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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 September 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
(State or other jurisdiction of 
incorporation or organization)
    
    26-1466056
(I.R.S. Employer
Identification No.)Westpointe Corporate Center One 
1550 Coraopolis Heights Rd. 2nd Floor 
Moon Township, PA
(Address of principal executive offices)
    
    15108
(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
 Yes o No 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 September 30, 2010 and December 31, 2009
    
    
    3Statements of Operations for the Three Months and Nine Months ended September 30, 2010 and 2009
    
    
    4Statement of Changes in Partners Capital for the Nine Months ended September 30, 2010
    
    
    5Statements of Cash Flows for the Nine Months ended September 30, 2010 and 2009
    
    
    6Notes to Financial Statements
    
    
    7-18Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    18-22Item 4: Controls and Procedures
    
    
    22PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    23Item 6: Exhibits
    
    
    23SIGNATURES
    
    
    24CERTIFICATIONSExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 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
 September 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    200
    
    
    $
    1,845,500Accounts receivable  affiliate
    
    
    5,022,800
    
    
    
    6,009,300Short-term hedge receivable due from affiliate
    
    
    6,154,900
    
    
    
    4,108,000Total current assets
    
    
    11,177,900
    
    
    
    11,962,800Oil and gas properties, net
    
    
    130,833,400
    
    
    
    139,687,000Long-term hedge receivable due from affiliate
    
    
    6,460,400
    
    
    
    3,375,500$
    148,471,700
    
    
    $
    155,025,300LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    333,700
    
    
    $
    494,200Short-term hedge liability due to affiliate
    
    
    22,700
    
    
    
    49,100Total current liabilities
    
    
    356,400
    
    
    
    543,300Asset retirement obligation
    
    
    4,740,100
    
    
    
    4,536,000Long-term hedge liability due to affiliate
    
    
    1,069,400
    
    
    
    526,600Partners capital:Managing general partner
    
    
    34,773,400
    
    
    
    37,920,400Limited partners (23,644.10 units)
    
    
    97,976,700
    
    
    
    108,045,100Accumulated other comprehensive income
    
    
    9,555,700
    
    
    
    3,453,900Total partners capital
    
    
    142,305,800
    
    
    
    149,419,400$
    148,471,700
    
    
    $
    155,025,300
   3




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESNatural gas and oil
    
    $
    4,229,700
    
    
    $
    8,489,200
    
    
    $
    15,674,500
    
    
    $
    28,893,400Interest income
    
    
    400
    
    
    
    600
    
    
    
    1,100
    
    
    
    6,000Total revenues
    
    
    4,230,100
    
    
    
    8,489,800
    
    
    
    15,675,600
    
    
    
    28,899,400COSTS AND EXPENSESProduction
    
    
    1,779,900
    
    
    
    2,524,700
    
    
    
    5,773,900
    
    
    
    9,099,700Depletion
    
    
    2,658,700
    
    
    
    3,365,200
    
    
    
    9,530,400
    
    
    
    11,707,300Accretion of asset retirement obligation
    
    
    68,000
    
    
    
    49,400
    
    
    
    204,100
    
    
    
    148,400General and administrative
    
    
    112,500
    
    
    
    163,700
    
    
    
    389,300
    
    
    
    394,800Total expenses
    
    
    4,619,100
    
    
    
    6,103,000
    
    
    
    15,897,700
    
    
    
    21,350,200Net (loss) earnings
    
    $
    (389,000
    )
    
    $
    2,386,800
    
    
    $
    (222,100
    )
    
    $
    7,549,200Allocation of net (loss) earnings:Managing general partner
    
    $
    267,900
    
    
    $
    1,530,900
    
    
    $
    1,358,900
    
    
    $
    4,524,200Limited partners
    
    $
    (656,900
    )
    
    $
    855,900
    
    
    $
    (1,581,000
    )
    
    $
    3,025,000Net (loss) earnings per limited
partnership unit
    
    $
    (28
    )
    
    $
    36
    
    
    $
    (67
    )
    
