions
    
    
    23,383,200
    
    
    
    122,554,200
    
    
    
    
    
    
    
    145,937,400Syndication and offering costs, immediately
charged to capital
    
    
    (14,064,800
    )
    
    
    
    
    
    
    
    
    
    
    (14,064,800
    )9,318,400
    
    
    
    122,554,200
    
    
    
    
    
    
    
    131,872,600Participation in revenue and costs and expenses:Net production revenues
    
    
    3,730,700
    
    
    
    8,705,100
    
    
    
    
    
    
    
    12,435,800Interest income
    
    
    100
    
    
    
    200
    
    
    
    
    
    
    
    300Depletion
    
    
    (696,200
    )
    
    
    (7,489,700
    )
    
    
    
    
    
    
    (8,185,900
    )Impairment of oil and gas properties
    
    
    (1,241,100
    )
    
    
    (13,352,800
    )
    
    
    
    
    
    
    (14,593,900
    )General and administrative
    
    
    (20,000
    )
    
    
    (46,700
    )
    
    
    
    
    
    
    (66,700
    )Accretion of asset retirement obligation
    
    
    (3,800
    )
    
    
    (9,100
    )
    
    
    
    
    
    
    (12,900
    )Net earnings (loss)
    
    
    1,769,700
    
    
    
    (12,193,000
    )
    
    
    
    
    
    
    (10,423,300
    )Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    8,662,800
    
    
    
    8,662,800Balance at December 31, 2009
    
    $
    11,088,100
    
    
    $
    110,361,200
    
    
    $
    8,662,800
    
    
    $
    130,112,100
   19




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
STATEMENT OF CASH FLOWS
FOR THE PERIOD JANUARY 31, 2009 (date of formation) THROUGH
DECEMBER 31, 2009
 2009Cash flows from operating activities:Net loss
    
    $
    (10,423,300
    )Adjustments to reconcile net loss to net cash provided by operating activities:Depletion
    
    
    8,185,900Accretion of asset retirement obligation
    
    
    12,900Impairment of oil and gas properties
    
    
    14,889,500Non cash gain on derivative
    
    
    (295,600
    )Increase in accounts receivable-affiliate
    
    
    (8,479,500
    )Increase in accrued liabilities
    
    
    552,800Net cash provided by operating activities
    
    
    4,442,700Cash flows from investing activities:Oil and gas well drilling contracts paid to MGP
    
    
    (122,554,200
    )Net cash used in investing activities
    
    
    (122,554,200
    )Cash flows from financing activities:Initial capital contribution by MGP
    
    
    100Partners capital contributions
    
    
    122,554,200Net cash provided by financing activities
    
    
    122,554,300Net increase in cash and cash equivalents
    
    
    4,442,800Cash and cash equivalents at beginning of period
    
    
    Cash and cash equivalents at end of period
    
    $
    4,442,800Supplemental Schedule of non-cash investing and financing activities:Assets contributed by the managing general partner:Tangible equipment
    
    $
    8,150,500Lease costs
    
    
    1,167,800Syndication and offering costs
    
    
    14,064,800$
    23,383,100Asset retirement obligation
    
    $
    418,200
   20




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ATLAS RESOURCES PUBLIC 18-2009 (B) 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 (B) 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
  Concentration of Credit Risk
  Comprehensive Loss
  Working Interest
   22




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Oil and Gas Properties
  December 31,2009Oil and gas properties consist of the following at the date indicated:Proved properties:Leasehold interests
    
    $
    1,087,800Wells and related equipment
    
    
    128,395,300129,483,100Accumulated depletion
    
    
    (20,267,800
    )$
    109,215,300
   Asset Retirement Obligation
   23




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Environmental Matters
   Major Customers
  Income Taxes
  Recently Adopted Accounting Standards
   24




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
  
    
    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; 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 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
      26




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 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
    
    
    60
    %
    
    
    40
    %
 
 (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 which 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. 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 and all ordinary and actual costs of drilling,
testing and completing the wells.
 
