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United States
Securities and Exchange Commission
 Washington, D.C. 20549
 Form 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 000-51271
 ATLAS AMERICA SERIES 25-2004 (B) L.P.
  Delaware
    
    34-1980376(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)Westpointe Corporate Center One1550 Coraopolis Heights Rd. 2nd FloorMoon Township, PA
    
    15108(Address of principal executive offices)
    
    (zip code)
 (412) 262-2830
 þ o
 Yes o No þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ
 o þ




---



##### 



ATLAS AMERICA SERIES 25-2004(B) L.P.
(A Delaware Limited Partnership)
INDEX TO QUARTERLY REPORT
ON FORM 10-Q
 PAGEPART I. FINANCIAL INFORMATIONItem 1: Financial StatementsBalance Sheets as of March 31, 2010 and December 31, 2009
    
    
    3Statements of Operations for the Three Months ended March 31, 2010 and 2009
    
    
    4Statement of Changes in Partners Capital for the Three Months ended March 31, 2010
    
    
    5Statements of Cash Flows for the Three Months ended March 31, 2010 and 2009
    
    
    6Notes to Financial Statements
    
    
    7-16Item 2:
Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    16-19Item 4: Controls and Procedures
    
    
    19PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    20Item 6: Exhibits
    
    
    20SIGNATURES
    
    
    21CERTIFICATIONSExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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ATLAS AMERICA SERIES 25-2004(B) L.P.
 
 BALANCE SHEETS
 March 31,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    119,500
    
    
    $
    116,400Accounts receivable-affiliate
    
    
    407,100
    
    
    
    438,400Short-term hedge receivable due from affiliate
    
    
    608,500
    
    
    
    375,200Total current assets
    
    
    1,135,100
    
    
    
    930,000Oil and gas properties, net
    
    
    10,982,200
    
    
    
    11,240,000Long-term hedge receivable due from affiliate
    
    
    551,900
    
    
    
    308,500$
    12,669,200
    
    
    $
    12,478,500LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    28,600
    
    
    $
    36,100Short-term hedge liability due to affiliate
    
    
    3,700
    
    
    
    4,500Total current liabilities
    
    
    32,300
    
    
    
    40,600Asset retirement obligation
    
    
    1,746,900
    
    
    
    1,721,100Long-term hedge liability due to affiliate
    
    
    113,700
    
    
    
    47,300Partners capital:Managing general partner
    
    
    3,302,200
    
    
    
    3,343,600Limited partners (1,265.38 units)
    
    
    6,565,800
    
    
    
    6,811,100Accumulated other comprehensive income
    
    
    908,300
    
    
    
    514,800Total partners capital
    
    
    10,776,300
    
    
    
    10,669,500$
    12,669,200
    
    
    $
    12,478,500
   3




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ATLAS AMERICA SERIES 25-2004(B) L.P.
 
 STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009REVENUESNatural gas and oil
    
    $
    567,800
    
    
    $
    862,800Total revenues
    
    
    567,800
    
    
    
    862,800COSTS AND EXPENSESProduction
    
    
    241,500
    
    
    
    292,200Depletion
    
    
    259,000
    
    
    
    258,800Accretion of asset retirement obligation
    
    
    25,800
    
    
    
    22,700General and administrative
    
    
    43,000
    
    
    
    42,800Total expenses
    
    
    569,300
    
    
    
    616,500Net (loss) earnings
    
    $
    (1,500
    )
    
    $
    246,300Allocation of net (loss) earnings:Managing general partner
    
    $
    37,300
    
    
    $
    124,500Limited partners
    
    $
    (38,800
    )
    
    $
    121,800Net (loss) earnings per limited partnership unit
    
    $
    (31
    )
    
    $
    96
   4




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ATLAS AMERICA SERIES 25-2004(B) L.P.
 
