##### Table of Contents



United States
Securities and Exchange Commission
 Washington, D.C. 20549
 Form 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 000-52168
 ATLAS AMERICA PUBLIC #15-2006 (B) L.P.
  Delaware
    
    20-3208390(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)Westpointe Corporate Center One1550 Coraopolis Heights Rd. 2nd FloorMoon Township, PA
    
    15108(Address of principal executive offices)
    
    (zip code)
 (412) 262-2830
 þ o
 Yes o No o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ




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##### 



ATLAS AMERICA PUBLIC #15-2006 (B) L.P.
(A Delaware Limited Partnership)
INDEX TO QUARTERLY REPORT
 ON FORM 10-Q
 PAGEPART I. FINANCIAL INFORMATIONItem 1: Financial StatementsBalance Sheets as of June 30, 2010 and December 31, 2009
    
    
    3Statements of Operations for the Three Months and Six Months ended June 30, 2010 and 2009
    
    
    4Statement of Changes in Partners Capital for the Six Months ended June 30, 2010
    
    
    5Statements of Cash Flows for the Six Months ended June 30, 2010 and 2009
    
    
    6Notes to Financial Statements
    
    
    7-17Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    17-21Item 4: Controls and Procedures
    
    
    21PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    22Item 6: Exhibits
    
    
    22SIGNATURES
    
    
    23CERTIFICATIONSExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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PART 1. FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS
ATLAS AMERICA PUBLIC #15-2006(B) L.P.
 
 BALANCE SHEETS
 June 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    4,300
    
    
    $
    728,600Accounts receivable-affiliate
    
    
    2,958,500
    
    
    
    2,881,200Short-term hedge receivable due from affiliate
    
    
    2,293,900
    
    
    
    1,896,500Total current assets
    
    
    5,256,700
    
    
    
    5,506,300Oil and gas properties, net
    
    
    43,658,700
    
    
    
    46,184,800Long-term hedge receivable due from affiliate
    
    
    2,981,400
    
    
    
    1,560,900$
    51,896,800
    
    
    $
    53,252,000LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    108,900
    
    
    $
    111,500Short-term hedge liability due to affiliate
    
    
    38,900
    
    
    
    22,900Total current liabilities
    
    
    147,800
    
    
    
    134,400Asset retirement obligation
    
    
    5,304,200
    
    
    
    5,149,700Long-term hedge liability due to affiliate
    
    
    949,600
    
    
    
    236,400Partners capital:Managing general partner
    
    
    11,081,700
    
    
    
    12,081,600Limited partners (14,772.60 units)
    
    
    31,788,300
    
    
    
    34,752,000Accumulated other comprehensive income
    
    
    2,625,200
    
    
    
    897,900Total partners capital
    
    
    45,495,200
    
    
    
    47,731,500$
    51,896,800
    
    
    $
    53,252,000
   3




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ATLAS AMERICA PUBLIC #15-2006 (B) L.P.
 
 STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESNatural gas and oil
    
    $
    2,598,300
    
    
    $
    2,566,800
    
    
    $
    5,405,500
    
    
    $
    6,125,300Interest income
    
    
    200
    
    
    
    300
    
    
    
    400
    
    
    
    800Total revenues
    
    
    2,598,500
    
    
    
    2,567,100
    
    
    
    5,405,900
    
    
    
    6,126,100COSTS AND EXPENSESProduction
    
    
    1,049,500
    
    
    
    1,084,800
    
    
    
    2,086,100
    
    
    
    2,464,000Depletion
    
    
    1,173,000
    
    
    
    1,029,600
    
    
    
    2,534,200
    
    
    
    2,187,100Accretion of asset retirement obligation
    
    
    77,200
    
    
    
    66,900
    
    
    
    154,500
    
    
    
    133,800General and administrative
    
    
    132,500
    
    
    
    120,800
    
    
    
    258,200
    
    
    
    246,900Total expenses
    
    
    2,432,200
    
    
    
    2,302,100
    
    
    
    5,033,000
    
    
    