    
    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 $1,167,800.
 
    
    Administrative costs which are included in general and administrative expenses in the
Partnerships Statement of Operations are payable at $75 per well, per month.
Administrative costs incurred in 2009 were $15,000.
 
    
    Monthly well supervision fees which are included in production expenses in the
Partnerships Statement of Operations are payable at $975 per well per month for the
Marcellus wells and $1,500 per well per month for New Albany 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 $188,200.
 
    
    Transportation fees which are included in production expenses in the Partnerships
Statement of Operations are generally payable at 13% of the natural gas sales price.
Transportation fees incurred in 2009 were $2,130,100.
 
    
    Direct costs which are included in production and general administrative expenses in the
Partnerships Statement of Operations are payable to the MGP and its affiliates as
reimbursement for all costs expended on the Partnerships behalf. Direct costs incurred in
2009 were $2,351,800.
    
    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 $23,383,100.
  27




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##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 5  COMMITMENTS
   NOTE 6  SUBORDINATION BY MANAGING GENERAL PARTNER
  NOTE 7  DERIVATIVE INSTRUMENTS
    28




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 7  DERIVATIVE INSTRUMENTS (Continued)
 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
    
    $
    5,260,100
    
    
    Current liabilities
    
    
    $
    (64,100
    )Long-term assets
    
    
    4,447,400
    
    
    Long-term liabilities
    
    
    
    (685,000
    )Total derivatives
    
    
    
    
    
    $
    9,707,500
    
    
    
    
    
    
    $
    (749,100
    )
 Effects of Derivative Instruments on Statement of Operations:
 Gain
    
    
    
    
    
    
    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
    
    $
    12,730,900
    
    
    Natural gas and oil revenue
    
    
    $
    4,068,100
    29




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##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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
    
    
    3,036,400
    
    
    $
    7.34
    
    
    $
    4,659,5002011
    
    
    1,576,000
    
    
    
    6.98
    
    
    
    1,417,2002012
    
    
    1,315,200
    
    
    
    7.22
    
    
    
    1,075,7002013
    
    
    758,800
    
    
    
    7.08
    
    
    
    304,600$
    7,457,000
 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
    
    
    213,200
    
    
    $
    7.84
    
    
    $
    518,6002010
    
    Calls sold
    
    
    213,200
    
    
    
    9.01
    
    
    
    2011
    
    Puts purchased
    
    
    955,900
    
    
    
    6.45
    
    
    
    602,1002011
    
    Calls sold
    
    
    955,900
    
    
    
    7.63
    
    
    
    2012
    
    Puts purchased
    
    
    478,400
    
    
    
    6.51
    
    
    
    224,3002012
    
    Calls sold
    
    
    478,400
    
    
    
    7.71
    
    
    
    2013
    
    Puts purchased
    
    
    440,900
    
    
    
    6.58
    
    
    
    134,8002013
    
    Calls sold
    
    
    440,900
    
    
    
    7.79
    
    
    
    $
    1,479,800
 Crude Oil Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (Bbl)(1)
    
    
    (per Bbl)(1)
    
    
    Asset(3)2010
    
    
    800
    
    
    $
    97.40
    
    
    $
    13,4002011
    
    
    700
    
    
    
    77.46
    
    
    
    2,4002012
    
    
    500
    
    
    
    76.86
    
    
    
    5002013
    
    
    200
    
    
    
    77.36
    
    
    
    100$
    16,400
  30




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 7  DERIVATIVE INSTRUMENTS (Continued)
 Crude Oil Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (Bbl)(1)
    
    
    (per Bbl)(1)
    
    
    Asset (Liability)(3)2010
    
    Puts purchased
    
    
    500
    
    
    $
    85.00
    
    
    $
    4,4002010
    
    Calls sold
    
    
    500
    
    
    
