<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 [Fee Required]

                   For the fiscal year ended December 31, 2003

[   ]            TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934 [No Fee Required]
                  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

                                      None
                                (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   No
    ---     ---

        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.   $6,339,200

        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
            ---     ---

                                       1

<PAGE>



                          ATLAS AMERICA PUBLIC #10 LTD.
                      (A Pennsylvania Limited Partnership)
                             INDEX TO ANNUAL REPORT
                                 ON FORM 10-KSB
<TABLE>
<CAPTION>
PART I                                                                                             Page
------                                                                                           -------
<S>             <C>                                                                              <C>
     Item 1:    Business.......................................................................    3 - 5
     Item 2:    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......       10
     Item 6:    Management's Discussion and Analysis of Financial Condition
                  and Results of Operations....................................................  11 - 14
     Item 7:    Financial Statements...........................................................  15 - 28
     Item 8:    Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure.......................................       28
     Item 8A:   Controls and Procedures........................................................       29

PART III
--------

     Item 9:    Directors, Executive Officers and Significant Employees,
                     Compliance with Section (16b) of the Exchange Act.........................  29 - 32
     Item 10:   Executive Compensation.........................................................       33
     Item 11:   Security Ownership of Certain Beneficial Owners and Management.................       33
     Item 12:   Certain Relationships and Related Transactions.................................  33 - 34
     Item 13:   Exhibits and Reports on Form 8-K...............................................       34
     Item 14:   Principle Accountant Fees and Services.........................................       34

SIGNATURES.....................................................................................       36
----------

CERTIFICATIONS.................................................................................  37 - 38
--------------
</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(b) of the Exchange Act."

         We began our drilling activities upon our initial closing date of
November 20, 2001 and our final closing date was December 31, 2001. 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 cash and leases and paid all organization and offering costs and 66%
of the tangible equipment costs for a total capital contribution to us of
$7,227,500. We drilled and completed a total of 106.15 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' gas gathering
system which is managed by an affiliate our 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
"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 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 to cover the estimated
future plugging and abandonment costs of the well. As of December 31, 2003 the
managing general partner has not withheld such funds.

                                       3

<PAGE>



         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, 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, Properties -
Delivery Commitments. During 2003 and 2002, we experienced no problems in
selling our natural gas and oil under these commitments, although prices we
received varied during and after the period, 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. Without the commitments discussed in Item 2,
Properties - Delivery Commitments our managing general partner may sell our gas
through similar commitments to other purchasers or at existing spot market
prices.

         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
regulations of the United States energy industry does not intend 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 activates. 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.


                                       4

<PAGE>


         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, and
pipelines, can be liable for fines, penalties and clean-up costs for pollution
caused by the wells or the pipelines. 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
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 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 may have a material impact to our
operations to remain in compliance. 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 Report and Form
10-QSB Quarterly Report 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. PROPERTIES

         Drilling Activity. The following table shows information about the
wells we have drilled since our formation. All the wells drilled were
development wells, which means a well drilled within the proved area of an oil
or gas reservoir to the depth of a stratigraphic horizon known to be productive.
All wells were drilled during the year ended December 31, 2002. We do not expect
to drill any wells in future years.

<TABLE>
<CAPTION>
                                                                                   Development Wells
                                                       --------------------------------------------------------------------------
                                                                 Productive (1)                             Dry (2)
                                                       ------------------------------------    ----------------------------------
Period Ending - December 31, 2002                         Gross (3)            Net (4)           Gross (3)           Net (4)
                                                       ----------------    ----------------    ---------------    ---------------
<S>                                                          <C>                 <C>                 <C>                <C>
Ohio                                                         18                  18                  2                  2
Pennsylvania..................................               92                 88.15                1                  1
                                                       ----------------    ----------------    ---------------    ---------------
                                                             110               106.15                3                  3
                                                       ================    ================    ===============    ===============
</TABLE>

----------------------------

(1)      A "productive well" generally means a well that is not a dry hole.
(2)      A "dry hole" generally means a well found to be incapable of producing
         either oil or gas in sufficient quantities to justify completion as an
         oil or gas well. The term "completion" refers to the installation of
         permanent equipment for the production of oil or gas or, in the case of
         a dry hole, to the reporting of abandonment to the appropriate agency.
(3)      A "gross" well is a well in which we have a working interest.
(4)      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.

                                       5

<PAGE>

         Summary of Productive Wells. The table below shows the number of our
productive gross and net wells by state at December 31, 2003 in which we have a
working interest. All of our wells are classified as gas wells.

<TABLE>
<CAPTION>
                                                                                            Number of Productive Wells
                                                                                        -----------------------------------
                                          Location                                          Gross                Net
                                          --------                                      --------------     ----------------
<S>                                                                                             <C>              <C>
         Pennsylvania........................................................                   92               88.15
         Ohio................................................................                   18               18
                                                                                        --------------     ----------------
              Total..........................................................                  110              106.15
                                                                                        --------------     ----------------
</TABLE>

         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>
                             Production               Average Sales Price
                             ----------               -------------------
                                                                                    Average
                                                                                Production Cost
         Year                                                                    (Lifting Cost)
         Ended       Oil (bbls)      Gas (mcf)       per bbl        per mcf     per mcfe (1)(2)
         -----       ----------      ---------       -------        -------     ---------------
<S>                  <C>             <C>             <C>            <C>             <C>
         2003           6,800        1,256,500       $ 27.56        $  4.89         $   .63
         2002          13,200        1,304,200       $ 22.14        $  3.58         $   .55
</TABLE>

----------------------------------
(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,
         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,                                     2003         2002
                                                             ----         ----

         Natural gas (per mcf)........................    $   6.68     $   3.78
         Oil (per bbl)................................    $  29.25     $  26.75

         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 and the proved undeveloped
reserves may not be developed 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.

