|                                                                                                                                                                                    | **United                  States**                                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    | **Securities                  and Exchange Commission**                                                                                         |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    | **Washington,                  D.C. 20549**                                                                                                     |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    | **Form                  10 QSB**                                                                                                                |
|                                                                                                                                                                                    |                                                                                                                                            |
| (Mark                  One)                                                                                                                                                             |
|                                                                                                                                                                                    |                                                                                                                                            |
| **R**                                                                                                                                                                                   | **QUARTERLY                  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934** |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    | For                  the quarterly period ended September 30, 2007                                                                              |
|                                                                                                                                                                                    |                                                                                                                                            |
| o                                                                                                                                                                                       | **TRANSITION                  REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT                  OF                  1934**      |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    | For                  the transition period from _____ to _____                                                                                  |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    | Commission                  file number 0-51271                                                                                                 |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    | **ATLAS                  AMERICA SERIES 25-2004 (B) L.P.**                                                                                      |
|                                                                                                                                                                                    | (Name                  of small business issuer in its charter)                                                                                 |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    |                                                                                                                                            |
|                                                                                                                                                                                    |                                                                                                                                            |
| **Delaware**                                                                                                                                                                            | **34-1980376**                                                                                                                                  |
| (State                  or other jurisdiction ofincorporation                  or organization)                                                                                         | (I.R.S.                  EmployerIdentification                  No.)                                                                           |
|                                                                                                                                                                                    |                                                                                                                                            |
| Westpointe                  Corporate Center One                                                                                                                                        |                                                                                                                                            |
| 1550                  Coraopolis Heights Road, 2nd Floor                                                                                                                                |                                                                                                                                            |
| Moon                  Township, PA                                                                                                                                                      | 15108                                                                                                                                           |
| (Address                  of principal executive offices)                                                                                                                               | (zip                  code)                                                                                                                     |
|                                                                                                                                                                                    |                                                                                                                                            |
| Issuer’s                  telephone number, including area code: **(412)                  262-2830**                                                                              |
|                                                                                                                                                                                    |
| Indicate                  by check mark whether the registrant (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** ****R**                  No o                  |
|                                                                                                                                                                                    |
| Indicate                  by check mark whether the registrant is a shell company (as defined                  in                  Rule 12b-2 of the Exchange                           |
| Act).Yes                  o                  No **R**                                                                                                                                   |
|                                                                                                                                                                                    |
| Transitional                  Small Business Disclosure Format (check one): Yes o                  No **R**                                                                             |

**ATLAS        AMERICA SERIES 25-2004 (B) L.P.**

**(A        Delaware Limited Partnership)**

**INDEX        TO QUARTERLY REPORT**

**ON        FORM 10-QSB**

| **PART                  I.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | **FINANCIAL                  INFORMATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **PAGE** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
| Item                  1:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Financial                  Statements                                                                                                                                                         |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Balance                  Sheets as of September 30, 2007 and December 31,                  2006                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 3        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Statements                  of Net Earnings for the Three Months and Nine Months ended September                  30,                  2007and                  2006                                                                                                                                                                                                                                                                                                                                      | 4        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Statement                  of Partners’ Capital Accounts for the Nine Months ended September 30,                  2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 5        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Statements                  of Cash Flows for the Nine Months ended September 30, 2007 and                  2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 6        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Notes                  to Financial                  Statements                                                                                                                               | 7-13     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
| Item                  2:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Management’s                  Discussion and Analysis of Financial Condition or Plan of                  Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 13-17    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
| Item                  3:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Controls                  and                  Procedures                                                                                                                                     | 17       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
| **PART                  II.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | **OTHER                  INFORMATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
| Item                  6:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Exhibits                                                                                                                                                                                      | 17       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
| **SIGNATURES                                                                                                                                                   **     | 18     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |
| **CERTIFICATIONS                                                                                                                                                   ** | 19-22  |

