##### 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 333-150925-02
 ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
  Delaware
    
    26-3223040(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




---



##### 



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
(A Delaware Limited Partnership)
INDEX TO QUARTERLY REPORT
 ON FORM 10-Q
 PAGEPART I. FINANCIAL INFORMATIONItem 1: Financial StatementsBalance Sheets as of June 30, 2010 and December 31, 2009
    
    
    3Statements of Operations for the Three Months and Six Months ended June 30,
2010 and period April 16, 2009 through June 30, 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
    
    
    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
    
    
    20-21PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    21Item 6: Exhibits
    
    
    21SIGNATURES
    
    
    22CERTIFICATIONSExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




---



##### Table of Contents



PART 1. FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS
ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
 
 BALANCE SHEETS
 June 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    400
    
    
    $
    4,442,800Accounts receivable  affiliate
    
    
    10,256,600
    
    
    
    8,479,500Short-term hedge receivable due from affiliate
    
    
    6,261,800
    
    
    
    5,260,100Total current assets
    
    
    16,518,800
    
    
    
    18,182,400Oil and gas properties, net
    
    
    100,262,700
    
    
    
    106,407,800Long-term hedge receivable due from affiliate
    
    
    8,264,400
    
    
    
    4,447,400$
    125,045,900
    
    
    $
    129,037,600LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    592,200
    
    
    $
    552,800Short-term hedge liability due to affiliate
    
    
    105,000
    
    
    
    64,100Total current liabilities
    
    
    697,200
    
    
    
    616,900Asset retirement obligation
    
    
    444,000
    
    
    
    431,100Long-term hedge liability due to affiliate
    
    
    2,560,100
    
    
    
    685,000Partners capital:Managing general partner
    
    
    9,958,200
    
    
    
    10,849,400Limited partners (12,278 units)
    
    
    99,729,400
    
    
    
    107,792,400Accumulated other comprehensive income
    
    
    11,657,000
    
    
    
    8,662,800Total partners capital
    
    
    121,344,600
    
    
    
    127,304,600$
    125,045,900
    
    
    $
    129,037,600
   3




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
 
 STATEMENTS OF OPERATIONS  (Unaudited)
 Period
    
    
    
    
    
    
    PeriodThree Months
    
    
    April 16, 2009
    
    
    Six Months
    
    
    April 16, 2009Ended
    
    
    Through
    
    
    Ended
    
    
    ThroughJune 30,
    
    
    June 30,
    
    
    June 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESNatural gas and oil
    
    $
    8,532,700
    
    
    $
    13,500
    
    
    $
    19,699,000
    
    
    $
    13,500Interest income
    
    
    700
    
    
    
    
    
    
    
    2,700
    
    
    
    Total revenues
    
    
    8,533,400
    
    
    
    13,500
    
    
    
    19,701,700
    
    
    
    13,500COSTS AND EXPENSESProduction
    
    
    2,079,500
    
    
    
    5,900
    
    
    
    4,756,900
    
    
    
    5,900Depletion
    
    
    2,610,800
    
    
    
    5,400
    
    
    
    6,529,600
    
    
    
    5,400Accretion of asset retirement obligation
    
    
    6,400
    
    
    
    
    
    
    
    12,900
    
    
    
    General and administrative
    
    
    38,400
    
    
    
    4,700
    
    
    
    73,400
    
    
    
    4,700Total expenses
    
    
    4,735,100
    
    
    
    16,000
    
    
    
    11,372,800
    
    
    
    16,000Net earnings (loss)
    
    $
    3,798,300
    
    
    $
    (2,500
    )
    
    $
    8,328,900
    
    
    $
    (2,500
    )Allocation of net earnings (loss):Managing general partner
    
    $
    1,809,000
    
    
    $
    (500
    )
    
    $
    4,024,600
    
    
    $
    (500
    )Limited partners
    
    $
    1,989,300
    
    
    $
    (2,000
    )
    
    $
    4,304,300
    
    
    $
    (2,000
    )Net earnings (loss) per limited partnership unit
    
    $
    162
    
    
    $
    (1
    )
    
    $
    351
    
    
    $
    (1
    )
   4




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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
    
    $
    10,849,400
    
    
    $
    107,792,400
    
    
    $
    8,662,800
    
    
    $
    127,304,600Partners capital contributions:Syndication and offering costs
    
    
    33,400
    
    
    
    
    
    
    
    
    
    
    