                                       6

<PAGE>

         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 notes to our Financial Statements.

<TABLE>
<CAPTION>
                                                                           December 31,       December 31,
                                                                               2003                2002
                                                                        ------------------  ------------------
<S>                                                                       <C>                 <C>
         Natural gas reserves - Proved Reserves (Mcf)(1)(5):
            Proved developed reserves (2)..........................          6,988,700           8,803,600
            Proved undeveloped reserves (3)........................                  -                   -
                                                                           -----------        ------------
              Total proved reserves of natural gas.................          6,988,700           8,803,600

         Oil reserves: - Proved Reserves (Bbl)(1)(5)
            Proved developed reserves (2)..........................             40,100              58,600
            Proved undeveloped reserves (3)........................                  -                   -
                                                                           -----------       -------------
              Total proved reserves of oil.........................             40,100              58,600
                                                                           -----------       -------------

                Total proved reserves (Mcfe).......................          7,229,300           9,155,200
                                                                           ===========       =============

         PV-10 estimate of cash flows of proved reserves (4)(5):
            Proved developed reserves..............................        $16,961,900       $  13,458,800
            Proved undeveloped reserves............................                  -                   -
                                                                           -----------       -------------
              Total PV-10 estimate.................................        $16,961,900       $  13,458,800
                                                                           ===========       =============
</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 by 10% annually.

(5)      Please see Regulation S-X rule 4-10 for complete definitions of each
         reserve category.

                                       7

<PAGE>

         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 oil and gas reserves and
activities, see the notes to our Financial Statements.

         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 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, 2003.

<TABLE>
<CAPTION>
                                                     Developed Acreage         Undeveloped Acreage (3)
                                                     -----------------         -----------------------

Location                                           Gross (1)      Net (2)         Gross         Net
                                                   ---------      -------         -----         ---
<S>                                                <C>            <C>             <C>           <C>
  Pennsylvania................................        2,772         2,712              -            -
  Ohio........................................          580           580              -            -
                                                   --------       -------         ------        -----
     Total....................................        3,352         2,792              -            -
                                                   ========       =======         ======        =====
</TABLE>

----------------------------
(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" is 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, Resource Energy,
Inc. and Atlas Energy Group, Inc, both of which are affiliates of our managing
general partner, have a natural gas supply agreement with First Energy Solutions
Corporation for a 10-year term, which began on April 1, 1999. Substantially all
of our gas is sold through this agreement. Subject to certain exceptions, First
Energy Solutions Corporation has a last right of refusal to buy all of the
natural gas produced and delivered by the managing general partner, its
affiliates and partnerships at certain delivery points with the facilities of
East Ohio Gas Company, National Fuel Gas Distribution, Columbia of Ohio, and
Peoples Natural Gas Company, which are local distribution companies; and
National Fuel Gas Supply, Columbia Gas Transmission Corporation, Tennessee Gas
Pipeline Company, and Texas Eastern Transmission Company, which are interstate
pipelines.

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).
First Energy Corporation has provided a guaranty of the monetary obligations of
First Energy Solutions Corporation of an amount up to $15 million for a period
until March 31, 2005, which will continue on a monthly basis thereafter unless
terminated on 30 days notice. As of January 1, 2004, this guaranty would cover
natural gas sales of all the managing general partner's partnerships for
approximately 85 days of sales.

The pricing arrangements with First Energy Solutions Corporation and other third
parties 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 each partnership's 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

                                       8

<PAGE>

of the location of the gas (the Appalachian Basin) in relation to the gas market
which is referred to as the basis. The premium over quoted prices on the NYMEX
received by the managing general partner and its affiliates has ranged between
$0.33 to $0.46 per Mcf during the past three fiscal years. The agreement with
First Energy Solutions Corporation may be suspended for force majeure, which
means generally such things as an act of God, fire, storm, flood, and explosion,
but also includes the permanent closing of the factories of Carbide Graphite or
Duferco Farrell Corporation during the term of First Energy Solutions
Corporation's agreements to sell natural gas to them. If these factories were
closed, however, the managing general partner believes that First Energy
Solutions Corporation would be able to find alternative purchasers and would not
invoke the force majeure.

Pricing for natural gas and oil has been volatile and unpredictable for many
years. The agreement with First Energy Solutions Corporation also permits the
managing general partner and its affiliates to implement gas price hedges
through First Energy Solutions Corporation. First Energy Solutions Corporation
and the other third-party marketers also use NYMEX based financial instruments
to hedge their pricing exposure and make price-hedging opportunities available
to the managing general partner. The majority of the managing general partner's
hedges 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. Thus, the 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 and any other third-party marketers 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 the managing
general partner's and its partnerships' exposure to changes in natural gas
prices the 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 the 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, the managing general partner has
established a committee to assure that all gas prices hedges, either those
through a third party marketer or through contracts are done in compliance with
the managing general partner's hedging policies and procedures. The 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, For the next twelve
months, our managing general partner anticipates that approximately 75% of our
natural gas will be sold to First Energy Solutions Corporation and the balance
to the other markets.

ITEM 3. LEGAL PROCEEDINGS
     None.


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

                                       9

<PAGE>


                                     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:

         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, 2003, we had 821 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 and the
other participants. 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 will be 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 you and the other participants.

         During the calendar years ended December 31, 2003 and 2002, we
distributed the following:

         o  $3,695,500 and $1,656,500 to our limited partners; and

         o  $1,739,100 and $779,500 to our managing general partner.

                                       10

<PAGE>


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.

         Management's Discussion and Analysis should be read in conjunction with
our Financial Statements and the notes to our Financial Statements.