**PART        I**

**ITEM        1.                        FINANCIAL        STATEMENTS**

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**BALANCE        SHEETS**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | **September                  30,** |       |   | **December                  31,** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|------------|--------|-----------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | **2007**                           |       |   | **2006**                          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | **(Unaudited)**                    |       |   | **(Audited)**                     |   |
| **ASSETS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                               |       |   |                              |   |
| Current                  assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                               |       |   |                              |   |
| Cash                  and cash                  equivalents                                                                                                                          |   | $                                  | 303,500    |   |                              | $      | — |   |
| Accounts                  receivable-affiliate                                                                                                                                       |   |                               | 1,041,200  |   |                              |   | 1,853,600 |   |
| Short-term                  hedge receivable due from                  affiliate                                                                                                     |   |                               | 333,100    |   |                              |   | 1,089,600 |   |
| Total                  current                  assets                                                                                                                                                                       |   |                               | 1,677,800  |   |                              |   | 2,943,200 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                               |       |   |                              |   |   |   |
| Oil                  and gas properties,                  net                                                                                                                        |   |                               | 17,907,000 |   |                              |   | 19,512,800 |   |
| Long-term                  hedge receivable due from                  affiliate                                                                                                      |   |                               | 178,100    |   |                              |   | 940,600 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                                  | 19,762,900 |   |                              | $      | 23,396,600 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                               |       |   |                              |   |   |   |
| **LIABILITIES                  AND PARTNERS’ CAPITAL**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                               |       |   |                              |   |   |   |
| Current                  liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                               |       |   |                              |   |   |   |
| Accrued                  liabilities                                                                                                                                                 |   | $                                  | 19,800     |   |                              | $      | 18,000 |   |
| Short-term                  hedge liability due to                  affiliate                                                                                                        |   |                               | 53,500     |   |                              |   | 6,800 |   |
| Total                  current                  liabilities                                                                                                                                                                  |   |                               | 73,300     |   |                              |   | 24,800 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                               |       |   |                              |   |   |   |
| Asset                  retirement                  obligation                                                                                                                        |   |                               | 1,534,200  |   |                              |   | 1,468,100 |   |
| Long-term                  hedge liability due to                  affiliate                                                                                                         |   |                               | 247,100    |   |                              |   | 151,300 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                               |       |   |                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                               |       |   |                              |   |   |   |
| Partners’                  capital:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                               |       |   |                              |   |   |   |
| Managing                  general                  partner                                                                                                                           |   |                               | 5,309,100  |   |                              |   | 6,037,800 |   |
| Limited                  partners (1,265.38                  units)                                                                                                                  |   |                               | 13,112,500 |   |                              |   | 15,304,200 |   |
| Accumulated                  other comprehensive (loss)                  income                                                                                                      |   |                               | (513,300   | )      |                              |   | 410,400 |   |
| Total                  partners'                  capital                                                                                                                                                                    |   |                               | 17,908,300 |   |                              |   | 21,752,400 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                                  | 19,762,900 |   |                              | $      | 23,396,600 |   |

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**STATEMENTS        OF NET EARNINGS**

**(Unaudited)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | **Three                  Months Ended** |      |   | **Nine                  Months Ended** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|-----------|--------|----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | **September                  30,**      |      |   | **September                  30,**     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | **2007**                                |      |   | **2006**                               |   |   | **2007** |   |   | **2006** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                    |      |   |                                   |   |   |   |   |   |   |   |
| **REVENUES:**                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                    |      |   |                                   |   |   |   |   |   |   |   |
| Natural                  gas and                  oil                                                                       |   | $                                       | 1,141,900 |   |                                   | $      | 2,077,000 |   |   | $ | 3,425,000 |   |   | $ | 7,172,600 |   |
| Total                  revenues                                                                                                                                     |   |                                    | 1,141,900 |   |                                   |   | 2,077,000 |   |   |   | 3,425,000 |   |   |   | 7,172,600 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                    |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| **COSTS                  AND EXPENSES:**                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                    |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Production                                                                                                                  |   |                                    | 353,300   |   |                                   |   | 445,900 |   |   |   | 1,047,500 |   |   |   | 1,341,800 |   |
| Depletion                                                                                                                   |   |                                    | 531,400   |   |                                   |   | 973,700 |   |   |   | 1,641,500 |   |   |   | 3,124,100 |   |
| Accretion                  of asset retirement obligation                                                                                                                                                                                                                                                                                                                                                                                              |   |                                    | 22,100    |   |                                   |   | 15,800 |   |   |   | 66,100 |   |   |   | 47,500 |   |
| General                  and                  administrative                                                                |   |                                    | 67,500    |   |                                   |   | 39,300 |   |   |   | 154,900 |   |   |   | 126,600 |   |
| Total                  expenses                                                                                                                                     |   |                                    | 974,300   |   |                                   |   | 1,474,700 |   |   |   | 2,910,000 |   |   |   | 4,640,000 |   |
| **Net                  earnings                                                               **                            |   | $                                       | 167,600   |   |                                   | $      | 602,300 |   |   | $ | 515,000 |   |   | $ | 2,532,600 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                    |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| **Allocation                  of net earnings:**                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                    |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Managing                  general                  partner                                                                  |   | $                                       | 145,600   |   |                                   | $      | 309,600 |   |   | $ | 450,500 |   |   | $ | 1,356,000 |   |
| Limited                  partners                                                                                           |   | $                                       | 22,000    |   |                                   | $      | 292,700 |   |   | $ | 64,500 |   |   | $ | 1,176,600 |   |
| Net                  earnings per limited partnership unit                                                                                                                                                                                                                                                                                                                                                                                             |   | $                                       | 17        |   |                                   | $      | 231 |   |   | $ | 51 |   |   | $ | 930 |   |

