**United
                  States Securities and Exchange Commission****Washington,
                  D.C. 20549****Form
                  10-KSB**(Mark
                  One)**R**
              **ANNUAL
                  REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
                  OF
                  1934**For
                  the fiscal year ended December 31, 2006o
              **TRANSITION
                  REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
                  OF
                  1934**For
                  the transition period from _____ to _____Commission
                  file number 0-52168**ATLAS
                  AMERICA PUBLIC #15-2006 (B) L.P.**(Name
                  of small business issuer in its
                  charter)
 
 **Delaware**
              
              **20-3208390**(State
                  or other jurisdiction of
              
              (I.R.S.
                  EmployerIncorporation
                  or organization)
              
              Identification
                  No)311
                  Rouser Rd.
              
              Zip
                  CodeMoon
                  Township, PA
              
              15108(address
                  of principal executive offices)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 registeredNone
              
              NoneSecurities
                  registered under Section 12(g) of the Exchange Act Investor General
                  Partner Units and Limited Partner Units(Title
                  of Class)
 
 Check
        whether the issuer (1) filed all reports required to be filed by Section
        13 or
        15(d) of the Exchange Act during the past 12 months (or for such shorter
        period
        that the registrant was required to file such reports), and (2) has been
        subject
        to such filing requirements for the past 90 days Yes R
 
 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. R
 
 State
        issuer’s revenues for its most recent fiscal year. $5,894,900
 
 State
        the
        aggregate market value of the voting and non-voting common equity held by
        non-affiliates computed by reference to the price at which the common equity
        was
        sold, or the average bid and asked price of such common equity, as of a
        specified date within the past 60 days. (See definition of affiliate in Rule
        12b-2 of the Exchange Act.)
 
 Indicate
        by check mark whether the registrant is a shell company (as defined in Rule
        12b-2 of the Exchange Act).
 Yes o No R
 
 Transitional
        Small Business Disclosure Format (check one): Yes o No R
 
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **(A
        DELAWARE LIMITED PARTNERSHIP)**
 **INDEX
        TO ANNUAL REPORT**
 **ON
        FORM 10-KSB**
 
 **PART
                  I**
              
              
              **PAGE**Item
                  1:
              
              Description
                  of Business
              3-5Item
                  2:
              
              Description
                  of Properties
              6-10Item
                  3:
              
              Legal
                  Proceedings
              10Item
                  4:
              
              Submission
                  of Matters to a Vote of Security Holders
              10**PART
                  II**Item
                  5:
              
              Market
                  for Registrant’s Common Equity and Related Security Holder
                  Matters
              10-11Item
                  6:
              
              Management’s
                  Discussion and Analysis of Financial Condition or Plan of
                  Operations
              11-16Item
                  7:
              
              Financial
                  Statements
              17-32Item
                  8:
              
              Changes
                  in and Disagreements with Accountants on Accounting and Financial
                  Disclosure
              33Item
                  8A:
              
              Controls
                  and Procedures
              33Item
                  8B:
              
              Other
                  Information
              33**PART
                  III**Item
                  9:
              
              Directors,
                  Executive Officers and Significant Employees, Compliance with Section
                  (16a)of
                  the Exchange Act
              33-36Item
                  10:
              
              Executive
                  Compensation
              36Item
                  11:
              
              Security
                  Ownership of Certain Beneficial Owners and Management
              36Item
                  12:
              
              Certain
                  Relationships and Related Party Transactions
              37Item
                  13:
              
              Exhibits
              38Item
                  14:
              
              Principal
                  Accountant Fees and Services
              38**SIGNATURES**
              39
 
 
  2
  
 **PART
        I**
 
 **ITEM
        1.** **DESCRIPTION
        OF BUSINESS**
 
 *The
        matters discussed within this report include forward-looking statements.
        These
        statements may be identified by the use of forward-looking terminology such
        as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “might,” “plan,” “potential,” “predict,” “should,” or “will,” or the
        negative thereof or other variations thereon or comparable terminology. In
        particular, statements about our expectations, beliefs, plans, objectives,
        assumptions or future events or performance contained in this report are
        forward-looking statements. We have based these forward-looking statements
        on
        our current expectations, assumptions, estimates and projections. While we
        believe these expectations, assumptions, estimates and projections are
        reasonable, such forward-looking statements are only predictions and involve
        known and unknown risks and uncertainties, many of which are beyond our control.
        These and other important factors may cause our actual results, performance
        or
        achievements to differ materially from any future results, performance or
        achievements expressed or implied by these forward-looking
        statements.*
 
 ***General.*** **** We were
        formed as a Delaware limited partnership on May 9, 2006, with Atlas Resources,
        Inc. as our Managing General Partner or MGP to drill natural gas development
        wells. We are currently drilling and operating wells located in western
        Pennsylvania, Ohio and Tennessee. We have no employees and rely on our MGP
        for
        management, which, in turn, relies on its parent company, Atlas Energy
        Resources, LLC or Atlas America, Inc. or Atlas America for administrative
        services. See Item 9 “Directors, Executive Officers and Significant Employees,
        Compliance with Section 16(a) of the Exchange Act.”
 
 We
        received total cash subscriptions from our investors of $147,513,100, which
        were
        paid to our MGP acting as operator and general drilling contractor under
        our
        drilling and operating agreement. Our MGP contributed cash and leases and
        paid
        all organization and offering costs and plans to contribute 70% of the tangible
        (“equipment”) costs for a total capital contribution estimated to be
        $42,088,300. At December 31, 2006, we had drilled 460 developmental wells
        to the
        Clinton/Medina, Upper Devonian Sandstones and Southern Shale geological
        formations in Pennsylvania, Ohio and Tennessee.
 
 ***Spin-off
        of Atlas America, Inc. from Resource America, Inc.*** On
        June
        30, 2005, Resource America, Inc., or RAI, our former indirect parent,
        distributed its remaining 10.7 million shares of Atlas America to its
        stockholders in the form of a tax-free dividend. Although the distribution
        itself was tax-free to RAI stockholders, as a result of the deconsolidation
        there may be some tax liability arising from prior unrelated corporate
        transactions among Atlas America and some of its subsidiaries. These
        transactions did not have a direct material impact on our financial position
        or
        results of operations, and Atlas America (and our MGP) no longer consolidate
        with RAI as of June 30, 2005.
 
 ****** ***Public
        Offering of Atlas Energy Resources, LLC*** .
        In
        December 2006, Atlas America contributed substantially all of its natural
        gas
        and oil assets and its investment partnership management business to Atlas
        Energy. Concurrent with this transaction, Atlas Energy issued 7,273,750 common
        units, representing a 19.5% ownership interest, in an initial public offering
        at
        a price of $21.00 per unit. The net proceeds of approximately $139.9 million,
        after underwriting discounts and commissions, were distributed to Atlas
        America.
  3
  
 Atlas
        Energy
        is a limited liability company focused on the development and production
        of
        natural gas and, to a lesser extent, oil in the Appalachian Basin region
        of the
        United States of America, principally in western New York, eastern Ohio,
        western
        Pennsylvania and Tennessee. Atlas Energy funds the drilling of natural gas
        and
        oil wells on its acreage by sponsoring and managing tax-advantaged investment
        partnerships. It generally structures its investment partnerships so that,
        upon
        formation of a partnership, Atlas Energy co-invests in and contributes leasehold
        acreage to it, enters into drilling and well operating agreements with it
        and
        becomes its managing general partner. Atlas Energy is managed by Atlas Energy
        Management, Inc., through which Atlas America provides Atlas Energy with
        the
        personnel necessary to manage its assets and raise capital.
 
 ***Business
        Strategy.*** Our
        wells are currently producing natural gas and, to a far lesser extent, oil
        which
        are our only products. Most of our gas is gathered and delivered to market
        through Atlas Pipeline Partners L.P.’s gas gathering system, which is managed by
        an affiliate of our MGP. We do not plan to sell any of our wells and will
        continue to produce them until they are depleted or become uneconomical to
        produce, at which time they will be plugged and abandoned or sold. See Item
        2
“Description of Properties” for information concerning our wells.
 
 Our
        ongoing operating and maintenance costs have been and are expected to be
        fulfilled through revenues from the sale of our natural gas and oil production.
        We pay our MGP a monthly well supervision fee of $285 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
        natural gas and, to a lesser extent, oil such as:
 
 ·
            well
                tending, routine maintenance and
                adjustment; ·
            reading
                meters, recording production, pumping, maintaining appropriate books
                and
                records; and ·
            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 pay at cost for third-party services, materials, and a
        reasonable charge for services performed directly by our MGP or its affiliates.
        Also, beginning one year after each of our wells has been placed into production
        our MGP, as operator, may retain $200 per month per well to cover the estimated
        future plugging and abandonment costs of the well. As of December 31, 2006,
        our
        MGP had not withheld any funds for this purpose.
 
 ***Markets
        and Competition.*** The
        availability of a ready market for natural gas and oil produced by us, and
        the
        price obtained, depends on numerous factors beyond our control, including
        the
        extent of domestic production, imports of foreign natural gas and oil, political
        instability or terrorist acts in oil and gas producing countries and regions,
        market demand, competition from other energy sources, the effect of federal
        regulation on the sale of natural gas and oil in interstate commerce, other
        governmental regulation of the production and transportation of natural gas
        and
        oil and the proximity, availability and capacity of pipelines and other required
        facilities. Our MGP is responsible for selling our natural gas production.
        Our
        natural gas will be sold as discussed in Item 2 “Description of Properties -
        Delivery Commitments”. During 2006, we experienced no problems in selling our
        natural gas and oil, although prices we received varied sometimes significantly.
        Product availability and price are the principal means of competition in
        selling
        natural gas and oil production.
 
 While
        it
        is impossible to accurately determine our comparative position in the industry,
        we do not consider our operations to be a significant factor in the industry.
        See Item 2 “Description of Properties - Delivery Commitments” regarding the
        marketing of our natural gas and oil.
 
 ***Governmental
        Regulation.*** The
        energy industry in general is heavily regulated by federal and state
        authorities, including regulation of production, environmental quality and
        pollution control. The intent of federal and state regulations generally
        is to
        prevent waste, protect rights to produce natural gas and oil between owners
        in a
        common reservoir and control contamination of the environment. Failure to
        comply
        with regulatory requirements can result in substantial fines and other
        penalties. The following discussion of the regulation of the United States
        of
        America energy industry is not intended to constitute a complete discussion
        of
        the various statutes, rules, regulations and environmental orders to which
        our
        operations may be subject.
  4
  
 ***Regulation
        of oil and gas producing activities.*** State
        regulatory agencies where a producing natural gas well is located provide
        a
        comprehensive statutory and regulatory scheme for oil and gas operations
        such as
        ours including supervising the production activities and the transportation
        of
        natural gas sold in intrastate markets. Our oil and gas operations in
        Pennsylvania are regulated by the Department of Environmental Resources,
        Division of Oil and Gas, our oil and gas operations in Tennessee are regulated
        by the Tennessee Department of Environment and Conservation and the Division
        of
        Geology 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:
 
 ·
            new
                well permit and well registration requirements, procedures and
                fees; ·
            minimum
                well spacing requirements; ·
            restriction
                on well locations and underground gas
                storage; ·
            certain
                well site restoration, groundwater protection and safety
                measures; ·
            landowner
                notification requirements; ·
            certain
                bonding or other security measures; ·
            various
                reporting requirements; ·
            well
                plugging standards and procedures; and ·
            broad
                enforcement powers. 
 ***Environmental
        and Safety Regulation*** *.* Under
        the
        Comprehensive Environmental Response, Compensation and Liability Act, the
        Toxic
        Substances Control Act, the Resource Conservation and Recovery Act, the Oil
        Pollution Act of 1990, the Clean Air Act, and other federal and state laws
        relating to the environment, owners and operators of wells producing natural
        gas
        or oil can be liable for fines, penalties and clean-up costs for pollution
        caused by the wells. Moreover, the owners or operators’ liability can extend to
        pollution costs from situations that occurred prior to their acquisition
        of the
        assets. State public utility regulators have either adopted federal standards
        or
        promulgated their own safety requirements consistent with the federal
        regulations.
 