    33,400Total contributions
    
    
    33,400
    
    
    
    
    
    
    
    
    
    
    
    33,400Syndication and offering costs, immediately
charged to capital
    
    
    (33,400
    )
    
    
    
    
    
    
    
    
    
    
    (33,400
    )Participation in revenues and expenses:Net production revenues
    
    
    4,482,600
    
    
    
    10,459,500
    
    
    
    
    
    
    
    14,942,100Interest
    
    
    800
    
    
    
    1,900
    
    
    
    
    
    
    
    2,700Depletion
    
    
    (432,900
    )
    
    
    (6,096,700
    )
    
    
    
    
    
    
    (6,529,600
    )Accretion of asset retirement obligation
    
    
    (3,900
    )
    
    
    (9,000
    )
    
    
    
    
    
    
    (12,900
    )General and administrative
    
    
    (22,000
    )
    
    
    (51,400
    )
    
    
    
    
    
    
    (73,400
    )Net earnings
    
    
    4,024,600
    
    
    
    4,304,300
    
    
    
    
    
    
    
    8,328,900Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    2,994,200
    
    
    
    2,994,200Assets contributed
    
    
    384,500
    
    
    
    
    
    
    
    
    
    
    
    384,500Distribution to partners
    
    
    (5,300,300
    )
    
    
    (12,367,300
    )
    
    
    
    
    
    
    (17,667,600
    )Balance at June 30, 2010
    
    $
    9,958,200
    
    
    $
    99,729,400
    
    
    $
    11,657,000
    
    
    $
    121,344,600
   5




---



##### Table of Contents



ATLAS RESOURCES PUBLIC
18-2009 (B) L.P.
 
 STATEMENTS OF CASH FLOWS  (Unaudited)
 PeriodSix Months
    
    
    April 16, 2009Ended
    
    
    ThroughJune 30,
    
    
    June 30,2010
    
    
    2009Cash flows from operating activities:Net earnings (loss)
    
    $
    8,328,900
    
    
    $
    (2,500
    )Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:Depletion
    
    
    6,529,600
    
    
    
    5,400Non-cash gain on derivative value
    
    
    91,500
    
    
    
    Accretion of asset retirement obligation
    
    
    12,900
    
    
    
    Increase in accounts receivable-affiliate
    
    
    (1,777,100
    )
    
    
    (7,000
    )Increase in accrued liabilities
    
    
    39,400
    
    
    
    4,100Net cash provided by operating activities
    
    
    13,225,200
    
    
    
    Cash flows from investing activities:Oil and gas well drilling contract paid to MGP
    
    
    
    
    
    
    (121,957,200
    )Net cash used in financing activities
    
    
    
    
    
    
    (121,957,200
    )Cash flows from financing activities:Partners capital contribution
    
    
    
    
    
    
    122,509,200Distribution to partners
    
    
    (17,667,600
    )
    
    
    Net cash (used in) provided by financing activities
    
    
    (17,667,600
    )
    
    
    122,509,200Net (decrease) increase in cash and cash equivalents
    
    
    (4,442,400
    )
    
    
    552,000Cash and cash equivalents at beginning of period
    
    
    4,442,800
    
    
    
    Cash and cash equivalents at end of period
    
    $
    400
    
    
    $
    552,000Supplemental Schedule of non-cash investing and financing activities:Assets (returned to) contributed by managing general partner:Tangible drilling costs
    
    $
    407,100
    
    
    $
    2,744,800Lease costs
    
    
    (22,600
    )
    
    
    695,800Syndication and offering costs
    
    
    33,400
    
    
    
    $
    417,900
    
    
    $
    3,440,600Asset retirement obligation
    
    $
    
    
    
    $
    249,000
   6




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Impairment of Long-Lived Assets (Continued)
  Working Interest
  Revenue Recognition
    9




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Comprehensive Income (Loss)
  Period
    
    
    
    
    
    
    PeriodThree Months
    
    
    April 16, 2009
    
    
    Six Months
    
    
    April 16, 2009Ended
    
    
    Through
    
    
    Ended
    
    
    ThroughJune 30,
    
    
    June 30,
    
    
    June 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net earnings (loss)
    
    $
    3,798,300
    
    
    $
    (2,500
    )
    
    $
    8,328,900
    
    
    $
    (2,500
    )Other comprehensive income (loss):Unrealized holding (loss) gain on hedging contracts
    
    
    (488,400
    )
    
    
    
    
    
    
    8,025,500
    
    
    
