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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 June 30, 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 000-53507
 ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
  Delaware
    
    26-1466056(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
 Yes þ No o
 Yes o No o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ




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##### 



ATLAS RESOURCES PUBLIC 17-2008 (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 June 30, 2010 and December 31, 2009
    
    
    3Statements of Operations for the Three Months and Six Months ended June 30, 2010 and 2009
    
    
    4Statement of Changes in Partners Capital for the Six Months ended June 30, 2010
    
    
    5Statements of Cash Flows for the Six Months ended June 30, 2010 and 2009
    
    
    6Notes to Financial Statements
    
    
    7-17Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    17-21Item 4: Controls and Procedures
    
    
    21PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    22Item 6: Exhibits
    
    
    22SIGNATURES
    
    
    23CERTIFICATIONSEX-31.1EX-31.2EX-32.1EX-32.2
   2




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PART 1. FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS
 ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 BALANCE SHEETS
 June 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    200
    
    
    $
    1,845,500Accounts receivable  affiliate
    
    
    5,919,400
    
    
    
    6,009,300Short-term hedge receivable due from affiliate
    
    
    4,894,800
    
    
    
    4,108,000Total current assets
    
    
    10,814,400
    
    
    
    11,962,800Oil and gas properties, net
    
    
    133,319,700
    
    
    
    139,687,000Long-term hedge receivable due from affiliate
    
    
    6,347,000
    
    
    
    3,375,500$
    150,481,100
    
    
    $
    155,025,300LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    519,800
    
    
    $
    494,200Short-term hedge liability due to affiliate
    
    
    86,100
    
    
    
    49,100Total current liabilities
    
    
    605,900
    
    
    
    543,300Asset retirement obligation
    
    
    4,672,100
    
    
    
    4,536,000Long-term hedge liability due to affiliate
    
    
    2,026,600
    
    
    
    526,600Partners capital:Managing general partner
    
    
    35,522,100
    
    
    
    37,920,400Limited partners (23,644.10 units)
    
    
    100,997,600
    
    
    
    108,045,100Accumulated other comprehensive income
    
    
    6,656,800
    
    
    
    3,453,900Total partners capital
    
    
    143,176,500
    
    
    
    149,419,400$
    150,481,100
    
    
    $
    155,025,300
   3




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESNatural gas and oil
    
    $
    5,384,400
    
    
    $
    8,486,200
    
    
    $
    11,444,800
    
    
    $
    20,404,200Interest income
    
    
    300
    
    
    
    700
    
    
    
    700
    
    
    
    5,400Total revenues
    
    
    5,384,700
    
    
    
    8,486,900
    
    
    
    11,445,500
    
    
    
    20,409,600COSTS AND EXPENSESProduction
    
    
    1,972,100
    
    
    
    2,854,800
    
    
    
    3,994,000
    
    
    
    6,575,000Depletion
    
    
    3,025,800
    
    
    
    3,730,800
    
    
    
    6,871,700
    
    
    
    8,342,100Accretion of asset retirement obligation
    
    
    68,000
    
    
    
    49,500
    
    
    
    136,100
    
    
    
    99,000General and administrative
    
    
    137,800
    
    
    
    119,800
    
    
    
    276,800
    
    
    
    231,100Total expenses
    
    
    5,203,700
    
    
    
    6,754,900
    
    
    
    11,278,600
    
    
    
    15,247,200Net earnings
    
    $
    181,000
    
    
    $
    1,732,000
    
    
    $
    166,900
    
    
    $
    5,162,400Allocation of net earnings (loss):Managing general partner
    
    $
    521,700
    
    
    $
    1,047,100
    
    
    $
    1,091,000
    
    
    $
    2,993,300Limited partners
    
    $
    (340,700
    )
    
    $
    684,900
    
    
    $
    (924,100
    )
    
    $
    2,169,100Net earnings (loss) per limited partnership unit
    
    $
    (14
    )
    
    $
    29
    
    
    $
    (39
    )
    
    $
    92
   4




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 STATEMENT OF CHANGES IN PARTNERS CAPITAL
 FOR THE SIX MONTHS ENDED
 June 30, 2010
 (Unaudited)
 AccumulatedManaging
    
    
    
    
    
