##### Table of Contents



United States
Securities and Exchange Commission
 Washington, D.C. 20549
 Form 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 0-51272
 ATLAS AMERICA SERIES 25-2004 (A) L.P.
  Delaware
    
    55-0856393(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)Westpointe Corporate Center One1550 Coraopolis Heights Rd. 2nd FloorMoon Township, PA
    
    15108(Address of principal executive offices)
    
    (zip code)
 (412) 262-2830
 þ o
 Yes o No o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ




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##### 



ATLAS AMERICA SERIES 25-2004 (A) L.P.
(A Delaware Limited Partnership)
INDEX TO QUARTERLY REPORT
ON FORM 10-Q
 PAGEPART I. FINANCIAL INFORMATIONItem 1: Financial StatementsBalance Sheets as of June 30, 2010 and December 31, 2009
    
    
    3Statements of Operations for the Three Months and Six Months ended June 30, 2010 and 2009
    
    
    4Statement of Changes in Partners Capital for the Six Months ended June 30, 2010
    
    
    5Statements of Cash Flows for the Six Months ended June 30, 2010 and 2009
    
    
    6Notes to Financial Statements
    
    
    7-17Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    17-20Item 4: Controls and Procedures
    
    
    21PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    21Item 6: Exhibits
    
    
    21SIGNATURES
    
    
    22CERTIFICATIONSExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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PART 1. FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS
 ATLAS AMERICA SERIES 25-2004 (A) L.P.
 
 BALANCE SHEETS
 June 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    94,900
    
    
    $
    123,100Accounts receivable-affiliate
    
    
    375,200
    
    
    
    508,500Short-term hedge receivable due from affiliate
    
    
    461,100
    
    
    
    379,300Total current assets
    
    
    931,200
    
    
    
    1,010,900Oil and gas properties, net
    
    
    8,172,400
    
    
    
    8,510,700Long-term hedge receivable due from affiliate
    
    
    599,100
    
    
    
    312,100$
    9,702,700
    
    
    $
    9,833,700LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    40,500
    
    
    $
    42,100Short-term hedge liability due to affiliate
    
    
    7,900
    
    
    
    4,600Total current liabilities
    
    
    48,400
    
    
    
    46,700Asset retirement obligation
    
    
    1,469,400
    
    
    
    1,426,600Long-term hedge liability due to affiliate
    
    
    190,900
    
    
    
    47,500Partners capital:Managing general partner
    
    
    2,615,700
    
    
    
    2,791,900Limited partners (1,106.76 units)
    
    
    4,926,600
    
    
    
    5,486,400Accumulated other comprehensive income
    
    
    451,700
    
    
    
    34,600Total partners capital
    
    
    7,994,000
    
    
    
    8,312,900$
    9,702,700
    
    
    $
    9,833,700
   3




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESNatural gas and oil
    
    $
    423,700
    
    
    $
    652,100
    
    
    $
    898,000
    
    
    $
    1,500,100Total revenues
    
    
    423,700
    
    
    
    652,100
    
    
    
    898,000
    
    
    
    1,500,100COSTS AND EXPENSESProduction
    
    
    252,400
    
    
    
    266,300
    
    
    
    489,100
    
    
    
    550,300Depletion
    
    
    165,500
    
    
    
    290,300
    
    
    
    371,300
    
    
    
    619,200Accretion of asset retirement obligation
    
    
    21,400
    
    
    
    18,300
    
    
    
    42,800
    
    
    
    36,600General and administrative
    
    
    42,700
    
    
    
    39,800
    
    
    
    82,800
    
    
    
    79,100Total expenses
    
    
    482,000
    
    
    
    614,700
    
    
    
    986,000
    
    
    
    1,285,200Net (loss) earnings
    
    $
    (58,300
    )
    
    $
    37,400
    
    
    $
    (88,000
    )
    
    $
    214,900Allocation of net (loss) earnings:Managing general partner
    
    $
    6,400
    
    
    $
    59,900
    
    
    $
    29,200
    
    
    $
    175,100Limited partners
    
    $
    (64,700
    )
    
    $
    (22,500
    )
    
    $
    (117,200
    )
    
    $
    39,800Net (loss) earnings per limited partnership unit
    
    $
    (58
    )
    
    $
    (20
    )
    
    $
    (106
    )
    
    $
    36
   4




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##### Table of Contents



ATLAS AMERICA SERIES 25-2004 (A) L.P.
 
