<PAGE>

                     U.S. Securities and Exchange Commission

                             Washington, D.C. 20549

                                   FORM 10-KSB

(Mark One)

[X]     ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
        OF 1934

                   For the fiscal year ended December 31, 2004

[ ]     TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
        ACT OF 1934

                 For the transition period from _______to_______

                        Commission file number 333-67522

                          ATLAS AMERICA PUBLIC #10 LTD.
                 (Name of small business issuer in its charter)

PENNSYLVANIA                                                          25-1891457
(State or other jurisdiction of                                 (I.R.S. Employer
Incorporation or organization)                               Identification No.)

               311 Rouser Road, Moon Township, Pennsylvania 15108
               (Address of principal executive offices) (Zip Code)

Issuer's telephone number (412) 262-2830
Securities registered under Section 12(b) of the Exchange Act

       Title of each class          Name of each exchange on which registered
              None                                   None

          Securities registered under Section 12(g) of the Exchange Act
            Investor General Partner Units and Limited Partner Units
                                (Title of Class)

        Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes [X]

        Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [X]

        State issuer's revenues for its most recent fiscal year.  $4,711,900

        State the aggregate market value of the voting stock held by
        non-affiliates of the Registrant. Not Applicable.

        Transitional Small Business Disclosure Format (check one):

        Yes [ ] No [X]

<PAGE>

                          ATLAS AMERICA PUBLIC #10 LTD.

                      (A PENNSYLVANIA LIMITED PARTNERSHIP)

                             INDEX TO ANNUAL REPORT
                                 ON FORM 10-KSB

<TABLE>
<CAPTION>
                                                                                                 Page
                                                                                               --------
<S>                                                                                             <C>
PART I

     Item 1:    Description of Business.....................................................      3 - 5
     Item 2:    Description of Properties...................................................      5 - 9
     Item 3:    Legal Proceedings...........................................................          9
     Item 4:    Submission of Matters to a Vote of Security Holders.........................          9

PART II

     Item 5:    Market for Registrant's Common Equity and Related Security Holder Matters ..     9 - 10
     Item 6:    Management's Discussion and Analysis of Financial Condition or
                 Plan of Operation..........................................................    10 - 13
     Item 7:    Financial Statements........................................................    14 - 27
     Item 8:    Changes in and Disagreements with Accountants on Accounting and
                 Financial Disclosure.......................................................         28
     Item 8A:   Controls and Procedures.....................................................         28
     Item 8B:   Other Information...........................................................         28

PART III

     Item 9:    Directors, Executive Officers and Significant Employees, Compliance
                 with Section (16a) of the Exchange Act.....................................    28 - 31
     Item 10:   Executive Compensation......................................................         31
     Item 11:   Security Ownership of Certain Beneficial Owners and Management..............         31
     Item 12:   Certain Relationships and Related Transactions..............................         32
     Item 13:   Exhibits....................................................................    32 - 33
     Item 14:   Principal accountant fees and services......................................         33

SIGNATURES..................................................................................         34
</TABLE>

                                        2
<PAGE>

                                     PART I

ITEM 1.     DESCRIPTION OF BUSINESS

        GENERAL. We were formed as a Pennsylvania limited partnership on July 5,
2001, with Atlas Resources, Inc. as our managing general partner, to drill
natural gas development wells. We have no employees and rely on our managing
general partner for management. See Item 9 "Directors, Executive Officers and
Significant Employees, Compliance With Section 16 (a) of the Exchange Act."

        We received total cash subscriptions from investors of $21,281,200 which
were paid to our managing general partner acting as operator and general
drilling contractor under the drilling and operating agreement. Our managing
general partner contributed all of our oil and gas leases, paid and/or
contributed services towards all of our organization and offering costs and paid
66% of the tangible ("equipment") costs of drilling and completing our wells for
a total capital contribution to us of $7,227,500. We drilled and completed a
total of 103.15 net developmental wells to the Clinton/Medina geological
formation in Pennsylvania and Ohio.

        BUSINESS STRATEGY. Our wells are currently producing natural gas and to
a far lesser extent oil, which are our only products. Most of our gas is
gathered and delivered to market through Atlas Pipeline Partners' L.P. gas
gathering system which is managed by an affiliate of ur managing general
partner. We do not plan to sell any of our wells and will continue to produce
them until they are depleted at which time they will be plugged and abandoned.
No other wells will be drilled and no additional funds will be required for
drilling. See Item 2 "Description of Properties" for information concerning our
wells.

        Our ongoing operating and maintenance costs have been and are expected
to be fulfilled through revenues from the sale of our gas and oil production. We
pay our managing general partner a monthly well supervision fee of $275 per
well, as outlined in our drilling and operating agreement. This well supervision
fee covers all normal and regularly recurring operating expenses for the
production and sale of gas and to a lesser extent oil, such as:

        o   well tending, routine maintenance and adjustment;

        o   reading meters, recording production, pumping, maintaining
            appropriate books and records; and

        o   preparing reports to us and to government agencies.

        The well supervision fees, however, do not include costs and expenses
related to the purchase of certain equipment, materials and brine disposal. If
these expenses are incurred, we will pay at cost for third party services and
materials and a reasonable charge for services performed directly by our
managing general partner or its affiliates. Also, beginning one year after each
of our wells has been placed into production our managing general partner, as
operator, may retain $200 of our revenues per month to cover the estimated
future plugging and abandonment costs of the well. As of December 31, 2004 the
managing general partner has not withheld such funds.

        MARKETS AND COMPETITION. The availability of a ready market for natural
gas and oil produced by us, and the price obtained, depends upon numerous
factors beyond our control, including the extent of domestic production, import
of foreign natural gas and oil, political instability in oil and gas producing
countries and regions, market demand, competition from other energy sources, the
effect of federal regulation on the sale of natural gas and oil in interstate
commerce, other governmental regulation of the production and transportation of
natural gas and oil and the proximity, availability and capacity of pipelines
and other required facilities. Our managing general partner is responsible for
selling our natural gas production, and its policy is to treat all wells in a
given geographic area equally. Our natural gas is being sold as discussed in
Item 2, "Description of Properties - Delivery Commitments". During 2004 and
2003, we experienced no problems in selling our natural gas and oil, although
prices we received

                                        3
<PAGE>

varied, sometimes significantly. Product availability and price are the
principal means of competition in selling natural gas and oil production. While
it is impossible to accurately determine our comparative position in the
industry, we do not consider our operations to be a significant factor in the
industry. See Item 2, "Description of Properties - Delivery Commitments"
regarding the marketing of our natural gas and oil.

        GOVERNMENTAL REGULATION. The energy industry in general is heavily
regulated by federal and state authorities, including regulation of production,
environmental quality and pollution control. The intent of federal and state
regulations generally is to prevent waste, protect rights to produce natural gas
and oil between owners in a common reservoir and control contamination of the
environment. Failure to comply with regulatory requirements can result in
substantial fines and other penalties. The following discussion of the
regulation of the United States energy industry is not intended to constitute a
complete discussion of the various statutes, rules, regulations and
environmental orders to which our operations may be subject.

        REGULATION OF OIL AND GAS PRODUCING ACTIVITIES. State regulatory
agencies where a producing natural gas well is located provide a comprehensive
statutory and regulatory scheme for oil and gas operations such as ours
including supervising the production activities and the transportation of
natural gas sold in intrastate markets. Our oil and gas operations in
Pennsylvania are regulated by the Department of Environmental Resources,
Division of Oil and Gas, and our oil and gas operations in Ohio are regulated by
the Ohio Department of Natural Resources, Division of Oil and Gas. Among other
things, the regulations involve:

        o   new well permit and well registration requirements, procedures and
            fees;

        o   minimum well spacing requirements;

        o   restrictions on well locations and underground gas storage;

        o   certain well site restoration, groundwater protection and safety
            measures;

        o   landowner notification requirements;

        o   certain bonding or other security measures;

        o   various reporting requirements;

        o   well plugging standards and procedures; and

        o   broad enforcement powers.

        ENVIRONMENTAL AND SAFETY REGULATION. Under the Comprehensive
Environmental Response, Compensation and Liability Act, the Toxic Substances
Control Act, the Resource Conservation and Recovery Act, the Oil Pollution Act
of 1990, the Clean Air Act, and other federal and state laws relating to the
environment, owners and operators of wells producing natural gas or oil can be
liable for fines, penalties and clean-up costs for pollution caused by the
wells. Moreover, the owners' or operators' liability can extend to pollution
costs from situations that occurred prior to their acquisition of the assets.
State public utility regulators in Ohio and Pennsylvania have either adopted
federal standards or promulgated their own safety requirements consistent with
the federal regulations.

        We believe we have complied in all material respects with applicable
federal and state regulations and do not expect that these regulations will have
a material adverse impact on our operations. Our producing activities also must
comply with various federal, state and local laws not mentioned, including those
covering the discharge of materials into the environment, or otherwise relating
to the protection of

                                        4
<PAGE>

the environment. Although this compliance may cause delays or increase our
costs, currently we do not believe these costs will be substantial. However, we
cannot predict the ultimate costs of complying with present and future
environmental laws and regulations because these laws and regulations are
constantly being revised and ultimately they may have a material impact on our
operations and our compliance costs. Additionally, we cannot obtain insurance to
protect against many types of environmental claims.

WHERE CAN YOU FIND MORE INFORMATION. We file Form 10-KSB Annual Reports and Form
10-QSB Quarterly Reports, as well as other non-recurring special purpose
reports, with the Securities and Exchange Commission. A complete list of our
filings is available on the Securities and Exchange Commission's website at
WWW.SEC.GOV. Any of our filings are also available at the SEC's Public Reference
Room at 450 Fifth Street, N.W., Washington, D.C. 20549. The Public Reference
Room may be contacted at 1-800- SEC-0330 for further information.

Additionally, our managing general partner will provide you copies of any of
these reports without charge. Such requests should be made to:

                          Atlas America Public #10 Ltd.
                                 311 Rouser Road
                             Moon Township, PA 15108

ITEM 2.     DESCRIPTION OF PROPERTIES

        DRILLING ACTIVITY. For the years ended December 31, 2004 and 2003, we
did not drill any wells nor do we expect to do so in future years.