    5,031,800Net earnings
    
    $
    166,300
    
    
    $
    265,000
    
    
    $
    372,900
    
    
    $
    1,094,300Allocation of net earnings (loss):Managing general partner
    
    $
    234,000
    
    
    $
    257,000
    
    
    $
    509,500
    
    
    $
    728,100Limited partners
    
    $
    (67,700
    )
    
    $
    8,000
    
    
    $
    (136,600
    )
    
    $
    366,200Net (loss) earnings per limited partnership unit
    
    $
    (5
    )
    
    $
    1
    
    
    $
    (9
    )
    
    $
    25
   4




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ATLAS AMERICA PUBLIC #15-2006 (B) L.P.
 
 STATEMENT OF CHANGES IN PARTNERS CAPITAL  FOR THE SIX MONTHS ENDED  June 30, 2010  (Unaudited)
 AccumulatedManaging
    
    
    
    
    
    
    OtherGeneral
    
    
    Limited
    
    
    ComprehensivePartner
    
    
    Partners
    
    
    Income
    
    
    TotalBalance at January 1, 2010
    
    $
    12,081,600
    
    
    $
    34,752,000
    
    
    $
    897,900
    
    
    $
    47,731,500Participation in revenues and expenses:Net production revenues
    
    
    1,103,700
    
    
    
    2,215,700
    
    
    
    
    
    
    
    3,319,400Interest income
    
    
    100
    
    
    
    300
    
    
    
    
    
    
    
    400Depletion
    
    
    (457,100
    )
    
    
    (2,077,100
    )
    
    
    
    
    
    
    (2,534,200
    )Accretion of asset retirement obligation
    
    
    (51,400
    )
    
    
    (103,100
    )
    
    
    
    
    
    
    (154,500
    )General and administrative
    
    
    (85,800
    )
    
    
    (172,400
    )
    
    
    
    
    
    
    (258,200
    )Net earnings (loss)
    
    
    509,500
    
    
    
    (136,600
    )
    
    
    
    
    
    
    372,900Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    1,727,300
    
    
    
    1,727,300Asset contributions
    
    
    9,200
    
    
    
    
    
    
    
    
    
    
    
    9,200Subordination
    
    
    (675,800
    )
    
    
    675,800
    
    
    
    
    
    
    
    Distributions to partners
    
    
    (842,800
    )
    
    
    (3,502,900
    )
    
    
    
    
    
    
    (4,345,700
    )Balance at June 30, 2010
    
    $
    11,081,700
    
    
    $
    31,788,300
    
    
    $
    2,625,200
    
    
    $
    45,495,200
   5




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
 
 STATEMENTS OF CASH FLOWS  (Unaudited)
 Six Months EndedJune 30,2010
    
    
    2009Cash flows from operating activities:Net earnings
    
    $
    372,900
    
    
    $
    1,094,300Adjustments to reconcile net earnings to net cash provided by
operating activities:Depletion
    
    
    2,534,200
    
    
    
    2,187,100Non-cash loss on derivative value
    
    
    638,600
    
    
    
    2,152,700Accretion asset retirement obligation
    
    
    154,500
    
    
    
    133,800(Increase) decrease in accounts receivable  affiliate
    
    
    (77,300
    )
    
    
    2,208,400(Decrease) increase in accrued liabilities
    
    
    (2,600
    )
    
    
    3,500Net cash provided by operating activities
    
    
    3,620,300
    
    
    
    7,779,800Cash flows from investing activities:Sale of equipment
    
    
    1,100
    
    
    
    136,800Net cash provided by investing activities
    
    
    1,100
    
    
    
    136,800Cash flows from financing activities:Distributions to partners
    
    
    (4,345,700
    )
    
    
    (8,333,100
    )Net cash used in financing activities
    
    
    (4,345,700
    )
    
    
    (8,333,100
    )Net decrease in cash and cash equivalents
    
    
    (724,300
    )
    
    
    (416,500
    )Cash and cash equivalents at beginning of period
    
    
    728,600
    
    
    
    1,405,200Cash and cash equivalents at end of period
    
    $
    4,300
    
    
    $
    988,700Supplemental schedule of non-cash investing and financing activities:Assets contributed by managing general partner:Tangible equipment
    