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:

<TABLE>
<CAPTION>
                                                                                    Years Ended
                                                                              ------------------------
                                                                                    December 31,
                                                                              ------------------------
                                                                               2003              2002
                                                                              ------            ------
<S>                                                                           <C>                 <C>
Revenues (in thousands):
     Gas(1)(2).........................................................       $6,145            $4,669
     Oil...............................................................       $  189            $  292
  Production volumes:
     Gas (thousands of cubic feet (mcf)/day)...........................        3,442             3,573
     Oil (barrels (bbls)/day)..........................................           19                36
  Average sales price:
     Gas (per mcf).....................................................       $ 4.89            $ 3.58
     Oil (per bbl).....................................................       $27.56            $22.14
  Production costs:
     As a percent of sales.............................................          13%               15%
     Per equivalent mcf................................................       $  .63            $  .55
</TABLE>


-------------------------
     (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 and $3.62 for the years ended December 2003 and 2002,
          respectively.

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. The year ended December 31, 2002 is the first calendar year
our wells were on line and producing natural gas and to a lesser extent oil. 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.

                                       11

<PAGE>



         Revenues. Our production revenues for the year ended December 31, 2003
were $6,334,300, an increase of $1,373,500 (28%) from $4,960,800 for the year
ended December 31, 2002. The increase was substantially due to a increase of
$1.31 per mcf (37%) in the average sales price for natural gas coupled with a
decrease of 131 mcf (4%) in average daily natural gas production volumes. The
increase of $1,373,500 consisted of $1,647,500 attributable to an increase in
natural gas prices offset by $170,900 attributable to natural gas production
volume decreases, and $37,300 attributable to increases in oil prices, offset by
$140,400 due to a decrease in oil production.

         The price we receive for our natural gas is primarily a result of the
index driven agreement with First Energy Services Corporation (see Item 2
Properties - Delivery Commitments) as such, our the price we receive for our
natural gas may vary significantly each month as the underlying index changes in
response to market conditions. The volumes we produce will decline over time
primarily from the natural production decline inherent in the life of our wells.

         Expenses. Production expenses for the year ended December 31, 2003 were
$821,400 compared to $763,600 for the year ended December 31, 2002, an increase
of $57,800 (8%). The increase is primarily attributable to higher operating fees
charged due to all wells being online for the entire twelve months ended
December 31, 2003.

         Depletion and depreciation of oil and gas properties as a percentage of
oil and gas revenues was 52% for the year ended December 31, 2003 compared to
63% for the year ended December 31, 2002. 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.

         Impairment of oil and gas properties for year ended December 31, 2002
was $796,700. Annually, we compare the carrying value of our proved developed
oil and gas producing properties to their estimated fair market value. To the
extent our carrying value exceeds the estimated fair market value an impairment
charge is recognized. This is a non-recurring charge and is dependent on
estimates of reserve quantity, future market values and our carrying value. We
can not provide any assurance that similar charges may or may not be taken in
future periods. For the year ended December 31, 2003 we had no such charge.

         General and Administrative expenses for the year ended December 31,
2003 amounted to $116,200 compared to $93,300 for the year ended December 31,
2002, an increase of $22,900 (25%). The increase was due to having
administrative fees charged for an entire twelve months in 2003. Most of our
wells came online during fiscal 2002, and consequently were not charged a full
twelve months of fees in 2002.

         Liquidity and Capital Resources. Cash provided by operating activities
increased $3,341,700 for the year ended December 31, 2003 compared to 2002, most
of which was due to all of our wells being online for an entire twelve months in
2003, and higher prices received for our gas.

         No cash was either provided by or used for investing activities for
both years ended December 31, 2003 and 2002. We had no new 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.

         Cash used by financing activities increased $2,998,600 to $5,434,600
for the year ended December 31, 2003 compared to the year ended December 31,
2002. The increase is directly related to increased distributions to partners as
a result of all of our wells being online for an entire twelve months in 2003,
and higher prices received for our gas.

                                       12

<PAGE>



         Recently issued Financial Accounting Standards. In April 2003 the
Financial Accounting Standards Board ("FASB") issued SFAS No. 149 ("SFAS 149")
"Amendment of Statement 133 on Derivative Instruments and Hedging Activates."
SFAS 149 is effective for contracts entered into or modified after June 30, 2003
and amends and clarifies financial accounting and reporting for derivative
instruments. The adoption of SFAS 149 did not have a material effect on the
Partnership's financial position or results of operations.

         In May 2003, the FASB issued Statement No. 150 ("SFAS 150") "Accounting
for Certain Financial Instruments with Characteristics of Both Liabilities and
Equity." SFAS 150 requires that certain instruments that were previously
classified as equity on a Company's statement of financial position now be
classified as liabilities. SFAS 150 is effective for financial instruments
entered into or modified after May 31, 2003, and otherwise is effective at the
beginning of the first interim period beginning after June 15, 2003. The
adoption of SFAS 150 did not have an impact on the Partnership's results of
operations or financial position.

         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 of this report.

         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.

         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.

                                       13

<PAGE>


         Classification of mineral rights. Oil and gas properties include
mineral rights with an estimated cost of $338,500. The provisions of Statement
of Financial Accounting Standards No. 141 ("SFAS 141") "Business Combinations",
suggest that mineral rights may, in fact, be more appropriately classified as
intangible assets.

         The staff of the Securities and Exchange Commission has made the
Partnership aware that an issue has arisen within the industry regarding the
application of provisions of SFAS No. 142 "Goodwill and Intangible Assets" and
SFAS No. 141 to entities in extractive industries, including gas and oil limited
partnerships. The issue is whether SFAS No. 142 requires entities to reclassify
costs associated with mineral rights, including both proved and unproved
leasehold acquisition costs, as intangible assets on the balance sheet, apart
from other capitalized gas and oil property costs. The Partnership has included
the cost of these oil and gas leasehold interests as part of oil and gas
properties. Also under consideration is whether SFAS No. 142 requires companies
to provide the additional disclosures prescribed by SFAS No. 142 for intangible
assets for costs associated with mineral rights.