        SUMMARY OF PRODUCTIVE WELLS. The table below shows the number of our
productive gross and net wells at December 31, 2004 in which we have a working
interest, all wells are located in the Appalachian Basin.

                                                   NUMBER OF PRODUCTIVE
                                                          WELLS
                                                 -----------------------
                                                 GROSS (1)      NET (2)
                                                 ---------     ---------
        Gas ................................           104        100.15
        Oil ................................             3             3
                                                 ---------     ---------
            Total ..........................           107        103.15
                                                 ---------     ---------

        (1)     A "gross" well is a well in which we have a working interest.

        (2)     A "net" well equals the actual working interest we own in one
                gross well divided by one hundred. For example, a 50% working
                interest in a well is one gross well, but a .50 net well.

        PRODUCTION. The following table shows the quantities of natural gas and
oil produced (net to our interest), average sales price, and average production
(lifting) cost per equivalent unit of production for the periods indicated.

<TABLE>
<CAPTION>
                                                                             AVERAGE
                     PRODUCTION                AVERAGE SALES PRICE       PRODUCTION COST
YEAR         ---------------------------   ---------------------------    (LIFTING COST)
ENDED         OIL (BBLS)      GAS (MCF)      PER BBL        PER MCF       PER MCFE (1)(2)
----------   ------------   ------------   ------------   ------------   ----------------
<S>                 <C>        <C>         <C>            <C>                      <C>
2004                3,900        773,500   $      34.01   $       5.92             $  .84
2003                6,800      1,256,500   $      27.56   $       4.89             $  .63
</TABLE>

                                        5
<PAGE>

        ----------
        (1)     "Mcf" means one thousand cubic feet of natural gas. "Mcfe" means
                a thousand cubic feet equivalent. Oil production is converted to
                mcfe at the rate of six mcf per barrel ("bbl").
        (2)     Lifting costs include labor to operate the wells and related
                equipment, repairs and maintenance, materials and supplies,
                property taxes, production taxes, insurance and gathering
                charges.

        NATURAL GAS AND OIL RESERVE INFORMATION. The following tables summarize
information regarding our estimated proved natural gas and oil reserves as of
the dates indicated. All of our reserves are located in the United States. In
accordance with SEC guidelines, we make the standardized and SEC PV-10 estimates
of future net cash flows from proved reserves using natural gas and oil sales
prices in effect as of the dates of the estimates which are held constant
throughout the life of the properties. We based our estimates of proved reserves
upon the following year-end weighted average prices:

                                       AT DECEMBER 31,
                                    ---------------------
                                      2004        2003
                                    ---------   ---------
        Natural gas (per mcf) ...   $    7.00   $    6.68
        Oil (per bbl) ...........   $   39.75   $   29.25

        Reserve estimates are imprecise and may change as additional information
becomes available. Furthermore, estimates of natural gas and oil reserves, of
necessity, are projections based on engineering data. There are uncertainties
inherent in the interpretation of this data as well as the projection of future
rates of production and the timing of development expenditures. Reservoir
engineering is a subjective process of estimating underground accumulations of
natural gas and oil that cannot be measured in an exact way, and the accuracy of
any reserve estimate is a function of the quality of available data and of
engineering and geological interpretation and judgment. Reserve reports of other
engineers might differ from our reports. Results of drilling, testing and
production subsequent to the date of the estimate may justify revision of this
estimate. Future prices received from the sale of natural gas and oil may be
different from those we used in preparing our reports. The amounts and timing of
future operating, development and abandonment costs may also differ from those
used. Accordingly, the reserves set forth in the following tables ultimately may
not be produced within the periods anticipated. You should not construe the
estimated PV-10 values as representative of the fair market value of our proved
natural gas and oil properties. PV-10 values are based upon projected cash
inflows, which do not provide for changes in natural gas and oil prices or for
escalation of expenses and capital costs. The meaningfulness of these estimates
depends upon the accuracy of the assumptions upon which they were based.

        We evaluate natural gas reserves at constant temperature and pressure. A
change in either of these factors can affect the measurement of natural gas
reserves. We deducted when applicable, operating costs, development costs and
production-related and ad valorem taxes in arriving at the estimated future cash
flows. We made no provision for income taxes, and based the estimates on
operating methods and conditions prevailing as of the dates indicated. We cannot
assure you that these estimates are accurate predictions of future net cash
flows from natural gas and oil reserves or their present value. For additional
information concerning our natural gas and oil reserves and estimates of future
net revenues, see the notes to our financial statements in Item 7 "Financial
Statements."

                                        6
<PAGE>

<TABLE>
<CAPTION>
                                                           DECEMBER 31,    DECEMBER 31,
                                                               2004            2003
                                                          -------------   -------------
<S>                                                       <C>             <C>
Natural gas reserves - Proved Reserves (Mcf)(1)(5):
   Proved developed reserves (2) ......................       6,024,900       6,988,700
   Proved undeveloped reserves (3) ....................               -               -
                                                          -------------   -------------
     Total proved reserves of natural gas .............       6,024,900       6,988,700

Oil reserves: - Proved Reserves (Bbl)(1)(5)
   Proved developed reserves (2) ......................          26,600          40,100
   Proved undeveloped reserves (3) ....................               -               -
                                                          -------------   -------------
     Total proved reserves of oil .....................          26,600          40,100
                                                          -------------   -------------
       Total proved reserves (Mcfe) ...................       6,184,500       7,229,300
                                                          =============   =============
PV-10 estimate of cash flows of proved reserves (4)(5):
   Proved developed reserves ..........................   $  15,142,300   $  16,961,900
   Proved undeveloped reserves ........................               -               -
                                                          -------------   -------------
     Total PV-10 estimate .............................   $  15,142,300   $  16,961,900
                                                          =============   =============
PV-10 estimate per limited partner unit (6) ...........   $       4,823   $       5,553
                                                          =============   =============
Undiscounted estimate per limited partner unit (6) ....   $       8,641   $      10,121
                                                          =============   =============
</TABLE>

----------
(1)     "Proved reserves" generally means the estimated quantities of crude oil,
        natural gas, and natural gas liquids which geological and engineering
        data demonstrate with reasonable certainty to be recoverable in future
        years from known reservoirs under existing economic and operating
        conditions, i.e., prices and costs as of the date the estimate is made.
        Prices include consideration of changes in existing prices provided by
        contractual arrangements, but not escalations based on future
        conditions. Reservoirs are considered proved if economic production is
        supported by either actual production or conclusive formation test. The
        area of a reservoir considered proved includes: that portion delineated
        by drilling and defined by gas-oil and/or oil-water contacts, if any;
        and the immediately adjoining portions not yet drilled, but which can be
        reasonably judged as economically productive on the basis of available
        geological and engineering data.
(2)     "Proved developed oil and gas reserves" generally means reserves that
        can be expected to be recovered through existing wells with existing
        equipment and operating methods.
(3)     "Proved undeveloped reserves" generally means reserves that are expected
        to be recovered either from new wells on undrilled acreage or from
        existing wells where a relatively major expenditure is required for
        recompletion. Reserves on undrilled acreage are limited to those
        drilling units offsetting productive units that are reasonably certain
        of production when drilled.
(4)     The present value of estimated future net cash flows is calculated by
        discounting estimated future net cash flows
(5)     Please see Regulation S-X rule 4-10 for complete definitions of each
        reserve category.
(6)     This value per $10,000 unit is determined by following the methodology
        used for determining our proved reserves using the data discussed above.
        However, this value does not necessarily reflect the fair market value
        of a unit, and each unit is illiquid. Also, the value of a unit for
        purposes of presentment of the unit to our managing general partner for
        purchase is different, because it is calculated under a formula set
        forth in the partnership agreement.

        We have not filed any estimates of our oil and gas reserves with, nor
were such estimates included in any reports to, any Federal or foreign
governmental agency other than the SEC within the 12 months before the date of
this filing. For additional information concerning our natural gas and oil
reserves and activities, see the notes to our financial statements in Item 7
"Financial Statements.

                                        7
<PAGE>

        TITLE TO PROPERTIES. We believe that we hold good and indefeasible title
to our properties, in accordance with standards generally accepted in the
natural gas industry, subject to exceptions stated in the opinions of counsel
employed by us in the various areas in which we conduct our activities. We do
not believe that these exceptions detract substantially from our use of any
property. As is customary in the natural gas industry, we conduct only a
perfunctory title examination at the time we acquire a property. Before we
commence drilling operations, we conduct an extensive title examination and we
perform curative work on defects that we deem significant. We have obtained
title examinations for substantially all of our managed producing properties. No
single property represents a material portion of our holdings.

        Our properties are subject to royalty, overriding royalty and other
outstanding interests customary in the natural gas industry. Our properties are
also subject to burdens such as liens incident to operating agreements, taxes,
development obligations under natural gas and oil leases, farm-out arrangements
and other encumbrances, easements and restrictions. We do not believe that any
of these burdens will materially interfere with our use of our properties.

ACREAGE. The table below shows the acres of developed and undeveloped oil and
gas acreage in which we have an interest by state at December 31, 2004.

                     DEVELOPED ACREAGE      UNDEVELOPED ACREAGE (3)
                  -----------------------   -----------------------
LOCATION          GROSS (1)      NET (2)      GROSS         NET
---------------   ----------   ----------   ----------   ----------
Pennsylvania ..        2,857        2,795            -            -
Ohio ..........          580          580            -            -
                  ----------   ----------   ----------   ----------
   Total ......        3,437        3,375            -            -
                  ==========   ==========   ==========   ==========

----------
(1)     A "gross" acre is an acre in which we own a working interest.
(2)     A "net" acre equals the actual working interest we own in one gross acre
        divided by one hundred. For example, a 50% working interest in an acre
        is one gross acre, but a .50 net acre.
(3)     "Undeveloped acreage" means those lease acres on which wells have not
        been drilled or completed to a point that would permit the production of
        commercial quantities of oil and gas regardless of whether or not the
        acreage contains proved reserves.