 STATEMENT OF CHANGES IN PARTNERS CAPITAL
FOR THE THREE MONTHS ENDED
March 31, 2010
(Unaudited)
 AccumulatedManaging
    
    
    
    
    
    
    OtherGeneral
    
    
    Limited
    
    
    ComprehensivePartner
    
    
    Partners
    
    
    Income
    
    
    TotalBalance at January 1, 2010
    
    $
    3,343,600
    
    
    $
    6,811,100
    
    
    $
    514,800
    
    
    $
    10,669,500Participation in revenues and expenses:Net production revenues
    
    
    114,200
    
    
    
    212,100
    
    
    
    
    
    
    
    326,300Depletion
    
    
    (52,800
    )
    
    
    (206,200
    )
    
    
    
    
    
    
    (259,000
    )Accretion of asset retirement obligation
    
    
    (9,000
    )
    
    
    (16,800
    )
    
    
    
    
    
    
    (25,800
    )General and administrative
    
    
    (15,100
    )
    
    
    (27,900
    )
    
    
    
    
    
    
    (43,000
    )Net earnings (loss)
    
    
    37,300
    
    
    
    (38,800
    )
    
    
    
    
    
    
    (1,500
    )Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    393,500
    
    
    
    393,500Assets contributed by MGP
    
    
    1,200
    
    
    
    
    
    
    
    
    
    
    
    1,200Distributions to partners
    
    
    (79,900
    )
    
    
    (206,500
    )
    
    
    
    
    
    
    (286,400
    )Balance at March 31, 2010
    
    $
    3,302,200
    
    
    $
    6,565,800
    
    
    $
    908,300
    
    
    $
    10,776,300
   5




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ATLAS AMERICA SERIES 25-2004(B) L.P.
 
 STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009Cash flows from operating activities:Net (loss) earnings
    
    $
    (1,500
    )
    
    $
    246,300Adjustments to reconcile net (loss) earnings to net cash provided by
operating activities:Depletion
    
    
    259,000
    
    
    
    258,800Non-cash gain on derivative value
    
    
    (17,600
    )
    
    
    (4,600
    )Accretion of asset retirement obligation
    
    
    25,800
    
    
    
    22,700Decrease in
accounts receivable  affiliate
    
    
    31,300
    
    
    
    171,000Decrease in accrued liabilities
    
    
    (7,500
    )
    
    
    (9,900
    )Net cash provided by operating activities
    
    
    289,500
    
    
    
    684,300Cash flows from financing activities:Distributions to partners
    
    
    (286,400
    )
    
    
    (732,000
    )Net cash used in financing activities
    
    
    (286,400
    )
    
    
    (732,000
    )Net increase (decrease) in cash and cash equivalents
    
    
    3,100
    
    
    
    (47,700
    )Cash and cash equivalents at beginning of period
    
    
    116,400
    
    
    
    265,100Cash and cash equivalents at end of period
    
    $
    119,500
    
    
    $
    217,400Supplemental schedule of non-cash investing and financing activities:Assets contributed by managing general partner:Tangible equipment
    
    $
    1,200
    
    
    $
    $
    1,200
    
    
    $
    
   6




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ATLAS AMERICA SERIES 25-2004(B) L.P.
 
 NOTES TO FINANCIAL STATEMENTS
March 31, 2010
(Unaudited)
 NOTE 1  DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
    NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
  Use of Estimates
    7




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Accounts Receivable and Allowance for Possible Losses
  Revenue Recognition
   Impairment of Long-Lived Assets
    8




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Impairment of Long-Lived Assets (Continued)
  Working Interest
  Oil and Gas Properties
  March 31,
    
    
    December 31,2010
    
    
    2009Natural gas and oil properties:Proved properties:Leasehold interests
    
    $
    898,600
    
    
    $
    898,600Wells and related equipment
    
    
    40,440,200
    
    
    
    40,439,00041,338,800
    
    
    
    41,337,600Accumulated depletion
    
    
    (30,356,600
    )
    
    
    (30,097,600
    )$
    10,982,200
    
    
    $
    11,240,000
  9




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Oil and Gas Properties (Continued)
   Recently Adopted Accounting Standards
  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 Operations are payable at $75 per well per month.
Administrative costs incurred for the three months ended March 31, 2010 and 2009 were
$29,700 and $31,600, respectively.
    