 We
        believe we have complied in all material respects with applicable federal
        and
        state regulations and do not expect that these regulations will have a material
        adverse impact on our operations. Our producing activities also must comply
        with
        various federal, state and local laws not mentioned, including those covering
        the discharge of materials into the environment, or otherwise relating to
        the
        protection of the environment.
 
 ***Where
        can you find more information.*** We will
        file Form 10-KSB Annual Report and Form 10-QSB Quarterly Reports as well
        as
        other non-recurring special purpose reports with the Securities and Exchange
        Commission. A complete list of our filings is available on the Securities
        and
        Exchange Commission’s website at www.sec.gov. Any of our filings are also
        available at the SEC's Public Reference Room at 100 F Street, N.E., Washington,
        D.C. 20549. The Public Reference Room may be contacted at 1-800- SEC-0330
        for
        further information.
 
 Additionally,
        our MGP will provide copies of any of these reports to you without charge.
        Such
        requests should be made to:
  ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.
 311
        Rouser Road
 Moon
        Township, PA 15108
 
  5
  
 **ITEM
        2.  DESCRIPTION OF
        PROPERTIES**
 
 ***Drilling
        Activity*** **.** As of
        December 31, 2006, we have drilled 460 gross wells. All of our wells drilled
        were development wells, which mean a well drilled within the proved area
        of an
        oil or gas reservoir to the depth of a stratigraphic horizon known to be
        productive. Also, see Item 6 "Management's Discussion and Analysis of Financial
        Condition or Plan of Operations" regarding our revenues recognized, costs
        and
        expenses we incurred, and our daily production volumes, average sales prices
        and
        production cost per equivalent unit during the period indicated.
 
 **Development
                  Wells****Period
                  Ended December 31,**
              
              **Productive****(1)**
              
              **Dry****(2)****Gross****(3)**
              
              **Net****(4)**
              
              **Gross****(3)**
              
              **Net****(4)**2006
              
              
              458
              
              
              430.012
              
              
              2
              
              
              2458
              
              
              430.012
              
              
              2
              
              
              2
  
 (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 either 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 the abandonment of the well to the
                appropriate regulatory 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. 
 ***Summary
        of Productive Wells*** **.** The
        table below shows the number of productive gross and net wells at December
        31,
        2006, in which we have a working interest, all wells are located in the
        Appalachian Basin.
 
 **Number
                  of Productive Wells****Gross**
              
              **Net**Gas
              
              
              274
              
              
              255.837Oil
              
              
              5
              
              
              5.000Total
              
              
              279
              
              
              260.837
 
 ***Production.*** The
        following table shows the quantities of natural gas and oil we produced (net
        to
        our interest), our average sales price, and our average production (lifting)
        cost per equivalent unit of production for the period indicated.
 
 **Average****Production
                  Cost****Period**
              
              **Production**
              
              **Average
                  Sales Price**
              
              **(Lifting
                  Cost)****Ended**
              
              **Oil
                  (bbls)**
              
              **Gas
                  (mcf)**
              
              **per
                  bbl**
              
              **per
                  mcf**
              
              **per
                  mcfe****(1)**
              
              
              **(1)**
              
              
              **(1)**
              
              
              **(1)**
              
              
              **(1)
                  (2)**2006
              
              
              1,400
              
              
              795,700
              
              $
              56.75
              
              $
              7.31
              
              $
              1.10
  
 (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.  6
  
 ***Natural
        Gas
        and Oil Reserve Information.*** ** The
        following tables summarize information regarding our estimated proved natural
        gas and oil reserves as of the date indicated. All of our reserves are located
        in the United States of America. Our estimates relating to our proved natural
        gas and oil reserves and our future net revenues from natural gas and oil
        reserves are based on reports, which are reviewed by our independent
        third-party consultant as discussed below. In accordance with SEC guidelines,
        we
        make the standardized PV-10 estimates of future net cash flows from proved
        reserves discounted using an annual discount rate of 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:
 
 **December
                  31,****2006**Natural
                  gas (per mcf)
              
              $
              6.14Oil
                  ( per bbl)
              
              $
              57.25
 
 Reserve
          estimates are imprecise and may change as additional information becomes
          available. Furthermore, estimates of natural gas and oil reserves 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. 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 the reports of Wright
&
Company, our consultants. The results of drilling, testing and production
          of a
          well subsequent to the date of the reserve estimate for the well may justify
          revising the estimate of the well’s reserves in the future. Also, future prices
          we receive from the sale of natural gas may be different from those estimated
          by
          Wright & Company in preparing the reserve reports. The amounts and timing of
          future operating costs also may differ from those we estimated. In addition,
          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 on projected cash inflows, which do not provide for changes in natural
          gas
          and oil prices or for escalation of expenses. The meaningfulness of these
          estimates depends on the accuracy of the assumptions on which they were
          based.
 We
        evaluate natural gas reserves at constant temperature and pressure. A change
        in
        either of these factors can affect the measurement of natural gas reserves.
        We
        deducted when applicable, operating costs, development costs and
        production-related and ad valorem taxes in arriving at the estimated future
        cash
        flows. We made no provision for income taxes, and based the estimates on
        operating methods and conditions prevailing as of the dates indicated. We
        cannot
        assure you that these estimates are accurate predictions of future net cash
        flows from our 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 Note 10 of the “Notes to Financial Statements” in
        Item 7 “Financial Statements”.
  7
  
 **At
                  December 31,**
              
              **2006**Natural
                  gas reserves - Proved Reserves (Mcf) (1)(4):Proved
                  developed reserves (2)
              
              
              30,552,100Total
                  proved reserves of natural gas
              
              
              30,552,100Oil
                  reserves - Proved Reserves (Bbl) (1)(4):Proved
                  developed reserves (2)
              
              
              16,200Total
                  proved reserves of oil
              
              
              16,200Total
                  proved reserves (Mcfe)
              
              
              30,649,300PV-10
                  estimate of cash flows of proved reserves (3)(4):Proved
                  developed reserves
              
              $
              70,415,500Total
                  PV-10 estimate
              
              $
              70,415,500PV-10
                  estimate per investor partner unit (5)
              
              $
              3,135Undiscounted
                  estimate per investor partner unit (5)
              
              $
              5,161
  
 (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 only by contractual
                arrangements, but not on escalations based upon 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 reserves” generally means reserves that can be expected to be
                recovered through existing wells with existing equipment and operating
                methods. (3)
            The
                present value of estimated future net cash flows is calculated by
                discounting estimated future net cash flows by 10%
                annually. (4)
            Please
                see Regulation S-X rule 4-10 for complete definitions of each reserve
                category. (5)
            This
                value per $10,000 unit is determined by following the methodology
                used for
                determining our proved reserves using the data discussed above. However,
                this value does not necessarily reflect the fair market value of
                a unit,
                and each unit is illiquid. Also, the value of a unit for purposes
                of
                presentment of the unit to our managing general partner for purchase
                is
                different, because it is calculated under a formula set forth in
                the
                partnership agreement. 
 We
        have
        not filed any estimates of our gas and oil reserves with, nor were such
        estimates included in any reports to, any Federal or foreign governmental
        agency
        other than the SEC within the 12 months before the date of this filing. For
        additional information concerning our natural gas and oil reserves and
        activities, see Note 10 of the “Notes to Financial Statements” in Item 7
“Financial Statements”.
  8
  
 ***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, our MGP conducts only a perfunctory title examination
        at
        the time it acquires a property. Before our MGP commences drilling operations,
        it conducts an extensive title examination and performs curative work on
        defects
        that it deems significant. Our MGP has obtained title examinations for
        substantially all of our producing properties. No single property represents
        a
        material portion of our holdings.
 
 Our
        properties are subject to royalty, overriding royalty and other outstanding
        interests customary in the natural gas industry. Our properties are also
        subject
        to burdens such as liens incident to operating agreements, taxes, development
        obligations under natural gas and oil leases, farm-out arrangements and other
        encumbrances, easements and restrictions. We do not believe that any of these
        burdens will materially interfere with our use of our properties.
 
 ***Acreage.*** The
        table below shows, by state, the estimated acres of developed and undeveloped
        oil and gas acreage in which we had an interest at December 31,
        2006.
 
 **Developed
                  Acreage**
              
              **Undeveloped
                  Acreage****(3)********Location**
              
              **Gross****(1)******
              
              **Net****(2)******
              
              **Gross****(1)**
              
              **Net****(2)**Pennsylvania
              
              
              8,797.15
              
              
              8,565.75
              
              
              876.45
              
              
              763.18Tennessee
              
              
              2,040.00
              
              
              1,622.50
              
              
              40.00
              
              
              40.00Ohio
              
              
              100.00
              
              
              75.00
              
              
              ─
              
              
              ─Total
              
              
              10,937.15
              
              
              10,263.25
              
              
              916.45
              
              
              803.18
  
 (1)
            A
                “gross” acre is an acre in which we own a working
                interest. (2)
            A
                “net” acre equals the actual working interest we own in one gross acre
                divided by one hundred. For example, a 50% working interest in an
                acre is
                one gross acre, but a .50 net acre. (3)
            “Undeveloped
                acreage” means those lease acres on which wells have not been drilled or
                completed to a point that would permit the production of commercial
                quantities of oil and gas regardless of whether or not the acreage
                contains proved reserves. 
 ***Delivery
        Commitments.*** Atlas
        Energy and its affiliates have a natural gas supply agreement with Hess
        Corporation for a 10-year term, which began on April 1, 1999. The agreement
        was
        formerly with First Energy Solutions Corporation, and was acquired by Hess
        in
        2005. For the next 12 months, our MGP anticipates that approximately 30%
        of our
        gas will be sold through this agreement with Hess Corporation. Atlas Energy
        markets the remainder of its natural gas, which is principally located in
        the
        Fayette County, PA area, primarily to Colonial Energy, Inc., UGI Energy Services
        and others. The natural gas delivery commitments with Hess Corporation, UGI
        Energy Services, Inc. and our other third-party natural gas purchasers or
        marketers are generally for a one-year term.
 
 The
        pricing arrangements with Hess Corporation, UGI Energy Services, Inc. and
        other
        third-party gas purchasers or marketers are tied to the New York Mercantile
        Exchange Commission or NYMEX monthly futures contract price, which is reported
        daily in the Wall Street Journal. The total price received for our gas is
        a
        combination of the monthly NYMEX futures price plus a fixed basis. For example,
        the NYMEX futures price is the base price and there is an additional premium
        paid, because of the location of the gas (the Appalachian Basin) in relation
        to
        the gas market, which is referred to as the “basis.”
  9
  
 Pricing
        for natural gas and oil has been volatile and uncertain for many years. The
        agreements with Hess Corporation, UGI Energy Services, Inc. and the other
        third-party gas purchasers or marketers also permit Atlas Energy and its
        affiliates to implement gas forward sales transactions through those companies.
        Hess Corporation, UGI Energy Services, Inc. and the other third-party purchasers
        or marketers also use NYMEX based financial instruments to hedge their pricing
        exposure and make price-hedging opportunities available to Atlas Energy,
        which
        then makes those arrangements available to us and its other partnerships.
        The
        majority of Atlas Energy’s forward sales transactions are implemented through
        its natural gas purchasers. These transactions are similar to NYMEX based
        futures contracts, swaps and options, but are not deemed hedges for accounting
        purposes because they require firm delivery of natural gas. Thus, Atlas Energy
        limits these arrangements to much smaller quantities than those projected
        to be
        available at any delivery point. The price paid by Hess Corporation, UGI
        Energy
        Services, Inc. and any other third-party purchasers for certain volumes of
        natural gas sold under these hedge agreements may be significantly different
        from the underlying monthly spot market value.  Also
        Atlas Energy uses hedges through contracts including regulated NYMEX futures
        and
        options contracts and non-regulate over-the-counter futures contracts with
        qualified counterparties. The futures contracts employed by Atlas Energy
        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. As of December
        31, 2006, Atlas Energy had financial hedges and physical hedges in place
        for
        approximately 79% of its expected production for the twelve months ending
        December 31, 2007.
 
