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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, 2011
 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 000-53180
 ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
  Delaware
    
    20-8978061(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
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ
 o þ




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##### 



ATLAS RESOURCES PUBLIC 17-2007 (A) 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, 2011 and December 31, 2010
    
    
    3Statements of Operations for the Three Months ended March 31, 2011 and 2010
    
    
    4Statement of Changes in Partners Capital for the Three Months ended March 31, 2011
    
    
    5Statements of Cash Flows for the Three Months ended March 31, 2011 and 2010
    
    
    6Notes to Financial Statements
    
    
    7-14Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    15-18Item 4: Controls and Procedures
    
    
    18PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    19Item 6: Exhibits
    
    
    19SIGNATURES
    
    
    20CERTIFICATIONSEX-31.1EX-31.2EX-32.1EX-32.2
   2




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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
 
 BALANCE SHEETS
 March 31,
    
    
    December 31,2011
    
    
    2010(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    785,500
    
    
    $
    602,000Accounts receivable  affiliate
    
    
    4,079,000
    
    
    
    2,519,300Short-term hedge receivable due from affiliate
    
    
    
    
    
    
    2,170,400Total current assets
    
    
    4,864,500
    
    
    
    5,291,700Oil and gas properties, net
    
    
    38,782,700
    
    
    
    39,847,700Long-term hedge receivable due from affiliate
    
    
    
    
    
    
    2,120,800Long-term receivable due from affiliate
    
    
    1,542,900
    
    
    
    $
    45,190,100
    
    
    $
    47,260,200LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    83,500
    
    
    $
    95,200Short-term hedge liability due to affiliate
    
    
    
    
    
    
    17,200Total current liabilities
    
    
    83,500
    
    
    
    112,400Asset retirement obligation
    
    
    4,802,600
    
    
    
    4,731,600Long-term hedge liability due to affiliate
    
    
    
    
    
    
    371,000Partners capital:Managing general partner
    
    
    8,117,200
    
    
    
    9,370,800Limited partners (16,345.90 units)
    
    
    30,815,900
    
    
    
    31,768,300Accumulated other comprehensive income
    
    
    1,370,900
    
    
    
    906,100Total partners capital
    
    
    40,304,000
    
    
    
    42,045,200$
    45,190,100
    
    
    $
    47,260,200
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
 
 STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months EndedMarch 31,2011
    
    
    2010REVENUESNatural gas and oil
    
    $
    2,891,700
    
    
    $
    3,550,300Interest income
    
    
    200
    
    
    
    300Total revenues
    
    
    2,891,900
    
    
    
    3,550,600COSTS AND EXPENSESProduction
    
    
    997,300
    
    
    
    1,461,700Depletion
    
    
    1,058,700
    
    
    
    1,747,800Accretion of asset retirement obligation
    
    
    71,000
    
    
    
    50,600General and administrative
    
    
    102,000
    
    
    
    101,200Total costs and expenses
    
    
    2,229,000
    
    
    
    3,361,300Net income
    
    $
    662,900
    
    
    $
    189,300Allocation of net income (loss):Managing general partner
    
    $
    319,300
    
    
    $
    339,500Limited partners
    
    $
    343,600
    
    
    $
    (150,200
    )Net income (loss) per limited partnership unit
    
    $
    21
    
    
    $
    (9
    )
   4




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##### Table of Contents



ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
 
 STATEMENT OF CHANGES IN PARTNERS CAPITAL  FOR THE THREE MONTHS ENDED
 March 31, 2011  (Unaudited)
 AccumulatedManaging
    
    
    
    
    
    
    OtherGeneral
    
    
    Limited
    
    
    ComprehensivePartner
    
    
    Partners
    
    
    Income
    
    
    TotalBalance at January 1, 2011
    
    $
    9,370,800
    
    
    $
    31,768,300
    
    
    $
    906,100
    
    
    $
    42,045,200Participation in revenues and expenses:Net production revenues
    
    
    573,400
    
    
    
    1,321,000
    
    
    
    
    
    
    
    1,894,400Interest income
    
    
    100
    
    
    
    100
    
    
    
    
    
    
    
    200Depletion
    
    
    (196,500
    )
    
    
    (862,200
    )
    
    
    
    
    
    
    (1,058,700
    )Accretion of asset retirement obligation
    
    
    (23,700
    )
    
    
    (47,300
    )
    
    
    
    
    