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**STATEMENT        OF PARTNERS’ CAPITAL ACCOUNTS**

**FOR        THE NINE MONTHS ENDED**

**September        30, 2007**

**(Unaudited)**

|                                                                                                                                                                                                                                                                                                                                                                                                              |   |         |       |   |         |   |       | **Accumulated**                    |   |   |      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------|--------------|--------|------------|------------------------------------|--------|--------|-----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | **Managing** |       |   |         |   |       | **Other**                          |   |   |      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | **General**  |       |   | **Limited**  |   |       | **Comprehensive**                  |   |   |      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | **Partner**  |       |   | **Partners** |   |       | **Income                  (Loss)** |   |   | **Total** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   |         |       |   |         |   |       |                               |   |   |      |   |
| **Balance                  at January 1, 2007**                                                                                                                                                                                                                                                                                                                                                                   |   | $            | 6,037,800  |   |         | $      | 15,304,200 |                               |   | $      | 410,400   |   |   | $ | 21,752,400 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   |         |       |   |         |   |       |                               |   |   |      |   |   |   |   |   |
| Participation                  in revenues and expenses:                                                                                                                                                                                                                                                                                                                                                          |   |         |       |   |         |   |       |                               |   |   |      |   |   |   |   |   |
| Net                  production                  revenues                                                                                          |   |         | 832,100    |   |         |   | 1,545,400  |                               |   |   | —   |   |   |   | 2,377,500 |   |
| Depletion                                                                                                                                          |   |         | (304,300   | )      |         |   | (1,337,200 | )                                  |   |   | —   |   |   |   | (1,641,500 | ) |
| Accretion                  of asset retirement obligation                                                                                                                                                                                                                                                                                                                                                         |   |         | (23,100    | )      |         |   | (43,000    | )                                  |   |   | —   |   |   |   | (66,100 | ) |
| General                  and                  administrative                                                                                       |   |         | (54,200    | )      |         |   | (100,700   | )                                  |   |   | —   |   |   |   | (154,900 | ) |
| Net                  earnings                                                                                                                                          |   |         | 450,500    |   |         |   | 64,500     |                               |   |   | —   |   |   |   | 515,000 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   |         |       |   |         |   |       |                               |   |   |      |   |   |   |   |   |
| Other                  comprehensive                  loss                                                           |   |         | —    |   |         |   | —    |                               |   |   | (923,700  | )      |   |   | (923,700 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   |         |       |   |         |   |       |                               |   |   |      |   |   |   |   |   |
| MGP                  adjusted asset contribution                                                                                                                                                                                                                                                                                                                                                                  |   |         | 35,700     |   |         |   | —    |                               |   |   | —   |   |   |   | 35,700 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   |         |       |   |         |   |       |                               |   |   |      |   |   |   |   |   |
| Distributions                  to                  partners                                                          |   |         | (1,214,900 | )      |         |   | (2,256,200 | )                                  |   |   | —   |   |   |   | (3,471,100 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   |         |       |   |         |   |       |                               |   |   |      |   |   |   |   |   |
| **Balance                  at September 30, 2007**                                                                                                                                                                                                                                                                                                                                                                |   | $            | 5,309,100  |   |         | $      | 13,112,500 |                               |   | $      | (513,300  | )      |   | $ | 17,908,300 |   |

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**STATEMENTS        OF CASH FLOWS**