    Less:
reclassification adjustment for gains realized in net earnings (loss)
    
    
    (2,472,000
    )
    
    
    
    
    
    
    (5,031,300
    )
    
    
    Total other comprehensive (loss) income
    
    
    (2,960,400
    )
    
    
    
    
    
    
    2,994,200
    
    
    
    Comprehensive income (loss)
    
    $
    837,900
    
    
    $
    (2,500
    )
    
    $
    11,323,100
    
    
    $
    (2,500
    )
 Recently Adopted Accounting Standards
     10




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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
    
    $
    1,060,800
    
    
    $
    1,087,800Wells and related equipment
    
    
    128,309,300
    
    
    
    128,395,300129,370,100
    
    
    
    129,483,100Accumulated depletion
    
    
    (29,107,400
    )
    
    
    (23,075,300
    )$
    100,262,700
    
    
    $
    106,407,800
 NOTE 4  ASSET RETIREMENT OBLIGATIONS
    11




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 4  ASSET RETIREMENT OBLIGATIONS (Continued)
  Period
    
    
    
    
    
    
    PeriodThree Months
    
    
    April 16, 2009
    
    
    Six Months
    
    
    April 16, 2009Ended
    
    
    Through
    
    
    Ended
    
    
    ThroughJune 30,
    
    
    June 30,
    
    
    June 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Asset retirement obligation at beginning of period
    
    $
    437,600
    
    
    $
    
    
    
    $
    431,100
    
    
    $
    Liabilities incurred from drilling wells
    
    
    
    
    
    
    249,000
    
    
    
    
    
    
    
    249,000Accretion expense
    
    
    6,400
    
    
    
    
    
    
    
    12,900
    
    
    
    Asset retirement obligation at end of period
    
    $
    444,000
    
    
    $
    249,000
    
    
    $
    444,000
    
    
    $
    249,000
 NOTE 5  DERIVATIVE INSTRUMENTS
    12




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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
    
    $
    6,261,800
    
    
    $
    5,260,100
    
    
    Current liabilities
    
    $
    (105,000
    )
    
    $
    (64,100
    )Long-term assets
    
    
    8,264,400
    
    
    
    4,447,400
    
    
    Long-term liabilities
    
    
    (2,560,100
    )
    
    
    (685,000
    )Total derivatives
    
    
    
    $
    14,526,200
    
    
    $
    9,707,500
    
    
    
    
    $
    (2,665,100
    )
    
    $
    (749,100
    )
 Effects of Derivative Instruments on Statements of Operations:
 (Loss)
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain/(Loss)
    
    (Effective Portion)Derivatives in
    
    Three Months Ended
    
    
    Reclassified from Accumulated
    
    Three Months EndedCash Flow
    
    June 30,
    
    
    OCI into Income
    
    June 30,Hedging Relationship
    
    2010
    
    
    (Effective Portion)
    
    2010Commodity contracts
    
    $
    (488,400
    )
    
    Natural gas and oil revenue
    
    $
    2,472,000
 Gain
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain/(Loss)
    
    (Effective Portion)Derivatives in
    
    Six Months Ended
    
    
    Reclassified from Accumulated
    
    Six Months EndedCash Flow
    
    June 30,
    
    
    OCI into Income
    
    June 30,Hedging Relationship
    
    2010
    
    
    (Effective Portion)
    
    2010Commodity contracts
    
    $
    8,025,500
    
    
    Natural gas and oil revenue
    
    $
    5,031,300
   13




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Natural Gas Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (MMbtu)(1)
    
    
    (per MMbtu)(1)
    
    
    Asset(2)2010
    
    
    1,445,400
    
    
    $
    7.245
    
    
    $
    3,491,2002011
    
    
    1,949,300
    
    
    
    6.850
    
    
    
    2,931,8002012
    
    
    1,369,600
    
    
    
    7.165
    
    
    
    1,995,0002013
    
    
    801,900
    
    
    
    7.022
    
    
    
    871,7002014
    
    
    
    
    
    
    
    
    
    
    $
    9,289,700
 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
    
    
    
    191,800
    
    
    $
    6.170
    
    
    $
    331,1002010
    
    Calls sold
    
    
    
    191,800
    
    
    
    7.373
    
    
    
    (27,100
    )2011
    
    Puts purchased
    
    
    
    932,400
    
    
    
    6.443
    
    
    
    1,503,5002011
    
    Calls sold
    
    
    