    
    (71,000
    )General and administrative
    
    
    (34,000
    )
    
    
    (68,000
    )
    
    
    
    
    
    
    (102,000
    )Net income
    
    
    319,300
    
    
    
    343,600
    
    
    
    
    
    
    
    662,900Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    464,800
    
    
    
    464,800Subordination
    
    
    (324,800
    )
    
    
    324,800
    
    
    
    
    
    
    
    Distributions to partners
    
    
    (1,248,100
    )
    
    
    (1,620,800
    )
    
    
    
    
    
    
    (2,868,900
    )Balance at March 31, 2011
    
    $
    8,117,200
    
    
    $
    30,815,900
    
    
    $
    1,370,900
    
    
    $
    40,304,000
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
 
 STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months EndedMarch 31,2011
    
    
    2010Cash flows from operating activities:Net income
    
    $
    662,900
    
    
    $
    189,300Adjustments to reconcile net income to net cash provided by operating activities:Depletion
    
    
    1,058,700
    
    
    
    1,747,800Non cash loss on derivative value
    
    
    244,100
    
    
    
    594,600Accretion of asset retirement obligation
    
    
    71,000
    
    
    
    50,600Decrease in accounts receivable-affiliate
    
    
    102,500
    
    
    
    616,900(Decrease) increase in accrued liabilities
    
    
    (11,700
    )
    
    
    58,900Net cash provided by operating activities
    
    
    2,127,500
    
    
    
    3,258,100Cash flows from investing activities:Purchase of tangible equipment
    
    
    (10,400
    )
    
    
    Proceeds from the sale of tangible equipment
    
    
    16,700
    
    
    
    Net cash provided by operating activities
    
    
    6,300
    
    
    
    Cash flows from financing activities:Distributions to partners
    
    
    (1,950,300
    )
    
    
    (3,397,200
    )Net cash used in financing activities
    
    
    (1,950,300
    )
    
    
    (3,397,200
    )Net increase (decrease) in cash and cash equivalents
    
    
    183,500
    
    
    
    (139,100
    )Cash and cash equivalents at beginning of period
    
    
    602,000
    
    
    
    1,142,300Cash and cash equivalents at end of period
    
    $
    785,500
    
    
    $
    1,003,200Supplemental Schedule of non-cash operating, investing and financing activities:Assets contributed by managing general partner:Tangible equipment
    
    $
    
    
    
    $
    10,500Intangible drilling costs
    
    
    
    
    
    
    31,900$
    
    
    
    $
    42,400Distribution to managing general partner
    
    $
    918,600
    
    
    $
    
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
 
 NOTES TO FINANCIAL STATEMENTS
March 31, 2011
 (Unaudited)
 NOTE 1  DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
    NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
   Use of Estimates
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2011
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Use of Estimates (Continued)
  Accounts Receivable and Allowance for Possible Losses
  Oil and Gas Properties
   March 31,
    
    
    December 31,2011
    
    
    2010Proved properties:Leasehold interests
    
    $
    3,888,700
    
    
    $
    3,888,700Wells and related equipment
    
    
    203,514,200
    
    
    
    203,520,500207,402,900
    
    
    
    207,409,200Accumulated depletion
    
    
    (168,620,200
    )
    
    
    (167,561,500
    )$
    38,782,700
    
    
    $
    39,847,700
  8




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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2011
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Impairment of Long-Lived Assets
    Working Interest
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2011
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Revenue Recognition
   Recently Adopted Accounting Standards
  NOTE 3  ASSET RETIREMENT OBLIGATION
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2011
(Unaudited)
 NOTE 3  ASSET RETIREMENT OBLIGATION (Continued)
  Three Months EndedMarch 31,2011
    
    
    2010Asset retirement obligation at beginning of period
    
    $
    4,731,600
    
    
    $
    3,370,300Accretion expense
    
    
    71,000
    
    
    
    50,600Asset retirement obligation at end of period
    
    $
    4,802,600
    
    
    $
    3,420,900
 NOTE 4  COMPREHENSIVE INCOME
  Three Months EndedMarch 31,2011
    
    
    2010Net income
    
    $
    662,900
    
    
    $
    189,300Other comprehensive income:Net unrealized gain
    
    
    1,307,100
    
    
    
    3,751,300Less: reclassification adjustment for gain realized in net income
    
    
    (842,300
    )
    