 To
        assure
        that all financial instruments will be used solely for hedging price risks
        and
        not for speculative purposes, Atlas Energy has established a committee to
        assure
        that all gas prices hedges, whether made through a third-party marketer or
        purchaser, or through Atlas Energy and its affiliate’s contracts, are made in
        compliance with Atlas Energy’s hedging policies and procedures. Atlas Energy
        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 with Hess Corporation, UGI Energy Services, Inc. and
        the
        other third-party gas purchasers or marketers.
 
 **ITEM
        3.   LEGAL
        PROCEEDINGS**
 
 None
 
 **ITEM
        4.       
SUBMISSION OF MATTERS
        TO A VOTE OF SECURITIES HOLDERS**
 
 None
 **PART
        II**
 
 **ITEM
                  5.**
              **MARKET
                  FOR REGISTRANT’S COMMON EQUITY AND RELATED SECURITY HOLDER**
                **MATTERS**
 
 **Market
        Information.** There is
        no established public trading market for our units and we do not anticipate
        a
        market for our units will develop. Our units may be transferred only in
        accordance with the provisions of Article VI of our partnership agreement
        which
        require that:
 
 ·
            our
                managing general partner consent; ·
            the
                transfer not result in materially adverse tax consequences to us;
                and ·
            the
                transfer not violate federal or state securities
                laws. 
  10
  An
        assignee of a unit may become a substituted partner only on meeting the
        following conditions:
 
 ·
            the
                assignor gives the assignee the right; ·
            our
                managing general partner consents to the
                substitution; ·
            the
                assignee pays to us all costs and expenses incurred in connection
                with the
                substitution; and ·
            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, 2006, we had 4,108 unit holders.
 
 **Distributions.** Our MGP
        reviews our accounts monthly to determine whether cash distributions are
        appropriate and the amount to be distributed, if any. We distribute those
        funds,
        which our MGP determines are not necessary for us to retain, to our partners.
        We
        will not advance or borrow funds for purposes of making 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 our revenues and costs is made in
        accordance with generally accepted accounting principles, consistently applied,
        and cash distributions to our MGP may only be made in conjunction with
        distributions to our investor partners. During the period ended December
        31,
        2006, the partnership had no distributions.
 
 **ITEM
                  6.**
              **MANAGEMENT’S
                  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR
                  PLAN****OF
                  OPERATIONS**
 
 This
        Item
        6 “Management’s Discussion and Analysis of Financial Condition or Plan of
        Operations” should be read in conjunction with Item 7 “Financial Statements” and
        the “Notes to Financial Statements”.
 
 *General* .
        We were
        formed as a Delaware limited partnership on May 9, 2006, with Atlas
        Resources, as our MGP, to drill natural gas development wells. The period
        ended December 31, 2006 almost all of our wells were online 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 or become
        uneconomical to produce, at which time they will be plugged and abandoned
        or
        sold. No additional funds will be required for drilling.
 
 ***Spin-off
        of Atlas America, Inc. from Resource America, Inc.*** On June
        30, 2005, RAI, our former indirect parent, distributed its remaining 10.7
        million shares of Atlas America to its stockholders in the form of a tax-free
        dividend. Although the distribution itself was tax-free to RAI stockholders,
        as
        a result of the deconsolidation there may be some tax liability arising from
        prior unrelated corporate transactions among Atlas America and some of its
        subsidiaries. These transactions did not have a direct material impact on
        our
        financial position or results of operations, and Atlas America (and our MGP)
        no
        longer consolidate with RAI as of June 30, 2005.
 
 ******
 11
  
 ***Public
        Offering of Atlas Energy Resources, LLC*** .
        In
        December 2006, Atlas America contributed substantially all of its natural
        gas
        and oil assets and its investment partnership management business to Atlas
        Energy. Concurrent with this transaction, Atlas Energy issued 7,273,750 common
        units, representing a 19.5% ownership interest, in an initial public offering
        at
        a price of $21.00 per unit. The net proceeds of approximately $139.9 million,
        after underwriting discounts and commissions, were distributed to Atlas
        America.
 
 Atlas
        Energy
        is a limited liability company focused on the development and production
        of
        natural gas and, to a lesser extent, oil in the Appalachian Basin region
        of the
        United States of America, principally in western New York, eastern Ohio,
        western
        Pennsylvania and Tennessee. Atlas Energy funds the drilling of natural gas
        and
        oil wells on its acreage by sponsoring and managing tax-advantaged investment
        partnerships. It generally structures its investment partnerships so that,
        upon
        formation of a partnership, Atlas Energy co-invests in and contributes leasehold
        acreage to it, enters into drilling and well operating agreements with it
        and
        becomes its managing general partner. Atlas Energy is managed by Atlas Energy
        Management, Inc., through which Atlas America provides Atlas Energy with
        the
        personnel necessary to manage its assets and raise capital.
 
 ***Results
        of Operations.*** ** The
        following table sets forth information relating to our production revenues,
        volumes, sales prices and production costs and depletion during the period
        indicated:
 
 **December
                  31,****2006**Production
                  revenues (in thousands):Gas
              
              $
              5,814Oil
              
              $
              81Total
              
              $
              5,895Production
                  volumes:Gas
                  (mcf/day)(2)
              
              
              2,180Oil
                  (bbls/day)(2)
              
              
              4Total
                  (mcfe/day)(2)
              
              
              2,204Average
                  sales price:Gas
                  (per mcf)(1)(2)
              
              $
              7.31Oil
                  (per bbl)(2)
              
              $
              56.75Average
                  production costs:As
                  a percent of sales
              
              
              15
              %Per
                  mcfe(2)
              
              $
              1.10Depletion
                  per mcfe
              
              $
              4.21
  
 (1)
            The
                average sales price per mcf before the effects of hedging was $6.89
                for
                the period ended December 31, 2006. (2)
            “Mcf”
                means thousand cubic feet; “mcfe” means thousand cubic feet equivalent and
                “bbls” means barrels. Bbls are converted to mcfe using the ratio of six
                mcfs to one bbl. 
 ***Natural
        Gas Revenues*** **.** Our
        natural gas revenues were $5,813,700 for the period ended December 31, 2006.
        We
        expect that our natural gas revenues will increase over the next year, as
        more
        of our wells are put on-line and are producing larger volumes of natural
        gas
        and, to a lesser extent, oil.
 
 The
        price
        we receive for our natural gas is primarily a result of the index-driven
        agreements with Hess Corporation, UGI Energy Services, Inc. and our other
        natural gas purchasers. See Item 2 “Description of Properties- Delivery
        Commitments.” Thus, the price we receive for our natural gas may vary
        significantly each month as the underlying index changes in response to market
        conditions.
  12
  
 ***Oil
        Revenues*** **.** We drill
        wells primarily to produce natural gas, rather than oil, but some wells have
        some oil production. Our oil revenues were $81,000 for the period ended December
        31, 2006.
 
 ***Expenses.*** Production expenses were $885,600 for the period ended December 31,
        2006.
 
 Depletion
        of our oil and gas properties as a percentage of oil and gas revenues was
        57%
        for the period ended December 31, 2006.
 
 General
        and administrative expenses were $87,400 for the period ended December 31,
        2006.
        These expenses include outside costs for services as well as the monthly
        administrative fee charged by our MGP.
 
 ***Liquidity
        and Capital Resources.*** Cash
        used in operating activities was $1,305,800 for the period ended December
        31,
        2006, which consists of depletion, accounts receivable affiliate, accrued
        liabilities and accretion of asset retirement obligation.
 
 Cash
        used
        in investing activities was $147,513,100 for the period ended December 31,
        2006,
        which was used in drilling contracts paid to our MGP.
 
 Cash
        provided by financing activities was $147,513,100 for the period ended December
        31, 2006, which represents investor capital contributions.
 
 We
        have
        no, nor do we expect any material commitments to make capital expenditures,
        except that our MGP may withhold funds for estimated future plugging and
        abandonment costs. Any additional funds, if required, will be obtained from
        production revenues or borrowings from our MGP or its affiliates, which are
        not
        contractually committed to make loans to us. The amount that we may borrow
        may
        not at anytime exceed 5% of our total subscriptions, and we will not borrow
        from
        third-parties.
 
 We
        believe future cash flow from operations and amounts available from borrowings
        from our MGP or its affiliates will be adequate to fund our
        operations.
 
 ***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 of America.
        On an
        on-going basis, we evaluate our estimates, including those related to our
        asset
        retirement obligations, depletion 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.
 
 For
        a
        detailed discussion on the application of policies critical to our business
        operations and other accounting policies, see Note 2 of the “Notes to Financial
        Statements” in Item 7 “Financial Statements”.
 
 ***Use
        of Estimates.*** Preparation of our 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 financial statements and the reported amounts of revenues, costs
        and
        expenses during the reporting period. Actual results could differ from these
        estimates.
  13
  
 ***Reserve
        Estimates.*** ** Our
        estimates of our proved natural gas and oil reserves and future net revenues
        from them are based on reserve analyses that rely on 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 will be 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 on
        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. There was no
        impairment charge for the year ended December 2006.
 
 ***Derivative
        Instruments.*** Atlas
        Energy on our behalf from time to time enters into natural gas futures and
        option contracts to hedge exposure to changes in natural gas prices. At any
        point in time, such contracts may include regulated NYMEX futures and options
        contracts and non-regulated over-the-counter futures contracts with qualified
        counterparties. NYMEX contracts are generally settled with offsetting positions,
        but may be settled by the delivery of natural gas.
 
 Atlas
        Energy on our behalf documents all relationships between hedging instruments
        and
        the items being hedged, including our risk management objective and strategy
        for
        undertaking the hedging transactions. This includes matching the natural
        gas
        futures and options contracts to the forecasted transactions. Atlas Energy
        assesses, both at the inception of the hedge and on an ongoing basis, whether
        the derivatives are highly effective in offsetting changes in the fair value
        of
        hedged items. Historically these contracts have qualified and been designated
        as
        cash flow hedges and recorded at their fair values. Derivatives are recorded
        on
        the balance sheet as assets and liabilities at fair value. Gains or losses
        on
        future contracts are determined as the difference between the contract price
        and
        a reference price,
        generally prices on NYMEX. Changes in fair value are recognized in Partners’
Capital as accumulated other comprehensive income (loss) and recognized within
        the Statements of Operations in the month the hedged gas is settled. If it
        is
        determined that a derivative is not highly effective as a hedge or it has
        ceased
        to be a highly effective hedge, due to the loss of correlation between changes
        in gas reference prices under a hedging instrument and actual gas prices,
        Atlas
        Energy will discontinue hedge accounting for the derivative and subsequent
        changes in fair value for the derivative will be recognized immediately into
        earnings.
 
 At
        December 31, 2006, Atlas Energy had open natural gas futures contracts allocated
        to us related to sales covering 4,254,500 dekatherms (“Dth”) (net to us) of
        natural gas, maturing through December 31, 2010 at an average settlement
        price
        of $8.51 per Dth. At December 31, 2006, we reflected net hedging assets on
        our
        balance sheet of $3,675,400. Of the $3,675,400 net gains in accumulated other
        comprehensive income at December 31, 2006, if the fair values of the instruments
        remain at current market values, we will reclassify $2,125,800 of net gain
        to
        our Statement of Operations over the next twelve month period as these contracts
        expire, and $1,549,600 of net gains will be reclassified in later periods.
        Actual amounts that will be reclassified will vary as a result of future
        price
        changes. Ineffective hedge gains or losses are recorded within the Statement
        of
        Operations while the hedge contract is open and may increase or decrease
        until
        settlement of the contract. We realized gains of $330,800 for the period
        ended
        December 31, 2006, in our gas and oil revenues within our Statement of
        Operations related to the settlement of qualifying hedge instruments. We
        recognized no gains or losses during the period ended December 31, 2006 for
        hedge ineffectiveness or as a result of the discontinuance of cash flow
        hedges.
  14
  
 As
        of
        December 31, 2006, Atlas Energy had allocated to us the following natural
        gas
        hedged volumes:
 
 **Natural
                  Gas Fixed - Price Swaps****Production**
              
              
              
              **Average**
              
              **Net
                  Fair Value****Period**
              
              **Volumes**
              
              **Fixed
                  Price**
              
              **Asset****(2)****Ended
                  December 31,**
              
              **(MMBTU)****(1)**
              
              **(per
                  MMBTU)**
              
              **(in
                  thousands)**2007
              
              
              1,274,100
              
              $
              8.60
              
              $
              2,1262008
              
              
              1,344,600
              
              
              8.91
              
              
              9082009
              
              
              1,217,600
              
              
              8.31
              
              
              5962010
              
              
              418,200
              
              
              7.53
              
              
              45Total
                  asset
              
              
              
              
              
              
              
              $
              3,675
  
  (1)
            MMBTU
                represents million British Thermal Units. (2)
            Fair
                value based on forward NYMEX natural gas prices, as
                applicable. 
 The
        following table sets forth the book and estimated fair values of derivative
        instruments at the dates indicated (in thousands):
  **December
                  31, 2006****Book
                  Value**
              
              **Fair
                  Value**AssetsDerivative
                  instruments
              
              $
              3,985
              
              $
              3,985$
              3,985
              
              $
              3,985LiabilitiesDerivative
                  instruments
              
              $
              (310
              )
              $
              (310
              )$
              3,675
              
              $
              3,675
 
 ***Revenue
        Recognition.*** Revenues
        from sales of natural gas and oil are recognized by us when the gas and oil
        have
        been delivered to the purchaser. Our natural gas and oil is sold under various
        contracts entered into by our MGP. Virtually all of our MGP’s contract pricing
        provisions are tied to a market index, with certain adjustments based on,
        among
        other factors, whether a well delivers to a gathering or transmission line,
        quality of natural gas and prevailing supply and demand conditions, so that
        the
        price we receive from the sale of our natural gas fluctuates to remain
        competitive with generally available natural gas supplies in the
        market.
 