    932,400
    
    
    
    7.554
    
    
    
    (273,500
    )2012
    
    Puts purchased
    
    
    
    814,500
    
    
    
    6.024
    
    
    
    1,207,0002012
    
    Calls sold
    
    
    
    814,500
    
    
    
    7.192
    
    
    
    (672,300
    )2013
    
    Puts purchased
    
    
    
    947,500
    
    
    
    6.020
    
    
    
    1,586,1002013
    
    Calls sold
    
    
    
    947,500
    
    
    
    7.183
    
    
    
    (1,145,400
    )2014
    
    Puts purchased
    
    
    
    332,300
    
    
    
    5.862
    
    
    
    558,1002014
    
    Calls sold
    
    
    
    332,300
    
    
    
    6.963
    
    
    
    (523,300
    )$
    2,544,200
 Crude Oil Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (Bbl)(1)
    
    
    (per Bbl)(1)
    
    
    Asset(3)2010
    
    
    500
    
    
    $
    97.123
    
    
    $
    9,4002011
    
    
    700
    
    
    
    88.304
    
    
    
    6,2002012
    
    
    500
    
    
    
    87.901
    
    
    
    3,5002013
    
    
    100
    
    
    
    88.211
    
    
    
    9002014
    
    
    
    
    
    
    
    
    
    
    $
    20,000
  14




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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
    
    
    300
    
    
    $
    85.000
    
    
    $
    2,9002010
    
    Calls sold
    
    
    300
    
    
    
    112.350
    
    
    
    (50
    )2011
    
    Puts purchased
    
    
    400
    
    
    
    77.381
    
    
    
    4,3002011
    
    Calls sold
    
    
    400
    
    
    
    101.642
    
    
    
    (1,950
    )2012
    
    Puts purchased
    
    
    300
    
    
    
    76.756
    
    
    
    4,1002012
    
    Calls sold
    
    
    300
    
    
    
    102.181
    
    
    
    (2,500
    )2013
    
    Puts purchased
    
    
    100
    
    
    
    76.757
    
    
    
    1,2002013
    
    Calls sold
    
    
    100
    
    
    
    103.103
    
    
    
    (800
    )2014
    
    Puts purchased
    
    
    
    
    
    
    
    
    
    
    2014
    
    Calls sold
    
    
    
    
    
    
    
    
    
    
    $
    7,200Total Net Asset
    
    $
    11,861,100
 
 (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 Unadjusted quoted prices in active markets for identical, unrestricted assets and
liabilities that the reporting entity has the ability to access at the measurement date.
 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the
asset and liability or can be corroborated with observable market data for substantially the
entire contractual term of the asset or liability.
 Level 3 Unobservable inputs that reflect the entitys own assumptions about the assumption
market participants would use in the pricing of the asset or liability and are consequently
not based on market activity but rather through particular valuation techniques.
  15




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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 and six months ended June 30, 2010 were
$11,900 and $22,600, respectively. Administrative costs incurred for the period ended
June 30, 2009 were $200.
 
    
    Monthly well supervision fees which are included in production expenses in the
Partnerships statements of operations are payable at $975 per well per month for
Marcellus wells and $1,500, for New Albany and Indiana Wells. For all other wells a fee
of $392 is charged per will per month, for operating and maintaining the wells. Well
supervision fees incurred for the three and six months ended June 30, 2010 were $149,100
and $293,100, respectively. Supervision fees incurred for the period ended June 30, 2009
were $3,800.
 
    
    Transportation fees which are included in production expenses in the Partnerships
statements of operations are generally payable at 13% of the natural gas sales price.
Transportation fees incurred for the three and six months ended June 30, 2010 were
$977,100 and $2,381,800, respectively. Transportation fees incurred for the period ended
June 30, 2009 were $1,800.
 