    
    OtherGeneral
    
    
    Limited
    
    
    ComprehensivePartner
    
    
    Partners
    
    
    Income
    
    
    TotalBalance at January 1, 2010
    
    $
    37,920,400
    
    
    $
    108,045,100
    
    
    $
    3,453,900
    
    
    $
    149,419,400Participation in revenues and expenses:Net production revenues
    
    
    2,620,400
    
    
    
    4,830,400
    
    
    
    
    
    
    
    7,450,800Interest income
    
    
    200
    
    
    
    500
    
    
    
    
    
    
    
    700Depletion
    
    
    (1,384,300
    )
    
    
    (5,487,400
    )
    
    
    
    
    
    
    (6,871,700
    )Accretion of asset retirement obligations
    
    
    (47,900
    )
    
    
    (88,200
    )
    
    
    
    
    
    
    (136,100
    )General and administrative expenses
    
    
    (97,400
    )
    
    
    (179,400
    )
    
    
    
    
    
    
    (276,800
    )Net earnings (loss)
    
    
    1,091,000
    
    
    
    (924,100
    )
    
    
    
    
    
    
    166,900Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    3,202,900
    
    
    
    3,202,900Subordination
    
    
    (1,116,500
    )
    
    
    1,116,500
    
    
    
    
    
    
    
    Asset contributions
    
    
    504,400
    
    
    
    
    
    
    
    
    
    
    
    504,400Distribution to partners
    
    
    (2,877,200
    )
    
    
    (7,239,900
    )
    
    
    
    
    
    
    (10,117,100
    )Balance at June 30, 2010
    
    $
    35,522,100
    
    
    $
    100,997,600
    
    
    $
    6,656,800
    
    
    $
    143,176,500
   5




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 STATEMENTS OF CASH FLOWS
 (Unaudited)
 Six Months EndedJune 30,2010
    
    
    2009Cash flows from operating activities:Net earnings
    
    $
    166,900
    
    
    $
    5,162,400Adjustments to reconcile net earnings to net cash provided by
operating activities:Depletion
    
    
    6,871,700
    
    
    
    8,342,100Non-cash loss on derivative value
    
    
    981,600
    
    
    
    2,635,000Accretion of asset retirement obligation
    
    
    136,100
    
    
    
    99,000Decrease (increase) in accounts receivable-affiliate
    
    
    89,900
    
    
    
    (396,500
    )Increase (decrease) increase in accrued liabilities
    
    
    25,600
    
    
    
    (5,200
    )Net cash provided by operating activities
    
    
    8,271,800
    
    
    
    15,836,800Cash flows from financing activities:Distributions to partners
    
    
    (10,117,100
    )
    
    
    (23,894,600
    )Net cash used in financing activities
    
    
    (10,117,100
    )
    
    
    (23,894,600
    )Net decrease in cash and cash equivalents
    
    
    (1,845,300
    )
    
    
    (8,057,800
    )Cash and cash equivalents at beginning of period
    
    
    1,845,500
    
    
    
    8,061,300Cash and cash equivalents at end of period
    
    $
    200
    
    
    $
    3,500Supplemental Schedule of non-cash investing and financing activities:Assets (returned to) contributed by managing general partner:Tangible equipment
    
    $
    179,700
    
    
    $
    4,821,200Intangible drilling costs
    
    
    324,700
    
    
    
    5,926,200Syndication and offering costs
    
    
    
    
    
    
    (1,529,700
    )$
    504,400
    
    
    $
    9,217,700
   6




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 NOTES TO FINANCIAL STATEMENTS
 June 30, 2010
 (Unaudited)
 NOTE 1  BASIS OF PRESENTATION
   NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
   Fair Value of Financial Instruments
   7




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Oil and Gas Properties
   Impairment of Long-Lived Assets
      8




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Working Interest
  Revenue Recognition
    9




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Comprehensive Income (Loss)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net earnings
    
    $
    181,000
    
    
    $
    1,732,000
    
    
    $
    166,900
    
    
    $
    5,162,400Other comprehensive income (loss):Unrealized holding gain (loss) on
hedging
contracts
    
    
    (676,300
    )
    
    
    879,600
    
    
    
    5,477,900
    
    
    
    304,200Less: reclassification adjustment
for gains realized in net earnings
    
    
    (975,400
    )
    
    
    (2,751,600
    )
    
    
    (2,275,000
    )
    
    
    (4,001,500
    )Total other comprehensive income (loss)
    