    $
    128
   4




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 STATEMENT OF CHANGES IN PARTNERS CAPITAL
 FOR THE NINE MONTHS ENDED
 September 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
    
    
    3,482,000
    
    
    
    6,418,600
    
    
    
    
    
    
    
    9,900,600Interest income
    
    
    400
    
    
    
    700
    
    
    
    
    
    
    
    1,100Depletion
    
    
    (1,914,800
    )
    
    
    (7,615,600
    )
    
    
    
    
    
    
    (9,530,400
    )Accretion of asset retirement obligations
    
    
    (71,800
    )
    
    
    (132,300
    )
    
    
    
    
    
    
    (204,100
    )General and administrative expenses
    
    
    (136,900
    )
    
    
    (252,400
    )
    
    
    
    
    
    
    (389,300
    )Net (loss) earnings
    
    
    1,358,900
    
    
    
    (1,581,000
    )
    
    
    
    
    
    
    (222,100
    )Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    6,101,800
    
    
    
    6,101,800Subordination
    
    
    (1,744,800
    )
    
    
    1,744,800
    
    
    
    
    
    
    
    Asset contributions
    
    
    676,800
    
    
    
    
    
    
    
    
    
    
    
    676,800Distribution to partners
    
    
    (3,437,900
    )
    
    
    (10,232,200
    )
    
    
    
    
    
    
    (13,670,100
    )Balance at September 30, 2010
    
    $
    34,773,400
    
    
    $
    97,976,700
    
    
    $
    9,555,700
    
    
    $
    142,305,800
   5




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 STATEMENTS OF CASH FLOWS
 (Unaudited)
 Nine Months EndedSeptember 30,2010
    
    
    2009Cash flows from operating activities:Net (loss) earnings
    
    $
    (222,100
    )
    
    $
    7,549,200Adjustments to reconcile net earnings to net cash provided by operating activities:Depletion
    
    
    9,530,400
    
    
    
    11,707,300Non-cash loss on derivative value
    
    
    1,486,400
    
    
    
    3,806,000Accretion of asset retirement obligation
    
    
    204,100
    
    
    
    148,400Decrease in accounts receivable-affiliate
    
    
    986,500
    
    
    
    408,800(Decrease) increase in accrued liabilities
    
    
    (160,500
    )
    
    
    23,100Net cash provided by operating activities
    
    
    11,824,800
    
    
    
    23,642,800Cash flows from financing activities:Distributions to partners
    
    
    (13,670,100
    )
    
    
    (31,700,700
    )Net cash used in financing activities
    
    
    (13,670,100
    )
    
    
    (31,700,700
    )Net decrease in cash and cash equivalents
    
    
    (1,845,300
    )
    
    
    (8,057,900
    )Cash and cash equivalents at beginning of period
    
    
    1,845,500
    
    
    
    8,061,300Cash and cash equivalents at end of period
    
    $
    200
    
    
    $
    3,400Supplemental Schedule of non-cash investing and financing activities:Assets contributed by managing general partner:Tangible equipment
    
    $
    216,600
    
    
    $
    6,311,300Intangible drilling costs
    
    
    460,200
    
    
    
    6,974,100$
    676,800
    
    
    $
    13,285,400
   6




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
 
 NOTES TO FINANCIAL STATEMENTS
 September 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
September 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
September 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
September 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Comprehensive Income (Loss)
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net (loss) earnings
    
    $
    (389,000
    )
    
    $
    2,386,800
    
    
    $
    (222,100
    )
    
    $
    7,549,200Other comprehensive income (loss):Unrealized holding gain on hedging contracts
    
    
    3,814,300
    
    
    
    1,153,500
    
    
    
    9,292,200
    
    
    
    1,457,700Less: reclassification adjustment for gains realized in net earnings
    
    
    (915,400
    )
    
    
    (2,865,900
    )
    
    
    (3,190,400
    )
    
    
    (6,867,400
    )Total other comprehensive income (loss)
    
    
    2,898,900
    
    
    
    (1,712,400
    )
    
    
    6,101,800
    
    
    