         If it is ultimately determined that SFAS No. 142 requires the
Partnership to reclassify costs associated with mineral rights from property and
equipment to intangible assets, the reclassification of these amounts would not
affect the method in which such costs are amortized or the manner in which the
Partnership assesses impairment of capitalized costs. As a result, net income
and cash flow would not be affected by the reclassification.


                                       14

<PAGE>


ITEM 7. FINANCIAL STATEMENTS





               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
               --------------------------------------------------



To the Partners
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, 2003 and 2002, 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 auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes 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, 2003 and 2002 and the results of its operations 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 Standards 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.










Cleveland, Ohio
February 26, 2004

                                       15

<PAGE>




                          ATLAS AMERICA PUBLIC #10 LTD.
                      (A Pennsylvania Limited Partnership)

                                 BALANCE SHEETS
                           December 31, 2003 and 2002
<TABLE>
<CAPTION>
                                                                                             2003                  2002
                                                                                          ------------          ------------
                                      ASSETS
<S>                                                                                       <C>                   <C>
Current assets:
Cash.......................................................................               $    351,000          $      4,000
Accounts receivable - affiliate............................................                  1,298,400             1,703,000
                                                                                          ------------          ------------
     Total current assets..................................................                  1,649,400             1,707,000

Oil and gas properties (successful efforts)................................                 25,405,200            25,405,200
Less accumulated depletion and depreciation................................                 (7,155,100)           (3,879,400)
                                                                                          ------------          ------------
                                                                                            18,250,100            21,525,800
                                                                                          ------------          ------------
                                                                                          $ 19,899,500          $ 23,232,800
                                                                                          ============          ============


                        LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accrued liabilities........................................................               $     10,500          $     35,100
Unrealized hedging losses..................................................                          -               191,200
                                                                                          ------------          ------------
     Total current liabilities.............................................                     10,500               226,300

Asset retirement obligation                                                                    473,800                     -

Partners' capital:
     Managing general partner..............................................                  3,390,100             4,071,000
     Limited partners (2,135 units)........................................                 16,025,100            19,126,700
     Accumulated other comprehensive loss..................................                          -              (191,200)
                                                                                          ------------          ------------
                                                                                            19,415,200            23,006,500
                                                                                          ------------          ------------
                                                                                          $ 19,899,500          $ 23,232,800
                                                                                          ============          ============
</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 OPERATIONS

                     Years ended December 31, 2003 and 2002


<TABLE>
<CAPTION>
                                                                                          2003                2002
                                                                                       -----------         -----------
<S>                                                                                    <C>                 <C>
REVENUES
     Natural gas and oil sales....................................                     $ 6,334,300         $ 4,960,800
     Interest income..............................................                           4,900               3,900
                                                                                       -----------         -----------
              Total revenues......................................                       6,339,200           4,964,700

COSTS AND EXPENSES
     Production expenses                                                                   821,400             763,600
     Depletion and depreciation of oil and gas properties.........                       3,275,700           3,121,000
     Accretion of asset retirement obligation.....................                          26,800                   -
     Impairment of oil and gas properties.........................                               -             796,700
     General and administrative expenses..........................                         116,200              93,300
                                                                                       -----------         -----------
              Total expenses......................................                       4,240,100           4,774,600
                    Net earnings before cumulative effect
                         of change in accounting principle                               2,099,100             190,100
              Cumulative effect of change in accounting principle                         (447,000)                  -
                                                                                       -----------         -----------
              Net earnings                                                             $ 1,652,100         $   190,100
                                                                                       ===========         ===========
Allocation of net earnings (loss):
     Managing general partner.....................................                     $ 1,058,200         $   688,100
                                                                                       ===========         ===========
     Limited partners                                                                  $   593,900         $  (498,000)
                                                                                       ===========         ===========
     Net earnings (loss) per limited partnership unit before
          cumulative effect of change in accounting principle.....                     $       420         $      (233)
                                                                                       ===========         ===========
     Net earnings (loss) per limited partnership unit.............                     $       278         $      (233)
                                                                                       ===========         ===========
</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 CHANGES IN PARTNERS' CAPITAL ACCOUNTS

                     Years ended December 31, 2003 and 2002
<TABLE>
<CAPTION>
                                                                                              Accumulated
                                                              Managing                          Other
                                                               General         Other         Comprehensive
                                                               Partner        Partners       Income (loss)        Total
                                                             -----------    ------------     -------------    ------------
<S>                                                          <C>            <C>               <C>             <C>
Balance at December 31, 2001                                 $ 4,162,400    $ 21,281,200      $        -      $ 25,443,600

Comprehensive income (loss):
   Participation in revenue and expenses:
      Net production revenues....................              1,357,900       2,839,300               -         4,197,200
      Interest income............................                  1,300           2,600               -             3,900
      Depletion and depreciation.................               (510,600)     (2,610,400)              -        (3,121,000)
      Impairment of oil and gas properties.......               (130,300)       (666,400)              -          (796,700)
      General and administrative.................                (30,200)        (63,100)              -           (93,300)
                                                             -----------    ------------      ----------      ------------

         Net earnings (loss).....................                688,100        (498,000)              -           190,100

Cash flow hedge losses reclassified to gas sales.                      -               -          53,000            53,000
Change in fair value of cash flow hedges.........                      -               -        (244,200)         (244,200)
         Comprehensive loss......................                                                                   (1,100)

Distributions to partners........................               (779,500)     (1,656,500)              -        (2,436,000)
                                                             -----------    ------------      ----------      ------------