    
    (1,651,700
    )
    
    
    (1,872,000
    )
    
    
    3,202,900
    
    
    
    (3,697,300
    )Comprehensive income (loss)
    
    $
    (1,470,700
    )
    
    $
    (140,000
    )
    
    $
    3,369,800
    
    
    $
    1,465,100
 Recently Adopted Accounting Standards
     10




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Recently Issued Accounting Standards
  NOTE 3  OIL AND GAS PROPERTIES
  June 30,
    
    
    December 31,2010
    
    
    2009Natural gas and oil properties:Proved properties:Leasehold interests
    
    $
    5,366,700
    
    
    $
    5,366,700Wells and related equipment
    
    
    302,426,200
    
    
    
    301,921,800307,792,900
    
    
    
    307,288,500Accumulated depletion
    
    
    (174,473,200
    )
    
    
    (167,601,500
    )$
    133,319,700
    
    
    $
    139,687,000
 NOTE 4  ASSET RETIREMENT OBLIGATIONS
    11




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 4  ASSET RETIREMENT OBLIGATIONS (Continued)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Asset retirement obligation at beginning of
period
    
    $
    4,604,100
    
    
    $
    3,347,500
    
    
    $
    4,536,000
    
    
    $
    3,298,000Accretion expense
    
    
    68,000
    
    
    
    49,500
    
    
    
    136,100
    
    
    
    99,000Asset retirement obligation at end of period
    
    $
    4,672,100
    
    
    $
    3,397,000
    
    
    $
    4,672,100
    
    
    $
    3,397,000
 NOTE 5  DERIVATIVE INSTRUMENTS
     12




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
  Fair Value of Derivative Instruments:
 Asset Derivatives
    
    
    Liability DerivativesDerivatives in
    
    
    
    Fair Value
    
    
    
    
    Fair ValueCash Flow
    
    Balance Sheet
    
    June 30,
    
    
    December 31,
    
    
    Balance Sheet
    
    June 30,
    
    
    December 31,Hedging Relationships
    
    Location
    
    2010
    
    
    2009
    
    
    Location
    
    2010
    
    
    2009Commodity contracts:
    
    Current assets
    
    $
    4,894,800
    
    
    $
    4,108,000
    
    
    Current liabilities
    
    $
    (86,100
    )
    
    $
    (49,100
    )Long-term assets
    
    
    6,347,000
    
    
    
    3,375,500
    
    
    Long-term liabilities
    
    
    (2,026,600
    )
    
    
    (526,600
    )Total derivatives
    
    
    
    $
    11,241,800
    
    
    $
    7,483,500
    
    
    
    
    $
    (2,112,700
    )
    
    $
    (575,700
    )
 Effects of Derivative Instruments on Statements of Operations:
 (Loss)/Gain
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain/(Loss)
    
    (Effective Portion)Derivatives in
    
    Three Months Ended
    
    
    Reclassified from Accumulated
    
    Three Months EndedSFAS 133 Cash Flow
    
    June 30,
    
    
    June 30,
    
    
    OCI into Income
    
    June 30,
    
    
    June 30,Hedging Relationship
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    2010
    
    
    2009Commodity contracts
    
    $
    (676,300
    )
    
    $
    879,600
    
    
    Natural gas and oil revenue
    
    $
    975,400
    
    
    
    2,751,600
 Gain
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain/(Loss)
    
    (Effective Portion)Derivatives in
    
    Six Months Ended
    
    
    Reclassified from Accumulated
    
    Six Months EndedSFAS 133 Cash Flow
    
    June 30,
    
    
    June 30,
    
    
    OCI into Income
    
    June 30,
    
    
    June 30,Hedging Relationship
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    2010
    
    
    2009Commodity contracts
    
    $
    5,477,900
    
    
    $
    304,200
    
    
    Natural gas and oil revenue
    
    $
    2,275,000
    
    
    $
    4,001,500
  Natural Gas Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (MMbtu) (1)
    
    
    (per MMbtu) (1)
    
    
    Asset (2)2010
    
    
    1,120,300
    
    
    $
    7.238
    
    
    $
    2,697,0002011
    
    
    1,528,600
    
    
    
    6.839
    
    
    
    2,281,1002012
    
    
    1,025,500
    
    
    
    7.165
    
    
    
    1,493,9002013
    
    
    577,300
    
    
    