    (5,409,700
    )Comprehensive income
    
    $
    2,509,900
    
    
    $
    674,400
    
    
    $
    5,879,700
    
    
    $
    2,139,500
 Recently Adopted Accounting Standards
     10




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Recently Adopted Accounting Standards (Continued)
  Recently Issued Accounting Standards
    11




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2010
(Unaudited)
 NOTE 3  OIL AND GAS PROPERTIES
  September 30,
    
    
    December 31,2010
    
    
    2009Natural gas and oil properties:Proved properties:Leasehold interests
    
    $
    5,355,400
    
    
    $
    5,366,700Wells and related equipment
    
    
    302,241,900
    
    
    
    301,921,800307,597,300
    
    
    
    307,288,500Accumulated depletion
    
    
    (176,763,900
    )
    
    
    (167,601,500
    )$
    130,833,400
    
    
    $
    139,687,000
 NOTE 4  ASSET RETIREMENT OBLIGATIONS
    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Asset retirement obligation at beginning of
period
    
    $
    4,672,100
    
    
    $
    3,397,000
    
    
    $
    4,536,000
    
    
    $
    3,298,000Accretion expense
    
    
    68,000
    
    
    
    49,400
    
    
    
    204,100
    
    
    
    148,400Asset retirement obligation at end of period
    
    $
    4,740,100
    
    
    $
    3,446,400
    
    
    $
    4,740,100
    
    
    $
    3,446,400
  12




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS
     13




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
September 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
    
    September 30,
    
    
    December 31,
    
    
    Balance sheet
    
    September 30,
    
    
    December 31,Hedging Relationships
    
    Location
    
    2010
    
    
    2009
    
    
    Location
    
    2010
    
    
    2009Commodity Contracts
    
    Current Assets
    
    $
    6,154,900
    
    
    $
    4,108,000
    
    
    Current liabilities
    
    $
    (22,700
    )
    
    $
    (49,100
    )Long-Term Assets
    
    
    6,460,400
    
    
    
    3,375,500
    
    
    Long-term liabilities
    
    
    (1,069,400
    )
    
    
    (526,600
    )Total Derivatives
    
    
    
    $
    12,615,300
    
    
    $
    7,483,500
    
    
    
    
    $
    (1,092,100
    )
    
    $
    (575,700
    )
 Effects of Derivative Instruments on Statements of Operations:
 Gain
    
    
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    
    
    Reclassified from OCI into Net (Loss) Earnings(Effective Portion)
    
    
    Location of Gain
    
    
    (Effective Portion)Derivatives in
    
    Three Months Ended
    
    
    Reclassified from Accumulated
    
    
    Three Months EndedCash Flow
    
    September 30,
    
    
    September 30,
    
    
    OCI into Net (Loss) Earnings
    
    
    September 30,
    
    
    September 30,Hedging Relationships
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    
    2010
    
    
    2009Commodity Contracts
    
    $
    3,814,300
    
    
    $
    1,153,500
    
    
    Natural Gas and Oil Revenue
    
    $
    915,400
    
    
    $
    2,865,900
 Gain
    
    
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    
    
    Reclassified from OCI into Net (Loss) Earnings(Effective Portion)
    
    
    Location of Gain
    
    
    (Effective Portion)Derivatives in
    
    Nine Months Ended
    
    
    Reclassified from Accumulated
    
    
    Nine Months EndedCash Flow
    
    September 30,
    
    
    September 30,
    
    
    OCI into Net (Loss) Earnings
    
    
    September 30,
    
    
    September 30,Hedging Relationships
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    
    2010
    
    
    2009Commodity Contracts
    
    $
    9,292,200
    
    
    $
    1,457,700
    
    
    Natural Gas and Oil Revenue
    
    $
    3,190,400
    
    
    $
    6,867,400
  Natural Gas Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (MMbtu) (1)
    
    
    (per MMbtu) (1)
    
    
    Asset (2)2010
    
    
    566,000
    
    
    $
    7.236
    
    
    $
    1,863,7002011
    
    
    1,509,500
    
    
    