Balance at December 31, 2002                                 $ 4,071,000    $ 19,126,700      $ (191,200)     $ 23,006,500
                                                             ===========    ============      ==========      ============
Comprehensive income:
   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
      Accretion of asset retirement obligation...                 (8,700)        (18,100)                          (26,800)
      Depletion and depreciation.................               (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 reclassified to gas sales.                      -               -         386,600           386,600
Change in fair value of cash flow hedges                               -               -        (195,400)         (195,400)
                                                                                                              ------------
             Comprehensive income                                                                                1,843,300

Distributions 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
                                                             ===========    ============      ==========      ============
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                       18

<PAGE>

                          ATLAS AMERICA PUBLIC #10 LTD.
                      (A Pennsylvania Limited Partnership)

                            STATEMENTS OF CASH FLOWS

                     Years ended December 31, 2003 and 2002
<TABLE>
<CAPTION>
                                                                                         2003              2002
                                                                                      -----------      -----------
<S>                                                                                   <C>              <C>
Cash flows from operating activities:
Net earnings                                                                          $ 1,652,100      $   190,100
Adjustments to reconcile net earnings to net cash provided by
    operating activities:
       Depletion and depreciation...............................................        3,275,700        3,121,000
       Impairment of oil and gas properties.....................................                -          796,700

       Cumulative effect of change in accounting principle......................          447,000                -
       Accretion of asset retirement obligation.................................           26,800                -
       Decrease (increase) in accounts receivable - affiliate...................          404,600       (1,703,000)
       (Decrease) increase in accrued liabilities...............................          (24,600)          35,100
                                                                                      -----------      -----------

               Net cash provided by operating activities........................        5,781,600        2,439,900

Cash flows from financing activities:
    Capital distributions.......................................................       (5,434,600)      (2,436,000)
                                                                                      -----------      -----------


               Net cash used in financing activities............................       (5,434,600)      (2,436,000)
                                                                                      -----------      -----------

               Net increase in cash.............................................          347,000            3,900

Cash at beginning of period.....................................................            4,000              100
                                                                                      -----------      -----------

Cash at end of period...........................................................      $   351,000      $     4,000
                                                                                      ===========      ===========
</TABLE>




    The accompanying notes are an integral part of these financial statements

                                       19

<PAGE>


                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2003

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 821 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, 2003, the Partnership had various working interests in 110 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:

Reclassifications

Certain reclassifications have been made to the 2002 financial statements to
conform to the 2003 presentation.

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 form 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 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.

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 the
unrealized cashflow hedging gains and losses.

                                       20

<PAGE>


                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2003

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Oil and Gas Properties

Oil and Gas properties consist of the following:

<TABLE>
<CAPTION>
                                                                                               At December 31,
                                                                                       --------------------------------
                                                                                          2003                 2002
                                                                                       ------------        ------------
<S>                                                                                    <C>                 <C>
      Mineral interest in properties:
           Proved properties                                                           $    338,500        $    338,500
      Wells and related equipment                                                        25,066,700          25,066,700
                                                                                       ------------        ------------
                                                                                         25,405,200          25,405,200

      Accumulated depreciation, depletion, amortization and Valuation
        allowances:
           Oil and gas properties                                                        (7,155,100)         (3,879,400)
                                                                                       ------------        ------------
                                                                                       $ 18,250,100        $ 21,525,800
                                                                                       ============        ============
</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. Depreciation and depletion
is computed on a field-by-field basis by the unit of production method based on
periodic estimates of oil and gas reserves.

Oil and gas properties include mineral rights with a cost at December 31, 2003
of $338,500 before accumulated depletion. The Partnership became aware that an
issue has arisen within the industry regarding the application of provisions of
Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and
Other Intangible Assets" and SFAS No. 141, "Business Combinations," to entities
in the extractive industries, including gas and oil partnerships. The issue is
whether SFAS No. 142 requires entities to reclassify costs associated with
mineral rights, including both proved and unproved leasehold acquisition costs,
as intangible assets in the balance sheet, apart from other capitalized gas and
oil property costs. Historically, the Partnership and other gas and oil
companies and partnerships have included the cost of leasehold interests as part
if oil and gas properties. Also under consideration is whether SFAS No. 142
requires companies to provide the additional disclosures prescribed by SFAS No.
142 for intangible assets for costs associated with mineral rights.

If it is ultimately determined that SFAS No. 142 requires the Partnership to
reclassify cost associated with mineral rights from property and equipment to
intangible assets, the reclassification of these amounts would not affect the
method in which such costs are amortized or the manner in which the Partnership
assesses impairment of capitalized costs. As a result, net income and cash flow
would not be affected by the reclassification.

The Partnership assesses proved properties periodically through an impairment
charge to determine whether there has been a decline in value and, if a decline
is indicated, a loss is recognized. The Partnership compares the carrying value
of its proved developed gas and oil producing properties to the estimated future
cash flow from such properties in order to determine whether their carrying
values should be reduced. As a result of this assessment, an impairment loss of
$796,700 was recognized in fiscal year 2002. No impairment was recorded in
fiscal year 2003.

                                       21

<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2003

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 and related accumulated depletion are eliminated from the property
accounts, and the resultant gain or loss is recognized in the statement of
operations.

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 143") as discussed further in this footnote.

Depreciation, Depletion and Amortization

The Partnership amortizes 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 143 which requires the
Partnership to recognize an estimated liability for the plugging and abandonment
of its oil and gas wells. Under SFAS 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. The present values of
the expected asset retirement costs are capitalized as part of the carrying
amount of the long-lived asset. SFAS 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 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 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 pro forma effect of the application of SFAS 143 as if adopted
January 1, 2002 would be a decrease of $250,900 ($118 per limited partner unit)
to the Partnership's net earnings for the year ended December 31, 2002.