 STATEMENT OF CHANGES IN PARTNERS CAPITAL
 FOR THE SIX MONTHS ENDED
 June 30, 2010
 (Unaudited)
 AccumulatedManaging
    
    
    
    
    
    
    OtherGeneral
    
    
    Limited
    
    
    ComprehensivePartner
    
    
    Partners
    
    
    Income
    
    
    TotalBalance at January 1, 2010
    
    $
    2,791,900
    
    
    $
    5,486,400
    
    
    $
    34,600
    
    
    $
    8,312,900Participation in revenues and expenses:Net production revenues
    
    
    143,100
    
    
    
    265,800
    
    
    
    
    
    
    
    408,900Depletion
    
    
    (69,900
    )
    
    
    (301,400
    )
    
    
    
    
    
    
    (371,300
    )Accretion of asset retirement obligation
    
    
    (15,000
    )
    
    
    (27,800
    )
    
    
    
    
    
    
    (42,800
    )General and administrative
    
    
    (29,000
    )
    
    
    (53,800
    )
    
    
    
    
    
    
    (82,800
    )Net earnings (loss)
    
    
    29,200
    
    
    
    (117,200
    )
    
    
    
    
    
    
    (88,000
    )Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    417,100
    
    
    
    417,100Asset contributed by MGP
    
    
    33,000
    
    
    
    
    
    
    
    
    
    
    
    33,000Distributions to partners
    
    
    (238,400
    )
    
    
    (442,600
    )
    
    
    
    
    
    
    (681,000
    )Balance at June 30, 2010
    
    $
    2,615,700
    
    
    $
    4,926,600
    
    
    $
    451,700
    
    
    $
    7,994,000
   5




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
 
 STATEMENTS OF CASH FLOWS
 (Unaudited)
 Six Months EndedJune 30,2010
    
    
    2009Cash flows from operating activities:Net (loss) earnings
    
    $
    (88,000
    )
    
    $
    214,900Adjustments to reconcile net (loss) earnings to
net cash provided by operating activities:Depletion
    
    
    371,300
    
    
    
    619,200Non-cash loss on derivative value
    
    
    195,000
    
    
    
    58,700Accretion of asset retirement obligation
    
    
    42,800
    
    
    
    36,600Decrease in accounts receivable  affiliate
    
    
    133,300
    
    
    
    345,200Decrease in accrued liabilities
    
    
    (1,600
    )
    
    
    (4,800
    )Net cash provided by operating activities
    
    
    652,800
    
    
    
    1,269,800Cash flows from financing activities:Distributions to partners
    
    
    (681,000
    )
    
    
    (1,412,400
    )Net cash used in financing activities
    
    
    (681,000
    )
    
    
    (1,412,400
    )Net decrease in cash and cash equivalents
    
    
    (28,200
    )
    
    
    (142,600
    )Cash and cash equivalents at beginning of period
    
    
    123,100
    
    
    
    295,200Cash and cash equivalents at end of period
    
    $
    94,900
    
    
    $
    152,600Supplemental schedule of non-cash investing
and financing activities:Assets contributed by managing general partnerTangible equipment
    
    $
    12,200
    
    
    $
    Intangible drilling costs
    
    
    20,800
    
    
    
    $
    33,000
    
    
    $
    
   6




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
 
 NOTES TO FINANCIAL STATEMENTS
 June 30, 2010
 (Unaudited)
 NOTE 1  BASIS OF PRESENTATION
   NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
   Fair Value of Financial Instruments
   7




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Oil and Gas Properties
   Impairment of Long-Lived Assets
      8




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Working Interest
  Revenue Recognition
    9




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Comprehensive (Loss) Income
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net (loss) earnings
    
    $
    (58,300
    )
    
    $
    37,400
    
    
    $
    (88,000
    )
    
    $
    214,900Other comprehensive (loss) income:Unrealized holding (loss) gain
on hedging contracts
    
    
    (58,500
    )
    
    
    (54,300
    )
    
    
    489,100
    
    
    
    (139,000
    )Less: reclassification
adjustment for gains realized in
net (loss) earnings
    
    
    (35,700
    )
    
    
    (242,300
    )
    
    
    (72,000
    )
    
    
    (409,600
    )Total other comprehensive (loss) income
    
    
    (94,200
    )
    
    
    (296,600
    )
    
    
    417,100
    
    
    
    (548,600
    )Comprehensive (loss) income
    
    $
    (152,500
    )
    
    $
    (259,200
    )
    
    $
    329,100
    
    
    $
    (333,700
    )
 Recently Adopted Accounting Standards
     10




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Recently Issued Accounting Standards
  NOTE 3  OIL AND GAS PROPERTIES
  June 30,
    