    6.845
    
    
    
    3,629,2002012
    
    
    1,014,200
    
    
    
    7.172
    
    
    
    2,114,1002013
    
    
    569,200
    
    
    
    6.544
    
    
    
    694,4002014
    
    
    248,700
    
    
    
    5.899
    
    
    
    114,000$
    8,415,400
  14




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
September 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
    
    
    96,500
    
    
    $
    5.774
    
    
    $
    181,9002010
    
    Calls sold
    
    
    96,500
    
    
    
    6.996
    
    
    
    (100
    )2011
    
    Puts purchased
    
    
    699,000
    
    
    
    6.441
    
    
    
    1,474,5002011
    
    Calls sold
    
    
    699,000
    
    
    
    7.551
    
    
    
    (31,500
    )2012
    
    Puts purchased
    
    
    628,800
    
    
    
    6.013
    
    
    
    946,9002012
    
    Calls sold
    
    
    628,800
    
    
    
    7.183
    
    
    
    (208,600
    )2013
    
    Puts purchased
    
    
    736,400
    
    
    
    5.749
    
    
    
    1,094,9002013
    
    Calls sold
    
    
    736,400
    
    
    
    6.937
    
    
    
    (522,200
    )2014
    
    Puts purchased
    
    
    270,700
    
    
    
    5.613
    
    
    
    412,6002014
    
    Calls sold
    
    
    270,700
    
    
    
    6.724
    
    
    
    (275,300
    )$
    3,073,100
 Crude Oil Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (Bbl) (1)
    
    
    (per Bbl) (1)
    
    
    Asset (3)2010
    
    
    800
    
    
    $
    97.061
    
    
    $
    14,6002011
    
    
    2,600
    
    
    
    88.498
    
    
    
    10,5002012
    
    
    1,900
    
    
    
    88.093
    
    
    
    1,8002013
    
    
    600
    
    
    
    88.398
    
    
    
    2002014
    
    
    
    
    
    
    
    
    
    
    $
    27,100
  15




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
September 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
    
    
    500
    
    
    $
    85.000
    
    
    $
    3,4002010
    
    Calls sold
    
    
    500
    
    
    
    112.220
    
    
    
    2011
    
    Puts purchased
    
    
    1,700
    
    
    
    77.563
    
    
    
    10,4002011
    
    Calls sold
    
    
    1,700
    
    
    
    101.861
    
    
    
    (7,300
    )2012
    
    Puts purchased
    
    
    1,300
    
    
    
    76.952
    
    
    
    11,4002012
    
    Calls sold
    
    
    1,300
    
    
    
    102.368
    
    
    
    (10,500
    )2013
    
    Puts purchased
    
    
    300
    
    
    
    76.952
    
    
    
    3,7002013
    
    Calls sold
    
    
    300
    
    
    
    103.269
    
    
    
    (3,500
    )2014
    
    Puts purchased
    
    
    
    
    
    
    
    
    
    
    2014
    
    Calls sold
    
    
    
    
    
    
    
    
    
    
    $
    7,600Total Net Asset
    
    
    
    
    
    
    
    
    
    
    
    $
    11,523,200
 
 (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
   16




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ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
September 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 nine months ended September 30, 2010
were $97,800 and $292,700, respectively. Administrative costs incurred for the three and
nine months ended September 30, 2009 were $94,200 and $269,900, respectively.
 
    
    Monthly well supervision fees, which are included in production expenses in the
Partnerships statements of operations, are payable at $392 per well per month and $377
per well per month in 2010 and 2009, respectively, for operating and maintaining the
wells. Well supervision fees incurred for the three and nine months ended September 30,
2010 were $641,900 and $1,621,800, respectively. Supervision fees incurred for the three
and nine months ended September 30, 2009 were $473,800 and $1,356,900, 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 nine months ended September 30, 2010 were
$298,600 and $1,954,100, respectively. Transportation fees incurred for the three and
nine months ended September 30, 2009 were $1,115,400 and $3,899,800, respectively.
 