        DELIVERY COMMITMENTS. Our managing general partner and its affiliates
Resource Energy, Inc. and Atlas Energy Group, Inc. have a natural gas supply
agreement with First Energy Solutions Corporation for a 10-year term which began
on April 1, 1999. First Energy Solutions Corporation is the marketing affiliate
of First Energy Corporation, which is based in Akron, Ohio and is a large
regional electric utility listed on the New York Stock Exchange and trading
under the symbol (FE). For the next 12 months our managing general partner
anticipates that approximately 52% of our gas will be sold through this
agreement with First Energy Solutions Corporation and approximately 23% will be
sold through a natural gas supply agreement with UGI Energy Services, Inc. and
approximately 25% will be sold through other third-party natural gas purchasers
or marketers. All of the natural gas production from wells situated in Fayette
County, Pennsylvania is being sold to UGI Energy Services, Inc. The natural gas
delivery commitments with First Energy Solutions Corporation, UGI Energy
Services, Inc. and our other third-party natural gas purchasers or marketers are
generally for a one year term.

        The pricing arrangements with First Energy Solutions Corporation, UGI
Energy Services, Inc. and other third-party gas purchasers or marketers are tied
to the New York Mercantile Exchange Commission ("NYMEX") monthly futures
contract price, which is reported daily in the Wall Street Journal. The total
price received for our gas is a combination of the monthly NYMEX futures price
plus a fixed basis. For example, the NYMEX futures price is the base price and
there is an additional premium paid, because of the location of the gas (the
Appalachian Basin) in relation to the gas market, which is referred to as the
"basis."

                                        8
<PAGE>

        Pricing for natural gas and oil has been volatile and unpredictable for
many years. The agreements with First Energy Solutions Corporation, UGI Energy
Services, Inc. and the other third-party gas purchasers or marketers also permit
our managing general partner and its affiliates to implement gas forward sales
transactions through those companies. First Energy Solutions Corporation, UGI
Energy Services, Inc. and the other third-party purchasers or marketers also use
NYMEX based financial instruments to hedge their pricing exposure and make
price-hedging opportunities available to our managing general partner which then
makes those arrangements available to us and its other partnerships. The
majority of our managing general partner's forward sales transactions are
implemented through its natural gas purchasers. These transactions are similar
to NYMEX based futures contracts, swaps and options, but also require firm
delivery of the hedged quantity, and are not deemed hedges for accounting
purposes because they require firm delivery of natural gas. Thus, our managing
general partner limits these arrangements to much smaller quantities than those
projected to be available at any delivery point. The price paid by First Energy
Solutions Corporation, UGI Energy Services, Inc. and any other third-party
purchasers for certain volumes of natural gas sold under these hedge agreements
may be significantly different from the underlying monthly spot market value.
Additionally, to limit our managing general partner's and its partnerships'
exposure to changes in natural gas prices our managing general partner uses
hedges through contracts including regulated NYMEX futures and options contracts
and non-regulated over-the-counter futures contracts with qualified
counterparties. The futures contracts employed by our managing general partner
are commitments to purchase or sell natural gas at future dates and generally
cover one-month periods for up to 24 months in the future. The overall portion
of our natural gas portfolio that is hedged changes from time to time.

        To assure that all financial instruments will be used solely for hedging
price risks and not for speculative purposes, our managing general partner has
established a committee to assure that all gas prices hedges, whether made
through a third-party marketer or purchaser or through our managing general
partner's and its affiliates' contracts are made in compliance with our managing
general partner's hedging policies and procedures. Our managing general partner
does not intend to contract for positions that it cannot offset with actual
production.

        We are not required to provide any fixed and determinable quantities of
gas under any agreement other than agreements that are a consequence of limited
hedging agreements with First Energy Solutions Corporation, UGI Energy Services,
Inc. and the other third-party gas purchasers or marketers.

ITEM 3.     LEGAL PROCEEDINGS
        None.

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
        None.

                                     PART II

ITEM 5.     MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SECURITY HOLDER
            MATTERS

        MARKET INFORMATION. There is no established public trading market for
our units and we do not anticipate a market will develop. Our units may be
transferred only in accordance with the provisions of Article VI of our
partnership agreement which require that:

        o   our managing general partner consent;

        o   the transfer not result in materially adverse tax consequences to
            us; and

        o   the transfer not violate federal or state securities laws.

An assignee of a unit may become a substituted partner only on meeting the
following conditions:

                                        9
<PAGE>

        o   the assignor gives the assignee the right;

        o   our managing general partner consents to the substitution;

        o   the assignee pays to us all costs and expenses incurred in
            connection with the substitution; and

        o   the assignee executes and delivers the instruments which our
            managing general partner requires to effect the substitution and to
            confirm his or her agreement to be bound by the terms of our
            partnership agreement.

A substitute partner is entitled to all of the rights of full ownership of the
assigned units, including the right to vote.

        HOLDERS. As of December 31, 2004, we had 820 interest holders.

        DISTRIBUTIONS. Our managing general partner reviews our accounts
quarterly to determine whether cash distributions are appropriate and the amount
to be distributed, if any. We distribute those funds, which our managing general
partner determines are not necessary for us to retain, to our partners. We will
not advance or borrow for purposes of distributions if the amount of the
distributions would exceed our accrued and received revenues for the previous
four quarters, less paid and accrued operating costs with respect to the
revenues.

        The determination of the revenues and costs are made in accordance with
generally accepted accounting principles, consistently applied, and cash
distributions to our managing general partner may only be made in conjunction
with distributions to our limited partners.

        During the calendar years ended December 31, 2004 and 2003, we
distributed the following:

            o   $2,848,000 and $3,695,500 to our limited partners; and

            o   $1,340,200 and $1,739,100 to our managing general partner.

ITEM 6.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

        FORWARD-LOOKING STATEMENTS. When used in this Form 10-KSB, the words
"believes" "anticipates" "expects" and similar expressions are intended to
identify forward-looking statements. Such statements are subject to certain
risks and uncertainties more particularly described in Item 1 of this report.
These risks and uncertainties could cause actual results to differ materially.
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-KSB or to reflect the occurrence of unanticipated events.

        This Item 6 "Management's Discussion and Analysis or Plan of Operation"
should be read in conjunction with Item 7 "Financial Statements" and the notes
to our financial statements.

        GENERAL. We were formed as a Pennsylvania limited partnership on July 5,
2001, with Atlas Resources, Inc. as our managing general partner, to drill
natural gas development wells. We do not plan to sell any of our wells and will
continue to produce them until they are depleted at which time they will be
plugged and abandoned. No other wells will be drilled and no additional funds
will be required for drilling.

                                       10
<PAGE>

        RESULTS OF OPERATIONS. The following table sets forth information
relating to revenues recognized and costs and expenses incurred, daily
production volumes, average sales prices and production cost per equivalent unit
during the periods indicated:

                                                          YEARS ENDED
                                                          DECEMBER 31,
                                                     ----------------------
                                                       2004         2003
                                                     ---------    ---------
Revenues (in thousands):
     Gas (1) (2) .................................   $   4,576    $   6,145
     Oil .........................................   $     131    $     189
Production volumes:
     Gas (thousands of cubic feet (mcf)/day) .....       2,113        3,442
     Oil (barrels (bbls)/day) ....................          11           19
Average sales price:
     Gas (per mcf) ...............................   $    5.92    $    4.89
     Oil (per bbl) ...............................   $   34.01    $   27.56
Production costs:
     As a percent of sales .......................          14%          13%
     Per equivalent mcf ..........................   $     .84    $     .63

----------
(1)     Excludes sales of residual gas and sales to landowners.
(2)     The average sales price per mcf before the effects of hedging was $5.22
        for the year ended December 31, 2003. There were no hedging contracts in
        place for the year ended December 31, 2004.

        REVENUES. Our natural gas revenues were $4,576,300 and $6,145,600 for
the years ended December 31, 2004 and 2003, respectively, a decrease of
$1,569,300 (26%). This decrease was due to a decrease in production volumes to
2,113 mcf per day for the year ended December 31, 2004 from 3,442 mcf per day
for the year ended December 31, 2003, a decrease of 1,329 mcf per day (39%).
This decrease was partially offset by an increase in the average sales price we
received for our natural gas to $5.92 per mcf for the year ended December 31,
2004 from $4.89 per mcf for the year ended December 31, 2003, an increase of
$1.03 per mcf (21%). The $1,569,300 decrease in gas revenue for the year ended
December 31, 2004 as compared to the prior year similar period was attributable
to a $2,362,100 decrease in production volumes, partially offset by a $792,800
increase in natural gas sale prices, which are driven by market conditions. The
overall decrease in gas production volumes results primarily from the normal
decline inherent in the life of a well.

        The price we receive for our natural gas is primarily a result of the
index driven agreements with First Energy Services Corporation and UGI Energy
Services, Inc. (see Item 2 "Description of Properties - Delivery Commitments").
As such, the price we receive for our natural gas may vary significantly each
month as the underlying index changes in response to market conditions.

        EXPENSES. Production expenses were $670,200 and $821,400 for the years
ended December 31, 2004 and 2003, respectively, a decrease of $151,200 (18%).
The decrease is primarily attributable to lower production volumes and the
related decrease in costs associated with that production for the year ended
December 31, 2004 compared to 2003.

        Depletion and depreciation of oil and gas properties as a percentage of
oil and gas revenues was 41% for the year ended December 31, 2004 as compared to
52% for the year ended December 31, 2003. This percentage change is directly
attributable to changes in our oil and gas reserve quantities, product prices,
production and fluctuations in the depletable cost basis of oil and gas
properties.

                                       11
<PAGE>

        General and Administrative expenses were $128,700 and $116,200 for the
years ended December 31, 2004 and 2003, respectively, an increase of $12,500
(11%). These expenses include audit fees, as well as the monthly administrative
fee charged by our managing general partner. This increase was primarily due to
higher audit fees as compared to the prior year similar period.

        LIQUIDITY AND CAPITAL RESOURCES. Cash provided by operating activities
decreased $1,931,100 to $3,850,500 for the year ended December 31, 2004 from
$5,781,600 for the year ended December 31, 2003. The decrease was primarily due
to a decrease in net income from operations before depletion and depreciation
and cumulative effect of changes in accounting principle.