    
    December 31,2010
    
    
    2009Natural gas and oil properties:Proved properties:Leasehold interests
    
    $
    716,500
    
    
    $
    716,500Wells and related equipment
    
    
    34,741,500
    
    
    
    34,708,50035,458,000
    
    
    
    35,425,000Accumulated depletion
    
    
    (27,285,600
    )
    
    
    (26,914,300
    )$
    8,172,400
    
    
    $
    8,510,700
 NOTE 4  ASSET RETIREMENT OBLIGATIONS
    11




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 4  ASSET RETIREMENT OBLIGATIONS (Continued)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Asset retirement obligation at beginning of
period
    
    $
    1,448,000
    
    
    $
    1,238,700
    
    
    $
    1,426,600
    
    
    $
    1,220,400Accretion expense
    
    
    21,400
    
    
    
    18,300
    
    
    
    42,800
    
    
    
    36,600Asset retirement obligation at end of period
    
    $
    1,469,400
    
    
    $
    1,257,000
    
    
    $
    1,469,400
    
    
    $
    1,257,000
 NOTE 5  DERIVATIVE INSTRUMENTS
     12




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
  Fair Value of Derivative Instruments:
 Asset Derivatives
    
    
    Liability DerivativesDerivatives in
    
    
    
    Fair Value
    
    
    
    
    Fair ValueCash Flow
    
    Balance Sheet
    
    June 30,
    
    
    December 31,
    
    
    Balance Sheet
    
    June 30,
    
    
    December 31,Hedging Relationships
    
    Location
    
    2010
    
    
    2009
    
    
    Location
    
    2010
    
    
    2009Commodity contracts:
    
    Current assets
    
    $
    461,100
    
    
    $
    379,300
    
    
    Current liabilities
    
    $
    (7,900
    )
    
    $
    (4,600
    )Long-term assets
    
    
    599,100
    
    
    
    312,100
    
    
    Long-term liabilities
    
    
    (190,900
    )
    
    
    (47,500
    )Total derivatives
    
    
    
    $
    1,060,200
    
    
    $
    691,400
    
    
    
    
    $
    (198,800
    )
    
    $
    (52,100
    )
 Effects of Derivative Instruments on Statements of Operations:
 Loss
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain
    
    (Effective Portion)Derivatives in
    
    Three Months Ended
    
    
    Reclassified from Accumulated
    
    Three Months EndedCash Flow
    
    June 30,
    
    
    June 30,
    
    
    OCI into Income
    
    June 30,
    
    
    June 30,Hedging Relationship
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    2010
    
    
    2009Commodity contracts
    
    $
    (58,500
    )
    
    $
    (54,300
    )
    
    Natural gas and oil revenue
    
    $
    35,700
    
    
    $
    242,300
 Gain/(Loss)
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain
    
    (Effective Portion)Derivatives in
    
    Six Months Ended
    
    
    Reclassified from Accumulated
    
    Six Months EndedCash Flow
    
    June 30,
    
    
    June 30,
    
    
    OCI into Income
    
    June 30,
    
    
    June 30,Hedging Relationship
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    2010
    
    
    2009Commodity contracts
    
    $
    489,100
    
    
    $
    (139,000
    )
    
    Natural gas and oil revenue
    
    $
    72,000
    
    
    $
    409,600
  Natural Gas Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (MMbtu)(1)
    
    
    (per MMbtu)(1)
    
    
    Asset(2)2010
    
    
    106,300
    
    
    $
    7.238
    
    
    $
    256,0002011
    
    
    145,100
    
    
    
    6.839
    
    
    
    216,5002012
    
    
    97,300
    
    
    
    7.165
    
    
    
    141,8002013
    
    
    54,800
    
    
    
    7.011
    
    
    
    58,9002014
    
    
    
    
    
    
    
    
    
    
    $
    673,200
  13




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Natural Gas Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (MMbtu)(1)
    
    
    (per MMbtu)(1)
    
    
    Asset (Liability)(2)2010
    
    Puts purchased
    
    
    14,300
    
    
    $
    6.123
    
    
    $
    24,1002010
    
    Calls sold
    
    
    14,300
    
    
    
    7.327
    
    
    
    (2,100
    )2011
    
    Puts purchased
    
    
    67,000
    
    
    
    6.435
    
    
    
    107,6002011
    
    Calls sold
    
    
    67,000
    
    
    
    7.545
    
    
    