 ***Dismantlement,
        Restoration, Reclamation and Abandonment Costs.*** ** On
        an
        annual basis, we estimate the costs of future dismantlement, restoration,
        reclamation and abandonment of our natural gas and oil-producing properties.
        We
        also estimate the salvage value of equipment recoverable upon abandonment.
        The
        partnership follows SFAS No. 143 “Accounting for Asset Retirement Obligations”
as discussed in Note 2 to our financial statements. As of December 31, 2006,
        our
        estimate of salvage values was greater than or equal to, our estimate of
        the
        costs of future dismantlement, restoration, reclamation and abandonment.
        A
        decrease in salvage values or an increase in dismantlement, restoration,
        reclamation and abandonment costs from those we have estimated, or changes
        in
        our estimates or cost, would reduce our net
        earnings.
 
 ***Off-Balance
        Sheet Arrangements*** .
        This
        Partnership has no financial statement risk, nor any Off-Balance Sheet
        Arrangements and contractual obligations.
 
  15
  
 ***Recently
        Issued Financial Accounting Standards.*** In
        February 2007, the FASB issued Statement of Financial Accounting Standards
        No.
        159, *The
        Fair Value Option for Financial Assets and Financial
        Liabilities* ,
        or SFAS
        159. SFAS 159 permits entities to choose to measure eligible financial
        instruments and certain other items at fair value. The objective is to improve
        financial reporting by providing entities with the opportunity to mitigate
        volatility in reported earnings caused by measuring related assets and
        liabilities differently without having to apply complex hedge accounting
        provisions. The Statement will be effective as of the beginning of an entity’s
        first fiscal year beginning after November 15, 2007. The Statement offers
        various options in electing to apply the provisions of this Statement, and
        at
        this time we have not made any decisions in its application to our financial
        position or results of operations. We are currently evaluating the impact
        of the
        adoption of SFAS 159 on our financial position and results of
        operations.
 
 In
        September 2006, the SEC staff issued Staff Accounting bulletin No. 108, *Considering
        the Effects of Prior year*  *Misstatements
        When Quantifying Misstatements in Current Year Financial
        Statement,* or SAB
        108. SAB 108 was issued to provide consistency in how registrants quantify
        financial statement misstatements. We initially applied SAB 108 in connection
        with the preparation for our annual financial statements for the period ended
        December 31, 2006. The application of SAB 108 did not have a material effect
        on
        our financial position or results of operations.
 
 In
        September 2006, the Financial Accounting Standards Board, or FASB, issued
        Statement of Financial Accounting Standards No. 157, *Fair
        Value Measurement* ,
        or SFAS
        157. SFAS 157 addresses the need for increased consistency in fair value
        measurements, defining fair value as the price that would be received to
        sell an
        asset or paid to transfer a liability in an orderly transaction between market
        participants at the measurement date. It also establishes a framework for
        measuring fair value and expands disclosure requirements. SFAS 157 is effective
        for us beginning January 1, 2008. We are currently evaluating the impact
        of the
        adoption of SFAS 157 on our financial position and results of operations.
 
 In
        June
        2006, the FASB issued FASB Interpretation No. 48, *Accounting
        for Uncertainty in Income Taxes and*  *Interpretation
        of FASB Statement No 109* ,
        or FIN
        48. FIN 48 clarifies the accounting for uncertainty in income taxes recognized
        in an entity’s financial statements and provides guidance on the recognition,
        de-recognition and measurement of benefits related to an entity’s uncertain tax
        positions. FIN 48 is effective for us beginning January 1, 2007. Our taxable
        income or loss will be absorbed by the Partners. We are currently evaluating
        the
        impact of the adoption of FIN 48 on our financial position and results of
        operations, but since we are a non-taxable entity, we do not currently expect
        the adoption of FIN 48 to have a material impact on our financial position
        or
        results of operations.
 
  16
  
 
 
 
 **ITEM
        7.**  **FINANCIAL
        STATEMENTS**
 
 
 
 **REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**




To
          the
          Partners of
 Atlas
          America Public #15-2006 (B) L.P.
 
 We
          have
          audited the accompanying balance sheet of Atlas America Public #15-2006
          (B) L.P.
          (a Delaware Limited Partnership) as of December 31, 2006, and the related
          statement of operations, comprehensive income, changes in partners’ capital, and
          cash flows for the period May 9, 2006 (date of formation) through December
          31,
          2006. 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 audit.
 
 We
          conducted our audit in accordance with the standards of the Public Company
          Accounting Oversight Board (United States). ** Those
          standards require that we plan and perform the audit
          to
          obtain reasonable assurance about whether the financial statements are
          free of
          material misstatement.**The
          Partnership is not required to have, nor were we engaged to perform an audit
          of
          its internal control over financial reporting.**Our audit
          included consideration of internal control over financial reporting as
          a basis
          for designing audit
          procedures that are appropriate in the circumstances, but not for the purpose
          of
          expressing an opinion
          on the effectiveness of the Partnership’s internal control over financial
          reporting.**Accordingly,
          we express no such opinion.**An audit
          also includes examining, on a test basis, evidence supporting the amounts
          and
          disclosures in the financial statements, assessing the accounting principles
          used and significant estimates made by management, as well as evaluating
          the
          overall financial statement presentation.**We
          believe that our audit 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 #15-2006
          (B)
          L.P. as of December 31, 2006 and the results of its operations and its
          cash
          flows for the period May 9, 2006 (date of formation) through December 31,
          2006
          in conformity with accounting principles generally accepted in the United
          States
          of America.
 
 /s/
          GRANT
          THORNTON LLP
  Cleveland,
          Ohio
 March
          30,
          2006
 17
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **BALANCE
        SHEET**
 DECEMBER
        31, 2006
 
 **ASSETS:**Current
                  assets:Cash
                  and cash equivalents
              
              $
              1,305,800Accounts
                  receivable-affiliate
              
              
              33,834,200Hedge
                  receivable short-term-affiliate
              
              
              2,139,100Total
                  current assets
              
              
              37,279,100Oil
                  and gas properties, net
              
              
              143,969,600Hedge
                  receivable long-term-affiliate
              
              
              1,846,700145,816,300$
              183,095,400**LIABILITIES
                  AND PARTNERS’ CAPITALS**Current
                  liabilities:Accrued
                  liabilities
              
              $
              18,000Hedge
                  liability short-term-affiliate
              
              
              13,300Total
                  current liabilities
              
              
              31,300Asset
                  retirement obligations
              
              
              3,653,400Hedge
                  liability long-term-affiliate
              
              
              297,100Partners’
                  capital:Managing
                  general partner
              
              
              27,715,500Investors
                  partners (14,772.60 units)
              
              
              147,722,700Accumulated
                  other comprehensive income
              
              
              3,675,400179,113,600$
              183,095,400
 
 
 
 
 
 
 
 
 
 
 The
        accompanying notes are an integral part of these financial
        statements
 
 
  18
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **STATEMENT
        OF OPERATIONS**
 **FOR
        THE PERIOD MAY 9, 2006 (date of formation) THROUGH DECEMBER 31,
        2006**
 
 
 **2006****REVENUES**Natural
                  gas and oil
              
              $
              5,894,700Interest
                  income
              
              
              200Total
                  revenues
              
              
              5,894,900**COST
                  AND EXPENSES**Production
              
              
              885,600Depletion
              
              
              3,389,400Accretion
                  of asset retirement obligation
              
              
              206,800General
                  and administrative
              
              
              87,400Total
                  expenses
              
              
              4,569,200**Net
                  earnings**
              
              $
              1,325,700**Allocation
                  of net earnings:**Managing
                  general partner
              
              $
              1,116,100Investor
                  partners
              
              $
              209,600Net
                  earnings per investor partnership unit
              
              $
              14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 The
        accompanying notes are an integral part of these financial
        statements
 
  19
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **STATEMENT
        OF COMPREHENSIVE INCOME (LOSS)**
 **FOR
        THE PERIOD MAY 9, 2006 (date of formation) THROUGH DECEMBER 31,
        2006**
 
 
 
 
 **2006**Net
                  earnings
              
              $
              1,325,700Other
                  comprehensive income:Unrealized
                  holding gain on hedging contracts
              
              
              4,006,200Less:
                  reclassification adjustment for gainsrealized
                  in net earnings
              
              
              (330,800
              )Total
                  other comprehensive income
              
              
              3,675,400Comprehensive
                  income
              
              $
              5,001,100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 The
        accompanying notes are an integral part of these financial
        statements
 
 
  20
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **STATEMENT
        OF PARTNERS’ CAPITAL ACCOUNTS**
 **FOR
        THE PERIOD MAY 9, 2006 (date of formation) THROUGH DECEMBER 31,
        2006**
 
 **Managing**
              
              
              
              **Accumulated****General**
              
              **Investor**
              
              **Other
                  Comprehensive****Partner**
              
              **Partners**
              
              **Income**
              
              **Total****Balance
                  at May 9, 2006**
              
              $
              ─
              
              $
              ─
              
              $
              ─
              
              $
              ─Partners’
                  capital contributionsCash
              
              
              ─
              
              
              147,513,100
              
              
              ─
              
              
              147,513,100Syndication
                  and offering costs
              
              
              15,488,900
              
              
              ─
              
              
              ─
              
              
              15,488,900Tangible
                  equipment/leasehold costs
              
              
              26,599,400
              
              
              ─
              
              
              ─
              
              
              26,599,400Total
                  contributions
              
              
              42,088,300
              
              
              147,513,100
              
              
              ─
              
              
              189,601,400Syndication
                  and offering costs, immediatelycharged
                  to capital
              
              
              (15,488,900
              )
              
              ─
              
              
              ─
              
              
              (15,488,900
              )26,599,400
              
              
              147,513,100
              
              
              ─
              
              
              174,112,500Participation
                  in revenue and costs and expensesNet
                  production revenues
              
              
              1,714,100
              
              
              3,295,000
              
              
              ─
              
              
              5,009,100Interest
                  income
              
              
              100
              
              
              100
              
              
              ─
              
              
              200Depletion
              
              
              (497,400
              )
              
              (2,892,000
              )
              
              ─
              
              
              (3,389,400
              )Accretion
                  expense
              
              
              (70,800
              )
              
              (136,000
              )
              
              ─
              
              
              (206,800
              )General
                  and administrative
              
              
              (29,900
              )
              
              (57,500
              )
              
              ─
              
              
              (87,400
              )Net
                  earnings
              
              
              1,116,100
              
              
              209,600
              
              
              ─
              
              
              1,325,700Other
                  comprehensive income
              
              
              ─
              
              
              ─
              
              
              3,675,400
              
              
              3,675,400**Balance
                  at December 31, 2006**
              
              $
              27,715,500
              
              $
              147,722,700
              
              $
              3,675,400
              
              $
              179,113,600
 
 
 