**(Unaudited)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | **Nine                  Months Ended** |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | **September                  30,**     |       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | **2007**                               |       |   | **2006** |   |
| **Cash                  flows from operating activities:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   |       |   |   |   |
| Net                  earnings                                                                                                                                                           |   | $                                      | 515,000    |   |   | $ | 2,532,600 |   |
| Adjustments                  to reconcile net earnings to net cash provided by operating                  activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |       |   |   |   |   |   |
| Depletion                                                                                                                                                                                                        |   |                                   | 1,641,500  |   |   |   | 3,124,100 |   |
| Non-cash                  loss on derivative                  value                                                                                                                                              |   |                                   | 737,800    |   |   |   | — |   |
| Accretion                  of asset retirement                  obligation                                                                                                                                       |   |                                   | 66,100     |   |   |   | 47,500 |   |
| Decrease                  in accounts receivable –                  affiliate                                                                                                                              |   |                                   | 812,400    |   |   |   | 2,544,400 |   |
| Increase                  (decrease) in accrued                  liabilities                                                                                                                                     |   |                                   | 1,800      |   |   |   | (8,200 | ) |
| Net                  cash provided by operating                  activities                                                                                                             |   |                                   | 3,774,600  |   |   |   | 8,240,400 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                   |       |   |   |   |   |   |
| **Cash                  flows from investing activities:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   |       |   |   |   |   |   |
| Proceeds                  from sale of tangible                  equipment                                                                                                              |   |                                   | —    |   |   |   | 13,100 |   |
| Purchase                  of tangible                  equipment                                                                                                                        |   |                                   | —    |   |   |   | (1,800 | ) |
| Net                  cash provided by investing                  activities                                                                                                             |   |                                   | —    |   |   |   | 11,300 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                   |       |   |   |   |   |   |
| **Cash                  flows from financing activities:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   |       |   |   |   |   |   |
| Distributions                  to                  partners                                                                                                                             |   |                                   | (3,471,100 | ) |   |   | (7,691,400 | ) |
| Net                  cash used in financing                  activities                                                                                                                 |   |                                   | (3,471,100 | ) |   |   | (7,691,400 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                   |       |   |   |   |   |   |
| Net                  increase in cash and cash                  equivalents                                                                                                             |   |                                   | 303,500    |   |   |   | 560,300 |   |
| Cash                  and cash equivalents at beginning of                  period                                                                                                      |   |                                   | —    |   |   |   | 1,400 |   |
| Cash                  and cash equivalents at end of                  period                                                                                                            |   | $                                      | 303,500    |   |   | $ | 561,700 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                   |       |   |   |   |   |   |
| **Supplemental                  Schedule of Non-cash Investing and Financing                  Activities:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                   |       |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                   |       |   |   |   |   |   |
| Assets                  contributed and received by managing general partner:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |       |   |   |   |   |   |
| Tangible                  equipment included in oil & gas                  properties                                                                                                              |   | $                                      | 6,700      |   |   | $ | (155,100 | ) |
| Leasehold                  costs included in oil and gas                  properties                                                                                                                   |   |                                   | (2,800     | ) |   |   | — |   |
| Intangible                  drilling costs included in oil & gas properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                   | 31,800     |   |   |   | 501,300 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                                      | 35,700     |   |   | $ | 346,200 |   |

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**NOTES        TO FINANCIAL STATEMENTS**

**September        30, 2007**

**(Unaudited)**

**NOTE        1 - DESCRIPTION        OF BUSINESS**

**NOTE        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Use        of Estimates**

**Receivables**

**Revenue        Recognition**

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**NOTES        TO FINANCIAL STATEMENTS (Continued)**

**September        30, 2007**

**(Unaudited)**

**NOTE        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**

**Asset        Retirement Obligation**

*Accounting for Asset Retirement        Obligations*
*, Accounting for Conditional Asset Retirement        Obligations.*

|                                                                                                                                                                                                                                                                                                                                                                                                                               |   | **Three                  Months Ended** |      |   | **Nine                  Months Ended** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|-----------|--------|----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                               |   | **September                  30,**      |      |   | **September                  30,**     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                               |   | **2007**                                |      |   | **2006**                               |   |   | **2007** |   |   | **2006** |   |
| Asset                  retirement obligation at beginning of period                                                                                                                                                                                                                                                                                                                                                                |   | $                                       | 1,512,100 |   |                                   | $      | 1,474,000 |   |   | $ | 1,468,100 |   |   | $ | 1,442,300 |   |
| Accretion                  expense                                                                 |   |                                    | 22,100    |   |                                   |   | 15,800 |   |   |   | 66,100 |   |   |   | 47,500 |   |
| Asset                  retirement obligation at end of period                                                                                                                                                                                                                                                                                                                                                                      |   | $                                       | 1,534,200 |   |                                   | $      | 1,489,800 |   |   | $ | 1,534,200 |   |   | $ | 1,489,800 |   |