    (19,800
    )2012
    
    Puts purchased
    
    
    60,400
    
    
    
    6.012
    
    
    
    89,0002012
    
    Calls sold
    
    
    60,400
    
    
    
    7.181
    
    
    
    (50,100
    )2013
    
    Puts purchased
    
    
    70,600
    
    
    
    6.010
    
    
    
    117,6002013
    
    Calls sold
    
    
    70,600
    
    
    
    7.173
    
    
    
    (85,500
    )2014
    
    Puts purchased
    
    
    24,500
    
    
    
    5.860
    
    
    
    41,1002014
    
    Calls sold
    
    
    24,500
    
    
    
    6.961
    
    
    
    (38,600
    )$
    183,300
 Crude Oil Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (Bbl)(1)
    
    
    (per Bbl)(1)
    
    
    Asset(3)2010
    
    
    100
    
    
    $
    97.123
    
    
    $
    1,7002011
    
    
    100
    
    
    
    88.304
    
    
    
    1,1002012
    
    
    100
    
    
    
    87.901
    
    
    
    6002013
    
    
    50
    
    
    
    88.211
    
    
    
    2002014
    
    
    
    
    
    
    
    
    
    
    $
    3,600
  14




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Crude Oil Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (Bbl)(1)
    
    
    (per Bbl)(1)
    
    
    Asset (Liability)(3)2010
    
    Puts purchased
    
    
    100
    
    
    $
    85.000
    
    
    $
    5002010
    
    Calls sold
    
    
    100
    
    
    
    112.350
    
    
    
    (100
    )2011
    
    Puts purchased
    
    
    100
    
    
    
    77.381
    
    
    
    8002011
    
    Calls sold
    
    
    100
    
    
    
    101.642
    
    
    
    (300
    )2012
    
    Puts purchased
    
    
    100
    
    
    
    76.756
    
    
    
    7002012
    
    Calls sold
    
    
    100
    
    
    
    102.181
    
    
    
    (400
    )2013
    
    Puts purchased
    
    
    50
    
    
    
    76.757
    
    
    
    2002013
    
    Calls sold
    
    
    50
    
    
    
    103.103
    
    
    
    (100
    )2014
    
    Puts purchased
    
    
    
    
    
    
    
    
    
    
    2014
    
    Calls sold
    
    
    
    
    
    
    
    
    
    
    $
    1,300Total Net Asset
    
    
    $
    861,400
 
 (1)
    
    MMBTU represents million British Thermal Units. Bbl represents barrels.(2)
    
    Fair value based on forward NYMEX natural gas prices, as applicable.(3)
    
    Fair value based on forward WTI crude oil prices, as applicable. NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS
  Level 1 
 Level 2 
 Level 3 
  15




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
  Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
  NOTE 7  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
  
    
    Administrative costs which are included in general and administrative expenses in the
Partnerships statements of operations are payable at $75 per well per month.
Administrative costs incurred for the three months and six months ended June 30, 2010
were $27,000 and $53,400, respectively. Administrative costs incurred for the three
months and six months ended June 30, 2009 were $27,700 and $56,000, respectively.
 
    
    Monthly well supervision fees which are included in production expenses in the
Partnerships statements of operations are payable at $313 per well per month in 2010
and 2009, for operating and maintaining the wells. Well supervision fees incurred for
the three months and six months ended June 30, 2010 were $111,700 and $220,900,
respectively. Well supervision fees incurred for the three months and six months ended
June 30, 2009 were $114,900 and $231,900, respectively.
 
    
    Transportation fees which are included in production expenses in the Partnerships
statements of operations are generally payable at 13% of the natural gas sales price.
Transportation fees incurred for the three months and six months ended June 30, 2010
were $53,600 and $120,000, respectively. Transportation fees incurred for the three
months and six months ended June 30, 2009 were $74,600 and $175,700, respectively.
 
    
    Assets contributed by the MGP, which are disclosed in the Partnership statements of
cash flows as a non-cash activity for the six months ended June 30, 2010, were $33,000.
   16




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ATLAS AMERICA SERIES 25-2004 (A) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 7  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Continued)
 Subordination by Managing General Partner
  NOTE 8  COMMITMENTS AND CONTINGENCIES
 Legal Proceedings
   
 ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (UNAUDITED)
 Forward-Looking Statements
 When used in this Form 10-Q , the words believes, anticipates, expects and similar
expressions are intended to identify forward-looking statements. There are risks and uncertainties
that could cause actual results to differ materially from the results stated or implied in this
document. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. We undertake no obligation to publicly release the results
of any revisions to forward-looking statements which we may make to reflect events or circumstances
after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.
 BUSINESS OVERVIEW
    17




