##### 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 September 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
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ




---



##### 



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 September 30, 2010 and December 31, 2009
    
    
    3Statements of Operations for the Three Months and Nine Months ended September 30, 2010 and 2009
    
    
    4Statement of Changes in Partners Capital for the Nine Months ended September 30, 2010
    
    
    5Statements of Cash Flows for the Nine Months ended September 30, 2010 and 2009
    
    
    6Notes to Financial Statements
    
    
    7-18Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    18-22Item 4: Controls and Procedures
    
    
    22PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    23Item 6: Exhibits
    
    
    23SIGNATURES
    
    
    24CERTIFICATIONSExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




---



##### Table of Contents



PART 1. FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS
 ATLAS AMERICA PUBLIC #15-2006(B) L.P.
 
 BALANCE SHEETS
 September 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    4,400
    
    
    $
    728,600Accounts receivable-affiliate
    
    
    2,765,200
    
    
    
    2,881,200Short-term hedge receivable due from affiliate
    
    
    2,897,800
    
    
    
    1,896,500Total current assets
    
    
    5,667,400
    
    
    
    5,506,300Oil and gas properties, net
    
    
    42,538,800
    
    
    
    46,184,800Long-term hedge receivable due from affiliate
    
    
    3,044,200
    
    
    
    1,560,900$
    51,250,400
    
    
    $
    53,252,000LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    78,100
    
    
    $
    111,500Short-term hedge liability due to affiliate
    
    
    6,900
    
    
    
    22,900Total current liabilities
    
    
    85,000
    
    
    
    134,400Asset retirement obligation
    
    
    5,381,400
    
    
    
    5,149,700Long-term hedge liability due to affiliate
    
    
    496,300
    
    
    
    236,400Partners capital:Managing general partner
    
    
    10,694,200
    
    
    
    12,081,600Limited partners (14,772.60 units)
    
    
    30,480,100
    
    
    
    34,752,000Accumulated other comprehensive income
    
    
    4,113,400
    
    
    
    897,900Total partners capital
    
    
    45,287,700
    
    
    
    47,731,500$
    51,250,400
    
    
    $
    53,252,000
   3




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006 (B) L.P.
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESNatural gas and oil
    
    $
    2,360,000
    
    
    $
    2,411,700
    
    
    $
    7,765,500
    
    
    $
    8,537,000Interest income
    
    
    100
    
    
    
    300
    
    
    
    500
    
    
    
    1,100Total revenues
    
    
    2,360,100
    
    
    
    2,412,000
    
    
    
    7,766,000
    
    
    
    8,538,100COSTS AND EXPENSESProduction
    
    
    1,009,400
    
    
    
    1,062,700
    
    
    
    3,095,500
    
    
    
    3,526,700Depletion
    
    
    1,130,500
    
    
    
    910,700
    
    
    
    3,664,700
    
    
    
    3,097,800Accretion of asset retirement obligation
    
    
    77,200
    
    
    
    66,800
    
    
    
    231,700
    
    
    
    200,600General and administrative
    
    
    116,100
    
    
    
    136,600
    
    
    
    374,300
    
    
    
    383,500Total expenses
    
    
    2,333,200
    
    
    
    2,176,800
    
    
    
    7,366,200
    
    
    
    7,208,600Net earnings
    
    $
    26,900
    
    
    $
    235,200
    
    
    $
    399,800
    
    
    $
    1,329,500Allocation of net (loss) earnings:Managing general partner
    
    $
    181,200
    
    
    $
    187,000
    
    
    $
    690,700
    
    
    $
    915,100Limited partners
    
    $
    (154,300
    )
    
    $
    48,200
    
    
    $
    (290,900
    )
    
    $
    414,400Net (loss) earnings per limited partnership unit
    
    $
    (10
    )
    
    $
    3
    
    
    $
    (20
    )
    
    $
    28
   4




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006 (B) L.P.
 
 STATEMENT OF CHANGES IN PARTNERS CAPITAL
 FOR THE NINE MONTHS ENDED
 September 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
    
    
    1,552,800
    
    
    
    3,117,200
    
    
    
    
    
    
    
    4,670,000Interest income
    
    
    200
    
    
    
    300
    
    
    
    
    
    
    
    500Depletion
    
    
    (660,700
    )
    
    
    (3,004,000
    )
    
    
    
    
    
    
    (3,664,700
    )Accretion of asset retirement obligation
    
    
    (77,100
    )
    
    
    (154,600
    )
    
    
    
    
    
    
    (231,700
    )General and administrative
    
    
    (124,500
    )
    
    
    (249,800
    )
    
    
    
    
    
    
    (374,300
    )Net earnings (loss)
    
    
    690,700
    
    
    