        Cash used in financing activities decreased $1,246,400 to $4,188,200 for
the year ended December 31, 2004 from $5,434,600 for the year ended December 31,
2003. The decrease is directly related to lower distributions to partners as a
result of lower net income after depreciation, depletion and accretion.

        We have no material commitments to make capital expenditures during the
period and we do not expect any in the foreseeable future, except that our
managing general partner may withhold funds for future plugging and abandonment
costs. Any additional funds, if required, will be obtained from production
revenues or borrowings from our managing general partner or its affiliates,
which are not contractually committed to make a loan. The amount that may be
borrowed may not at any time exceed 5% of our total subscriptions, and no
borrowings will be obtained from third-parties.

        CRITICAL ACCOUNTING POLICIES. The discussion and analysis of our
financial condition and results of operations are based upon our financial
statements, which have been prepared in accordance with accounting principles
generally accepted in the United States. The preparation of these financial
statements requires us to make estimates and judgments that affect the reported
amounts of our assets, liabilities, revenues and cost and expenses, and related
disclosure of contingent assets and liabilities. On an on-going basis, we
evaluate our estimates, including those related to oil and gas reserves and
certain accrued liabilities. We base our estimates on historical experience and
on various other assumptions that we believe reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different
assumptions or conditions.

        We have identified the following policies as critical to our business
operations and the understanding of our results of operations. For a detailed
discussion on the application of these and other accounting policies, see Note 2
of the "Notes to Financial Statements" in Item 7 "Financial Statements."

        USE OF ESTIMATES. Preparation of the financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and
liabilities as of the date of the consolidated financial statements and the
reported amounts of revenues and costs and expenses during the reporting period.
Actual results could differ from these estimates.

        RESERVE ESTIMATES. Our estimates of our proved natural gas and oil
reserves and future net revenues from them are based upon reserve analyses that
rely upon various assumptions, including those required by the SEC, as to
natural gas and oil prices, drilling and operating expenses, capital
expenditures, abandonment costs, taxes and availability of funds. Any
significant variance in these assumptions could materially affect the estimated
quantity of our reserves. As a result, our estimates of our proved natural gas
and oil reserves are inherently imprecise. Actual future production, natural gas
and oil prices, revenues, taxes, development expenditures, operating expenses
and quantities of recoverable natural gas and oil reserves may vary
substantially from our estimates or estimates contained in the reserve reports.
In addition, our proved reserves may be subject to downward or upward revision
based upon production history, results of future exploration and development,
prevailing natural gas and oil prices, mechanical difficulties, governmental
regulation and other factors, many of which are beyond our control.

                                       12
<PAGE>

        IMPAIRMENT OF OIL AND GAS PROPERTIES. We review our producing oil and
gas properties for impairment on an annual basis and whenever events and
circumstances indicate a decline in the recoverability of their carrying values.
We estimate the expected future cash flows from our oil and gas properties and
compare such future cash flows to the carrying amount of the oil and gas
properties to determine if the carrying amount is recoverable. If the carrying
amount exceeds the estimated undiscounted future cash flows, we will adjust the
carrying amount of the oil and gas properties to their fair value in the current
period. The factors used to determine fair value include, but are not limited
to, estimates of reserves, future production estimates, anticipated capital
expenditures, and a discount rate commensurate with the risk associated with
realizing the expected cash flows projected. Given the complexities associated
with oil and gas reserve estimates and the history of price volatility in the
oil and gas markets, events may arise that will require us to record an
impairment of our oil and gas properties and there can be no assurance that such
impairments will not be required in the future.

        DISMANTLEMENT, RESTORATION, RECLAMATION AND ABANDONMENT COSTS. On an
annual basis, we estimate the costs of future dismantlement, restoration,
reclamation and abandonment of our natural gas and oil-producing properties. We
also estimate the salvage value of equipment recoverable upon abandonment. On
October 1, 2002 we adopted SFAS 143, as discussed in Note 2 to our consolidated
financial statements. As of December 31, 2004 and 2003, our estimate of salvage
values was greater than or equal to our estimate of the costs of future
dismantlement, restoration, reclamation and abandonment costs from those we have
estimated, or changes in our estimates or costs, could reduce our gross profit
from energy operations.

                                       13
<PAGE>

ITEM 7.     FINANCIAL STATEMENTS

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE PARTNERS OF
ATLAS AMERICA PUBLIC #10 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP

We have audited the accompanying balance sheets of Atlas America Public #10 Ltd.
(a Pennsylvania Limited Partnership), as of December 31, 2004 and 2003, and the
related statements of operations, changes in partners' capital accounts and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Partnership is not
required to have, nor were we engaged to perform an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Partnership's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Atlas America Public #10 Ltd.,
as of December 31, 2004 and 2003, and the related statements of operations,
changes in partners' capital accounts and cash flows for the years then ended in
conformity with accounting principles generally accepted in the United States of
America.

As discussed in Note 2 to the financial statements, effective January 1, 2003,
the Partnership adopted Statement of Financial Accounting No. 143, Accounting
for Asset Retirement Obligations, and changed its method of accounting for its
plugging and abandonment liability related to its oil and gas wells and
associated equipment.

/s/ Grant Thornton LLP

Cleveland, Ohio
March 18, 2005

                                       14
<PAGE>

                          ATLAS AMERICA PUBLIC #10 LTD.
                      (A PENNSYLVANIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                           DECEMBER 31, 2004 AND 2003
<TABLE>
<CAPTION>
                                                               2004             2003
                                                          --------------   --------------
<S>                                                       <C>              <C>
                        ASSETS
Current assets:
Cash and cash equivalents .............................   $       13,300   $      351,000
Accounts receivable - affiliate .......................        1,367,800        1,298,400
                                                          --------------   --------------
Total current assets ..................................        1,381,100        1,649,400

Oil and gas properties (successful efforts) ...........       25,422,800       25,405,200
Less accumulated depletion and depreciation ...........       (9,103,000)      (7,155,100)
                                                          --------------   --------------
                                                              16,319,800       18,250,100
                                                          --------------   --------------
                                                          $   17,700,900   $   19,899,500
                                                          ==============   ==============

           LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accrued liabilities ...................................   $       17,400   $       10,500
                                                          --------------   --------------
Total current liabilities .............................           17,400           10,500

Asset retirement obligation ...........................          520,900          473,800

Partners' capital:
Managing general partner ..............................        2,989,100        3,390,100
Limited partners (2,135 units) ........................       14,173,500       16,025,100
                                                          --------------   --------------
                                                              17,162,600       19,415,200
                                                          --------------   --------------
                                                          $   17,700,900   $   19,899,500
                                                          ==============   ==============
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                       15
<PAGE>

                          ATLAS AMERICA PUBLIC #10 LTD.
                      (A PENNSYLVANIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS

                     YEARS ENDED DECEMBER 31, 2004 AND 2003

<TABLE>
<CAPTION>
                                                               2004             2003
                                                          --------------   --------------
<S>                                                       <C>              <C>
REVENUES
  Natural gas and oil sales ...........................   $    4,707,500   $    6,334,300
  Interest income .....................................            4,400            4,900
                                                          --------------   --------------
    Total revenues ....................................        4,711,900        6,339,200

COSTS AND EXPENSES
  Production expenses .................................          670,200          821,400
  Depletion and depreciation of oil and gas
   properties .........................................        1,947,900        3,275,700
  Accretion of asset retirement obligation ............           29,500           26,800
  General and administrative expenses .................          128,700          116,200
                                                          --------------   --------------
    Total expenses ....................................        2,776,300        4,240,100
    NET EARNINGS BEFORE CUMULATIVE EFFECT OF CHANGE IN
     ACCOUNTING PRINCIPLE .............................        1,935,600        2,099,100
    Cumulative effect of change in accounting
     principle ........................................                -         (447,000)
                                                          --------------   --------------
    NET EARNINGS ......................................   $    1,935,600   $    1,652,100
                                                          ==============   ==============
ALLOCATION OF NET EARNINGS:
  Managing general partner ............................   $      939,200   $    1,058,200
                                                          ==============   ==============
  Limited partners ....................................   $      996,400   $      593,900
                                                          ==============   ==============
  Net earnings per limited partnership unit before
   cumulative effect of change in accounting
   principle ..........................................   $          467   $          420
                                                          ==============   ==============
  Net earnings per limited partnership unit ...........   $          467   $          278
                                                          ==============   ==============
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                       16
<PAGE>

                          ATLAS AMERICA PUBLIC #10 LTD.
                      (A PENNSYLVANIA LIMITED PARTNERSHIP)

               STATEMENTS OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS

                     YEARS ENDED DECEMBER 31, 2004 AND 2003

<TABLE>
<CAPTION>
                                                                                           ACCUMULATED
                                                        MANAGING                             OTHER
                                                        GENERAL            LIMITED        COMPREHENSIVE
                                                        PARTNER           PARTNERS        INCOME (LOSS)         TOTAL
                                                     ---------------   ---------------   ---------------   ---------------
<S>                                                  <C>               <C>               <C>               <C>
BALANCE AT DECEMBER 31, 2002 .....................   $     4,071,000   $    19,126,700   $      (191,200)  $    23,006,500

   Participation in revenue and expenses:
     Net production revenues .....................         1,783,400         3,729,500                 -         5,512,900
     Interest income .............................             1,600             3,300                 -             4,900
     Depletion and depreciation ..................            (8,700)          (18,100)                -           (26,800)
     Impairment of oil and gas properties ........          (535,900)       (2,739,800)                -        (3,275,700)
     General and administrative ..................           (37,600)          (78,600)                -          (116,200)
                                                     ---------------   ---------------   ---------------   ---------------
     Net earnings before cumulative effect
      of change in accounting principle ..........         1,202,800           896,300                 -         2,099,100

     Cumulative effect of change in
      accounting principle .......................          (144,600)         (302,400)                -          (447,000)
                                                     ---------------   ---------------   ---------------   ---------------
     Net earnings ................................         1,058,200           593,900                 -         1,652,100