    $
    
    
    
    $
    83,200Intangible drilling costs
    
    
    9,200
    
    
    
    25,100$
    9,200
    
    
    $
    108,300
   6




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
 
 NOTES TO FINANCIAL STATEMENTS  June 30, 2010  (Unaudited)
 NOTE 1  BASIS OF PRESENTATION
   NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
   Fair Value of Financial Instruments
   7




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Oil and Gas Properties
   Impairment of Long-Lived Assets
      8




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Working Interest
  Revenue Recognition
    9




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Comprehensive Income (Loss)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net earnings
    
    $
    166,300
    
    
    $
    265,000
    
    
    $
    372,900
    
    
    $
    1,094,300Other comprehensive income (loss):Unrealized holding gains
(losses) on hedging contracts
    
    
    (235,000
    )
    
    
    209,800
    
    
    
    2,688,700
    
    
    
    (874,300
    )Less: reclassification
adjustment for gains realized in
net earnings
    
    
    (366,200
    )
    
    
    (443,400
    )
    
    
    (961,400
    )
    
    
    (380,100
    )Total other comprehensive income (loss)
    
    
    (601,200
    )
    
    
    (233,600
    )
    
    
    1,727,300
    
    
    
    (1,254,400
    )Comprehensive income (loss)
    
    $
    (434,900
    )
    
    $
    31,400
    
    
    $
    2,100,200
    
    
    $
    (160,100
    )
 Recently Adopted Accounting Standards
     10




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Recently Issued Accounting Standards
  NOTE 3  OIL AND GAS PROPERTIES
  June 30,
    
    
    December 31,2010
    
    
    2009Natural gas and oil properties:Proved properties:Leasehold interests
    
    $
    4,196,500
    
    
    $
    4,196,500Wells and related equipment
    
    
    183,422,500
    
    
    
    183,414,400187,619,000
    
    
    
    187,610,900Accumulated depletion
    
    
    (143,960,300
    )
    
    
    (141,426,100
    )$
    43,658,700
    
    
    $
    46,184,800
 NOTE 4  ASSET RETIREMENT OBLIGATIONS
    11




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 4  ASSET RETIREMENT OBLIGATIONS (Continued)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Asset retirement obligation at beginning of period
    
    $
    5,227,000
    
    
    $
    4,525,700
    
    
    $
    5,149,700
    
    
    $
    4,458,800Accretion expense
    
    
    77,200
    
    
    
    66,900
    
    
    
    154,500
    
    
    
    133,800Asset retirement obligation at end of period
    
    $
    5,304,200
    
    
    $
    4,592,600
    
    
    $
    5,304,200
    
    
    $
    4,592,600
 NOTE 5  DERIVATIVE INSTRUMENTS
     12




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
  Fair Value of Derivative Instruments:
 Asset Derivatives
    
    
    Liability DerivativesDerivatives in
    
    
    
    Fair Value
    
    
    
    
    Fair ValueCash Flow
    
    Balance Sheet
    
    June 30,
    
    
    December 31,
    
    
    Balance Sheet
    
    June 30,
    
    
    December 31,Hedging Relationships
    
    Location
    
    2010
    
    
    2009
    
    
    Location
    
    2010
    
    
    2009Commodity contracts:
    
    Current assets
    
    $
    2,293,900
    
    
    $
    1,896,500
    
    
    Current liabilities
    
    $
    (38,900
    )
    
    $
    (22,900
    )Long-term assets
    
    
    2,981,400
    
    
    
    1,560,900
    
    
    Long-term liabilities
    
    
    (949,600
    )
    
    
    (236,400
    )Total derivatives
    
    
    
    $
    5,275,300
    
    
    $
    3,457,400
    
    
    
    
    $
    (988,500
    )
    
    $
    (259,300
    )
 Effects of Derivative Instruments on Statements of Operations:
 (Loss)/Gain
    
    
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain/(Loss)
    