    Monthly well supervision fees which are included in production expenses in the
Partnerships Statements of Operations are payable at $313 per well per month in 2010
and 2009, for operating and maintaining the wells. Well supervision fees incurred for
the three months ended March 31, 2010 and 2009 were $122,700 and $130,200, respectively.
    
    Transportation fees which are included in production expenses in the Partnerships
Statements of Operations are generally payable at 13% of the natural gas sales price.
Transportation fees incurred for the three months ended March 31, 2010 and 2009 were
$57,800 and $96,000, respectively.
    
    Assets contributed by the MGP, which are disclosed in the Partnerships Statements of
Cash Flows as a non-cash activity for the three months ended March 31, 2010, were
$1,200.
  10




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 3  TRANSACTIONS WITH ATLAS RESOURCES, LLC AND ITS AFFILIATES (Continued)
  Subordination by Managing General Partner
  NOTE
4  COMPREHENSIVE INCOME
  Three Months EndedMarch 31,2010
    
    
    2009Net (loss) earnings
    
    $
    (1,500
    )
    
    $
    246,300Other comprehensive income (loss):Unrealized holding gain (loss) on hedging contracts
    
    
    538,300
    
    
    
    (34,800
    )Less: reclassification adjustment for gains realized in net (loss) earnings
    
    
    (144,800
    )
    
    
    (178,700
    )Total other comprehensive income (loss)
    
    
    393,500
    
    
    
    (213,500
    )Comprehensive income
    
    $
    392,000
    
    
    $
    32,800
 NOTE 5  DERIVATIVE INSTRUMENTS
   11




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
  Fair Value of Derivative Instruments:
 Asset Derivatives
    
    
    Liability DerivativesDerivatives in
    
    
    
    
    
    Fair Value
    
    
    
    
    
    
    Fair ValueCash Flow
    
    Balance Sheet
    
    
    March 31,
    
    
    December 31,
    
    
    Balance Sheet
    
    
    March 31,
    
    
    December 31,Hedging Relationships
    
    Location
    
    
    2010
    
    
    2009
    
    
    Location
    
    
    2010
    
    
    2009Commodity contracts:
    
    Current assets
    
    $
    608,500
    
    
    $
    375,200
    
    
    Current liabilities
    
    $
    3,700
    
    
    $
    4,500Long-term assets
    
    
    551,900
    
    
    
    308,500
    
    
    Long-term liabilities
    
    
    113,700
    
    
    
    47,300Total derivatives
    
    
    
    
    
    $
    1,160,400
    
    
    $
    683,700
    
    
    
    
    
    
    $
    117,400
    
    
    $
    51,800
 Effects of Derivative Instruments on Statements of Operations:
 Gain/(Loss)
    
    
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain
    
    
    (Effective Portion)Derivatives in
    
    Three Months Ended
    
    
    Reclassified from Accumulated
    
    
    Three Months EndedCash Flow
    
    March 31,
    
    
    March 31,
    
    
    OCI into Income
    
    
    March 31,
    
    
    March 31,Hedging Relationship
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    
    2010
    
    
    2009Commodity contracts
    
    $
    538,300
    
    
    $
    (34,800
    )
    
    Natural gas and oil revenue
    
    $
    144,800
    
    
    $
    178,700
   12




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
   Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    

(MMbtu) (1)
    
    

(per MMbtu) (1)
    
    

Asset (2)2010
    
    
    156,800
    
    
    $
    7.35
    
    
    $
    480,0002011
    
    
    117,000
    
    
    
    6.69
    
    
    
    197,2002012
    
    
    84,300
    
    
    
    6.85
    
    
    
    125,7002013
    
    
    52,700
    
    
    