Cash flow hedge losses reclass to gas sales ......                 -                 -           386,600           386,600
Change in fair value of cash flow hedges .........                 -                 -          (195,400)         (195,400)
                                                                                         ---------------   ---------------
     Comprehensive income ........................                                               191,200         1,843,300

Distribution to partners .........................        (1,739,100)       (3,695,500)                -        (5,434,600)
                                                     ---------------   ---------------   ---------------   ---------------

BALANCE AT DECEMBER 31, 2003 .....................   $     3,390,100   $    16,025,100   $             -   $    19,415,200
                                                     ---------------   ---------------   ---------------   ---------------
   Participation in revenue and expenses:
     Net production revenues .....................         1,306,100         2,731,200                 -         4,037,300
     Interest income .............................             1,400             3,000                 -             4,400
     Accretion of asset retirement obligation ....            (9,500)          (20,000)                -           (29,500)
     Depletion and depreciation ..................          (317,200)       (1,630,700)                -        (1,947,900)
     General and administrative ..................           (41,600)          (87,100)                -          (128,700)
                                                     ---------------   ---------------   ---------------   ---------------

     Net earnings ................................           939,200           996,400                 -         1,935,600

Distributions to partners ........................        (1,340,200)       (2,848,000)                -        (4,188,200)
                                                     ---------------   ---------------   ---------------   ---------------
BALANCE AT DECEMBER 31, 2004 .....................   $     2,989,100   $    14,173,500   $             -   $    17,162,600
                                                     ===============   ===============   ===============   ===============
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                       17
<PAGE>

                          ATLAS AMERICA PUBLIC #10 LTD.
                      (A PENNSYLVANIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

                     YEARS ENDED DECEMBER 31, 2004 AND 2003

<TABLE>
<CAPTION>
                                                                        2004           2003
                                                                    ------------   ------------
<S>                                                                 <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings ....................................................   $  1,935,600   $  1,652,100
Adjustments to reconcile net earnings to net cash provided by
 operating activities:
     Depletion and depreciation .................................      1,947,900      3,275,700
     Cumulative effect of change in accounting principle ........              -        447,000
     Accretion of asset retirement obligation ...................         29,500         26,800
     (Increase) decrease in accounts receivable - affiliate .....        (69,400)       404,600
     Increase (decrease) in accrued liabilities .................          6,900        (24,600)
                                                                    ------------   ------------
       Net cash provided by operating activities ................      3,850,500      5,781,600

CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions to Partners ....................................     (4,188,200)    (5,434,600)
                                                                    ------------   ------------
       Net (decrease) increase  in cash and cash equivalents ....       (337,700)       347,000

Cash and cash equivalents at beginning of period ................        351,000          4,000
                                                                    ------------   ------------
Cash and cash equivalents at end of period ......................   $     13,300   $    351,000
                                                                    ============   ============
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                       18
<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2004

NOTE 1 - NATURE OF OPERATIONS

        Atlas America Public #10 Ltd. (the "Partnership") is a Pennsylvania
Limited Partnership which includes Atlas Resources, Inc. ("Atlas") of
Pittsburgh, Pennsylvania, as Managing General Partner and Operator, and 820
Limited Partners. The Partnership was formed on July 5, 2001 to drill and
operate gas wells located primarily in western Pennsylvania and southern Ohio.
At December 31, 2004, the Partnership had various working interests in 107 gross
wells.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        A summary of significant accounting policies consistently applied in the
preparation of the accompanying financial statements follows:

Basis of Accounting

        The financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America.

Use of Estimates

        Preparation of the financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and liabilities
as of the date of the consolidated financial statements and the reported amounts
of revenues and costs and expenses during the reporting period. Actual results
could differ from these estimates.

Impairment of Long Lived Assets

        The Partnership reviews its long-lived assets for impairment whenever
events or circumstances indicate that the carrying amount of an asset may not be
recoverable. If it is determined that an asset's estimated undiscounted future
cash flows will not be sufficient to recover its carrying amount, an impairment
charge will be recorded to reduce the carrying amount for that asset to its
estimated fair value.

Cash and Cash Equivalents

        The Partnership considers temporary investments with a maturity at the
date of acquisition of 90 days or less to be cash equivalents. Financial
instruments, which potentially subject the Partnership to concentrations of
credit risk, consist principally of periodic temporary investments of cash and
cash equivalents. The Partnership places its temporary cash investments in
deposits with high-quality financial institutions. At December 31, 2004, the
Partnership had $101,000 in deposits at one bank of which $1,000 was over the
insurance limit of the Federal Deposit Insurance Corporation. No losses have
been experienced on such investments.

                                       19
<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Comprehensive Income

        Comprehensive income includes net income and all other changes in the
equity of a business during a period from transactions and other events and
circumstances from non-owner sources. These changes, other than net income, are
referred to as "other comprehensive income" and for the Partnership only include
changes in unrealized cashflow hedging gains and losses. The following table
presents comprehensive income:

<TABLE>
<CAPTION>
                                                                            YEARS ENDED DECEMBER 31,
                                                                         -----------------------------
                                                                             2004            2003
                                                                         -------------   -------------
<S>                                                                      <C>             <C>
Net earnings .........................................................   $   1,935,600   $   1,652,100

Other comprehensive income (loss):

   Unrealized loss on natural gas futures and options contracts ......               -        (195,400)
   Added: reclassification adjustment for losses realized in income ..               -         386,600
                                                                         -------------   -------------
                                                                                     -         191,200
                                                                         -------------   -------------
Comprehensive income .................................................   $   1,935,600   $   1,843,300
                                                                         =============   =============
</TABLE>

Oil and Gas Properties

Oil and Gas properties consist of the following:

<TABLE>
<CAPTION>
                                                                                 AT DECEMBER 31,
                                                                         -----------------------------
                                                                            2004             2003
                                                                         -------------   -------------
<S>                                                                      <C>             <C>
Mineral interest in properties:
   Proved properties .................................................   $     338,500   $     338,500
   Wells and related equipment .......................................      25,084,300      25,066,700
                                                                         -------------   -------------
                                                                            25,422,800      25,405,200

Accumulated depreciation and depletion and valuation allowances:
   Oil and gas properties ............................................      (9,103,000)     (7,155,100)
                                                                         -------------   -------------
                                                                         $  16,319,800   $  18,250,100
                                                                         =============   =============
</TABLE>

        The Partnership uses the successful efforts method of accounting for oil
and gas producing activities. Costs to acquire mineral interests in oil and gas
properties and to drill and equip wells are capitalized. Costs of exploratory
wells which do not find proved reserves are expensed.

                                       20
<PAGE>

                          Atlas America Public #10 Ltd.
                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

        Upon the sale or retirement of a complete or partial unit of a proved
property, the cost is eliminated from the property accounts, and the resultant
gain or loss is reclassified to accumulated depletion.

        On an annual basis, the Partnership estimates the costs of future
dismantlement, restoration, reclamation, and abandonment of its gas and oil
producing properties. Additionally, the Partnership estimates the salvage value
of equipment recoverable upon abandonment. At December 31, 2002, the
Partnership's estimate of equipment salvage values was greater than or equal to
the estimated costs of future dismantlement, restoration, reclamation, and
abandonment. On January 1, 2003, the Partnership adopted SFAS No. 143
"Accounting for Asset Retirement Obligations" ("SFAS No. 143") as discussed
further in this footnote.

Depreciation, Depletion and Amortization

        The Partnership depletes proved gas and oil properties, which include
intangible drilling and development costs, tangible well equipment and leasehold
costs, on the unit-of-production method using the ratio of current production to
the estimated aggregate proved developed gas and oil reserves.

Asset Retirement Obligation

        Effective January 1, 2003, the Partnership adopted SFAS No. 143 which
requires the Partnership to recognize an estimated liability for the plugging
and abandonment of its oil and gas wells. Under SFAS No. 143, the Partnership
must currently recognize a liability for future asset retirement obligations if
a reasonable estimate of the fair value of that liability can be made. SFAS No.
143 requires the Partnership to consider estimated salvage value in the
calculation of depletion, depreciation and amortization. Consistent with
industry practice, historically the Partnership had determined the cost of
plugging and abandonment on its oil and gas properties would be offset by
salvage values received. The adoption of SFAS No. 143 resulted in an increase of
total liabilities because retirement obligations are required to be recognized.

        The estimated liability is based on the managing general partner's
historical experience in plugging and abandoning wells, estimated remaining
lives of those wells based on reserves estimates, external estimates as to the
cost to plug and abandon the wells in the future, and federal and state
regulatory requirements. The liability is discounted using an assumed
credit-adjusted risk-free interest rate. Revisions to the liability could occur
due to changes in estimates of plugging and abandonment costs or remaining lives
of the wells, or if federal or state regulators enact new plugging and
abandonment requirements.

        The adoption of SFAS No. 143 as of January 1, 2003 resulted in a
cumulative effect adjustment of (i) a $447,000 increase in non-current plugging
and abandonment liabilities and (ii) a $447,000 cumulative effect of change in
accounting principle.

        The Partnership has no assets legally restricted for purposes of
settling asset retirement obligations. Except for the item previously
referenced, the Partnership has determined that there are no other material
retirement obligations associated with tangible long-lived assets.

                                       21
<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Asset Retirement Obligation (Continued)

        A reconciliation of the Partnership's liability for well plugging and
abandonment costs for the years ended December 31, 2004 and 2003 is as follows:

<TABLE>
<CAPTION>
                                                                             2004            2003
                                                                         -------------   -------------
<S>                                                                      <C>             <C>
Asset retirement obligation ..........................................   $     473,800   $           -
Adoption of SFAS No. 143 .............................................               -         447,000
Change in estimate on asset retirement obligation ....................          17,600               -
Accretion expense ....................................................          29,500          26,800
                                                                         -------------   -------------
Total asset retirement obligation ....................................   $     520,900   $     473,800
                                                                         =============   =============
</TABLE>

Revenue Recognition

        Revenues from the sale of natural gas and oil are recognized when the
gas and oil are delivered to the purchaser.

Environmental Matters

        The Partnership is subject to various federal, state and local laws and
regulations relating to the protection of the environment. The Partnership has
established procedures for the ongoing evaluation of its operations, to identify
potential environmental exposures and to comply with regulatory policies and
procedures.