    
    (Effective Portion)Derivatives in
    
    Three Months Ended
    
    
    Reclassified from Accumulated
    
    
    Three Months EndedCash Flow
    
    June 30,
    
    
    June 30,
    
    
    OCI into Income
    
    
    June 30,
    
    
    June 30,Hedging Relationship
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    
    2010
    
    
    2009Commodity contracts
    
    $
    (235,000
    )
    
    $
    209,800
    
    
    Natural gas and oil revenue
    
    $
    366,200
    
    
    $
    443,400
 Gain/(Loss)
    
    
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    
    
    Reclassified from OCI into Income(Effective Portion)
    
    
    Location of Gain/(Loss)
    
    
    (Effective Portion)Derivatives in
    
    Six Months Ended
    
    
    Reclassified from Accumulated
    
    
    Six Months EndedCash Flow
    
    June 30,
    
    
    June 30,
    
    
    OCI into Income
    
    
    June 30,
    
    
    June 30,Hedging Relationship
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    
    2010
    
    
    2009Commodity contracts
    
    $
    2,688,700
    
    
    $
    (874,300
    )
    
    Natural gas and oil revenue
    
    $
    961,400
    
    
    $
    380,100
   13




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Natural Gas Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (MMbtu)(1)
    
    
    (per MMbtu)(1)
    
    
    Asset(2)2010
    
    
    529,800
    
    
    $
    7.238
    
    
    $
    1,275,3002011
    
    
    722,800
    
    
    
    6.839
    
    
    
    1,078,7002012
    
    
    484,900
    
    
    
    7.165
    
    
    
    706,4002013
    
    
    273,000
    
    
    
    7.011
    
    
    
    293,6002014
    
    
    
    
    
    
    
    
    
    
    $
    3,354,000
 Natural Gas Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (MMbtu)(1)
    
    
    (per MMbtu)(1)
    
    
    Asset (Liability)(2)2010
    
    Puts purchased
    
    
    71,300
    
    
    $
    6.123
    
    
    $
    120,2002010
    
    Calls sold
    
    
    71,300
    
    
    
    7.327
    
    
    
    (10,400
    )2011
    
    Puts purchased
    
    
    333,700
    
    
    
    6.435
    
    
    
    536,1002011
    
    Calls sold
    
    
    333,700
    
    
    
    7.545
    
    
    
    (98,700
    )2012
    
    Puts purchased
    
    
    301,100
    
    
    
    6.012
    
    
    
    443,5002012
    
    Calls sold
    
    
    301,100
    
    
    
    7.181
    
    
    
    (249,500
    )2013
    
    Puts purchased
    
    
    351,600
    
    
    
    6.010
    
    
    
    586,1002013
    
    Calls sold
    
    
    351,600
    
    
    
    7.173
    
    
    
    (425,900
    )2014
    
    Puts purchased
    
    
    122,100
    
    
    
    5.860
    
    
    
    204,9002014
    
    Calls sold
    
    
    122,100
    
    
    
    6.961
    
    
    
    (192,300
    )$
    914,000
 Crude Oil Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (Bbl)(1)
    
    
    (per Bbl)(1)
    
    
    Asset(3)2010
    
    
    300
    
    
    $
    97.123
    
    
    
    6,5002011
    
    
    500
    
    
    
    88.304
    
    
    
    4,3002012
    
    
    400
    
    
    
    87.901
    
    
    
    2,4002013
    
    
    100
    
    
    
    88.211
    
    
    
    6002014
    
    
    
    
    
    
    
    
    
    
    $
    13,800
  14




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Crude Oil Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (Bbl)(1)
    
    
    (per Bbl)(1)
    
    
    Asset (Liability)(3)2010
    
    Puts purchased
    
    
    200
    
    
    $
    85.000
    
    
    $
    2,0002010
    
    Calls sold
    
    
    200
    
    
    
    112.350
    
    
    
    (50
    )2011
    
    Puts purchased
    
    
    300
    
    
    
    77.381
    
    
    
    3,0002011
    
    Calls sold
    
    
    300
    
    
    
    101.642
    
    
    
    (1,300
    )2012
    
    Puts purchased
    
    
    200
    
    
    