**Property        and Equipment**

| Oil                  and gas properties consist of the following at the dates                  indicated:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | **September                  30,** |        |   | **December                  31,** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|-------------|--------|-----------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | **2007**                           |        |   | **2006**                          |   |
| Mineral                  interest in properties:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                               |        |   |                              |   |
| Proved                  properties                                                                                                                                                                                   |   | $                                  | 920,400     |   |                              | $      | 923,200 |   |
| Wells                  and related                  equipment                                                                                                                                                        |   |                               | 28,304,900  |   |                              |   | 28,266,400 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                               | 29,225,300  |   |                              |   | 29,189,600 |   |
| Accumulated                  depletion of oil and gas                  properties                                                                                                 |   |                               | (11,318,300 | )      |                              |   | (9,676,800 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                                  | 17,907,000  |   |                              | $      | 19,512,800 |   |

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**NOTES        TO FINANCIAL STATEMENTS (Continued)**

**September        30, 2007**

**(Unaudited)**

**NOTE        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**

**Recently        Issued Financial Accounting Standards**

*Offsetting of Amounts Related to Certain Contracts*

*The Fair Value Option for Financial        Assets and Financial Liabilities.  *

*Fair Value        Measurement.  *

**NOTE        3 -        TRANSACTIONS WITH ATLAS RESOURCES, LLC AND ITS AFFILIATES**

| ·   | Administrative                  costs which are included in general and administrative expenses                  in the                  Partnership’s Statements of Net Earnings are payable at $75 per well per                  month.  Administrative costs incurred for the three months and                  nine months ended September 30, 2007 were $32,200 and $96,200,                  respectively.  Administrative costs incurred for the three                  months and nine months ended September 30, 2006 were $33,400 and                  $99,400,                  respectively. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Monthly                  well supervision fees which are included in production expenses                  in the                  Partnership’s Statements of Net Earnings are currently payable at $301 per                  well per month for operating and maintaining the wells.  Well                  supervision fees incurred for the three months and nine months                  ended                  September 30, 2007 were $128,000 and $382,400,                  respectively.  Well supervision fees incurred for the three                  months and nine months ended September 30, 2006 were $133,800 and                  $379,400, respectively. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**NOTES        TO FINANCIAL STATEMENTS (Continued)**

**September        30, 2007**

**(Unaudited)**

**NOTE        3 -        TRANSACTIONS WITH ATLAS RESOURCES, LLC AND ITS AFFILIATES        (Continued)**

| ·   | Transportation                  fees which are included in production expenses in the Partnership’s                  Statements of Net Earnings are payable at rates ranging from $.29-$.35                  per                  one thousand cubic feet ("Mcf") to 13% of the natural gas sales                  price.  Transportation fees incurred for the three months and                  nine months ended September 30, 2007 were $146,900 and $453,400,                  respectively.  Transportation fees incurred for the three months                  and nine months ended September 30, 2006 were $180,000 and $615,500,                  respectively. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Assets                  contributed and received by the MGP which are disclosed on the                  Partnership's Statements of Cash Flows as a non-cash investing                  activity                  for the nine months ended September 30, 2007 and 2006 were $35,700                  and                  $346,200, respectively. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Subordination        by Managing General Partner**

**NOTE        4 – COMPREHENSIVE INCOME**

|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | **Three                  Months Ended** |    |   | **Nine                  Months Ended** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------|--------|----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | **September                  30,**      |    |   | **September                  30,**     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | **2007**                                |    |   | **2006**                               |   |   | **2007** |   |   | **2006** |   |
| Net                  earnings                                                                                             |   | $                                       | 167,600 |   |                                   | $      | 602,300 |   |   | $ | 515,000 |   |   | $ | 2,532,600 |   |
| Other                  comprehensive (loss) income:                                                                                                                                                                                                                                                                                                                                                                                   |   |                                    |    |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized                  holding gain (loss) on hedging contracts                                                                                                                                                                                                                                                                                                                                                                  |   |                                    | 236,300 |   |                                   |   | 1,719,500 |   |   |   | (1,214,300 | ) |   |   | 2,881,900 |   |
| Less:                  reclassification adjustment for gains realized in net                  earnings                                                                                                                                                                                                                                                                                                                                |   |                                    | 102,000 |   |                                   |   | (219,600 | ) |   |   | 290,600 |   |   |   | (579,600 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                    | 338,300 |   |                                   |   | 1,499,900 |   |   |   | (923,700 | ) |   |   | 2,302,300 |   |
| Comprehensive                  income                  (loss)                                                             |   | $                                       | 505,900 |   |                                   | $      | 2,102,200 |   |   | $ | (408,700 | ) |   | $ | 4,834,900 |   |

**NOTE        5 – DERIVATIVE INSTRUMENTS**

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**NOTES        TO FINANCIAL STATEMENTS (Continued)**

**September        30, 2007**

**(Unaudited)**

**NOTE        5 – DERIVATIVE INSTRUMENTS (Continued)**

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**NOTES        TO FINANCIAL STATEMENTS (Continued)**