        The Partnership accounts for environmental contingencies in accordance
with SFAS No. 5 "Accounting for Contingencies." Environmental expenditures that
relate to current operations are expensed or capitalized as appropriate.
Expenditures that relate to an existing condition caused by past operations, and
do not contribute to current or future revenue generation, are expensed.
Liabilities are recorded when environmental assessments and/or clean-ups are
probable, and the costs can be reasonably estimated. The Partnership maintains
insurance that may cover in whole or in part certain environmental expenditures.
For the two years ended December 31, 2004 the Partnership had no environmental
matters requiring specific disclosure or requiring recording of a liability.

Major Customers

        The Partnership's natural gas is sold under contract to various
purchasers. For the years ended December 31, 2004 and 2003, First Energy
Solutions Corporation and UGI Energy Services, Inc. accounted for 52% and 63%,
and 23% and 14%, respectively, of total revenues.

                                       22
<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Hedging Activities

        Atlas uses natural gas futures and option contracts to hedge its
exposure to changes in natural gas prices. The Partnership accounts for its
portion of the hedging activities under Statements of Financial Accounting
Standards No. 133, "Accounting for Derivative Instruments and Hedging Activates"
("SFAS No. 133) (as amended by SFAS No. 138 and SFAS No. 149). These contracts
qualify and have been designated as cash flow hedges under SFAS No. 133 and
accordingly, gains and losses resulting from market price changes are deferred
and recognized as a component of sales revenues in the month the gas is sold.
The Partnership had no open derivatives at December 31, 2004 and 2003.

NOTE 3 - FEDERAL INCOME TAXES

        The Partnership is not treated as a taxable entity for federal income
tax purposes. Any item of income, gain, loss, deduction or credit flows through
to the partners as though each partner had incurred such item directly. As a
result, each partner must take into account his pro rata share of all items of
partnership income and deductions in computing his federal income tax liability.

NOTE 4 - PARTICIPATION IN REVENUES AND COSTS

        The Managing General Partner and the limited partners generally
participate in revenues and costs in the following manner:

<TABLE>
<CAPTION>
                                                          MANAGING
                                                          GENERAL          LIMITED
                                                          PARTNER          PARTNERS
                                                        ------------     ------------
        <S>                                                      <C>              <C>
        Organization and offering costs .............            100%               0%
        Lease costs .................................            100%               0%
        Revenues ....................................             (1)              (1)
        Operating costs, administrative costs, direct
         costs and all other costs ..................             (2)              (2)
        Intangible drilling costs ...................              0%             100%
        Tangible equipment costs ....................             66%              34%
</TABLE>

        (1)     Subject to the Managing General Partner's subordination
                obligation, substantially all partnership revenues will be
                shared in the same percentage as capital contributions are to
                the total partnership capital contributions, except that the
                Managing General partner will receive an additional 7% of the
                partnership revenues.

        (2)     These costs will be charged to the partners in the same ratio as
                the related production revenues are credited.

                                       23
<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 5 - TRANSACTIONS WITH ATLAS AND ITS AFFILIATES

        The Partnership has entered into the following significant transactions
with Atlas and its affiliates as provided under the Partnership agreement:

          Administrative costs which are included in general and administrative
          expenses in the Statement of Operations are payable to Atlas at $75
          per well per month. Administrative costs incurred in 2004 and 2003
          were $91,000 and $90,500, respectively.

          Monthly well supervision fees which are included in production
          expenses in the Statement of Operations are payable to Atlas at $275
          per well per month for operating and maintaining the wells. Well
          supervision fees incurred in 2004 and 2003 were $316,100 and $303,400,
          respectively.

          Transportation fees which are included in production expenses in the
          Statement of Operations are payable to Atlas at $.35 per MCF (one
          thousand cubic feet). Transportation costs incurred in 2004 and 2003
          were $219,700 and $341,600, respectively.

          The Partnership's managing general partner and its affiliates are
          reimbursed for all direct costs expended on the Partnership's behalf.
          For the years ended December 31, 2004 and 2003, the Partnership
          reimbursed the managing general partner $172,200 and $202,000,
          respectively, for direct costs.

        As the Managing General Partner, Atlas performs all administrative and
management functions for the Partnership. Accounts receivable - affiliate on the
balance sheet represents the net production revenues due from Atlas.

NOTE 6 - COMMITMENTS

        Subject to certain conditions, investor partners may present their
interests beginning in 2005 for purchase by Atlas. The purchase price will be
calculated by Atlas in accordance with the terms of the partnership agreement.
Atlas is not obligated to purchase more than 5% of the units in any calendar
year. In the event that Atlas is unable to obtain the necessary funds, Atlas may
suspend its purchase obligation.

        Also, beginning three years after each of our wells has been placed into
production our managing general partner, as operator, may retain $200 of our
revenues per month per well to cover our estimated future plugging and
abandonment costs. As of December 31, 2004 the managing general partner has not
withheld such funds.

NOTE 7 - SUBORDINATION OF MANAGING GENERAL PARTNER'S  REVENUE SHARE

        Under the terms of the partnership agreement, Atlas may be required to
subordinate up to 50% of its share of production revenues of the Partnership,
net of related operating costs, administrative costs and well supervision fees
to the receipt by the investor partners of cash distributions from the
Partnership equal to at least 10% of their agreed subscriptions, determined on a
cumulative basis, in each of the first five years of Partnership operations,
commencing with the first distribution of revenues to the investor partners
(June 2002). During the subordination period, Atlas can be reimbursed for any
subordination

                                       24
<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 7 - SUBORDINATION OF MANAGING GENERAL PARTNER'S  REVENUE SHARE (CONTINUED)

advances to the extent distributions to investor partners exceed the 10% return.
In 2004 and 2003, Atlas was not required to subordinate any of its net revenues
to the investor partners.

NOTE 8 - HEDGING ACTIVITIES

        Atlas enters into natural gas futures and option contracts to hedge its
exposure to changes in natural gas prices. At any point in time, such contracts
may include regulated New York Mercantile Exchange ("NYMEX") futures and options
contracts and non-regulated over-the-counter futures contracts with qualified
counter parties. NYMEX contracts are generally settled with offsetting
positions, but may be settled by the delivery of natural gas. Although hedging
provides Atlas and its affiliates, including the Partnership, some protection
against falling prices, these activities could also reduce the potential
benefits of price increases, depending upon the instrument. The Partnership does
not hold derivative instruments for trading purposes.

        At December 31, 2004 and 2003, Atlas had no open natural gas futures and
option contracts covering the Partnership's gas production and accordingly, had
no unrealized loss or gains related to open NYMEX contracts at this date. The
Partnership recognized losses of approximately $386,600 on settled contracts
covering natural gas production for the year ended December 31, 2003 which is
included in natural gas and oil sales.

        The Partnership recognized no gains or losses during the years ended
December 31, 2004 and 2003 for hedge ineffectiveness or as a result of the
discontinuance of cash flow hedges. The Partnership assesses the effectiveness
of its hedges based on changes in the derivative's fair value.

NOTE 9 - NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED)

        The supplementary information summarized below presents the results of
natural gas and oil activities in accordance with Statements of Financial
Accounting Standards No. 69, "Disclosures About Oil and Gas Producing
Activities" ("SFAS No. 69"). Annually, reserve value information is provided to
the investor partners pursuant to the partnership agreement. The partnership
agreement provides a presentment feature whereby the managing general partner
will buy partnership units, subject to annual limitations, based upon a
valuation formula price in the partnership agreement. Therefore, reserve value
information under SFAS No. 69 is not presented.

        No consideration has been given in the following information to the
income tax effect of the activities as the Partnership is not treated as a
taxable entity for income tax purposes.

                                       25
<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 9 - NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED) (CONTINUED)

(1)     CAPITALIZED COSTS

        The following table presents the capitalized costs related to natural
gas and oil producing activities at December 31:

<TABLE>
<CAPTION>
                                                                2004             2003
                                                            -------------    ------------
<S>                                                         <C>              <C>
            Capitalized costs at December 31:
              Mineral interests in proved properties ....   $     338,500    $     338,500
              Wells and related equipment ...............      25,084,300       25,066,700
              Accumulated depreciation and depletion ....      (9,103,000)      (7,155,100)
                                                            -------------    -------------
                NET CAPITALIZED COSTS ...................   $  16,319,800    $  18,250,100
                                                            =============    =============
</TABLE>

(2)     RESULTS OF OPERATIONS FOR OIL AND GAS PRODUCING ACTIVITIES

        The following table presents the results of operations related to
natural gas and oil production for the years ended December 31:

<TABLE>
<CAPTION>
                                                                2004             2003
                                                            -------------    -------------
            <S>                                             <C>              <C>
            Natural gas and oil sales ...................   $   4,707,500    $   6,334,300
            Production costs ............................        (670,200)        (821,400)
            Accretion of asset retirement obligation ....         (29,500)         (26,800)
            Depreciation and depletion and impairment ...      (1,947,900)      (3,275,700)
                                                            -------------    -------------
                RESULTS OF OPERATIONS FROM OIL AND GAS
                 PRODUCING ACTIVITIES ...................   $   2,059,900    $   2,210,400
                                                            =============    =============
</TABLE>

(3)     COSTS INCURRED

        Costs incurred for the years ended December 31, are as follows:

<TABLE>
<CAPTION>
                                                                2004             2003
                                                            -------------    -------------
            <S>                                             <C>              <C>
            Capitalized asset retirement costs              $      17,600    $           -
                                                            =============    =============
</TABLE>

(4)     RESERVE INFORMATION

        The information presented below represents estimates of proved natural
gas and oil reserves. Reserves are estimated in accordance with guidelines
established by the Securities and Exchange Commission and the Financial
Accounting Standards Board which require that reserve estimates be prepared
under existing economic and operating conditions with no provision for price and
cost escalation except by contractual arrangements. Proved reserves are
estimated quantities of oil and natural gas which geological and engineering
data demonstrate with reasonable certainty to be recoverable in future years
from known reservoirs. Proved developed reserves are those which are expected to
be recovered through existing wells with existing equipment and operating
methods. All reserves are proved developed reserves and are located in the
Appalachian Basin area.