    76.756
    
    
    
    2,8002012
    
    Calls sold
    
    
    200
    
    
    
    102.181
    
    
    
    (1,700
    )2013
    
    Puts purchased
    
    
    100
    
    
    
    76.757
    
    
    
    8502013
    
    Calls sold
    
    
    100
    
    
    
    103.103
    
    
    
    (600
    )2014
    
    Puts purchased
    
    
    
    
    
    
    
    
    
    
    2014
    
    Calls sold
    
    
    
    
    
    
    
    
    
    
    $
    5,000Total Net Asset
    
    
    $
    4,286,800
 
 (1)
    
    MMBTU represents million British Thermal Units. Bbl represents barrels.(2)
    
    Fair value based on forward NYMEX natural gas prices, as applicable.(3)
    
    Fair value based on forward WTI crude oil prices, as applicable. NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS
  Level 1 Unadjusted quoted prices in active markets for identical, unrestricted assets and
liabilities that the reporting entity has the ability to access at the measurement date.
 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the
asset and liability or can be corroborated with observable market data for substantially the
entire contractual term of the asset or liability.
 Level 3 Unobservable inputs that reflect the entitys own assumptions about the assumption
market participants would use in the pricing of the asset or liability and are consequently
not based on market activity but rather through particular valuation techniques.
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
   15




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ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
  NOTE 7  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
  
    
    Administrative costs which are included in general and administrative expenses in the
Partnerships statements of operations are payable at $75 per well per month.
Administrative costs incurred for the three and six months ended June 30, 2010 were
$102,800 and $206,700, respectively. Administrative costs incurred for the three and six
months ended June 30, 2009 were $106,500 and $212,600, respectively.
 
    
    Monthly well supervision fees which are included in production expenses in the
Partnerships statements of operations are payable at $296 per well per month for
operating and maintaining the wells. Well supervision fees incurred for the three and
six months ended June 30, 2010 were $406,300 and $816,700, respectively. Well
supervision fees incurred for the three and six months ended June 30, 2009 were $420,600
and $840,000, respectively.
 
    
    Transportation fees which are included in production expenses in the Partnerships
statements of operations are generally at 13% of the natural gas sales price.
Transportation fees incurred for the three and six months ended June 30, 2010 were
$340,700 and $691,900, respectively. Transportation fees incurred for the three and six
months ended June 30, 2009 were $381,900 and $911,000, respectively.
 
    
    Assets contributed from the MGP which are disclosed on the Partnerships statements
of cash flows as a non-cash activity of the six months ended June 30, 2010 and 2009 were
$9,200 and $108,300, respectively.
  Subordination by Managing General Partner
   16




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##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2010
(Unaudited)
 NOTE 8  COMMITMENTS AND CONTINGENCIES
 Legal Proceedings
   
 ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (UNAUDITED)
 Forward-Looking Statements
 When used in this Form 10-Q , the words believes, anticipates, expects and similar
expressions are intended to identify forward-looking statements. There are risks and uncertainties
that could cause actual results to differ materially from the results stated or implied in this
document. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. We undertake no obligation to publicly release the results
of any revisions to forward-looking statements which we may make to reflect events or circumstances
after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.
 BUSINESS OVERVIEW
    17




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##### Table of Contents



Results of Operations
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Production revenues (in thousands):Gas
    
    $
    2,519
    
    
    $
    2,506
    
    
    $
    5,262
    
    
    $
    5,995Oil
    
    
    79
    
    
    
    61
    
    
    
    143
    
    
    
    130Total
    
    $
    2,598
    
    
    $
    2,567
    
    
    $
    5,405
    
    
    $
    6,125Production volumes:Gas (mcf/day) (1)
    
    
    4,382
    
    
    
    4,774
    
    
    
    4,776
    
    
    
    5,118Oil (bbls/day) (1)
    
    
    13
    
    
    
    16
    
    
    
    12
    
    
    
    15Total (mcfe/day) (1)
    
    
    4,460
    
    
    
    4,870
    
    
    
    4,848
    
    
    
    5,208Average sales prices: (2)Gas (per mcf) (1) (3)
    