**September        30, 2007**

**(Unaudited)**

**NOTE        5 – DERIVATIVE INSTRUMENTS (Continued)**

| **Fixed                  Price Swaps** |                               |   |                             |    |   |                             |                             |   |                            |       |
|----------------------------------------|------------------------------------|--------|----------------------------------|---------|--------|----------------------------------|----------------------------------|--------|---------------------------------|------------|
|                                   |                               |   |                             |    |   |                             |                             |   | **Fair                  Value** |       |
|                                   | **Twelve                  Month**  |   | **Volumes**                      |    |   | **Average**                      |                             |   | **Asset**                       |       |
|                                   | **Period                  Ending** |   | **(per                  MMBTU)** |    |   | **Fixed                  Price** |                             |   | **(Liability)**                 |       |
|                                   | **September                  30,** |   | ** **                       | **(1)** |   |                             | **(per                  MMBTU)** |   |                            | ** ** | **(2)** |   |
|                                   |                               |   |                             |    |   |                             |                             |   |                            |       |   |   |
|                                   | 2008                               |   |                             | 353,900 |   |                             | $                                | 8.69   |                            |       | $ | 265,700 |   |
|                                   | 2009                               |   |                             | 344,800 |   |                             | $                                | 8.41   |                            |       |   | 53,300 |   |
|                                   | 2010                               |   |                             | 232,500 |   |                             | $                                | 7.87   |                            |       |   | (63,600 | ) |
|                                   | 2011                               |   |                             | 127,300 |   |                             | $                                | 7.46   |                            |       |   | (53,500 | ) |
|                                   | 2012                               |   |                             | 26,100  |   |                             | $                                | 7.37   |                            |       |   | (11,300 | ) |
|                                   |                               |   |                             |    |   |                             |                             |   |                            |       | $ | 190,600 |   |

| **Costless                  Collars** |                               |                            |   |                             |    |   |                                 |                             |   |                            |       |
|---------------------------------------|------------------------------------|---------------------------------|--------|----------------------------------|---------|--------|--------------------------------------|----------------------------------|--------|---------------------------------|------------|
|                                  |                               |                            |   |                             |    |   |                                 |                             |   | **Fair                  Value** |       |
|                                  | **Twelve                  Month**  |                            |   | **Volumes**                      |    |   | **Average**                          |                             |   | **Asset**                       |       |
|                                  | **Period                  Ending** | **Option**                      |   | **(per                  MMBTU)** |    |   | **Floor                  & Cap** |                             |   | **(Liability)**                 |       |
|                                  | **September                  30,** | **Type**                        |   | ** **                       | **(1)** |   |                                 | **(per                  MMBTU)** |   |                            | ** ** | **(2)** |   |
|                                  |                               |                            |   |                             |    |   |                                 |                             |   |                            |       |   |   |
|                                  | 2008                               | Puts                  purchased |   |                             | 9,800   |   |                                 | $                                | 7.50   |                            |       | $ | 6,800 |   |
|                                  | 2008                               | Calls                  sold     |   |                             | 9,800   |   |                                 | $                                | 8.60   |                            |       |   | — |   |
|                                  | 2008                               | Puts                  purchased |   |                             | 25,400  |   |                                 | $                                | 7.50   |                            |       |   | 7,100 |   |
|                                  | 2008                               | Calls                  sold     |   |                             | 25,400  |   |                                 | $                                | 9.40   |                            |       |   | — |   |
|                                  | 2009                               | Puts                  purchased |   |                             | 8,500   |   |                                 | $                                | 7.50   |                            |       |   | — |   |
|                                  | 2009                               | Calls                  sold     |   |                             | 8,500   |   |                                 | $                                | 9.40   |                            |       |   | (700 | ) |
|                                  | 2010                               | Puts                  purchased |   |                             | 47,000  |   |                                 | $                                | 7.75   |                            |       |   | 3,100 |   |
|                                  | 2010                               | Calls                  sold     |   |                             | 47,000  |   |                                 | $                                | 8.75   |                            |       |   | — |   |
|                                  | 2011                               | Puts                  purchased |   |                             | 15,700  |   |                                 | $                                | 7.75   |                            |       |   | (100 | ) |
|                                  | 2011                               | Calls                  sold     |   |                             | 15,700  |   |                                 | $                                | 8.75   |                            |       |   | — |   |
|                                  | 2011                               | Puts                  purchased |   |                             | 117,500 |   |                                 | $                                | 7.50   |                            |       |   | 5,200 |   |
|                                  | 2011                               | Calls                  sold     |   |                             | 117,500 |   |                                 | $                                | 8.45   |                            |       |   | — |   |
|                                  | 2012                               | Puts                  purchased |   |                             | 39,200  |   |                                 | $                                | 7.50   |                            |       |   | — |   |
|                                  | 2012                               | Calls                  sold     |   |                             | 39,200  |   |                                 | $                                | 8.45   |                            |       |   | (500 | ) |
|                                  | 2012                               | Puts                  purchased |   |                             | 141,000 |   |                                 | $                                | 7.50   |                            |       |   | — |   |
|                                  | 2012                               | Calls                  sold     |   |                             | 141,000 |   |                                 | $                                | 8.45   |                            |       |   | (500 | ) |
|                                  | 2013                               | Puts                  purchased |   |                             | 47,000  |   |                                 | $                                | 7.00   |                            |       |   | — |   |
|                                  | 2013                               | Calls                  sold     |   |                             | 47,000  |   |                                 | $                                | 8.37   |                            |       |   | (400 | ) |
|                                  |                               |                            |   |                             |    |   |                                 |                             |   |                            |       | $ | 20,000 |   |
|                                  |                               |                            |   |                             |    |   |                                 |                             |   |                            |       |   |   |   |
|                                  |                               |                            |   |                             |    |   |                                 | Net                  Asset       |   |                            | $          | 210,600 |   |