                                       26
<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2004

NOTE 9 - NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED) (CONTINUED)

        There are numerous uncertainties inherent in estimating quantities of
proved reserves and in projecting future net revenues and the timing of
development expenditures. The reserve data presented represents estimates only
and should not be construed as being exact. In addition, the standardized
measures of discounted future net cash flows may not represent the fair market
value of the Partnership's oil and gas reserves or the present value of future
cash flows of equivalent reserves, due to anticipated future changes in oil and
gas prices and in production and development costs and other factors for which
effects have not been provided.

<TABLE>
<CAPTION>
                                                             NATURAL GAS         OIL
                                                                (MCF)           (BBLS)
                                                            -------------    -------------
            <S>                                                <C>                 <C>
            Proved developed reserves:
            BALANCE JANUARY 1, 2003 .....................       8,803,600           58,600
            Production ..................................      (1,256,500)          (6,800)
            Revisions to previous estimates .............        (558,400)         (11,700)
                                                            -------------    -------------
            BALANCE, DECEMBER 31, 2003 ..................       6,988,700           40,100
            Production ..................................        (773,500)          (3,900)
            Revisions to previous estimates .............        (190,300)          (9,600)
                                                            -------------    -------------
            BALANCE, DECEMBER 31, 2004 ..................       6,024,900           26,600
                                                            =============    =============
</TABLE>

                                       27
<PAGE>

ITEM 8.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
            FINANCIAL DISCLOSURE:

        None.

ITEM 8A.    CONTROLS AND PROCEDURES

        Under the supervision and with the participation of our managing general
partner's management, including our managing general partner's Chief Executive
Officer and Chief Financial Officer, our managing general partner has evaluated
the effectiveness of the design and operation of its disclosure controls and
procedures (as defined in Exchange Act Rule 13a-14(c)) as of the end of the
period covered by this annual report on Form 10-KSB, and, based on their
evaluation, the Chief Executive Officer and Chief Financial Officer have
concluded that these disclosure controls and procedures are effective in all
material respects, including those to ensure that information required to be
disclosed in reports filed or submitted under the Securities Exchange Act is
recorded, processed, summarized, and reported, within the time periods specified
in the SEC's rules and forms, and is accumulated and communicated to management,
including our managing general partner's Chief Executive Officer and Chief
Financial Officer, as appropriate to allow for timely disclosure. There have
been no significant changes in our internal controls or in other factors that
could significantly affect these controls in the fourth quarter and subsequent
to the date of their evaluation.

ITEM 8B.    OTHER INFORMATION

        None.

                                    PART III

ITEM 9.     DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES, COMPLIANCE
            WITH SECTION 16(A) OF THE EXCHANGE ACT

        RESPONSIBILITIES OF ATLAS RESOURCES. We have no employees and rely on
our managing general partner, which also serves as driller-operator of the
wells, for management. Our managing general partner has complete and exclusive
discretion and control over our operations and activities and makes all of our
decisions affecting the wells we have drilled. Our managing general partner
provides continuing review and analysis of all wells and monitors all
expenditures and commitments made on our behalf. In addition, our managing
general partner performs administrative services relating to our funding and
operation, participant reporting, financial budgeting and record keeping.

        BUSINESS OF ATLAS RESOURCES. Our managing general partner was
incorporated in 1979 and its affiliate, Atlas Energy Group, Inc., an Ohio
corporation that was the first of the Atlas group of companies, was incorporated
in 1973. Atlas Energy Group serves as our operator in Ohio.

        In 1998, the Atlas Group, the former parent company of our managing
general partner, merged into Atlas America, Inc., a newly formed wholly owned
subsidiary of Resource America, Inc. Resource America is a publicly traded
proprietary asset management company. Our managing general partner depends on
its indirect parent company, Atlas America, for management and administrative
functions and financing its capital contributions to us and its other
partnerships. See Item 11 "Security Ownership of Certain Beneficial Owners and
Management" for a discussion of the ownership of our managing general partner.
During 2004, Resource America offered a portion of its common stock in Atlas
America, the Delaware holding company, pursuant to an S-1 Registration
Statement. Resource America owns approximately 80.2% of the outstanding shares
of Atlas America's common stock.

                                       28
<PAGE>

        Resource America has informed our managing general partner that it
intends to distribute its remaining ownership interest in Atlas America to its
common stockholders. Resource America expects the distributions to take the form
of a spin-off by means of a special dividend to Resource America common
stockholders of all of Atlas America's common stock owned by Resource America.
Resource America further has advised us that it anticipates that the
distribution will occur by the end of 2005. Resource America has sole discretion
if and when to complete the distribution and its terms. Resource America does
not intend to complete the distribution unless it receives a ruling from the
Internal Revenue Service and/or an opinion from its tax counsel as to the
tax-free nature of the distribution to Resource America and its stockholders for
U.S. federal income tax purposes. The Internal Revenue Service requirements for
tax-free distributions of this nature are complex and the Internal Revenue
Service has broad discretion, so there is significant uncertainty as to whether
Resource America will be able to obtain such ruling. Because of this uncertainty
and the fact that the timing and completion of the distribution is in Resource
America's sole discretion, the distribution may not occur by the contemplated
time or may not occur at all.

        Atlas America is headquartered at 311 Rouser Road, Moon Township,
Pennsylvania 15108, which is also our managing general partner's primary office.

        EXECUTIVE OFFICERS AND DIRECTORS. The executive officers and directors
of our managing general partner will serve until their successors are elected.
The executive officers and directors of our managing general partner are as
follows:

NAME                    AGE   POSITION OR OFFICE
---------------------   ---   --------------------------------------------------
Freddie M. Kotek         49   Chairman of the Board of Directors, Chief
                              Executive Officer and President
Frank P. Carolas         45   Executive Vice President - Land and Geology and a
                              Director
Jeffrey C. Simmons       46   Executive Vice President - Operations and a
                              Director
Jack L. Hollander        49   Senior Vice President - Direct Participation
                              Programs
Nancy J. McGurk          49   Senior Vice President - Chief Financial Officer
                              and Chief Accounting Officer
Michael L. Staines       55   Senior Vice President, Secretary and a Director

With respect to the biographical information set forth below:

        o   the approximate amount of an individual's professional time devoted
            to the business and affairs of our managing general partner and
            Atlas America have been aggregated because there is no reasonable
            method for them to distinguish their activities between the two
            companies; and

        o   for those individuals who also hold senior positions with other
            affiliates of our managing general partner, if it is stated that
            they devote approximately 100% of their professional time to our
            managing general partner and Atlas America, it is because either the
            other affiliates are not currently active in drilling new wells,
            such as Viking Resources or Resource Energy, and the individuals are
            not required to devote a material amount of their professional time
            to the affiliates, or there is no reasonable method to distinguish
            their activities between our managing general partner and Atlas
            America as compared with the other affiliates of our managing
            general partner, such as Viking Resources or Resource Energy.

                                       29
<PAGE>

FREDDIE M. KOTEK. President and Chief Executive Officer since January 2002 and
Chairman of the Board of Directors since September 2001. Mr. Kotek has been
Executive Vice President and Chief Financial Officer of Atlas America from
February 2004 to March 2005, and served as a director from September 2001 until
February 2004. Mr. Kotek was a Senior Vice President of Resource America, and
President of Resource Leasing, Inc. (a wholly-owned subsidiary of Resource
America) from 1995 until May, 2004 when he resigned from Resource America and
all of its subsidiaries which are not subsidiaries of Atlas America. Mr. Kotek
was President of Resource Properties from September 2000 to October 2001 and its
Executive Vice President from 1993 to August 1999. Mr. Kotek received a Bachelor
of Arts degree from Rutgers College in 1977 with high honors in Economics. He
also received a Master in Business Administration degree from the Harvard
Graduate School of Business Administration in 1981. Mr. Kotek devotes
approximately 95% of his professional time to the business and affairs of the
managing general partner and Atlas America, and the remainder of his
professional time to the business and affairs of the managing general partner's
affiliates.

FRANK P. CAROLAS. Executive Vice President-Land and Geology and a Director since
January 2001. Mr. Carolas has been an Executive Vice President of Atlas America
since January 2001 and served as a Director of Atlas America from January 2002
until February 2004. Mr. Carolas was a Vice President of Resource America from
April 2001 until May 2004 when he resigned from Resource America. Mr. Carolas
served as Vice President of Land and Geology for the managing general partner
from July 1999 until December 2000 and for Atlas America from 1998 until
December 2000. Before that Mr. Carolas served as Vice President of Atlas Energy
Group, Inc. from 1997 until 1998, which was the former parent company of the
managing general partner. Mr. Carolas is a certified petroleum geologist and has
been with our managing general partner and its affiliates since 1981. He
received a Bachelor of Science degree in Geology from Pennsylvania State
University in 1981 and is an active member of the American Association of
Petroleum Geologists. Mr. Carolas devotes approximately 100% of his professional
time to the business and affairs of the managing general partner and Atlas
America.

JEFFREY C. SIMMONS. Executive Vice President-Operations and a Director since
January, 2001. Mr. Simmons has been an Executive Vice President of Atlas America
since January 2001 and was a Director of Atlas America from January 2002 until
February 2004. Mr. Simmons was a Vice President of Resource America from April
2001 until May 2004 when he resigned from Resource America. Mr. Simmons served
as Vice President of Operations for the managing general partner from July 1999
until December 2000 and for Atlas America from 1998 until December 2000. Mr.
Simmons joined Resource America in 1986 as a senior petroleum engineer and has
served in various executive positions with its energy subsidiaries since then.
Before Mr. Simmons' career with Resource America, he had worked with Core
Laboratories, Inc., of Dallas, Texas, and PNC Bank of Pittsburgh. Mr. Simmons
received his Petroleum Engineering degree from Marietta College in 1981 and his
Masters degree in Business Administration from Ashland University in 1992. Mr.
Simmons devotes approximately 80% of his professional time to the business and
affairs of the managing general partner and Atlas America, and the remainder of
his professional time to the business and affairs of the managing general
partner's affiliates, primarily Viking Resources and Resource Energy.