    7.011
    
    
    
    620,8002014
    
    
    
    
    
    
    
    
    
    
    $
    7,092,800
  13




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Natural Gas Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (MMbtu) (1)
    
    
    (per MMbtu) (1)
    
    
    Asset (Liability) (2)2010
    
    Puts purchased
    
    
    150,700
    
    
    $
    6.123
    
    
    $
    254,2002010
    
    Calls sold
    
    
    150,700
    
    
    
    7.327
    
    
    
    (22,000
    )2011
    
    Puts purchased
    
    
    705,800
    
    
    
    6.435
    
    
    
    1,133,7002011
    
    Calls sold
    
    
    705,800
    
    
    
    7.545
    
    
    
    (208,600
    )2012
    
    Puts purchased
    
    
    606,700
    
    
    
    6.012
    
    
    
    937,9002012
    
    Calls sold
    
    
    606,700
    
    
    
    7.181
    
    
    
    (527,500
    )2013
    
    Puts purchased
    
    
    743,500
    
    
    
    6.010
    
    
    
    1,239,4002013
    
    Calls sold
    
    
    743,500
    
    
    
    7.173
    
    
    
    (900,800
    )2014
    
    Puts purchased
    
    
    258,200
    
    
    
    5.860
    
    
    
    433,2002014
    
    Calls sold
    
    
    258,200
    
    
    
    6.961
    
    
    
    (406,600
    )$
    1,932,900
 Crude Oil Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (Bbl) (1)
    
    
    (per Bbl) (1)
    
    
    Asset (3)2010
    
    
    1,700
    
    
    $
    97.123
    
    
    $
    35,6002011
    
    
    2,600
    
    
    
    88.304
    
    
    
    23,5002012
    
    
    2,000
    
    
    
    87.901
    
    
    
    13,2002013
    
    
    600
    
    
    
    88.211
    
    
    
    3,5002014
    
    
    
    
    
    
    
    
    
    
    $
    75,800
  14




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Crude Oil Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (Bbl) (1)
    
    
    (per Bbl) (1)
    
    
    Asset (Liability) (3)2010
    
    Puts purchased
    
    
    1,100
    
    
    $
    85.000
    
    
    $
    10,9002010
    
    Calls sold
    
    
    1,100
    
    
    
    112.350
    
    
    
    (100
    )2011
    
    Puts purchased
    
    
    1,700
    
    
    
    77.381
    
    
    
    16,5002011
    
    Calls sold
    
    
    1,700
    
    
    
    101.642
    
    
    
    (7,400
    )2012
    
    Puts purchased
    
    
    1,300
    
    
    
    76.756
    
    
    
    15,5002012
    
    Calls sold
    
    
    1,300
    
    
    
    102.181
    
    
    
    (9,500
    )2013
    
    Puts purchased
    
    
    300
    
    
    
    76.757
    
    
    
    4,7002013
    
    Calls sold
    
    
    300
    
    
    
    103.103
    
    
    
    (3,000
    )2014
    
    Puts purchased
    
    
    
    
    
    
    
    
    
    
    2014
    
    Calls sold
    
    
    
    
    
    
    
    
    
    
    $
    27,600Total Net Asset

    

    
    $
    9,129,100
 
 (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 
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
   15




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
  NOTE 7  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
  
    
    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 and six months ended June 30, 2010 were
$98,600 and $194,900, respectively. Administrative costs incurred for the three and six
months ended June 30, 2009 were $90,700 and $175,700, respectively.
 
    
    Monthly well supervision fees which are included in production expenses in the
Partnerships statements of operations are payable at $377 per well per month in 2010
and 2009. For operating and maintaining the wells. Well supervision fees incurred for
the three and six months ended June 30, 2010 were $495,900 and $979,900, respectively.
Supervision fees incurred for the three and six months ended June 30, 2009 were $455,900
and $883,100, 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 and six months ended June 30, 2010 were
$860,800 and $1,655,500, respectively. Transportation fees incurred for the three months
six months ended June 30, 2009 were $1,169,500 and $2,784,400, respectively.
 