| (1)   | MMBTU                  represents million British Thermal                  Units. |
|-----------------|-----------------------------------------------------------------------------------|

| (2)   | Fair                  value based on forward NYMEX natural gas                  prices. |
|-----------------|-----------------------------------------------------------------------------------------|

**ATLAS        AMERICA SERIES 25-2004(B) L.P.**

**NOTES        TO FINANCIAL STATEMENTS (Continued)**

**September        30, 2007**

**(Unaudited)**

**NOTE        5 – DERIVATIVE INSTRUMENTS (Continued)**

|                                                                                                                                                                                                                                                                                                            |   | **September                  30, 2007** |     |   | **December                  31, 2006** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|----------|--------|----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                            |   | **Book                  Value**         |     |   | **Fair                  Value**        |   |   | **Book                  Value** |   |   | **Fair                  Value** |   |
| Assets                                                                                                                                                                                                                                                                                                          |   |                                    |     |   |                                   |   |   |   |   |   |   |   |
| Derivative                  instruments                                             |   | $                                       | 511,200  |   |                                   | $      | 511,200 |   |   | $ | 2,030,200 |   |   | $ | 2,030,200 |   |
|                                                                                                                                                                                                                                                                                                            |   | $                                       | 511,200  |   |                                   | $      | 511,200 |   |   | $ | 2,030,200 |   |   | $ | 2,030,200 |   |
| Liabilities                                                                                                                                                                                                                                                                                                     |   |                                    |     |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Derivative                  instruments                                             |   | $                                       | (300,600 | )      |                                   | $      | (300,600 | ) |   | $ | (158,100 | ) |   | $ | (158,100 | ) |
|                                                                                                                                                                                                                                                                                                            |   | $                                       | 210,600  |   |                                   | $      | 210,600 |   |   | $ | 1,872,100 |   |   | $ | 1,872,100 |   |