JACK L. HOLLANDER. Senior Vice President - Direct Participation Programs since
January 2002 and before that he served as Vice President - Direct Participation
Programs from January 2001 until December 2001. Mr. Hollander also serves as
Senior Vice President - Direct Participation Programs of Atlas America since
January 2002. Mr. Hollander practiced law with Rattet, Hollander & Pasternak,
concentrating in tax matters and real estate transactions, from 1990 to January
2001, and served as in-house counsel for Integrated Resources, Inc. (a
diversified financial services company) from 1982 to 1990. Mr. Hollander earned
a Bachelor of Science degree from the University of Rhode Island in 1978, his
law degree from Brooklyn Law School in 1981, and a Master of Law degree in
Taxation from New York University School of Law Graduate Division in 1982. Mr.
Hollander is a member of the New York State bar, the Investment Program
Association, and the Financial Planning Association. Mr. Hollander devotes
approximately 100% of his professional time to the business and affairs of the
managing general partner and Atlas America.

                                       30
<PAGE>

NANCY J. MCGURK. Senior Vice President since January 2002, Chief Financial
Officer and Chief Accounting Officer since January 2001. Ms. McGurk also serves
as Senior Vice President since January 2002 and Chief Accounting Officer of
Atlas America since January 2001. Ms. McGurk served as Chief Financial Officer
for Atlas America from January 2001 until February 2004. Ms. McGurk was a Vice
President of Resource America from 1992 until May 2004 and its Treasurer and
Chief Accounting Officer from 1989 until May, 2004 when she resigned from
Resource America. Also, since 1995 Ms. McGurk has served as Vice President -
Finance of Resource Energy, Inc. Ms. McGurk received a Bachelor of Science
degree in Accounting from Ohio State University in 1978, and has been a
Certified Public Accountant since 1982. Ms. McGurk devotes approximately 80% of
her professional time to the business and affairs of the managing general
partner and Atlas America, and the remainder of her professional time to the
business and affairs of the managing general partner's affiliates.

MICHAEL L. STAINES. Senior Vice President, Secretary, and a Director since 1998.
Mr. Staines has been an Executive Vice President and Secretary of Atlas America
since 1998. Mr. Staines was a Senior Vice President of Resource America from
1989 until May, 2004 when he resigned from Resource America. Mr. Staines was a
director of Resource America from 1989 to February 2000 and Secretary from 1989
to October 1998. Mr. Staines has been President of Atlas Pipeline Partners GP
since January 2001 and its Chief Operating Officer and a member of its Managing
Board since its formation in November 1999. Mr. Staines is a member of the Ohio
Oil and Gas Association and the Independent Oil and Gas Association of New York.
Mr. Staines received a Bachelor of Science degree from Cornell University in
1971 and a Master of Business degree from Drexel University in 1977. Mr. Staines
devotes approximately 5% of his professional time to the business and affairs of
the managing general partner and Atlas America, and the remainder of his
professional time to the business and affairs of the managing general partner's
affiliates, including Atlas Pipeline Partners GP.

AUDIT COMMITTEE FINANCIAL EXPERT. The Board of Directors of our managing general
partner acts as the audit committee. The Board of Directors has determined that
Freddie M. Kotek meets the requirement of an "audit committee financial expert".

ITEM 10.    EXECUTIVE COMPENSATION

        We have no employees and rely on the employees of our managing general
partner and its affiliates for all services. No officer or director of our
managing general partner will receive any direct remuneration or other
compensation from us. Those persons will receive compensation solely from
affiliated companies of our managing general partner. See Item 12 "Certain
Relationships and Related Transactions" for a discussion of compensation paid by
us to our managing general partner.

ITEM 11.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

        As of December 31, 2004, we had issued and outstanding 2,135 units. Mr.
Jack Hollander, an officer of our managing general partner owns .50 units which
equals a partnership interest of .016%. Although, subject to certain conditions,
investor partners may present their units to us beginning in 2006 for purchase,
we are prohibited by our partnership agreement from purchasing more than 5% of
the units in any calendar year.

        Resource America owns 80.2% of the common stock of Atlas America, which
owns 100% of the common stock of AIC, Inc., which owns 100% of the common stock
of our managing general partner.

                                       31
<PAGE>

ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        OIL AND GAS REVENUES. Our managing general partner is allocated 32.35%
of our oil and gas revenues in return for its payment and/or contribution of
services towards organization and offering costs equal to 15% of our
subscriptions, its payment of 66% of the tangible costs of drilling and
completing our wells and its contribution of all of our oil and gas leases for a
total capital contribution of $7,227,400. During the years ended December 31,
2004 and 2003, our managing general partner received $1,306,100 and $1,783,400
respectively from our net production revenues.

        ADMINISTRATIVE COSTS. Our managing general partner and its affiliates
receive an unaccountable, fixed payment reimbursement for their administrative
costs of $75 per well per month, which was proportionately reduced if we
acquired less than 100% of the working interest in a well. Our managing general
partner received $91,000 and $90,500 in such fees for the years ended December
31, 2004 and 2003, respectively.

        DIRECT COSTS. Our managing general partner (including when serving as
operator) and its affiliates are reimbursed for all direct costs expended on our
behalf. For the years ended December 31, 2004 and 2003, we reimbursed the
managing general partner for $172,200 and $202,000, respectively, for direct
costs.

        WELL CHARGES. Our managing general partner, as operator, receives well
supervision fees for operating and maintaining the wells during producing
operations in the amount of $275 per will per month subject to an annual
adjustment for inflation. During the calendar years ended December 31, 2004 and
2003, our managing general partner received $316,100 and $303,400, respectively
for well supervision fees.

        TRANSPORTATION FEES. We pay a gathering fee to our managing general
partner at a competitive rate for each mcf of natural gas transported. For the
years ended December 31, 2004 and 2003 $219,700 and $341,600 were paid
respectively. In turn, our managing general partner paid 100% of these amounts
in each year to Atlas Pipeline Partners, L.P. for the use of its gathering
system in transporting a majority of our natural gas production.

        DEALER-MANAGER FEES. As part of our formation in 2001, our managing
general partner's affiliate, Anthem Securities as a dealer-manager, received a
2.5% dealer-manager fee, a 7% sales commission, a .5% reimbursement of marketing
expenses, and a .5% reimbursement of the selling agent's accountable due
diligence fees in the amount of $2,107,500.

        OTHER COMPENSATION. For the years ended December 31, 2004 and 2003, our
managing general partner did not advance any funds to us, nor did it provide us
with any equipment, supplies or other services.

ITEM 13.    EXHIBITS

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
                            DESCRIPTION                                           LOCATION
        --------------------------------------------------------   ---------------------------------------
<S>     <C>                                                        <C>
4(a)    Certificate of Limited Partnership for                     Previously filed in the Form SB-2/A on
        Atlas America Public #10 Ltd.                              October 26, 2001

4(b)    Amended and Restated Certificate and Agreement             Previously filed in the Form SB-2/A on
        of Limited Partnership for Atlas America Public #10 Ltd.   October 26, 2001

4(c)    Drilling and Operating Agreement                           Previously filed in the Form SB-2/A on
        for Atlas America Public #10 Ltd.                          October 26, 2001
</TABLE>

                                       32
<PAGE>

31.1    Rule 13a-14(a)/15(d) - 14(a) Certification

31.2    Rule 13a-14(a)/15(d) - 14(a) Certification

32.1    Section 1350 Certification

32.2    Section 1350 Certification

ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

        AUDIT FEES. The aggregate fees billed by our independent auditors, Grant
Thornton LLP, for professional services rendered for the audit of our annual
financial statements for the years ended December 31, 2004 and 2003 and for the
reviews of the financial statements included in our Quarterly Reports on Form
10-QSB during such years were $23,500 and $15,600, respectively.

        PROCEDURES FOR AUDIT COMMITTEE PRE-APPROVAL OF AUDIT AND PERMISSIBLE
NON-AUDIT SERVICES OF INDEPENDENT AUDITOR. Pursuant to its charter, the audit
committee of our managing general partner is responsible for reviewing and
approving, in advance, any audit and any permissible non-audit engagement or
relationship between us and our independent auditors. We do not have a separate
audit committee. All such services and fees were pre-approved during 2004.

        CODE OF ETHICS. The directors and officers of our managing general
partner have adopted a Code of Business Conduct and Ethics that applies to all
executive officers and directors that is posted on Atlas America's website
(www.atlasamerica.com).

                                       33
<PAGE>

                                   SIGNATURES

        In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

Atlas America Public #10 Ltd.


By:  (Signature and Title):       Atlas Resources Inc., Managing General Partner

By:  (Signature and Title):       /s/ Freddie M. Kotek
                                  ----------------------------------------------
                                  Freddie M. Kotek,
                                  Chairman of the Board of Directors,
                                  Chief Executive Officer and President

Date: March 31, 2005


         In accordance with the Exchange Act, this report has been signed by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By:  (Signature and Title):       /s/ Freddie M. Kotek
                                  ----------------------------------------------
                                  Freddie M. Kotek,
                                  Chairman of the Board of Directors,
                                  Chief Executive Officer and President

Date: March 31, 2005


By:  (Signature and Title):       /s/ Frank P. Carolas
                                  ----------------------------------------------
                                  Frank P. Carolas,
                                  Executive Vice President - Land and Geology
                                  and a Director

Date: March 31, 2005


By:  (Signature and Title):       /s/ Jeffrey C. Simmons
                                  ----------------------------------------------
                                  Jeffrey C. Simmons,
                                  Executive Vice President - Operations
                                  and a Director

Date: March 31, 2005


By:  (Signature and Title):       /s/ Nancy J. McGurk
                                  ----------------------------------------------
                                  Nancy J. McGurk, Vice President,
                                  Chief Financial Officer and
                                  Chief Accounting Officer

Date: March 31, 2005

           SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED
     PURSUANT TO SECTION 15(d) OF THE EXCHANGE ACT BY NON-REPORTING ISSUERS

        An annual report will be furnished to security holders subsequent
                          to the filing of this report.

                                       34