 
 
 
 
 The
        accompanying notes are an integral part of these financial
        statements
 
  21
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **STATEMENT
        OF CASH FLOWS**
 **FOR
        THE PERIOD MAY 9, 2006 (date of formation) THROUGH DECEMBER 31,
        2006**
 
 
 **2006****Cash
                  flows from operating activities:**Net
                  earnings
              
              $
              1,325,700Adjustments
                  to reconcile net earnings to net cash provided by operating
                  activities:Depletion
              
              
              3,389,400Accretion
                  of asset retirement obligation
              
              
              206,800Increase
                  in accrued liabilities
              
              
              18,000Increase
                  in accounts receivable affiliate
              
              
              (3,634,100
              )Net
                  cash used in operating activities
              
              
              1,305,800**Cash
                  flows from investing activities:**Oil
                  and gas well drilling contracts paid to managing general
                  partner
              
              
              (147,513,100
              )Net
                  cash used in investing activities
              
              
              (147,513,100
              )**Cash
                  flows from financing activities:**Partners’
                  capital contributions
              
              
              147,513,100Net
                  cash provided by financing activities
              
              
              147,513,100Net
                  increase in cash and cash equivalents
              
              
              1,305,800Cash
                  and cash equivalents at beginning of period
              
              
              ─Cash
                  and cash equivalents at end of period
              
              $
              1,305,800**Supplemental
                  Schedule of non-cash investing and financing
                  activities:**Managing
                  general partner adjusted asset contributions:Tangible
                  equipment costs, included in oil and gas properties
              
              $
              22,980,000Lease
                  costs included in oil and gas properties
              
              
              3,619,400Syndication
                  and offering costs
              
              
              15,488,900$
              42,088,300Asset
                  retirement obligation
              
              $
              3,446,600
 
 
 The
        accompanying notes are an integral part of these financial
        statements
 
  22
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS**
 **DECEMBER
        31, 2006**
 
 **NOTE
        1 - DESCRIPTION OF BUSINESS**
 
 Atlas
        America Public #15-2006 (B) L.P. (the “Partnership”) is a Delaware Limited
        Partnership, which includes Atlas Resources, LLC of Pittsburgh, Pennsylvania,
        as
        Managing General Partner (“MGP”) and Operator, and 4,107 subscribers to units as
        either Limited Partners or Investor General Partners depending upon their
        election. As of December 31, 2006, there were 4,107 investors who contributed
        $147,513,100. The Partnership was formed on May 9, 2006 to drill and operate
        gas
        wells located in western Pennsylvania, Ohio and Tennessee. At December 31,
        2006,
        the Partnership’s properties were in the process of drilling. Recoverability of
        the cost of properties is dependent on the results of such development
        activities.
  **NOTE
        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
 
 A
        summary
        of significant accounting policies applied in the preparation of the
        accompanying financial statements follows:
 
 **Basis
        of Accounting**
 
 The
        financial statements are prepared in accordance with accounting principles
        generally accepted in the United States of America.
 
 **Use
        of Estimates**
 
 Preparation
        of 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
        financial statements and the reported amounts of revenues, costs and expenses
        during the reporting period. Actual results could differ from these
        estimates.
 
 **Receivables**
 
 In
        evaluating the need for an allowance for possible losses, the MGP performs
        ongoing credit evaluations of its customers and adjusts credit limits based
        upon
        payment history and the customer’s current creditworthiness, as determined by
        review of its customers’ credit information. Credit is extended on an unsecured
        basis to many of its energy customers. At December 31, 2006 the Partnership’s
        MGP’s credit evaluation indicated that the Partnership has no need for an
        allowance for possible losses.
  23
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**
 
 **Revenue
        Recognition**
 
 Revenues
        from sales of natural gas and oil are recognized by the Partnership when
        the gas
        and oil have been delivered to the purchaser. The Partnership’s natural gas and
        oil is sold under various contracts entered into by its MGP. Virtually all
        of
        the MGP’s contract pricing provisions are tied to a market index, with certain
        adjustments based on, among other factors, whether a well delivers to a
        gathering or transmission line, quality of natural gas and prevailing supply
        and
        demand conditions, so that the price the Partnership receives from the sale
        of
        its natural gas fluctuates to remain competitive with natural gas supplies
        generally available in the market.
 
 Because
        there are timing differences between the delivery of the Partnership’s natural
        gas and oil and its receipt of a delivery statement, the Partnership has
        unbilled revenues. These revenues are accrued based on volumetric data from
        its
        records and its estimates of the related transportation and compression fees,
        which are, in turn, based on applicable product prices. The Partnership had
        unbilled trade receivables of $2,887,000 at December 31, 2006, which are
        included accounts receivable - affiliate on the Partnership’s balance
        sheet.
 
 **Fair
        Value of Financial Instruments**
 
 For
        cash,
        receivables and payables, the carrying amounts approximate fair values because
        of the short maturities of these instruments.
 
 For
        derivatives the carrying value approximates fair value because they have
        been
        marked to market.
 
 **Supplemental
        Cash Flow Information**
 
 The
        Partnership considers temporary investments with a maturity at the date of
        acquisition of 90 days or less to be cash equivalents. No cash was paid by
        the
        Partnership for interest or income taxes for the period ended December 31,
        2006.
 
 **Concentration
        of Credit Risk**
 
 Financial
        instruments, which potentially subject the Partnership to concentrations
        of
        credit risk, consist principally of periodic temporary investments of cash
        and
        cash equivalents. The Partnership places its temporary cash investments in
        deposits with high-quality financial institutions. At December 31, 2006,
        the
        Partnership had $1,314,200 in deposits at one bank of which $1,214,200 was
        over
        the insurance limit of the Federal Deposit Insurance Corporation. No losses
        have
        been experienced on such investments.
 
 **Comprehensive
        Income**
 
 Comprehensive
        income includes net income and all other changes in equity of a business
        during
        a period from non-owner sources that, under accounting principles generally
        accepted in the United States of America, have not been recognized in the
        calculation of net income. For the Partnership this includes only changes
        in the
        fair value of unrealized hedging gains and losses.
 
  24
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**
 
 **Property
        and Equipment**
 
 Property
        and equipment are stated at cost. Depletion is based on cost less estimated
        salvage value primarily using the unit-of-production method over the assets’
estimated useful lives. Maintenance and repairs are expensed as incurred.
        Major
        renewals and improvements that extend the useful lives of property are
        capitalized. Oil and gas properties consist of the following at the date
        indicated:
 
 **At
                  December 31,****2006**Mineral
                  interest in properties:Proved
                  properties
              
              $
              3,619,400Wells
                  and related equipment
              
              
              143,739,600147,359,000Accumulated
                  depletion of oil and gas properties
              
              
              (3,389,400
              )$
              143,969,600
 
 **Oil
        and Gas Properties**
 
 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. Oil is converted
        to gas
        equivalent basis (“mcfe”) at the rate of one barrel equals 6 mcf.
 
 The
        Partnership’s long-lived assets are reviewed for impairment at least annually or
        whenever events or changes in circumstances indicate that the carrying amount
        of
        an asset may not be recoverable. Long-lived assets are reviewed for potential
        impairments at the lowest levels for which there are identifiable cash flows.
        The review is done by determining if the historical cost of proved properties
        less the applicable accumulated depreciation, depletion and amortization
        and
        asset retirement obligation is less than the estimated expected undiscounted
        future cash flows. The expected future cash flows are estimated based on
        the
        Partnership’s plans to continue to produce and develop proved reserves. The
        estimated future level of production is based on assumptions surrounding
        future
        levels of prices and costs, field decline rates, market demand and supply,
        and
        the economic and regulatory climates. The fair value is the present value
        of future net revenues discounted at 10%, using a 12 month NYMEX forward
        looking strip price for natural gas. If the carrying value exceeds such
        undiscounted cash flows, an impairment loss is recognized for the difference
        between the estimated fair market value and the carrying value of the assets.
        There was no impairment charge for the year ended December 2006.
 
 Upon
        the
        sale or retirement of a complete or partial unit of a proved property, the
        cost
        is eliminated from the property accounts, and the resultant gain or loss
        is
        reclassified to accumulated depletion. Upon the sale of an entire interest
        where
        the property had been assessed for impairment, a gain or loss is recognized
        in
        the statements of operations.
  25
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**
 
 **Asset
        Retirement Obligation**
 
 The
        fair
        values of asset retirement obligations are recognized in the period they
        are
        incurred if a reasonable estimate of fair value can be made. Asset retirement
        obligations primarily relate to the abandonment of oil and gas producing
        properties and include costs to dismantle and relocate or dispose of production
        equipment, gathering systems, wells and related structures. Estimates are
        based
        on historical experience in plugging and abandoning wells, estimated remaining
        lives of those wells based on reserve estimates, external estimates as to
        the
        cost to plug and abandon the wells in the future and federal and state
        regulatory requirements. The Partnership does not provide for a market risk
        premium associated with asset retirement obligation because a reliable estimate
        cannot be determined, see Note 3.
 
 **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. Atlas Energy maintains insurance that may cover in whole or in
        part
        certain environmental expenditures. For the period ended December 31, 2006,
        the
        Partnership had no environmental matters requiring specific disclosure or
        the
        recording of a liability.
 
 **Major
        Customers**
 
 The
        Partnership’s natural gas is sold under contract to various purchasers. For the
        period ended December 31, 2006, sales to UGI Energy Services, Inc., Exelon
        Energy Company and Colonial Energy, Inc. accounted for 43%, 32% and 12%,
        respectively, of total revenues. No other customers accounted for 10% or
        more of
        total revenues for the period ended December 31, 2006.
 
 **Derivative
        Instruments**
 
 The
        Partnership applies the provisions of SFAS No. 133, *Accounting
        for Derivative Instruments and Hedging*  *Activity,* (“SFAS
        No. 133”) and its various interpretations. SFAS No. 133 requires each derivative
        instrument to be recorded in the balance sheet as either an asset or liability
        measured at fair value. Changes in a derivative instrument’s fair value are
        recognized currently in earnings unless specific hedge accounting criteria
        are
        met.
 
 **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.
 
  26
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**
 
 **Recently
        Issued Financial Accounting Standards**
 
 In
        February 2007, the FASB issued Statement of Financial Accounting Standards
        No.
        159, *The
        Fair Value Option for Financial Assets and Financial
        Liabilities* ,
        (“SFAS
        159”). SFAS 159 permits entities to choose to measure eligible financial
        instruments and certain other items at fair value. The objective is to improve
        financial reporting by providing entities with the opportunity to mitigate
        volatility in reported earnings caused by measuring related assets and
        liabilities differently without having to apply complex hedge accounting
        provisions. The Statement will be effective as of the beginning of an entity’s
        first fiscal year beginning after November 15, 2007. The Statement offers
        various options in electing to apply the provisions of this statement and
        at
        this time the Partnership has not made any decisions on its application to
        its
        financial position or results of operations. The Partnership is currently
        evaluating the impact of the adoption of SFAS 159 on its financial position
        and
        results of operations.
 
 In
        September 2006, the SEC staff issued Staff Accounting bulletin No. 108, *Considering
        the Effects of Prior year*  *Misstatements
        When Quantifying Misstatements in Current Year Financial
        Statement* ,
        (“SAB
        108”). SAB 108 was issued to provide consistency in how registrants quantify
        financial statement misstatements. The Partnership initially applied SAB
        108 in
        connection with the preparation of its annual financial statements for the
        period ended December 31, 2006. The application of SAB 108 did not have a
        material effect on the Partnership’s financial position or results of
        operations.
 
 In
        September 2006, the Financial Accounting Standards Board, or FASB, issued
        Statement of Financial Accounting Standards No. 157, *Fair
        Value Measurement* ,
        (“SFAS
        157”). SFAS 157 addresses the need for increased consistency in fair value
        measurements, defining fair value as the price that would be received to
        sell an
        asset or paid to transfer a liability in an orderly transaction between market
        participants at the measurement date. It also establishes a framework for
        measuring fair value and expands disclosure requirements. SFAS 157 is effective
        for us beginning January 1, 2008. The Partnership is currently evaluating
        the
        impact of the adoption of SFAS 157 on its financial position and results
        of
        operations.
 