    
    Assets contributed from the MGP which are disclosed on the Partnerships statements
of cash flows as a non-cash activity for the six months ended June 30, 2010 and 2009
were $504,400 and $9,217,700, respectively.
  Subordination by Managing General Partner
   16




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##### Table of Contents



ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)
 NOTE 8  COMMITMENTS AND CONTINGENCIES
 Legal Proceedings
   
 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. There are risks and uncertainties
that 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.
 BUSINESS OVERVIEW
    17




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##### Table of Contents



Results of Operations
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Production revenues (in thousands):Gas
    
    $
    5,078
    
    
    $
    8,060
    
    
    $
    10,876
    
    
    $
    19,672Oil
    
    
    299
    
    
    
    426
    
    
    
    550
    
    
    
    732Liquid
    
    
    8
    
    
    
    
    
    
    
    19
    
    
    
    Total
    
    $
    5,385
    
    
    $
    8,486
    
    
    $
    11,445
    
    
    $
    20,404Production volumes:Gas (mcf/day) (1)
    
    
    8,487
    
    
    
    13,348
    
    
    
    9,718
    
    
    
    14,904Oil (bbls/day) (1)
    
    
    48
    
    
    
    96
    
    
    
    45
    
    
    
    86Liquid (bbl/day) (1)
    
    
    2
    
    
    
    
    
    
    
    2
    
    
    
    Total (mcfe/day) (1)
    
    
    8,787
    
    
    
    13,924
    
    
    
    10,000
    
    
    
    15,420Average sales prices: (2)Gas (per mcf) (1) (3)
    
    $
    7.30
    
    
    $
    7.68
    
    
    $
    6.71
    
    
    $
    8.23Oil (per bbl) (1) (4)
    
    $
    75.58
    
    
    $
    53.86
    
    
    $
    73.04
    
    
    $
    53.12Liquid (per bbl) (1)
    
    $
    48.46
    
    
    $
    
    
    
    $
    48.07
    
    
    $
    Average production costs:As a percent of revenues
    
    
    37
    %
    
    
    34
    %
    
    
    35
    %
    
    
    32
    %Per mcfe (1)
    
    $
    2.47
    
    
    $
    2.25
    
    
    $
    2.21
    
    
    $
    2.36Depletion per mcfe
    
    $
    3.79
    
    
    $
    2.94
    
    
    $
    3.80
    
    
    $
    2.99
 
 (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. Liquid gallons are converted into bbls by a ratio of 42 gallons
per 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 $562,400 and $1,269,400 for the three
months ended June 30, 2010 and 2009, respectively. Previously recognized derivative
gains were $930,300 and $2,540,400 for the six months ended June 30, 2010 and 2009,
respectively. The derivative gains are included in other comprehensive income 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 gains were $28,900 and $45,100 for the three months
ended June 30, 2010 and 2009, respectively. Previously recognized derivative gains were
$51,200 and $94,600 for the six months ended June 30, 2010 and 2009, respectively. The
derivative gains are included in other comprehensive income and resulted from prior
period impairment charges. 
  18




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Natural Gas Revenues.
  Oil Revenues.
  Natural Gas Liquids Revenue
 Expenses.
    19




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##### Table of Contents



Liquidity and Capital Resources
     Subordination by Managing General Partner
  CRITICAL ACCOUNTING POLICIES AND ESTIMATES
   20




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Fair Value of Financial Instruments
  Level 1 
 Level 2 
 Level 3 
   
 ITEM 4. CONTROLS AND PROCEDURES
     21




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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 Public 17-2007 (B) L.P. (1)10.1
    
    
    Drilling and Operating Agreement for Atlas America Public 17-2007 (B) L.P. (1)31.1
    
    
    Rule 13a-14(a)/15d-14(a) Certification.31.2
    
    
    Rule 13a-14(a)/15d-14(a) Certification.32.1
    
    
    Section 1350 Certification.32.2
    
    
    Section 1350 Certification.
 
 (1)
    
    Filed on June 27, 2007 in the Form S-1 Registration Statement dated June 27, 2007, File No. 000-53507  22




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##### Table of Contents



SIGNATURES
  Atlas Resources Public 17-2008 (B) L.P.Atlas Resources, LLC, Managing General PartnerDate: August 16, 2010
    
    By:
    
    /s/ FREDDIE M. KOTEK

Freddie M. Kotek,Chairman of the Board of DirectorsChief Executive Officer and PresidentDate: August 16, 2010
    
    By:
    
    /s/ MATTHEW A. JONESMatthew A. Jones,Chief Financial Officer
  23