    (290,900
    )
    
    
    
    
    
    
    399,800Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    3,215,500
    
    
    
    3,215,500Asset contributions
    
    
    9,200
    
    
    
    
    
    
    
    
    
    
    
    9,200Subordination
    
    
    (958,100
    )
    
    
    958,100
    
    
    
    
    
    
    
    Distributions to partners
    
    
    (1,129,200
    )
    
    
    (4,939,100
    )
    
    
    
    
    
    
    (6,068,300
    )Balance at September 30, 2010
    
    $
    10,694,200
    
    
    $
    30,480,100
    
    
    $
    4,113,400
    
    
    $
    45,287,700
   5




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
 
 STATEMENTS OF CASH FLOWS
 (Unaudited)
 Nine Months EndedSeptember 30,2010
    
    
    2009Cash flows from operating activities:Net earnings
    
    $
    399,800
    
    
    $
    1,329,500Adjustments to reconcile net earnings to net cash provided by
operating activities:Depletion
    
    
    3,664,700
    
    
    
    3,097,800Non-cash loss on derivative value
    
    
    974,800
    
    
    
    3,108,700Accretion asset retirement obligation
    
    
    231,700
    
    
    
    200,600Decrease in accounts receivable  affiliate
    
    
    116,000
    
    
    
    1,746,400(Decrease) increase in accrued liabilities
    
    
    (33,400
    )
    
    
    17,600Net cash provided by operating activities
    
    
    5,353,600
    
    
    
    9,500,600Cash flows from investing activities:Proceeds from sale of tangible equipment
    
    
    1,100
    
    
    
    136,800Purchase of tangible equipment
    
    
    (10,600
    )
    
    
    Net cash (used in) provided by investing activities
    
    
    (9,500
    )
    
    
    136,800Cash flows from financing activities:Distributions to partners
    
    
    (6,068,300
    )
    
    
    (11,042,300
    )Net cash used in financing activities
    
    
    (6,068,300
    )
    
    
    (11,042,300
    )Net decrease in cash and cash equivalents
    
    
    (724,200
    )
    
    
    (1,404,900
    )Cash and cash equivalents at beginning of period
    
    
    728,600
    
    
    
    1,405,200Cash and cash equivalents at end of period
    
    $
    4,400
    
    
    $
    300Supplemental 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




---



##### Table of Contents



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




---



##### Table of Contents



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




---



##### Table of Contents



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




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Comprehensive Income (Loss) (Continued)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net earnings
    
    $
    26,900
    
    
    $
    235,200
    
    
    $
    399,800
    
    
    $
    1,329,500Other comprehensive income (loss):Unrealized holding gains
(losses) on hedging contracts
    
    
    1,913,400
    
    
    
    289,500
    
    
    
    4,602,100
    
    
    
    (584,800
    )Less: reclassification
adjustment for gains realized in
net earnings
    
    
    (425,200
    )
    
    
    (480,900
    )
    
    
    (1,386,600
    )
    
    
    (861,000
    )Total other comprehensive income (loss)
    
    
    1,488,200
    
    
    
    (191,400
    )
    
    
    3,215,500
    
    
    
    (1,445,800
    )Comprehensive income (loss)
    
    $
    1,515,100
    
    
    $
    43,800
    
    
    $
    3,615,300
    
    
    $
    (116,300
    )
 Recently Adopted Accounting Standards
     10




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Recently Adopted Accounting Standards (Continued)
  Recently Issued Accounting Standards
    11




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 3  OIL AND GAS PROPERTIES
  September 30,
    
    
    December 31,2010
    
    
    2009Natural gas and oil properties:Proved properties:Leasehold interests
    
    $
    4,196,500
    
    
    $
    4,196,500Wells and related equipment
    
    
    183,433,100
    
    
    
    183,414,400187,629,600
    
    
    
    187,610,900Accumulated depletion
    
    
    (145,090,800
    )
    
    
    (141,426,100
    )$
    42,538,800
    
    
    $
    46,184,800
 NOTE 4  ASSET RETIREMENT OBLIGATIONS
    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Asset retirement obligation at beginning of period
    
    $
    5,304,200
    
    
    $
    4,592,600
    
    
    $
    5,149,700
    
    
    $
    4,458,800Accretion expense
    
    
    77,200
    
    
    
    66,800
    
    
    
    231,700
    
    
    
    200,600Asset retirement obligation at end of period
    
    $
    5,381,400
    
    
    $
    4,659,400
    
    
    $
    5,381,400
    
    
    $
    4,659,400
  12




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS
     13




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 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
    