    
    Assets contributed from the MGP which are disclosed on the Partnerships statements
of cash flows as a non-cash activity for the nine months ended September 30, 2010 and
2009 were $676,800 and $13,285,400, respectively.
  Subordination by Managing General Partner
   17




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##### Table of Contents



ATLAS RESOURCES PUBLIC 17-2008 (B) L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2010
(Unaudited)
 NOTE 8  COMMITMENTS AND CONTINGENCIES
 Legal Proceedings
   NOTE 9 — SUBSEQUENT EVENT-MERGER AGREEMENT
 )
    
 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
    18




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##### Table of Contents



Results of Operations
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Production revenues (in thousands):Gas
    
    $
    4,045
    
    
    $
    8,119
    
    
    $
    14,921
    
    
    $
    27,791Oil
    
    
    175
    
    
    
    365
    
    
    
    725
    
    
    
    1,097Liquid
    
    
    9
    
    
    
    5
    
    
    
    28
    
    
    
    5Total
    
    $
    4,229
    
    
    $
    8,489
    
    
    $
    15,674
    
    
    $
    28,893Production volumes:Gas (mcf/day) (1)
    
    
    7,375
    
    
    
    11,950
    
    
    
    8,929
    
    
    
    13,909Oil (bbls/day) (1)
    
    
    31
    
    
    
    66
    
    
    
    41
    
    
    
    79Liquid (bbls/day) (1)
    
    
    2
    
    
    
    2
    
    
    
    2
    
    
    
    1Total (mcfe/day) (1)
    
    
    7,573
    
    
    
    12,358
    
    
    
    9,187
    
    
    
    14,389Average sales prices: (2)Gas (per mcf) (1) (3)
    
    $
    6.66
    
    
    $
    8.41
    
    
    $
    6.70
    
    
    $
    8.29Oil (per bbl) (1) (4)
    
    $
    71.12
    
    
    $
    66.96
    
    
    $
    72.54
    
    
    $
    57.02Liquid (per bbl) (1)
    
    $
    42.07
    
    
    $
    22.21
    
    
    $
    45.88
    
    
    $
    22.21Average production costs:As a percent of revenues
    
    
    42
    %
    
    
    30
    %
    
    
    37
    %
    
    
    31
    %Per mcfe (1)
    
    $
    2.56
    
    
    $
    2.22
    
    
    $
    2.31
    
    
    $
    2.32Depletion per mcfe
    
    $
    3.82
    
    
    $
    2.96
    
    
    $
    3.81
    
    
    $
    2.98
 
 (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 $476,400 and $1,127,700 for the three
months ended September 30, 2010 and 2009, respectively. Previously recognized
derivative gains were $1,406,800 and $3,668,100 for the nine months ended September 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 $28,400 and $43,300 for the three months
ended September 30, 2010 and 2009, respectively. Previously recognized derivative gains
were $79,600 and $137,800 for the nine months ended September 30, 2010 and 2009,
respectively. The derivative gains are included in other comprehensive income and
resulted from prior period impairment charges.  19




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##### Table of Contents



Natural Gas Revenues.
  Oil Revenues.
  Natural Gas Liquids Revenue
 Expenses.
    20




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##### Table of Contents



Liquidity and Capital Resources
     Subordination by Managing General Partner
  CRITICAL ACCOUNTING POLICIES AND ESTIMATES
   21




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##### Table of Contents



Fair Value of Financial Instruments
  Level 1 
 Level 2 
 Level 3 
   
 ITEM 4.
    
    CONTROLS AND PROCEDURES
     22




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##### Table of Contents



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  23




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##### Table of Contents



SIGNATURES
  Atlas Resources Public 17-2008 (B) L.P.Atlas Resources, LLC, Managing General PartnerDate: November 12, 2010
    
    By:
    
    /s/ FREDDIE M. KOTEKFreddie M. Kotek,Chairman of the Board of Directors
Chief Executive Officer and PresidentDate: November 12, 2010
    
    By:
    
    /s/ MATTHEW A. JONESMatthew A. Jones,Chief Financial Officer
  24