    6.82
    
    
    
    46,600$
    849,500
 Natural Gas Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    

(MMbtu) (1)
    
    

(per MMbtu) (1)
    
    

Asset (2)2010
    
    Puts purchased
    
    
    11,000
    
    
    $
    7.84
    
    
    $
    45,5002010
    
    Calls sold
    
    
    11,000
    
    
    
    9.01
    
    
    
    2011
    
    Puts purchased
    
    
    58,900
    
    
    
    6.20
    
    
    
    90,2002011
    
    Calls sold
    
    
    58,900
    
    
    
    7.28
    
    
    
    2012
    
    Puts purchased
    
    
    37,000
    
    
    
    6.22
    
    
    
    31,7002012
    
    Calls sold
    
    
    37,000
    
    
    
    7.31
    
    
    
    2013
    
    Puts purchased
    
    
    44,800
    
    
    
    6.23
    
    
    
    23,0002013
    
    Calls sold
    
    
    44,800
    
    
    
    7.39
    
    
    
    $
    190,400
  13




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Crude Oil Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    

(Bbl) (1)
    
    

(per Bbl) (1)
    
    

Asset (3)2010
    
    
    200
    
    
    $
    97.22
    
    
    $
    1,9002011
    
    
    200
    
    
    
    77.46
    
    
    
    3002012
    
    
    100
    
    
    
    76.86
    
    
    
    1002013
    
    
    50
    
    
    
    77.36
    
    
    
    100$
    2,400
 Crude Oil Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    

(Bbl) (1)
    
    

(per Bbl) (1)
    
    

Asset (3)2010
    
    Puts purchased
    
    
    100
    
    
    $
    85.00
    
    
    $
    4002010
    
    Calls sold
    
    
    100
    
    
    
    112.55
    
    
    
    2011
    
    Puts purchased
    
    
    100
    
    
    
    67.22
    
    
    
    1002011
    
    Calls sold
    
    
    100
    
    
    
    89.44
    
    
    
    2012
    
    Puts purchased
    
    
    100
    
    
    
    65.51
    
    
    
    1002012
    
    Calls sold
    
    
    100
    
    
    
    91.45
    
    
    
    2013
    
    Puts purchased
    
    
    50
    
    
    
    65.36
    
    
    
    1002013
    
    Calls sold
    
    
    50
    
    
    
    93.44
    
    
    
    $
    700Total Net Asset
    
    
    $
    1,043,000
 (1)
    
    MMBTU represents million British Thermal Units. Bbl represents barrels.(2)
    
    Fair value based on forward NYMEX natural gas prices as applicable.(3)
    
    Fair value based on forward WTI crude oil prices as applicable. NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS
  Level
1 
 Level
2 
 Level
3 
  14




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
  March 31, 2010
    
    
    December 31, 2009Level 2
    
    
    Total
    
    
    Level 2
    
    
    TotalCommodity-based derivatives
    
    $
    1,043,000
    
    
    $
    1,043,000
    
    
    $
    631,900
    
    
    $
    631,900Total
    
    $
    1,043,000
    
    
    $
    1,043,000
    
    
    $
    631,900
    
    
    $
    631,900
 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
   NOTE 7  ASSET RETIREMENT OBLIGATION
    15




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ATLAS AMERICA SERIES 25-2004(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010
(Unaudited)
 NOTE 7  ASSET RETIREMENT OBLIGATION (Continued)
  Three Months EndedMarch 31,2010
    
    
    2009Asset retirement obligation at beginning of period
    
    $
    1,721,100
    
    
    $
    1,516,200Accretion expense
    
    
    25,800
    
    
    
    22,700Asset retirement obligation at end of period
    
    $
    1,746,900
    
    
    $
    1,538,900
 
 ITEM 2.
    