    
    (510,100
    )Total other comprehensive income
    
    
    464,800
    
    
    
    3,241,200Comprehensive income
    
    $
    1,127,700
    
    
    $
    3,430,500
 NOTE 5  DERIVATIVE INSTRUMENTS
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2011
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2011
(Unaudited)
  NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Fair Value of Derivative Instruments:
 Fair ValueBalance Sheet
    
    December 31,Derivatives in Cash Flow Hedging Relationships
    
    Location
    
    2010Derivative Commodity Contracts
    
    Current Assets
    
    $
    2,170,400Long-Term Assets
    
    
    2,120,8004,291,200Current liabilities
    
    
    (17,200
    )Long-term liabilities
    
    
    (371,000
    )(388,200
    )Total
    
    $
    3,903,000
 Effects of Derivative Instruments on Statements of Operations:
 Gain
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Net IncomeDerivatives in
    
    Three Months Ended
    
    
    Location of Gain
    
    Three Months EndedCash Flow
    
    March 31,
    
    
    March 31,
    
    
    Reclassified from Accumulated
    
    March 31,
    
    
    March 31,Hedging Relationship
    
    2011
    
    
    2010
    
    
    OCI into Income
    
    2011
    
    
    2010Commodity contracts
    
    $
    1,307,100
    
    
    $
    3,751,300
    
    
    Natural gas and oil revenue
    
    $
    842,300
    
    
    $
    510,100
 NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS
  Level 1
 Level 2
 Level 3
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
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ATLAS RESOURCES PUBLIC 17-2007 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2011
(Unaudited)
 NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
  NOTE 7  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, 2011 and 2010 were
$73,500 and $74,200, 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 for
operating and maintaining the wells. Well supervision fees incurred for the three months
ended March 31, 2011 and 2010 were $369,600 and $373,000, 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, 2011 and 2010 were
$383,200 and $506,300, respectively.
 
    
    Assets contributed from the MGP which are disclosed on the Partnerships statements
of cash flows as a non-cash activity for the three months ended March 31, 2010, were
$42,400.
  Subordination by Managing General Partner
   14




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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
     15




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Results of Operations
  Three Months EndedMarch 31,2011
    
    
    2010Production revenues (in thousands):Gas
    
    $
    2,756
    
    
    $
    3,518Oil
    
    
    136
    
    
    
    32Total
    
    $
    2,892
    
    
    $
    3,550Production volumes:Gas (mcf/day) (1)
    
    
    5,177
    
    
    
    7,056Oil (bbls/day) (1)
    
    
    24
    
    
    
    19Total (mcfe/day) (1)
    
    
    5,321
    
    
    
    7,170Average sales prices: (2)Gas (per mcf) (1) (3)
    
    $
    6.33
    
    
    $
    6.34Oil (per bbl) (1) (4)
    
    $
    87.24
    
    
    $
    70.74Average production costs:As a percent of revenues
    
    
    34
    %
    
    
    41
    %Per mcfe (1)
    
    $
    2.08
    
    
    $
    2.26Depletion per mcfe
    
    $
    2.21
    
    
    $
    2.71
 
 (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 $194,700 and $505,200 for the three months
ended March 31, 2011 and 2010, 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 $49,400 and $89,500 for the three months
ended March 31, 2011 and 2010, respectively. The derivative gains are included in other
comprehensive income and resulted from prior period impairment charges. Natural Gas Revenues.
  16




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Oil Revenues.
 Costs and Expenses.
   Liquidity and Capital Resources
       17




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Critical Accounting Policies
  Subordination by Managing General Partner
  
 ITEM 4.
    
    CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
   Changes in Internal Control over Financial Reporting
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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 (A) L.P. (1)10.1
    
    
    Drilling and Operating Agreement for Atlas America Public 17-2007 (A) 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 June 27, 2007 in the Form S-1 Registration Statement dated June 27, 2007, File No. 000-53180  19




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SIGNATURES
   Atlas Resources, LLC, Managing General PartnerDate:  May 13, 2011
    By:
    /s/ Freddie M. KotekFreddie M. Kotek,Chairman of the Board of Directors, 
Chief Executive Officer and President  Date:  May 13, 2011
    By:
    /s/ Jeffrey C. SimmonsJeffrey C. Simmons,Executive Vice President, OperationsDate:  May 13, 2011
    By:
    /s/ Sean P. McGrathSean P. McGrath,Chief Financial Officer  20