 In
        June
        2006, the FASB issued FASB Interpretation No. 48, *Accounting
        for Uncertainty in Income Taxes and*  *Interpretation
        of FASB Statement No 109* ,
        (“FIN
        48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized
        in an entity’s financial statements and provides guidance on the recognition,
        de-recognition and measurement of benefits related to an entity’s uncertain tax
        positions. FIN 48 is effective for us beginning January 1, 2007. The
        Partnership's taxable income or loss will be absorbed by the Partners. The
        Partnership is currently evaluating the impact of the adoption of FIN 48
        on its
        financial position and results of operations, but since it is a non-taxable
        entity, does not currently expect the adoption of FIN 48 to have a material
        impact on its financial position or results of operations.
 
 **NOTE
        3 - ASSET RETIREMENT OBLIGATION**
 
 The
        Partnership accounts for its estimated plugging and abandonment costs for
        its
        oil and gas properties in accordance with SFAS 143, *Accounting
        for Asset Retirement Obligation* and
        FASB
        Interpretation No. 47 *Accounting
        for*  *Conditional
        Asset Retirement Obligation,* (“FIN
        47”).
 
 A
        reconciliation of the Partnership’s liability for plugging and abandonment costs
        for the period ended December 31, 2006 is as follows:
 
 **2006**Asset
                  retirement obligation, at beginning of period
              
              $
              ─Liabilities
                  incurred from drilling wells
              
              
              3,446,600Accretion
                  expense
              
              
              206,800Asset
                  retirement obligation, at end of period
              
              $
              3,653,400
  27
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        4 - PARTICIPATION IN REVENUES AND COSTS**
 
 The
        MGP
        and the other partners will generally participate in revenues and costs in
        the
        following manner:
 
 **Managing****General**
              
              **Other****Partner**
              
              **Partners****(3)**Organization
                  and offering costs
              
              
              100
              %
              
              0
              %Lease
                  costs
              
              
              100
              %
              
              0
              %Revenues(1)
              
              
              34.22
              %
              
              65.78
              %Operating
                  costs, administrative costs, direct costs and all other operating
                  costs(2)
              
              
              34.22
              %
              
              65.78
              %Intangible
                  drilling costs
              
              
              0
              %
              
              100
              %Tangible
                  equipment costs
              
              
              70
              %
              
              30
              %
 
 (1)
            Subject
                to the MGP’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
                MGP
                will receive an additional 7% of the partnership revenues, which
                may not
                exceed 40%. (2)
            These
                costs will be charged to the partners in the same ratio as the related
                production revenues are credited. (3)
            Other
                Partners include both investor limited partners and investor general
                partners. General Partner units can be converted to limited partner
                units when all wells have been drilled and completed. Thereafter,
                the investor general partner will have limited liability as a limited
                partner under the Delaware Revised Uniform Limited Partnership Act
                with
                respect to his or her interest in the
                partnership. 
 **NOTE
        5 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**
 
 The
        Partnership has entered into the following significant transactions with
        its
        MGP, and its affiliates as provided under the Partnership
        agreement:
 
 ·
            Drilling
                contracts******to
                drill and complete wells for the Partnership are charged at cost
                plus 15%.
                The cost of the wells includes reimbursement to Atlas of its general
                and
                administrative overhead costs ($15,000 per well) and all ordinary
                and
                actual costs of drilling, testing and completing the wells. 
                The Partnership paid $147,513,100 to its MGP in 2006 under the
                drilling contract, of which $117,313,000 was used for drilling costs
                and
                the remaining $30,200,100 was included in accounts-receivable affiliate
                in
                the Partnership's Balance Sheet. 
 ·
            The
                Partnership's MGP contributed undeveloped leases necessary to cover
                each
                of the Partnership’s prospects and as of December 31, 2006 received a
                credit to its capital account in the Partnership of
                $3,619,400. 
 ·
            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 in 2006 were
                $61,700. 
 ·
            Monthly
                well supervision fees which are included in production expenses in
                the
                Partnerships Statements of Operations are payable at $285 per well
                per
                month for operating and maintaining the wells. Well supervision fees
                incurred in 2006 were $234,300. 
 ·
            Transportation
                fees which are included in production expenses in the Partnerships
                Statements of Operations are payable at rates ranging from $.29-$.35
                per
                Mcf (one thousand cubic feet) to 10% of the natural gas sales price.
                A
                gathering fee is paid to the MGP at a competitive rate for each Mcf
                of
                natural gas transported. Transportation costs incurred in 2006 were
                $549,400.  28
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        5 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
        (Continued)**
 
 ·
            The
                managing general partner and its affiliates are reimbursed for all
                direct
                costs expended on the Partnership’s behalf. For the period ended December
                31, 2006, the managing general partner was reimbursed $127,600 for
                direct
                costs. 
 ·
            Asset
                contributions from the managing general partner which are reported
                in the
                Partnership's Statements of Cash Flows as a non-cash investing activity
                for the period ended December 31, 2006 were
                $42,088,300. 
 ·
            The
                MGP received a credit to it's capital account of $15,488,900 in 2006
                for fees, commissions and reimbursements costs to organize the
                Partnership. 
 The
        MGP
        performs all administrative and management functions for the Partnership
        including billing revenues and paying expenses. Accounts receivable - affiliate
        on the Partnership’s Balance Sheet represents the net production revenues due
        from the MGP.
 
 **NOTE
        6 - COMMITMENTS**
 
 Subject
        to certain conditions, investor partners may present their interests beginning
        in 2010 for purchase by Atlas Resources. The purchase price is calculated
        by
        Atlas Resources in accordance with the terms of the partnership agreement.
        Atlas
        Resources is not obligated to purchase more than 5% of the units in any calendar
        year. In the event that Atlas Resources is unable to obtain the necessary
        funds,
        it may suspend its purchase obligation.
 
 Beginning
        one year after each of the Partnership’s wells has been placed into production,
        the MGP, as operator, may retain $200 per month per well to cover estimated
        future plugging and abandonment costs. As of December 31, 2006 the MGP has
        not
        withheld any such funds.
 
 **NOTE
        7 - SUBORDINATION OF MANAGING GENERAL PARTNER’S REVENUE
        SHARE**
 
 Under
        the
        terms of the partnership agreement, the MGP 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.
 
 **NOTE
        8 - INDEMNIFICATION**
 
 In
        order
        to limit the potential liability of any investor general partners, Atlas
        has
        agreed to indemnify each investor that elects to be a general partner from
        any
        liability incurred which exceeds such partner’s share of Partnership
        assets.
 
 **NOTE
        9 - DERIVATIVE INSTRUMENTS**
 
 Atlas
        Energy on behalf of the Partnership from time to time enters into natural
        gas
        futures and option contracts to hedge exposure to changes in natural gas
        prices.
        At any point in time, such contracts may include regulated NYMEX futures,
        options contracts, and non-regulated over-the-counter futures contracts with
        qualified counterparties. NYMEX contracts are generally settled with offsetting
        positions, but may be settled by the delivery of natural gas.
  29
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        9 - DERIVATIVE INSTRUMENTS (Continued)**
 
 Atlas
        Energy on behalf of the Partnership formally documents all relationships
        between
        hedging instruments and the items being hedged, including the Partnership’s risk
        management objective and strategy for undertaking the hedging transactions.
        This
        includes matching the natural gas futures and options contracts to the
        forecasted transactions. Atlas Energy assesses, both at the inception of
        the
        hedge and on an ongoing basis, whether the derivatives are highly effective
        in
        offsetting changes in the fair value of hedged items. Historically these
        contracts have qualified and been designated as cash flow hedges and recorded
        at
        their fair values. Derivatives are recorded on the balance sheet as assets
        and
        liabilities at fair value. Gains or losses on future contracts are determined
        as
        the difference between the contract price and a reference price,
        generally prices on NYMEX. Changes in fair value are recognized in Partners’
Capital as accumulated other comprehensive income (loss) and recognized within
        the Statements of Operations in the month the hedged gas is settled. If it
        is
        determined that a derivative is not highly effective as a hedge or it has
        ceased
        to be a highly effective hedge, due to the loss of correlation between changes
        in gas reference prices under a hedging instrument and actual gas prices,
        Atlas
        Energy will discontinue hedge accounting for the derivative and subsequent
        changes in fair value for the derivative will be recognized immediately into
        earnings.
 
 At
        December 31, 2006, Atlas Energy had allocated open natural gas futures contracts
        to the Partnership related to sales covering 4,254,500 dekatherms (“Dth”) (net
        to the Partnership) of natural gas, maturing through December 31, 2010 at
        an
        average settlement price of $8.51 per Dth. At December 31, 2006, the Partnership
        reflected net hedging assets on its balance sheet of $3,675,400. Of the
        $3,675,400 net gain in accumulated other comprehensive income at December
        31,
        2006, if the fair values of the instruments remain at current market values,
        the
        Partnership will reclassify $2,125,800 of net gain to its Statement of
        Operations over the next twelve month period as these contracts expire, and
        $1,549,600 of net gains will be reclassified in later periods. Actual amounts
        that will be reclassified will vary as a result of future price changes.
        Ineffective hedge gains or losses are recorded within the Statement of
        Operations while the hedge contract is open and may increase or decrease
        until
        settlement of the contract. The Partnership realized gains of $330,800 for
        the
        period ended December 31, 2006, in its gas and oil revenues within its Statement
        of Operations related to the settlement of qualifying hedge instruments.
        The
        Partnership recognized no gains or losses during the period ended December
        31,
        2006 for hedge ineffectiveness or as a result of the discontinuance of these
        cash flow hedges.
 
 As
        of
        December 31, 2006, Atlas Energy had allocated to the Partnership the following
        natural gas hedged volumes:
 
 **Natural
                  Gas Fixed - Price Swaps****Production**
              
              
              
              **Average**
              
              **Net
                  Fair Value****Period**
              
              **Volumes**
              
              **Fixed
                  Price**
              
              **Asset****(2)****Ended
                  December 31,**
              
              **(MMBTU)****(1)**
              
              **(per
                  MMBTU)**
              
              **(in
                  thousands)**2007
              
              
              1,274,100
              
              $
              8.60
              
              $
              2,1262008
              
              
              1,344,600
              
              
              8.91
              
              
              9082009
              
              
              1,217,600
              
              
              8.31
              
              
              5962010
              
              
              418,200
              
              
              7.53
              
              
              45Total
                  asset
              
              
              
              
              
              
              
              $
              3,675
  
 (1)
            MMBTU
                represents million British Thermal Units. (2)
            Fair
                value based on forward NYMEX natural gas prices, as
                applicable. 
 The
        following table sets forth the book and estimated fair values of derivative
        instruments at the date indicated (in thousands):
  30
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        9 - DERIVATIVE INSTRUMENTS (Continued)**
 
 **December
                  31, 2006****Book
                  Value**
              
              **Fair
                  Value**AssetsDerivative
                  instruments
              
              $
              3,985
              
              $
              3,985$
              3,985
              
              $
              3,985LiabilitiesDerivative
                  instruments
              
              $
              (310
              )
              $
              (310
              )$
              3,675
              
              $
              3,675
 
 **NOTE
        10 - NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED)**
 
 The
        supplementary information summarized below presents the results of natural
        gas
        and oil activities in accordance with Statements of Financial Accounting
        Standards No. 69, *Disclosures
        About Oil and Gas Producing Activities,* (“SFAS
        No. 69”). Annually, reserve value information is provided to the investor
        partners pursuant to the partnership agreement. The partnership agreement
        provides a presentment feature whereby the MGP 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.
 