    112.92
    
    
    
    2011
    
    Puts purchased
    
    
    500
    
    
    
    67.22
    
    
    
    8002011
    
    Calls sold
    
    
    500
    
    
    
    89.44
    
    
    
    2012
    
    Puts purchased
    
    
    300
    
    
    
    65.51
    
    
    
    1002012
    
    Calls sold
    
    
    300
    
    
    
    91.45
    
    
    
    2013
    
    Puts purchased
    
    
    100
    
    
    
    65.36
    
    
    
    2013
    
    Calls sold
    
    
    100
    
    
    
    93.44
    
    
    
    (100
    )$
    5,200Total Net Asset
    
    
    $
    8,958,400
 
 (1)
    
    MMBTU represents million British Thermal Units. Bbl represents barrels.(2)
    
    Fair value based on forward NYMEX natural gas prices.(3)
    
    Fair value based on forward WTI crude oil prices. 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.
  31




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ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 8  FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
  December 31, 2009Level 2
    
    
    TotalCommodity-based derivatives
    
    $
    8,958,400
    
    
    $
    8,958,400Total
    
    $
    8,958,400
    
    
    $
    8,958,400
 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
    32




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ATLAS RESOURCES PUBLIC 18-2009 (B) 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
    
    
    418,200Accretion expense
    
    
    12,900Asset retirement obligation at end of period
    
    
    431,100
 NOTE 10  NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED)
 (1) Capitalized Costs Related to Oil and Gas Producing Activities
  December 31,2009Leasehold interest
    
    $
    1,087,800Wells and related equipment
    
    
    128,395,300Accumulated depletion
    
    
    (20,267,800
    )Net capitalized cost
    
    $
    109,215,300
 (2)

    Oil and Gas Reserve Information   33




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##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS  (Continued)
DECEMBER 31, 2009
 NOTE 10  NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED) (Continued)
    Natural Gas
    
    
    Oil(Mcf)
    
    
    (Bbls)Proved developed reserves:Beginning of period
    
    
    
    
    
    
    Extensions, discoveries and other additions
    
    
    50,254,800
    
    
    
    29,900Production
    
    
    (2,898,300
    )
    
    
    (1,300
    )Balance December 31, 2009
    
    
    47,356,500
    
    
    
    28,600
 
 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
   34




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##### Table of Contents



Managements Report on Internal Control over Financial Reporting
 Internal Control  Integrated
Framework
    
 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
  35




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##### Table of Contents




    
    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.
 Freddie M. Kotek
 Frank P. Carolas.
 Jeffrey C. Simmons.
  36




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##### Table of Contents



Jack L. Hollander.
 Sean P. McGrath
 Matthew A. Jones
 Audit Committee Financial Expert.
 Remuneration of Officers and Directors.
 Code of Business Conduct and Ethics. nd
  37




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##### Table of Contents



ITEM 11.
    
    EXECUTIVE COMPENSATION
  
 ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
  Organizational and Security Ownership of Beneficial Owners.
 
 ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
 Oil and Gas Revenues.
 Leases.
 Administrative Costs.
 Direct Costs.
 Drilling Contracts.
 Well Charges.
  38




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##### Table of Contents



Dealer-Manager Fees.
 Transportation Fees.
 Other Compensation.
 
 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.
  39




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##### Table of Contents



PART IV
 
 ITEM 15.
    
    EXHIBITS
 
 EXHIBIT INDEX
 Description
    
    Location4(a)
    
    Certificate of Limited Partnership for
Atlas Resources Public 18-2009 (B) 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 Public 18-2009 (B) L.P.
    
    Previously filed in
our Form S-1/A on
October 10, 20074(c)
    
    Drilling and Operating Agreement for Atlas
Resources Public 18-2009 (B) L.P.
    
    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-1A Registration Statement dated October 15, 2008, File No. 333-150925-02  40




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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 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
   41