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.

                                       22

<PAGE>

                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2003

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

Asset retirement obligations, December 31, 2002..................     $        -
Adoption of SFAS 143.............................................        447,000
Accretion expense................................................         26,800
                                                                      ----------
Asset retirement obligations, December 31, 2003..................     $  473,800
                                                                      ==========

Revenue Recognition

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

Recently Issued Financial Accounting Standard

In April 2003, the Financial Accounting Standards Board (FASB) issued SFAS No.
149 ("SFAS 149") "Amendment of Statement 133 on Derivative Instruments and
Hedging Activates." SFAS 149 is effective for contracts entered into or modified
after June 30, 2003 and amends and clarifies financial accounting and reporting
for derivative instruments. The adoption of SFAS 149 did not have a material
effect on the Partnership's financial position or results of operations.

In May 2003, the FASB issued Statement No. 150 ("SFAS 150") "Accounting for
Certain Financial Instruments with Characteristics of Both Liabilities and
Equity." SFAS 150 requires that certain instruments that were previously
classified as equity on a Company's statement of financial position now be
classified as liabilities. SFAS 150 is effective for financial instruments
entered into or modified after May 31, 2003, and otherwise is effective at the
beginning of the first interim period beginning after June 15, 2003. The
adoption of SFAS 150 did not have an impact on the Partnership's results of
operations or financial position.

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, 2003, the Partnership had no environmental matters requiring
specific disclosure or requiring recording of a liability.

                                       23

<PAGE>


                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2003

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Major Customer

Substantially all of the Partnership's revenues were derived from sales to First
Energy Solutions Corporation. However, the market for gas and oil production is
a diverse open market and other purchasers are readily available.

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
("SFAS 133"), "Accounting for Derivative Instruments and Hedging Activates" (as
amended by SFAS 138 and SFAS 149). These contracts qualify and have been
designated as cash flow hedges under SFAS 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 has no
derivatives at December 31, 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:


                                                     Managing
                                                     General        Limited
                                                     Partner        Partners
                                                   -----------------------------
         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%



                                       24

<PAGE>


                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2003

NOTE 4 - PARTICIPATION IN REVENUES AND COSTS (Continued)


            (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.

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 payable to Atlas at $75 per well per month.
         Administrative costs incurred in 2003 and 2002 were $90,500 and $64,400
         respectively.

         Monthly well supervision fees payable to Atlas at $275 per well per
         month for operating and maintaining the wells. Well supervision fees
         incurred in 2003 and 2002 were $303,400 and $219,700 respectively.

         Transportation fees paid to Atlas at $.35 per MCF. Transportation costs
         incurred in 2003 and 2002 were $341,600 and $402,800 respectively.

         Our managing general partner and its affiliates will be reimbursed for
         all direct costs expended on our behalf. For the years ended December
         31, 2003 and 2002, we reimbursed the managing general partner for
         $202,000 and $170,000 for such charges.

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

NOTE 6 - PURCHASE COMMITMENT

Subject to certain conditions, investor partners may present their interests
beginning in 2006 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.

                                       25

<PAGE>


                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2003

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 advances to the extent distributions to investor partners exceed
the 10% return. In 2003 and 2002, 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, 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's
net unrealized loss related to open NYMEX contracts was $191,200 at December 31,
2002. The unrealized loss at December 31, 2002 was recorded as a liability on
the Partnership's balance sheet and in partners' capital as accumulated other
comprehensive loss. The unrealized loss at December 31, 2002 was reclassified to
earnings during the year ended December 31, 2003. The Partnership recognized
losses of approximately $386,600 and $53,000 on settled contracts covering
natural gas production for the years ended December 31, 2003 and 2002,
respectively, which are included in natural gas and oil sales.

The Partnership recognized no gains or losses during the year ended December 31,
2002 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

The supplementary information summarized below presents the results of natural
gas and oil activities in accordance with SFAS No. 69, "Disclosures About Oil
and Gas Producing Activities". 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.

                                       26

<PAGE>


                          Atlas America Public #10 Ltd.

                      (A Pennsylvania Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2003

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

(1) Capitalized Costs

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

<TABLE>
<CAPTION>
                                                                  2003               2002
                                                              ------------       ------------
<S>                                                           <C>                <C>
         Capitalized costs at December 31:
              Mineral interests in proved properties          $    338,500       $    338,500
              Wells and related equipment                       25,066,700         25,066,700
              Accumulated depreciation and depletion            (7,155,100)        (3,879,400)
                                                              ------------       ------------
                        Net capitalized costs                 $ 18,250,100       $ 21,525,800
                                                              ============       ============
</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 year ended December 31:

<TABLE>
<CAPTION>
                                                                  2003               2002
                                                              ------------       ------------
<S>                                                            <C>               <C>
              Natural gas and oil sales                        $ 6,334,300       $  4,960,800
              Production costs                                    (821,400)          (763,600)
              Accretion of asset retirement obligation             (26,800)                 -
              Depreciation and depletion and impairment         (3,275,700)        (3,917,700)
                                                              ------------       ------------
                  Results of operations from oil and gas
                      producing activities                     $ 2,210,400       $    279,500
                                                              ============       ============
</TABLE>

                                       27

<PAGE>


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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2003

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

(3) Reserve Information (unaudited)

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.

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)
                                                        -------------------------------------------
              Proved developed reserves:
<S>                                                          <C>                    <C>
                 Balance January 1, 2002                               -                    -
                   Current additions                          10,107,800               71,800
                   Production                                 (1,304,200)             (13,200)
                                                              ----------              -------

                 Balance, December 31, 2002                    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
                                                              ==========              =======
</TABLE>


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

        None.