 ***(1)***
            ***Capitalized
                Costs Related to Oil and Gas Producing
                Activities*** 
 The
        following table presents the capitalized costs related to natural gas and
        oil
        producing activities at December 31:
 
 **2006**Mineral
                  interest in properties - proved properties
              
              $
              3,619,400Wells
                  and related equipment
              
              
              143,739,600Accumulated
                  depletion
              
              
              (3,389,400
              )**Net
                  capitalized cost**
              
              $
              143,969,600
 
 ***(2)***
            ***Results
                of Operations of Oil and Gas Producing
                Activities*** 
 The
        following table presents the results of operations related to natural gas
        and
        oil production for the period ended December 31:
 
 **2006**Natural
                  gas and oil sales
              
              $
              5,894,700Production
                  costs
              
              
              (885,600
              )Accretion
                  of asset retirement obligation
              
              
              (206,800
              )Depletion
              
              
              (3,389,400
              )General
                  and administrative expenses
              
              
              (87,400
              )**Results
                  of operations from oil and gas producing
                  activities**
              
              $
              1,325,500
 
  31
  
 **ATLAS
        AMERICA PUBLIC #15-2006 (B) L.P.**
 **NOTES
        TO FINANCIAL STATEMENTS** **-
        (Continued)**
 **DECEMBER
        31, 2006**
 
 **NOTE
        10 - NATURAL GAS AND OIL PRODUCING ACTIVITIES (UNAUDITED)
        (Continued)**
 
 ***(3)***
            ***Costs
                incurred in Oil and Gas Producing
                Activities*** 
 Costs
        incurred for the period ended December 31, are as follows:
 
 **2006**Acquisition
                  costs
              
              
              3,619,400Tangible
                  equipment and drilling costs
              
              
              143,739,700**Total
                  costs incurred**
              
              $
              147,359,100
 
 ***(4)***
            ***Oil
                and Gas Reserve Information*** 
 The
        information presented below represents estimates of proved natural gas reserves.
        The estimates of the Partnership’s proved gas and oil reserves are based upon
        evaluations made by management and verified by Wright & Company, Inc., an
        independent petroleum-engineering firm, as of December 31, 2006. All reserves
        are located within the United States of America. 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 crude oil and natural gas 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 only
        by
        contractual arrangements, but not on escalations based upon future
        conditions.
 
 Proved
        developed reserves are generally those which are expected to be recovered
        through existing wells with existing equipment and operating methods. Additional
        oil and gas expected to be obtained through the application of fluid injection
        or other improved recovery techniques for supplementing the natural forces
        and
        mechanisms of primary recovery should be included as “proved developed reserves”
only after testing by a pilot project or after the operation of an installed
        program has confirmed through production response that increased recovery
        will
        be achieved. 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.
 
 **Natural
                  Gas**
              
              **Oil****(Mcf)**
              
              **(Bbls)**Proved
                  developed reserves:Beginning
                  of period
              
              
              ─
              
              
              ─Proved
                  developed reserves
              
              
              31,347,800
              
              
              17,600Production
              
              
              (795,700
              )
              
              (1,400
              )**Balance
                  December 31, 2006**
              
              
              30,552,100
              
              
              16,200
 
  32
  
 **ITEM
                  8.**
              **CHANGES
                  IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
                  AND****FINANCIAL
                  DISCLOSURE:**
 
 None.
 
 **ITEM
        8A.     CONTROLS
        AND PROCEDURES**
 
 Under
        the
        supervision, and with the participation of, our MGP’s management including our
        MGP’s Chief Executive Officer and Chief Financial Officer, our MGP has evaluated
        the effectiveness of the design and operation of its disclosure controls
        and
        procedures (as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e))
        as of
        the end of the period covered by this annual report on Form 10-KSB, and based
        on
        their evaluation, the Chief Executive Officer and Chief Financial Officer
        have
        concluded that these disclosure controls and procedures are effective in
        all
        material respects, including those to ensure that information required to
        be
        disclosed in reports filed or submitted under the Securities Exchange Act
        is
        recorded, processed, summarized, and reported, within the time periods specified
        in the SEC’s rules and forms, and is accumulated and communicated to management,
        including our MGP’s Chief Executive Officer and Chief Financial Officer, as
        appropriate to allow for timely disclosure. There have been no changes during
        our last fiscal quarter that materially affected, or are reasonably likely
        to
        materially affect, our internal control over financial reporting.
 
 **ITEM
        8B.     OTHER
        INFORMATION**
 
 None.
 **PART
        III**
 
 **ITEM
                  9.**
              **DIRECTORS,
                  EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES, COMPLIANCE
                  WITH****SECTION
                  16(A) OF THE EXCHANGE ACT**
 
 Atlas
        America (ATLS) transferred to Atlas Energy Resources, LLC (ATN), a newly-formed,
        limited liability company subsidiary of Atlas America, substantially all
        of its
        natural gas and oil exploration and production assets in December 2006 pursuant
        to the completion of an initial public offering of 7,273,750 of its Class
        B
        limited liability company interest.  As consideration for this
        contribution, on December 18, 2006 Atlas Energy Resources, LLC distributed
        to
        Atlas America $139,944,000 net proceeds of the offering, 29,352,996 of common
        units, 748,456 Class A units, and the management incentive interest. Also
        pursuant to the contribution agreement, Atlas America contributed to its
        subsidiary, Atlas Energy Management, Inc. (“Atlas Management”), the 748,456
        Class A units and the management incentive interest. Atlas America retained
        approximately 81% of the limited liability company interest of Atlas Energy
        Resources, LLC, which will continue to provide Atlas America control over
        Atlas
        Energy Resources, LLC and its assets and business.
 
 Atlas
        America is headquartered at 311 Rouser Road, Moon Township, Pennsylvania
        15108,
        which is also our MGP’s primary office.
  33
  
 **Executive
        Officers and Directors.** The
        executive officers and directors of our MGP will serve until their successors
        are elected. The executive officers and directors of our MGP are as
        follows:
 
 **NAME**
              **AGE**
              **POSITION
                  OR OFFICE**Freddie
                  M. Kotek
              51
              Chairman
                  of the Board of Directors, Chief Executive Officer and
                  PresidentFrank
                  P. Carolas
              47
              Executive
                  Vice President - Land and Geology and a DirectorJeffrey
                  C. Simmons
              48
              Executive
                  Vice President - Operations and a DirectorJack
                  L. Hollander
              50
              Senior
                  Vice President - Direct Participation ProgramsNancy
                  J. McGurk
              51
              Senior
                  Vice President, Chief Accounting OfficerMichael
                  L. Staines
              57
              Senior
                  Vice President, Secretary and a DirectorMatthew
                  A. Jones
              45
              Chief
                  Financial Officer
 
 With
        respect to the biographical information set forth below:
 
 ·
            the
                approximate amount of an individual’s professional time devoted to the
                business and affairs of our managing general partner and Atlas America
                have been aggregated because there is no reasonable method for them
                to
                distinguish their activities between the two companies;
                and ·
            for
                those individuals who also hold senior positions with other affiliates
                of
                our managing general partner, if it is stated that they devote
                approximately 100% of their professional time to our managing general
                partner and Atlas America, it is because either the other affiliates
                are
                not currently active in drilling new wells, such as Viking Resources
                or
                Resource Energy, and the individuals are not required to devote a
                material
                amount of their professional time to the affiliates, or there is
                no
                reasonable method to distinguish their activities between our managing
                general partner and Atlas America as compared with the other affiliates
                of
                our managing general partner, such as Viking Resources or Resource
                Energy. 
 **Freddie
        M. Kotek.** President
        and Chief Executive Officer since January 2002 and Chairman of the Board
        of
        Directors since September 2001. Mr. Kotek has been Executive Vice President
        of
        Atlas America since February 2004, and served as a director from September
        2001
        until February 2004 and served as Chief Financial Officer from February 2004
        until March 2005. Mr. Kotek was a Senior Vice President of Resource America,
        and
        President of Resource Leasing, Inc. (a wholly-owned subsidiary of Resource
        America) from 1995 until May 2004 when he resigned from Resource America
        and all
        of its subsidiaries which are not subsidiaries of Atlas America. Mr. Kotek
        was
        President of Resource Properties from September 2000 to October 2001 and
        its
        Executive Vice President from 1993 to August 1999. Mr. Kotek received a Bachelor
        of Arts degree from Rutgers College in 1977 with high honors in Economics.
        He
        also received a Master in Business Administration degree from the Harvard
        Graduate School of Business Administration in 1981. Mr. Kotek will devote
        approximately 95% of his professional time to the business and affairs of
        the
        MGP and Atlas America, Atlas Energy Resources, LLC and Atlas Energy Management,
        Inc., and the remainder of his professional time to the business and affairs
        of
        the MGP’s other affiliates.
 
 **Frank
        P. Carolas.** Executive
        Vice President-Land and Geology and a Director since January 2001. Mr. Carolas
        has been an Executive Vice President of Atlas America since January 2001
        and
        served as a Director of Atlas America from January 2002 until February 2004.
        Mr.
        Carolas has been a Senior Vice President of Atlas Energy Management, Inc.
        since
        2006. Mr. Carolas was a Vice President of Resource America from April 2001
        until
        May 2004 when he resigned from Resource America. Mr. Carolas served as Vice
        President of Land and Geology for the MGP from July 1999 until December 2000
        and
        for Atlas America from 1998 until December 2000. Before that Mr. Carolas
        served
        as Vice President of Atlas Energy Group, Inc. from 1997 until 1998, which
        was
        the former parent company of the MGP. Mr. Carolas is a certified petroleum
        geologist and has been with the MGP 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 MGP, Atlas America, Atlas Energy Resources, LLC and Atlas
        Energy
        Management, Inc.
  34
  
 **Jeffrey
        C. Simmons.** Executive
        Vice President-Operations and a Director since January, 2001. Mr. Simmons
        has
        been an Executive Vice President of Atlas America since January 2001 and
        was a
        Director of Atlas America from January 2002 until February 2004. Mr. Simmons
        has
        been a Senior Vice President of Atlas Energy Management, Inc., since 2006.
        Mr.
        Simmons was a Vice President of Resource America from April 2001 until May
        2004
        when he resigned from Resource America. Mr. Simmons served as Vice President
        of
        Operations for the MGP from July 1999 until December 2000 and for Atlas America
        from 1998 until December 2000. Mr. Simmons joined Resource America in 1986
        as a
        senior petroleum engineer and has served in various executive positions with
        its
        energy subsidiaries since then. Mr. Simmons received his Bachelor of Science
        degree with honors from Marietta College in 1981 and his Masters degree in
        Business Administration from Ashland University in 1992. Mr. Simmons devotes
        approximately 90% of his professional time to the business and affairs of
        the
        MGP, Atlas America, and the remainder of his professional time to the business
        and affairs of the MGP’s other affiliates, primarily Viking Resources and
        Resource Energy, Atlas Energy Resources, LLC and Atlas Energy Management,
        Inc.
 
 **Jack
        L. Hollander.** Senior
        Vice President - Direct Participation Programs since January 2002 and before
        that he served as Vice President - Direct Participation Programs from January
        2001 until December 2001. Mr. Hollander also serves as Senior Vice President
        -
        Direct Participation Programs of Atlas America since January 2002. Mr. Hollander
        practiced law with Rattet, Hollander & Pasternak, concentrating in tax
        matters and real estate transactions, from 1990 to January 2001, and served
        as
        in-house counsel for Integrated Resources, Inc. (a diversified financial
        services company) from 1982 to 1990. Mr. Hollander earned a Bachelor of Science
        degree from the University of Rhode Island in 1978, his law degree from Brooklyn
        Law School in 1981, and a Master of Law degree in Taxation from New York
        University School of Law Graduate Division in 1982. Mr. Hollander is a member
        of
        the New York State bar, and the Chairman of the Investment Program Association
        which is an industry association, as of March 2005. Mr. Hollander devotes
        approximately 100% of his professional time to the business and affairs of
        the
        MGP, Atlas America, Atlas Energy Resources, LLC and Atlas Energy Management,
        Inc.
 