    
    Assets contributed from the MGP which are disclosed on the Partnerships statement of
cash flows as a non-cash activity for the six months ended
June 30, 2010 were $384,500 net of accumulated depletion of
$398,800. For the period ended June 30, 2009, the non-cash
activity disclosed on the Partnerships statement of cash flows
were $3,440,600.
  16




---



##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (B) 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




---



##### Table of Contents



Results of Operations
   Period
    
    
    
    
    
    
    PeriodThree Months
    
    
    April 16, 2009
    
    
    Six Months
    
    
    April 16, 2009Ended
    
    
    Through
    
    
    Ended
    
    
    ThroughJune 30,
    
    
    June 30,
    
    
    June 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Production revenues (in thousands):Gas
    
    $
    8,263
    
    
    $
    13
    
    
    $
    19,149
    
    
    $
    13Oil
    
    
    141
    
    
    
    
    
    
    
    311
    
    
    
    Liquid
    
    
    129
    
    
    
    
    
    
    
    239
    
    
    
    Total
    
    $
    8,533
    
    
    $
    13
    
    
    $
    19,699
    
    
    $
    13Production volumes:Gas (mcf/day) (1)
    
    
    12,733
    
    
    
    156
    
    
    
    15,715
    
    
    
    156Oil (bbls/day) (1)
    
    
    28
    
    
    
    
    
    
    
    32
    
    
    
    Liquid (bbl/day) (1)
    
    
    29
    
    
    
    
    
    
    
    27
    
    
    
    Total (mcfe/day) (1)
    
    
    13,075
    
    
    
    156
    
    
    
    16,069
    
    
    
    156Average sales prices: (2)Gas (per mcf) (1) (3)
    
    $
    7.17
    
    
    $
    3.92
    
    
    $
    6.76
    
    
    $
    3.92Oil (per bbl) (1) (4)
    
    $
    56.03
    
    
    $
    
    
    
    $
    52.96
    
    
    $
    Liquid (per bbl) (1)
    
    $
    48.86
    
    
    $
    
    
    
    $
    48.81
    
    
    $
    Average production costs:As a percent of revenues
    
    
    24
    %
    
    
    44
    %
    
    
    24
    %
    
    
    44
    %Per mcfe (1)
    
    $
    1.77
    
    
    $
    1.71
    
    
    $
    1.65
    
    
    $
    1.71Depletion per mcfe
    
    $
    2.22
    
    
    $
    1.57
    
    
    $
    2.27
    
    
    $
    1.57
 (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. Liquid gallons are converted into bbls by a ratio of 42 gallons
per bbl.(2)
    
    Average sales prices represent accrual basis pricing after reversing the effect
of previously recognized gains resulting from prior period impairment charges.(3)
    
    Average gas prices are calculated by including in total revenue derivative gains
previously recognized into income and dividing by the total volume for the period.
Previously recognized derivative gains were $46,700 and $91,300 for the three months
ended June 30, 2010. The derivative gains are included in other comprehensive income
and resulted from prior period impairment charges.(4)
    
    Average oil prices are calculated by including in total revenue derivative gains
previously recognized into income and dividing by the total volume for the period.
Previously recognized derivative gains were $100 and $200 for the three months ended
June 30, 2010. The derivative gains are included in other comprehensive income and
resulted from prior period impairment charges.  18




---



##### Table of Contents



Natural Gas Revenues.
  Oil Revenues.
 Natural Gas Liquids Revenue
 Expenses.
   Liquidity and Capital Resources
     Subordination by Managing General Partner
   19




---



##### Table of Contents



CRITICAL ACCOUNTING POLICIES AND ESTIMATES
  Fair Value of Financial Instruments
  Level 1 Unadjusted quoted prices in active markets for identical, unrestricted assets and
liabilities that the reporting entity has the ability to access at the measurement date.
 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the
asset and liability or can be corroborated with observable market data for substantially the
entire contractual term of the asset or liability.
 Level 3 Unobservable inputs that reflect the entitys own assumptions about the assumption
market participants would use in the pricing of the asset or liability and are consequently
not based on market activity but rather through particular valuation techniques.
   
 ITEM 4.
    
    CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
   20




---



##### Table of Contents



PART II OTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
   
 ITEM 6.
    
    EXHIBITS
 
 EXHIBIT INDEX
 Exhibit No.
    
    Description4.0
    
    
    Amended and Restated Certificate and Agreement of Limited Partnership for Public 18-2009 (B) L.P. (1)10.1
    
    
    Drilling and Operating Agreement for Atlas America Public 18-2009 (B) L.P. (1)31.1
    
    
    Rule 13a-14(a)/15d-14(a) Certification.31.2
    
    
    Rule 13a-14(a)/15d-14(a) Certification.32.1
    
    
    Section 1350 Certification.32.2
    
    
    Section 1350 Certification.
 
 (1)
    
    Filed on October 15, 2008 in the Form S-1A Registration Statement dated October 15, 2008, File No. 333-150925-02  21




---



##### Table of Contents



SIGNATURES
  Atlas Resources Public 18-2009 (B) 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