    $
    7.30
    
    
    $
    8.20
    
    
    $
    6.80
    
    
    $
    8.76Oil (per bbl) (1) (4)
    
    $
    77.11
    
    
    $
    53.41
    
    
    $
    74.58
    
    
    $
    60.38Average production costs:As a percent of revenues
    
    
    40
    %
    
    
    42
    %
    
    
    39
    %
    
    
    40
    %Per mcfe (1)
    
    $
    2.59
    
    
    $
    2.45
    
    
    $
    2.38
    
    
    $
    2.61Depletion per mcfe
    
    $
    2.89
    
    
    $
    2.32
    
    
    $
    2.89
    
    
    $
    2.32
 
 (1)
    
    Mcf represents thousand cubic feet, mcfe represents thousand cubic feet
equivalent, and bbls represents barrels. Bbls are converted to mcfe using the ratio
of six mcfs to one bbl.(2)
    
    Average sales prices represent accrual basis pricing after reversing the effect
of previously recognized gains resulting from prior period impairment charges.(3)
    
    Average gas prices are calculated by including in total revenue derivative gains
previously recognized into income and dividing by the total volume for the period.
Previously recognized derivative gains were $389,900 and $1,057,200 for the three
months ended June 30, 2010 and 2009, respectively. Previously recognized derivative
gains were $619,700 and $2,115,700 for the six months ended June 30, 2010 and 2009,
respectively. The derivative gains are included in other comprehensive income and
resulted from prior period impairment charges.(4)
    
    Average oil prices are calculated by including in total revenue derivative gains
previously recognized into income and dividing by the total volume for the period.
Previously recognized derivative gains were $10,800 and $17,700 for the three months
ended June 30, 2010 and 2009, respectively. Previously recognized derivative gains were
$18,900 and $37,000 for the six months ended June 30, 2010 and 2009, respectively. The
derivative gains are included in other comprehensive income and resulted from prior
period impairment charges.  18




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##### Table of Contents



Natural Gas Revenues.
  Oil Revenues.
  Expenses.
    19




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##### Table of Contents



Liquidity and Capital Resources
      Subordination by Managing General Partner
  CRITICAL ACCOUNTING POLICIES AND ESTIMATES
   20




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Fair Value of Financial Instruments
  Level 1 Unadjusted quoted prices in active markets for identical, unrestricted assets and
liabilities that the reporting entity has the ability to access at the measurement date.
 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the
asset and liability or can be corroborated with observable market data for substantially the
entire contractual term of the asset or liability.
 Level 3 Unobservable inputs that reflect the entitys own assumptions about the assumption
market participants would use in the pricing of the asset or liability and are consequently
not based on market activity but rather through particular valuation techniques.
   
 ITEM 4.
    
    CONTROLS AND PROCEDURES
     21




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##### Table of Contents



PART II. OTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
   
 ITEM 6.
    
    EXHIBITS
 
 EXHIBIT INDEX
 Exhibit No.
    
    Description4.0
    
    
    Amended and Restated Certificate and Agreement of Limited Partnership for Public #15-2006
(B) L.P. (1)10.1
    
    
    Drilling and Operating Agreement for Atlas America Public #15-2006 (B) L.P. (1)31.1
    
    
    Rule 13a-14(a)/15d-14(a) Certification.31.2
    
    
    Rule 13a-14(a)/15d-14(a) Certification.32.1
    
    
    Section 1350 Certification.32.2
    
    
    Section 1350 Certification.
 
 (1)
    
    Filed on April 17, 2006 in the Form S-1 Registration Statement dated April 17, 2006, File No. 0-52168  22




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##### Table of Contents



SIGNATURES
  Atlas America Public #15-2006 (B) L.P.
Atlas Resources, LLC, Managing General PartnerDate:  August 16, 2010
    By:
    /s/ FREDDIE M. KOTEKFreddie M. KotekChairman of the Board of Directors
Chief Executive Officer and PresidentDate:  August 16, 2010
    By:
    /s/ MATTHEW A. JONESMatthew A. JonesChief Financial Officer  23