                                       28

<PAGE>

ITEM 8A: CONTROLS AND PROCEDURES

         Evaluation of Disclosure Controls and Procedures

         Our Managing General Partner's Chief Executive Officer and Chief
Financial Officer have evaluated our disclosure controls and procedures, (as
defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of
1934) as of December 31, 2003. Based upon this evaluation, these officers
believe that our disclosure controls and procedures are effective.

         Changes in Internal Controls

         There were no significant changes in our internal controls or in other
factors that could significantly affect these controls subsequent to the
evaluation date.


                                    PART III

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

         Responsibilities of Atlas. 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.

         Because we have no equity securities registered pursuant to Section 12
of the Exchange Act, there is no required compliance with Section 16(B) of the
Exchange Act.

         Business of Atlas. 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. As of December 31, 2003, our
managing general partner and its affiliates had directly or through investments
in partnerships similar to our interest in approximately 5,300 wells of which,
our managing general partner or its' affiliates operate 85% of these wells which
are located in Ohio, Pennsylvania and New York.

         In September 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 who is engaged in the energy, real estate
and financial services sectors. We depend on our parent company, Atlas America,
for management and administrative functions and financing our capital
contributions. Resource America is currently offering a portion of its common
stock in Atlas America, the Delaware holding company, pursuant to an S-1
Registration Statement. If the offering is completed, Resource America will own
approximately 82.7% of the outstanding shares of Atlas America's common stock
and 80% if the underwriters exercise their over-allotment option.

         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 2004. 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

                                       29

<PAGE>

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 the managing general partner's primary office.

Officers, Directors and Other Key Personnel The officers and directors of the
managing general partner will serve until their successors are elected. The
officers, directors, and key personnel of the managing general partner are as
follows:

<TABLE>
<CAPTION>
NAME                  AGE  POSITION OR OFFICE
----                  ---  ------------------
<S>                   <C>  <C>
Freddie M. Kotek      48   Chairman of the Board of Directors, Chief Executive Officer and President
Frank P. Carolas      44   Executive Vice President - Land and Geology and a Director
Jeffrey C. Simmons    45   Executive Vice President - Operations and a Director
Jack L. Hollander     48   Senior Vice President - Direct Participation Programs
Nancy J. McGurk       48   Senior Vice President, Chief Financial Officer and Chief Accounting Officer
Michael L. Staines    54   Senior Vice President, Secretary and a Director
</TABLE>

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 the 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 the managing general partner, if it is stated that they devote
approximately 100% of their professional time to the 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 the managing general partner and Atlas
America as compared with the other affiliates of the managing general partner,
such as Viking Resources or Resource Energy.

Freddie M. Kotek. President and Chief Executive Officer since 2002 and Chairman
of the Board of Directors since 2001. Mr.Kotek has been Executive Vice President
and Chief Financial Officer of Atlas America since 2004 and served as a director
from 2001 until 2004. Mr. Kotek has been a Senior Vice President of Resource
America, and President of Resource Leasing, Inc. (a wholly-owned subsidiary of
Resource America) since 1995. Mr. Kotek was President of Resource Properties
from 2000 to 2001 and its Executive Vice President from 1993 to 2000. Upon
completion of the Atlas America offering, Mr. Kotek intends to resign his
positions at Resource America and all of its subsidiaries which are not
subsidiaries of Atlas America. 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. On completion of the Atlas America offering Mr. Kotek
will devote 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.

                                       30
<PAGE>

Frank P. Carolas. Executive Vice President-Land and Geology and a Director since
2001. Mr. Carolas has been a Vice President of Resource America and an Executive
Vice President-Land and Geology of Atlas America since 2001 and served as a
Director of Atlas America from 2002 until 2004. Mr. Carolas served as Vice
President of Land and Geology for the managing general partner from 1999 until
2001 and for Atlas America from 1998 until 2001. 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. Upon completion of
the Atlas America offering, Mr. Carolas intends to resign his position at
Resource America. Mr. Carolas is a certified petroleum geologist and has been
with the 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 a Vice President of Resource America and an
Executive Vice President of Atlas America since 2001 and was a Director of Atlas
America from 2002 until 2004. Mr. Simmons served as Vice President of Operations
for the managing general partner from July 1999 until 2001 and for Atlas America
from 1998 until 2001. 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. Upon completion of the Atlas America offering, Mr.
Simmons intends to resign his position at Resource America. 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
2002 and before that served as Vice President - Direct Participation Programs
from 2001 until 2002. Mr. Hollander also serves as Senior Vice President -
Direct Participation Programs of Atlas America since 2001. Mr. Hollander
practiced law with Rattet, Hollander & Pasternak, concentrating in tax matters
and real estate transactions, from 1990 to 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.

Nancy J. McGurk. Senior Vice President since 2002, Chief Financial Officer and
Chief Accounting Officer since 2001. Ms. McGurk also serves as Senior Vice
President and Chief Accounting Officer of Atlas America since January, 2002 and
served as Chief Financial Officer from 2002 until 2004. Ms. McGurk has been Vice
President of Resource America since 1992 and its Treasurer and Chief Accounting
Officer since 1989. Upon completion of the Atlas America offering, Ms. McGurk
intends to resign her positions at 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. On completion of
the Atlas America offering Ms. McGurk will devote 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.

                                       31
<PAGE>

Michael L. Staines. Senior Vice President, Secretary, and a Director since 1998.
Mr. Staines has been an Executive Vice President of Atlas America since 1998.
Mr. Staines has been a Senior Vice President of Resource America since 1989 and
was a director from 1989 to 2000 and Secretary from 1989 to 1998. Mr. Staines
has been President of Atlas Pipeline Partners GP since 2001 and its Chief
Operating Officer and a member of its Managing Board since its formation in
1999. Upon completion of the Atlas America offering, Mr. Staines intends to
resign his position at Resource America. 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. On completion of
the Atlas America offering Mr. Staines will devote 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.