    MANAGEMENTS
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)
 Forward-Looking Statements
 When used in this Form 10-Q , the words believes, anticipates, expects and similar
expressions are intended to identify forward-looking statements. These risks and uncertainties
could cause actual results to differ materially from the results stated or implied in this
document. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. We undertake no obligation to publicly release the results
of any revisions to forward-looking statements which we may make to reflect events or circumstances
after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.
  General
     16




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Results of Operations
  Three Months EndedMarch 31,2010
    
    
    2009Production revenues (in thousands):Gas
    
    $
    523
    
    
    $
    823Oil
    
    
    45
    
    
    
    40Total
    
    $
    568
    
    
    $
    863Production volumes:Gas (mcf/day) (1)
    
    
    840
    
    
    
    981Oil (bbls/day) (1)
    
    
    7
    
    
    
    7Total (mcfe/day) (1)
    
    
    882
    
    
    
    1,023Average
sales prices (2):Gas (per mcf) (1) (3)
    
    $
    6.68
    
    
    $
    9.26Oil (per bbl) (1) (4)
    
    $
    72.22
    
    
    $
    65.80Average production costs:As a percent of revenues
    
    
    43
    %
    
    
    34
    %Per mcfe (1)
    
    $
    3.04
    
    
    $
    3.18Depletion per mcfe
    
    $
    3.26
    
    
    $
    2.81
 
 (1)
    
    Mcf represents thousand cubic feet, mcfe represents thousand cubic feet
equivalent, and bbls represents barrels. Bbls are converted to mcfe using the ratio
of six mcfs to one bbl.(2)
    
    Average sales prices represent accrual basis pricing after reversing the effect
of previously recognized gains resulting from prior period impairment charges.(3)
    
    Average gas prices are calculated by including in total revenue derivative gains
previously recognized into income and dividing by the total volume for the period.
Previously recognized derivative gains were $18,100 and $5,700 for the three months
ended March 31, 2010 and 2009, respectively. The derivative gains are included in other
comprehensive income (loss) and resulted from prior period impairment charges.(4)
    
    Average oil prices are calculated by including in total revenue derivative gains
previously recognized into income and dividing by the total volume for the period.
Previously recognized derivative losses were $500 and $1,100 for the three months ended
March 31, 2010 and 2009, respectively. The derivative gains are included in other
comprehensive income (loss) and resulted from prior period impairment charges. Natural Gas Revenues.
  17




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Oil Revenues.
 Expenses.
   Liquidity and Capital Resources
      18




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Critical Accounting Policies
  Subordination by Managing General Partner
  
 ITEM 4.
    
    CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
     19




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PART II. OTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
   
 ITEM 6.
    
    EXHIBITS
 
 EXHIBIT INDEX
 Exhibit No.
    
    Description4.0
    
    
    Amended and Restated Certificate and Agreement of Limited Partnership for Atlas America
Series 25-2004 (B) L.P.
 (1)10.1
    
    
    Drilling and Operating Agreement for Atlas America Series 25-2004 (B) L.P. (1)31.1
    
    
    Certification Pursuant to Rule 13a-14/15(d)-1431.2
    
    
    Certification Pursuant to Rule 13a-14/15(d)-1432.1
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley
Act of 200232.2
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley
Act of 2002
 
 (1)
    
    Filed on April 29, 2005
in the Form S-1 Registration Statement dated April 29, 2005, File No. 000-51271.  20




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##### Table of Contents



SIGNATURES
   Atlas Resources, LLC, Managing
General PartnerDate:  May 17, 2010
    By:
    /s/ Freddie M. KotekFreddie M. Kotek,
Chairman of the Board of Directors, 
Chief Executive Officer and President  Date:  May 17, 2010
    By:
    /s/ Freddie M. KotekFreddie M. Kotek, Chairman of the Board of Directors,
Chief Executive Officer and PresidentDate:  May 17, 2010
    By:
    /s/ Matthew A. JonesMatthew A. Jones, Chief Financial OfficerDate:  May 17, 2010
    By:
    /s/ Sean P. McGrathSean P. McGrath, Chief Accounting Officer  21