 **Nancy
        J. McGurk.** Ms.
        McGurk has been Chief Accounting Officer of Atlas Energy Resources, LLC and
        Atlas Energy Management. Senior Vice President since January 2002, Chief
        Accounting Officer since January 2001 and Chief Financial Officer until March
        2006. Ms. McGurk also serves as Senior Vice President since January 2002
        and
        Chief Accounting Officer of Atlas America since January 2001. Ms. McGurk
        served
        as Chief Financial Officer for Atlas America from January 2001 until February
        2004. Ms. McGurk was a Vice President of Resource America from 1992 until
        May
        2004 and its Treasurer and Chief Accounting Officer from 1989 until May 2004
        when she resigned from Resource America. Also, since 1995 Ms. McGurk has
        served
        as Vice President - Finance of Resource Energy, Inc. Ms. McGurk received
        a
        Bachelor of Science degree in Accounting from Ohio State University in 1978,
        and
        has been a Certified Public Accountant since 1982. Ms. McGurk devotes
        approximately 80% of her professional time to the business and affairs of
        the
        MGP, Atlas America, Atlas Energy Resources, LLC and Atlas Energy Management,
        Inc. and the remainder of her professional time to the business and affairs
        of
        the MGP’s other affiliates.
 
 **Michael
        L. Staines.** Senior
        Vice President, Secretary, and a Director since 1998. Mr. Staines has been
        an
        Executive Vice President and Secretary of Atlas America since 1998. Mr. Staines
        was a Senior Vice President of Resource America from 1989 until May, 2005
        when
        he resigned from Resource America. Mr. Staines was a director of Resource
        America from 1989 to February 2000 and Secretary from 1989 to October 1998.
        Mr.
        Staines has been President of Atlas Pipeline Partners GP since January 2001
        and
        its Chief Operating Officer and a member of its Managing Board since its
        formation in November 1999. Mr. Staines is a member of the Ohio Oil and Gas
        Association and the Independent Oil and Gas Association of New York. Mr.
        Staines
        received a Bachelor of Science degree from Cornell University in 1971 and
        a
        Master of Business degree from Drexel University in 1977. Mr. Staines devotes
        approximately 5% of his professional time to the business and affairs of
        the MGP
        and Atlas America, and the remainder of his professional time to the business
        and affairs of the MGP’s other affiliates, including Atlas Pipeline Partners
        GP.
  35
  
 **Matthew
        A. Jones** Chief
        Financial Officer since March 2006 for Atlas Resources, LLC. Mr. Jones has
        been
        the Chief Financial Officer since January 2006 and a director of Atlas Pipeline
        Holdings since February 2006 and has been Chief Financial Officer of Atlas
        Pipeline Partners GP and Atlas America since March 2005. He has been the
        Chief
        Financial Officer and a director of Atlas Energy Resources and Atlas Energy
        Management since their formation. From 1996 to 2005, Mr. Jones worked in
        the
        Investment Banking Group at Friedman Billings Ramsey, concluding as Managing
        Director. Mr. Jones worked in Friedman Billings Ramsey’s Energy Investment
        Banking Group from 1999 to 2005, and in Friedman Billings Ramsey’s Specialty
        Finance and Real Estate Group from 1996 to 1999. Mr. Jones is a Chartered
        Financial Analyst.
 
 **Audit
        Committee Financial Expert.** The
        Board of Directors of our MGP acts as the audit committee. The Board of
        Directors has determined that Freddie M. Kotek meets the requirement of an
        “audit committee financial expert”, he is not independent.
 
 **Remuneration
        of Officers and Directors.** No
        officer or director of the MGP will receive any direct remuneration or other
        compensation from the Partnership. These persons will receive compensation
        solely from affiliated companies of the MGP.
 
 **Code
        of Business Conduct and Ethics.** Because
        the Partnership does not directly employ any persons, the MGP has determined
        that the partnership will rely on a Code of business Conduct and Ethics adopted
        by Atlas America, Inc. and/or Atlas Energy Resources, LLC that applies to
        the
        principal executive officer, principal financial officer and principal
        accounting officer of the MGP, as well as to persons performing services
        for the
        managing general partner generally. You may obtain a copy of this Code of
        Business Conduct and Ethics by a request to the MGP at Atlas Resources, LLC,
        311
        Rouser Road, Moon Township, Pennsylvania 15108.
 
 **ITEM
        10.  EXECUTIVE
        COMPENSATION**
 
 We
        have
        no employees and rely on the employees of our MGP and its affiliates for
        all
        services. No officer or director of our MGP will receive any direct remuneration
        or other compensation from us. Those persons will receive compensation solely
        from affiliated companies of our MGP. See Item 12 “Certain Relationships and
        Related Party Transactions” for a discussion of compensation paid by us to our
        MGP.
 
 **ITEM
        11.  SECURITY OWNERSHIP OF
        CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**
 
 As
        of
        December 31, 2006, we had issued and outstanding units of 14,772.60. No officer
        or director of our MGP owns any units. Although, subject to certain conditions,
        investor partners may present their units to us beginning in 2010 or purchase,
        the MGP is not obligated by the Partnership agreement from purchasing more
        than 5% of our total outstanding units in any calendar year.
 
 **Organizational
        and Security Ownership of Beneficial Owners.** Atlas
        America owns approximately 81% of the limited liability company interest
        of
        Atlas Energy Resources, LLC which owns 100% of the limited liability company
        interests of Atlas Energy Operating Company, LLC, which owns 100% of the
        limited
        liability company interests of AIC, LLC, which owns 100% of the limited
        liability company interest of the managing general partner. The officers
        and
        directors of Atlas America and Atlas Energy Resources, LLC are set forth
        below.
        The directors of AIC, LLC are Jonathan Z. Cohen, Michael L. Staines, and
        Jeffrey
        Simmons. The biographies of Messrs, Staines and Simmons are set forth
        above.
  36
  
 **ITEM
        12.  CERTAIN RELATIONSHIPS
        AND RELATED TRANSACTIONS**
 
 **Oil
        and Gas Revenues.** After
        formation, our MGP paid or will pay our organization and offering costs in
        the
        amount of $15,488,900 and 70% of the equipment costs estimated to be
        $32,661,100. Our MGP has contributed $22,980,000 in tangible equipment cost
        as
        of December 31, 2006 and contributed all the leases on which the wells were
        or
        are being drilled, for a total capital contribution estimated to be $42,088,300.
        In return, our MGP will share in our production revenues in the same percentage
        as its capital contribution bears to our total capital contributions except
        that
        the MGP will receive an additional 7% of partnership revenues. However, our
        MGP’s total revenue share may not exceed 40% of partnership revenues regardless
        of the amount of its capital contribution. For example, if the MGP contributes
        28% of our total capital contributions and you and the other investors
        contribute 72% of our total capital contributions, then the MGP will receive
        35%
        of our revenues and the other investors will receive 65% of our revenues.
        For
        the period ended December 31, 2006, our MGP received $1,714,100 from our
        net
        production revenues.
 
 **Leases.** Following the final closing date, for the offering of our units to potential
        investors, which was August 31, 2006 our MGP contributed oil and gas leases
        to
        us covering 460 undeveloped prospects for the wells we drill and received
        a
        credit to its capital account in us in the amount of $3,619,400.
 
 **Administrative
        Costs.** Our
        MGP
        and its affiliates receive an unaccountable, fixed payment reimbursement
        for their administrative costs of $75 per well per month, which is
        proportionately reduced if we acquire less than 100% of the working interest
        in
        a well. During the period ended December 31, 2006, our MGP received $61,700
        for
        its administrative costs.
 
 **Direct
        Costs.** Our MGP
        (including other serving as operator) and its affiliates are reimbursed for
        all direct costs expended on our behalf. During the period ended December
        31,
        2006, our MGP’s received $127,600, as reimbursement for direct
        costs.
 
 **Drilling
        Contracts.** After
        the initial closing date for the offering of our units to potential
        investors, we entered into a drilling contract with our MGP to drill and
        complete approximately 563 gross wells on our behalf. The total amount received
        by our MGP for drilling and completing the wells was $147,513,100 for the
        period
        ended December 31, 2006.
 
 **Well
        Charges.** Our
        MGP,
        as operator, is be reimbursed at actual cost for all direct expenses incurred
        on
        our behalf and receives well supervision fees for operating and maintaining
        the
        wells during producing operations in the amount of $285 per well per month
        subject to an annual adjustment for inflation. The well supervision fees
        are
        proportionately reduced to the extent we acquire less than 100% of the working
        interest in a well. For the period ended December 31, 2006, our MGP received
        $234,300, for well supervision fees.
 
 **Dealer-Manager
        Fees.** As part
        of the offering of our units to potential investors, Anthem Securities, Inc.
        an
        affiliate of our MGP and the dealer-manager of this offering received a 2.5%
        dealer-manager fee, a 7% sales commission, a .5% reimbursement of marketing
        expenses, and a .5% reimbursement of the selling agents’ accountable due
        diligence fees in the amount of $3,693,900.
 
 **Transportation
        Fees.** We
        pay a
        gathering fee to our MGP at a competitive rate for each mcf of our natural
        gas
        transported. Transportation rates range from $.29-$.35 per Mcf (one thousand
        cubic feet) to 10% of the natural gas sales price. For the period ended December
        31, 2006, $549,400 was paid to our MGP for gathering fees. In turn, our MGP
        paid
        100% of this amount to Atlas Pipeline Partners, L.P. for the use of its
        gathering system in transporting a majority of our natural gas
        production.
 
 **Other
        Compensation.** For the
        period ended December 31, 2006, our MGP did not advance any funds to us,
        nor did
        they provide us with any equipment, supplies or other services.
  37
  
 **ITEM
        13.  EXHIBITS**
 **EXHIBIT
        INDEX**
 
 **Description**
              **Location**4(a)
              Certificate
                  of Limited Partnership for Atlas America
                Public
                  #15-2006 (B) L.P.
              Previously
                  filed in our Form S-1 on August 9, 20054(b)
              Amended
                  and Restated Certificate and Agreement of Limited Partnership for
                  Atlas
                  America Public #15-2006 (B) L.P.
              Previously
                  filed in our Form S-1 on August 9, 20054(c)
              Drilling
                  and Operating Agreement for Atlas America
                Public
                  #15-2006 (B) L.P.
              Previously
                  filed in our Form S-1 on August 9, 200531.1
              Rule
                  13a-14(a)/15(d) - 14 (a) Certification31.2
              Rule
                  13a-14(a)/15(d) - 14 (a) Certification.32.1
              Section
                  1350 Certification.32.2
              Section
                  1350 Certification.
 
 **ITEM
        14.  PRINCIPAL ACCOUNTANT
        FEES AND SERVICES**
 
 **Audit
        Fees.** The
        aggregate fees recognized by the Partnership from our independent auditors,
        Grant Thornton LLP, for professional services rendered for the audit of our
        annual financial statements for the period ended December 31, 2006 were
        $14,300.
 
 **Procedures
        for Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services
        of
        Independent Auditor.** Pursuant
        to its charter, the Audit Committee of our MGP is responsible for reviewing
        and
        approving, in advance, any audit and any permissible non-audit engagement
        or
        relationship between us and our independent auditors. We do not have a separate
        audit committee.
  38
  
 **SIGNATURES**
 
 In
                  accordance with Section 13 or 15(d) of the Exchange Act, the registrant
                  caused this report to be signed on itsbehalf
                  by the undersigned, thereunto duly authorized.Atlas
                  America Public #15-2006 (B) L.P.Date:
                  April 2, 2007
              
              Atlas
                  Resources, LLC, Managing General PartnerBy:
                  /s/ Freddie M. KotekFreddie
                  M. Kotek, Chairman of the Board of Directors, Chief
                  ExecutiveOfficer
                  and PresidentIn
                  accordance with the Exchange Act, this report has been signed by
                  the
                  following persons on behalf of theregistrant
                  and in the capacities and on the dates indicated.Date:
                  April 2, 2007
              
              By:
                  /s/ Freddie M. KotekFreddie
                  M. Kotek, Chairman of the Board of Directors, Chief
                  ExecutiveOfficer
                  and PresidentDate:
                  April 2, 2007
              
              By:
                  /s/ Frank P. CarolasFrank
                  P. Carolas, Executive Vice President - Land and GeologyDate:
                  April 2, 2007
              
              By:
                  /s/ Jeffrey C. SimmonsJeffrey
                  C. Simmons, Executive Vice President - OperationsDate:
                  April 2, 2007
              
              By:
                  /s/ Nancy J. McGurkNancy
                  J. McGurk, Vice President, Chief Accounting OfficerDate:
                  April 2, 2007
              
              By:
                  /s/ Matthew A. JonesMatthew
                  A. Jones, Chief Financial Officer
 
 **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.
  39