                                       32
<PAGE>


ITEM 10.  EXECUTIVE COMPENSATION

         We have no employees and rely on the employees of our managing general
partner and its affiliates for all services. We did not directly pay any
compensation to the employees of our managing general partner since inception
nor do we expect to do so in future years. See Item 12, "Certain Relationships
and Related Transactions," below for compensation paid to our managing general
partner.

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         As of December 31, 2003, we had issued and outstanding 2,135 units. No
officer or director of our managing general partner owns any units. Although,
subject to certain conditions, investor partners may present their units to us
beginning in 2005 for purchase. However, we are not obligated to purchase more
than 5% of the units in any colander year.

         Resource America owns 100% 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.

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 having paid organization and offering
costs equal to 15% of our subscriptions. 66% of tangible costs and contributing
all leases for a total capital contribution of $7,227,500. During the years
ended December 31, 2003 and 2002, out managing general partner received
$1,783,400 and $1,357,900 respectively from our net production revenues.

         Leases. On the initial closing date as amended on the final closing
date our managing general partner contributed to us 110 undeveloped prospects to
drill approximately 106.15 net wells and received a credit in the amount of
$338,500. During 2003 and 2002, our managing general partner did not enter into
any further lease transactions with us and none are anticipated.

         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 will be proportionately reduced if we
acquire less than 100% of the working interest in a well. Our managing general
partner received $90,500 and $64,400 in such fees for the years ended December
31, 2003 and 2002, respectively.

         Direct Costs. Our managing general partner and its affiliates will be
reimbursed for all direct costs expended on our behalf. For the years ended
December 31, 2003 and 2002, we reimbursed the managing general partner for
$202,000 and $170,000 for such charges.

         Drilling Contracts. After our initial and final closing date, we
entered into a drilling contract with our managing general partner to drill and
complete 104.15 net wells. The total amount received by our managing general
partner was $21,281,200 for drilling and completing the wells for the year ended
December 31, 2001. During 2003 and 2002, we did not enter into any further
drilling transactions and none are anticipated for future periods.

         Per Well Charges. Our managing general partner, as operator, is
reimbursed at actual cost for all direct expanses incurred on our behalf and
receives well supervision fees for operating and maintaining the wills 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,
2003 and 2002, our managing general partner received $303,400 and $219,700,
respectively for well supervision fees.

         Gathering Fees. We pay a combined gathering fee at a competitive rate
for each mcf transported through Atlas Pipeline Partners, L.P., natural gas
gathering system, currently ranging $.29-$.35 per mcf. For the fiscal years
ended December 31, 2003 and 2002 $341,600 and $402,800 were paid respectively.


                                       33
<PAGE>



         Dealer-Manager Fees. As part of our formation, our managing general
partner's affiliate, Anthem Securities, as 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. The dealer-manager will receive no
further compensation from us.

         Other Compensation. If our managing general partner makes a loan to us
it may receive a competitive rate of interest. If our managing general partner
provides equipment, supplies and other services to us, then it may do so at
competitive industry rates. For the years ended December 31, 2003 and 2002 no
such advances were made.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

         We have not filed any reports on Form 8-K during the last quarter of
the period covered by this report. Other exhibits may be found on page 31

ITEM 14.           PRINCIPLE ACCOUNTANT FEES AND SERVICES

         Aggregate fees recognized by the Partnership during the years ending
December 31, 2003 and 2002 by its principal accounting firm, Grant Thornton, LLP
are set forth below. The audit committee of the managing general partner
considers whether any provision of non-audit services is compatible with
maintaining the principal accountant's independence.

                                                   2003                2002
                                                ----------          ----------
        Audit fees (1)                          $   10,500           $   8,000
                                                ----------           ---------
        Total aggregate fees billed             $   10,500           $   8,000
                                                ==========           =========


(1)       Includes the aggregate fees recognized in each of the last two years
          for professional services rendered by Grant Thornton, LLP for the
          audit of the Partnership's annual financial statements and the review
          of financial statements included in Form 10-Q. The fees are for
          services that are normally provided by Grant Thornton, LLP in
          connection with statutory or regulatory filings or engagements.

         Procedures for Audit Committee Pre-Approval of Audit and Permissible
Non-Audit Services of Independent Auditor

         Pursuant to its charter, the Audit Committee of the 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.



                                       34
<PAGE>


                                  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 of Limited          Previously filed in the Form SB-2/A on
          Partnership for Atlas America Public #10 Ltd.                      October 26, 2001

10(a)     Drilling and Operating Agreement with exhibits                     Previously filed in the Form SB-2/A on
                                                                             October 26, 2001

31.1      Certification Pursuant to Rule 13a-15(e)/15(d) - 15 (e).

31.2      Certification Pursuant to Rule 13a-15(e)/15(d) - 15 (e).

32.1      Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
          Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002


32.2      Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
          Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

</TABLE>


                                       35
<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.

<TABLE>
<CAPTION>

<S>                                    <C>
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 29, 2004


        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 29, 2004


By  (Signature and Title):          /s/ Frank P. Carolas
                                    -----------------------------------------------------
                                    Frank P. Carolas, Executive Vice President - Land and
                                    Geology and a Director
Date:  March 29, 2004


By  (Signature and Title):          /s/ Jeffrey C. Simmons
                                    ----------------------------------------------------------
                                    Jeffrey C. Simmons, Executive Vice President - Operations
                                    and a Director
Date:  March 29, 2004

By  (Signature and Title):          /s/ Nancy J. McGurk
                                    ----------------------------------------------------------
                                    Nancy J. McGurk, Vice President, Chief Financial Officer
                                    and Chief Accounting Officer
Date:  March 29, 2004

</TABLE>

                    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.


                                       36