    September 30,
    
    
    December 31,
    
    
    Balance sheet
    
    September 30,
    
    
    December 31,Hedging Relationships
    
    Location
    
    2010
    
    
    2009
    
    
    Location
    
    2010
    
    
    2009Commodity Contracts
    
    Current Assets
    
    $
    2,897,800
    
    
    $
    1,896,500
    
    
    Current liabilities
    
    $
    (6,900
    )
    
    $
    (22,900
    )Long-Term Assets
    
    
    3,044,200
    
    
    
    1,560,900
    
    
    Long-term liabilities
    
    
    (496,300
    )
    
    
    (236,400
    )Total Derivatives
    
    
    
    $
    5,942,000
    
    
    $
    3,457,400
    
    
    
    
    $
    (503,200
    )
    
    $
    (259,300
    )
 Effects of Derivative Instruments on Statements of Operations:
 Gain
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Net Earnings(Effective Portion)
    
    
    Location of Gain
    
    (Effective Portion)Derivatives in
    
    Three Months Ended
    
    
    Reclassified from Accumulated
    
    Three Months EndedCash Flow
    
    September 30,
    
    
    September 30,
    
    
    OCI into Net Earnings
    
    September 30,
    
    
    September 30,Hedging Relationships
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    2010
    
    
    2009Commodity Contracts
    
    $
    1,913,400
    
    
    $
    289,500
    
    
    Natural Gas and Oil Revenue
    
    $
    425,200
    
    
    $
    480,900
 Gain (Loss)
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Net Earnings(Effective Portion)
    
    
    Location of Gain
    
    (Effective Portion)Derivatives in
    
    Nine Months Ended
    
    
    Reclassified from Accumulated
    
    Nine Months EndedCash Flow
    
    September 30,
    
    
    September 30,
    
    
    OCI into Net Earnings
    
    September 30,
    
    
    September 30,Hedging Relationships
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    2010
    
    
    2009Commodity Contracts
    
    $
    4,602,100
    
    
    $
    (584,800
    )
    
    Natural Gas and Oil Revenue
    
    $
    1,386,600
    
    
    $
    861,000
   14




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 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
    
    
    267,600
    
    
    $
    7.236
    
    
    $
    881,3002011
    
    
    713,800
    
    
    
    6.845
    
    
    
    1,716,1002012
    
    
    479,600
    
    
    
    7.172
    
    
    
    999,7002013
    
    
    269,200
    
    
    
    6.544
    
    
    
    328,3002014
    
    
    117,600
    
    
    
    5.899
    
    
    
    53,900$
    3,979,300
 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
    
    
    45,600
    
    
    $
    5.774
    
    
    $
    86,0002010
    
    Calls sold
    
    
    45,600
    
    
    
    6.996
    
    
    
    (100
    )2011
    
    Puts purchased
    
    
    330,600
    
    
    
    6.441
    
    
    
    697,3002011
    
    Calls sold
    
    
    330,600
    
    
    
    7.551
    
    
    
    (14,900
    )2012
    
    Puts purchased
    
    
    297,300
    
    
    
    6.013
    
    
    
    447,8002012
    
    Calls sold
    
    
    297,300
    
    
    
    7.183
    
    
    
    (98,600
    )2013
    
    Puts purchased
    
    
    348,200
    
    
    
    5.749
    
    
    
    517,7002013
    
    Calls sold
    
    
    348,200
    
    
    
    6.937
    
    
    
    (246,900
    )2014
    
    Puts purchased
    
    
    128,000
    
    
    
    5.613
    
    
    
    195,1002014
    
    Calls sold
    
    
    128,000
    
    
    
    6.724
    
    
    
    (130,200
    )$
    1,453,200
 Crude Oil Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (Bbl) (1)
    
    
    (per Bbl) (1)
    
    
    Asset (3)2010
    
    
    100
    
    
    $
    97.061
    
    
    
    2,7002011
    
    
    500
    
    
    
    88.498
    
    
    
    1,9002012
    
    
    400
    
    
    
    88.093
    
    
    
    2502013
    
    
    100
    
    
    
    88.398
    
    
    
    502014
    
    
    
    
    
    
    
    
    
    
    $
    4,900
  15




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Crude Oil Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (Bbl) (1)
    
    
    (per Bbl) (1)
    
    
    Asset (Liability) (3)2010
    
    Puts purchased
    
    
    100
    
    
    $
    85.000
    
    
    
    6002010
    
    Calls sold
    
    
    100
    
    
    
    112.220
    
    
    
    2011
    
    Puts purchased
    
    
    300
    
    
    
    77.563
    
    
    
    1,9002011
    
    Calls sold
    
    
    300
    
    
    
    101.861
    
    
    
    (1,300
    )2012
    
    Puts purchased
    
    
    200
    
    
    
    76.952
    
    
    