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Results of Operations
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Production revenues (in thousands):Gas
    
    $
    377
    
    
    $
    611
    
    
    $
    842
    
    
    $
    1,426Oil
    
    
    47
    
    
    
    41
    
    
    
    56
    
    
    
    74Total
    
    $
    424
    
    
    $
    652
    
    
    $
    898
    
    
    $
    1,500Production volumes:Gas (mcf/day) (1)
    
    
    709
    
    
    
    884
    
    
    
    812
    
    
    
    948Oil (bbls/day) (1)
    
    
    7
    
    
    
    7
    
    
    
    4
    
    
    
    7Total (mcfe/day) (1)
    
    
    751
    
    
    
    926
    
    
    
    836
    
    
    
    990Average sales prices: (2)Gas (per mcf) (1) (3)
    
    $
    7.37
    
    
    $
    7.93
    
    
    $
    7.03
    
    
    $
    8.64Oil (per bbl) (1) (4)
    
    $
    76.57
    
    
    $
    68.21
    
    
    $
    74.57
    
    
    $
    57.79Average production costs:As a percent of revenues
    
    
    60
    %
    
    
    41
    %
    
    
    54
    %
    
    
    37
    %Per mcfe (1)
    
    $
    3.69
    
    
    $
    3.16
    
    
    $
    3.22
    
    
    $
    3.06Depletion per mcfe
    
    $
    2.42
    
    
    $
    3.45
    
    
    $
    2.45
    
    
    $
    3.45
 
 (1)
    
    Mcf represents thousand cubic feet, mcfe represents thousand cubic feet
equivalent, and bbls represents barrels. Bbls are converted to mcfe using the ratio
of six mcfs to one bbl.(2)
    
    Average sales prices represent accrual basis pricing after reversing the effect
of previously recognized gains resulting from prior period impairment charges.(3)
    
    Average gas prices are calculated by including in total revenue derivative
losses previously recognized into (loss) earnings and dividing by the total volume for
the period. Previously recognized derivative losses were $99,100 and $27,800 for the
three months ended June 30, 2010 and 2009, respectively. Previously recognized
derivative losses were $192,000 and $55,400 for the six months ended June 30, 2010 and
2009, respectively. The derivative losses are included in other comprehensive (loss)
income and resulted from prior period impairment charges.(4)
    
    Average oil prices are calculated by including in total revenue derivative
losses previously recognized into (loss) earnings and dividing by the total volume for
the period. Previously recognized derivative losses were $1,700 and $1,600 for the
three months ended June 30, 2010 and 2009, respectively. Previously recognized
derivative losses were $3,000 and $3,300 for the six months ended June 30, 2010 and
2009, respectively. The derivative losses are included in other comprehensive (loss)
income and resulted from prior period impairment charges. Natural Gas Revenues.
  18




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Oil Revenues.
  Expenses.
   Liquidity and Capital Resources
     19




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Subordination by Managing General Partner
  CRITICAL ACCOUNTING POLICIES AND ESTIMATES
  Fair Value of Financial Instruments
  Level 1 
 Level 2 
 Level 3 
    20




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ITEM 4.
    
    CONTROLS AND PROCEDURES
    
 PART II. OTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
   
 ITEM 6.
    
    EXHIBITS
 
 EXHIBIT INDEX
 Exhibit No.
    
    Description4.0
    
    
    Amended and Restated Certificate and Agreement of Limited Partnership for Atlas America
Series 25-2004
(A) L.P. (1)10.1
    
    
    Drilling and Operating Agreement for Atlas America Series 25-2004 (A) L.P. (1)31.1
    
    
    Rule 13a-14(a)/15d-14(a) Certification.31.2
    
    
    Rule 13a-14(a)/15d-14(a) Certification.32.1
    
    
    Section 1350 Certification.32.2
    
    
    Section 1350 Certification.
 
 (1)
    
    Filed on April 29, 2005 in the Form S-1 Registration Statement dated April 29, 2005, File No. 0-51272  21




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SIGNATURES
  Atlas America Series 25-2004 (A) L.P.Atlas Resources, LLC, Managing General PartnerDate:  August 16, 2010
    By:
    /s/ FREDDIE M. KOTEKFreddie M. KotekChairman of the Board of Directors,
Chief Executive Officer and PresidentDate:  August 16, 2010
    By:
    /s/ MATTHEW A. JONESMatthew A. JonesChief Financial Officer  22