**ITEM        2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR        PLAN OF OPERATIONS (UNAUDITED)**

**Forward-Looking        Statements**

*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.*

**General**

**Results        of Operations**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | **Three                  Months Ended** |   |   | **Nine                  Months Ended** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|--------|----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | **September                  30,**      |   |   | **September                  30,**     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | **2007**                                |   |   | **2006**                               |   |   | **2007** |   |   | **2006** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |   |   |                                   |   |   |   |   |   |   |   |
| Production                  revenues (in thousands):                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |   |   |                                   |   |   |   |   |   |   |   |
| Gas                                                                                                                                      |   | $                                       | 1,052  |   |                                   | $      | 1,929 |   |   | $ | 3,209 |   |   | $ | 6,819 |   |
| Oil                                                                                                                                      |   | $                                       | 90     |   |                                   | $      | 148 |   |   | $ | 216 |   |   | $ | 354 |   |
| Total                                                                                                                                    |   | $                                       | 1,142  |   |                                   | $      | 2,077 |   |   | $ | 3,425 |   |   | $ | 7,173 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Production                  volumes:                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Gas                  (mcf/day)                  (2)                                                                                      |   |                                    | 1,509  |   |                                   |   | 2,451 |   |   |   | 1,590 |   |   |   | 2,599 |   |
| Oil                  (bbls/day)                  (2)                                                                                     |   |                                    | 15     |   |                                   |   | 25 |   |   |   | 13 |   |   |   | 21 |   |
| Total                  (mcfe/day)                  (2)                                                                                   |   |                                    | 1,599  |   |                                   |   | 2,601 |   |   |   | 1,668 |   |   |   | 2,725 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Average                  sales prices:                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Gas                  (per mcf) (1)                  (2)                                                                                  |   | $                                       | 7.58   |   |                                   | $      | 8.56 |   |   | $ | 7.39 |   |   | $ | 9.61 |   |
| Oil                  (per bbl)                  (2)                                                                                      |   | $                                       | 65.39  |   |                                   | $      | 64.92 |   |   | $ | 60.11 |   |   | $ | 62.86 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Average                  production costs:                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| As                  a percent of                  sales                                                                                  |   |                                    | 31     | %      |                                   |   | 21 | % |   |   | 31 | % |   |   | 19 | % |
| Per                  mcfe                  (2)                                                                                           |   | $                                       | 2.40   |   |                                   | $      | 1.87 |   |   | $ | 2.30 |   |   | $ | 1.81 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Depletion                  per                  mcfe                                                                 |   | $                                       | 3.61   |   |                                   | $      | 4.07 |   |   | $ | 3.60 |   |   | $ | 4.20 |   |

| (1)   | The                  average sales price per mcf before the effects of hedging was $8.31                  and                  $7.58 for the three months ended September 30, 2007 and 2006,                  respectively; and $8.06 and $8.73 for the nine months ended September                  30,                  2007 and 2006, respectively. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | “Mcf”                  means thousand cubic feet, “mcfe” means thousand cubic feet equivalent and                  “bbls” means barrels.  Bbls are converted to mcfe using the                  ratio of six mcfs to one bbl. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Natural        Gas Revenues**

**Oil        Revenues**

**Expenses.  **

**Liquidity        and Capital Resources**

**Critical        Accounting Policies**

**Subordination        by Managing General Partner**

**Recently        Issued Financial Accounting Standards**

*Offsetting        of Amounts Related to Certain Contracts*

*The Fair Value Option for Financial Assets and Financial        Liabilities*

*Fair Value *
*Measurement*

**ITEM        3.  CONTROLS AND PROCEDURES**

**PART        II.  OTHER INFORMATION**

**ITEM        6.  Exhibits**

**EXHIBIT        INDEX**

| **Exhibit                  No.** |   | **Description**                                                                                                                                                           |
|----------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |   |                                                                                                                                                                      |
| 31.1                             |   | Certification                  Pursuant to Rule 13a-14/15(d)-14                                                                                                           |
| 31.2                             |   | Certification                  Pursuant to Rule 13a-14/15(d)-14                                                                                                           |
| 32.1                             |   | Certification                  Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section                  906 of                  the Sarbanes-Oxley Act of 2002 |
| 32.2                             |   | Certification                  Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section                  906 of                  the Sarbanes-Oxley Act of 2002 |

**SIGNATURES**

| Pursuant                  to the requirements of the Securities of the Exchange Act of 1934,                  the                  registrant has duly caused this report to be signed on its behalf                  by the                  undersigned, thereunto duly authorized. |
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| Atlas                  America Series 25-2004 (B) L.P.                                                                                                                                                                                                                                |
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|                                                                                                                                                                                                                                                                                  |   | Atlas                  Resources, LLC, Managing General Partner |
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| Date:  November                  9, 2007                                                                                                                                                                                                                                    |   | By:/s/                  Freddie M. Kotek |
|                                                                                                                                                                                                                                                                                  |   | Freddie                  M. Kotek, Chairman of the Board of Directors, Chief Executive                  Officer |
|                                                                                                                                                                                                                                                                                  |   | and                  President |
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| 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.                          |
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| Date:  November                  9, 2007                                                                                                                                                                                                                                    |   | By:/s/                  Freddie M. Kotek |
|                                                                                                                                                                                                                                                                                  |   | Freddie                  M. Kotek, Chairman of the Board of Directors, Chief                  Executive |
|                                                                                                                                                                                                                                                                                  |   | Officer                  and President |
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| Date:  November                  9, 2007                                                                                                                                                                                                                                    |   | By:/s/                  Matthew A. Jones |
|                                                                                                                                                                                                                                                                                  |   | Matthew                  A. Jones, Chief Financial Officer |
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| Date:  November                  9, 2007                                                                                                                                                                                                                                    |   | By:/s/                  Nancy J. McGurk |
|                                                                                                                                                                                                                                                                                  |   | Nancy                  J. McGurk, Vice President, Chief Accounting Officer |
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