    2,1002012
    
    Calls sold
    
    
    200
    
    
    
    102.368
    
    
    
    (1,900
    )2013
    
    Puts purchased
    
    
    100
    
    
    
    76.952
    
    
    
    7002013
    
    Calls sold
    
    
    100
    
    
    
    103.269
    
    
    
    (700
    )2014
    
    Puts purchased
    
    
    
    
    
    
    
    
    
    
    2014
    
    Calls sold
    
    
    
    
    
    
    
    
    
    
    $
    1,400Total Net Asset
    
    
    $
    5,438,800
 
 (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 
 Level 2 
 Level 3 
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
   16




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 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 nine months ended September 30, 2010
were $104,700 and $311,400, respectively. Administrative costs incurred for the three
and nine months ended September 30, 2009 were $100,900 and $313,500, 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
nine months ended September 30, 2010 were $413,700 and $1,230,400, respectively. Well
supervision fees incurred for the three and nine months ended September 30, 2009 were
$398,800 and $1,238,800, 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 nine months ended September 30, 2010 were
$319,500 and $1,011,400, respectively. Transportation fees incurred for the three and
nine months ended September 30, 2009 were $394,700 and $1,305,700, respectively.
 
    
    Assets contributed from the MGP which are disclosed on the Partnerships statements
of cash flows as a non-cash activity of the nine months ended September 30, 2010 and
2009 were $9,200 and $108,300, respectively.
  Subordination by Managing General Partner
   17




---



##### Table of Contents



ATLAS AMERICA PUBLIC #15-2006(B) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 8  COMMITMENTS AND CONTINGENCIES
 Legal Proceedings
   NOTE 9 — SUBSEQUENT EVENT-MERGER AGREEMENT
 )
    
 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
    18




---



##### Table of Contents



Results of Operations
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Production revenues (in thousands):Gas
    
    $
    2,286
    
    
    $
    2,343
    
    
    $
    7,548
    
    
    $
    8,338Oil
    
    
    74
    
    
    
    69
    
    
    
    217
    
    
    
    199Total
    
    $
    2,360
    
    
    $
    2,412
    
    
    $
    7,765
    
    
    $
    8,537Production volumes:Gas (mcf/day) (1)
    
    
    4,161
    
    
    
    4,155
    
    
    
    4,569
    
    
    
    4,794Oil (bbls/day) (1)
    
    
    13
    
    
    
    14
    
    
    
    12
    
    
    
    15Total (mcfe/day) (1)
    
    
    4,239
    
    
    
    4,239
    
    
    
    4,641
    
    
    
    4,884Average sales prices: (2)Gas (per mcf) (1) (3)
    
    $
    6.82
    
    
    $
    8.59
    
    
    $
    6.81
    
    
    $
    8.71Oil (per bbl) (1) (4)
    
    $
    73.20
    
    
    $
    64.79
    
    
    $
    74.10
    
    
    $
    61.81Average production costs:As a percent of revenues
    
    
    43
    %
    
    
    44
    %
    
    
    40
    %
    
    
    41
    %Per mcfe (1)
    
    $
    2.59
    
    
    $
    2.72
    
    
    $
    2.44
    
    
    $
    2.65Depletion per mcfe
    
    $
    2.90
    
    
    $
    2.33
    
    
    $
    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 $325,600 and $939,100 for the three months
ended September 30, 2010 and 2009, respectively. Previously recognized derivative gains
were $945,300 and $3,054,800 for the nine months ended September 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 $10,500 and $16,900 for the three months
ended September 30, 2010 and 2009, respectively. Previously recognized derivative gains
were $29,400 and $54,000 for the nine months ended September 30, 2010 and 2009,
respectively. The derivative gains are included in other comprehensive income and
resulted from prior period impairment charges. 
  19




---



##### Table of Contents



Natural Gas Revenues.
  Oil Revenues.
  Expenses.
    20




---



##### Table of Contents



Liquidity and Capital Resources
      Subordination by Managing General Partner
  CRITICAL ACCOUNTING POLICIES AND ESTIMATES
   21




---



##### Table of Contents



Fair Value of Financial Instruments
  Level 1 
 Level 2 
 Level 3 
   
 ITEM 4. CONTROLS AND PROCEDURES
     22




---



##### 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  23




---



##### Table of Contents



SIGNATURES
  Atlas America Public #15-2006 (B) L.P.Atlas Resources, LLC, Managing General PartnerDate: November 12, 2010
    
    By:
    
    /s/ FREDDIE M. KOTEK

Freddie M. KotekChairman of the Board of DirectorsChief Executive Officer and PresidentDate: November 12, 2010
    
    By:
    
    /s/ MATTHEW A. JONES

Matthew A. JonesChief Financial Officer
  24