Document:

Amendment and Joinder to Gas Gathering Agreements

 Exhibit 10.5 
 AMENDMENT AND JOINDER TO GAS GATHERING AGREEMENTS 
 THIS AMENDMENT AND JOINDER TO GAS GATHERING
AGREEMENTS (this “Amendment”) is made as of December 18, 2006, among Atlas Pipeline Partners, L.P., a Delaware limited partnership, and Atlas Pipeline Operating Partnership, L.P., a Delaware limited partnership
(collectively, “Gatherer”), Atlas America, Inc., a Delaware corporation (“Atlas America”), Resource Energy, LLC, a Delaware limited liability company (formerly Resource Energy, Inc.,
“Resource Energy”), Viking Resources, LLC, a Pennsylvania limited liability company (formerly Viking Resources Corporation, “Viking Resources”), Atlas Noble, LLC, a Delaware limited liability company
(formerly Atlas Noble Corporation, “Atlas Noble”), Atlas Resources, LLC, a Pennsylvania limited liability company (formerly Atlas Resources, Inc., “Atlas Resources”), Atlas America, LLC, a Pennsylvania
limited liability company (formerly Atlas America, Inc., “Atlas PA”), Atlas Energy Resources, LLC, a Delaware limited liability company (“Atlas Energy”), and Atlas Energy Operating Company, LLC, a
Delaware limited liability company (“Energy Operating”). 
 RECITALS 
 A. Gatherer and Atlas America, Resource Energy and Viking Resources are parties to the Master Natural Gas Gathering Agreement dated February 2, 2000
(as amended as of October 25, 2005, the “2000 Gathering Agreement”) and desire to amend the same in accordance with the terms hereof. 
 B. Gatherer and Atlas America (as successor to Atlas Energy Group, Inc.), Atlas Resources, Atlas Noble, Resource Energy and Viking Resources are parties to the Natural Gas Gathering Agreement dated January 1,
2002 (as amended as of October 25, 2005, the “2002 Gathering Agreement” and with the 2000 Gathering Agreement, the “Gathering Agreements”) and desire to amend the same in accordance with the terms
hereof. 
 C. Atlas America has formed Atlas Energy and Energy Operating for the purpose of facilitating the initial public offering of Atlas
Energy and, pursuant to the Contribution and Assumption Agreement of even date herewith, is transferring all of the issued and outstanding member interests in Resource Energy, Viking Resources, Atlas Noble, Atlas Resources and Atlas PA to Energy
Operating, and the parties hereto wish to join Atlas Energy and Energy Operating to the Gathering Agreements. 
 NOW, THEREFORE, in
consideration of the premises, and the mutual covenants and agreements herein set forth, and intending to be legally bound, the parties agree as follows: 
 1. Joinder in the Gathering Agreements. Effective as of the date hereof, each of Atlas Energy and Energy Operating hereby joins each of the Gathering Agreements and accepts and agrees to be bound as a
“Shipper” thereunder with respect to all of the terms and 

 
conditions thereof, and Gatherer hereby consents to such joinder and agrees that Atlas Energy and Energy Operating are parties to the Gathering Agreements as
the Shipper thereunder. 
 2. Removal of Atlas America from and Joinder of Atlas PA to the 2002 Gathering Agreement. Effective as of
the date hereof, Atlas America is hereby removed as a party to the 2002 Gathering Agreement and shall have no further rights or obligations thereunder. Atlas PA hereby joins the 2002 Gathering Agreement and agrees to be bound as a
“Shipper” thereunder with respect to all of the terms and conditions thereof, and Gatherer hereby consents to such joinder and agrees that Atlas PA is party to the 2002 Gathering Agreement as the Shipper thereunder. 
 3. Definition of “Investment Program.” The definition of “Investment Program” set forth in the 2000 Gathering Agreement is
hereby amended and restated in its entirety as follows: 
 “Investment Program” means a Person principally engaged in
the drilling of natural gas and oil wells for which Shipper or direct or indirect subsidiary of Shipper acts as a general partner, managing partner or manager and the securities of which have been offered and sold to investors. 
 4. Other Terms of Gathering Agreements. Except as otherwise expressly provided herein, the Gathering Agreements are not amended, modified or
affected by this Amendment. 
 5. Counterparts. This Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of this Amendment
by facsimile shall be equally as effective as delivery of a manually executed counterpart of this Amendment. 
 [Signatures appear on
following pages] 
  

 2 

 IN WITNESS WHEREOF, the parties have executed this Amendment to be effective as of the date first
written above. 
  

			
	
	Shipper:
	
	ATLAS AMERICA, INC.
		
	By:	 	  
	Name:	 	
	Its:	 	
	
	ATLAS ENERGY RESOURCES, LLC
		
	By:	 	  
	Name:	 	
	Its:	 	
	
	ATLAS ENERGY OPERATING COMPANY, LLC

			
		
	By:	 	Atlas Energy Resources, LLC, its sole member

			
		
	By:	 	  
	Name:	 	
	Its:	 	
	
	RESOURCE ENERGY, LLC

			
		
	By:	 	Atlas Energy Operating Company, LLC, its sole member
		
	By:	 	Atlas Energy Resources, LLC, its sole member

			
		
	By:	 	  
	Name:	 	
	Its:	 	

  

 3 

			
	
	VIKING RESOURCES, LLC

			
		
	By:	 	Atlas Energy Operating Company, LLC, its sole member
		
	By:	 	Atlas Energy Resources, LLC, its sole member

			
		
	By:	 	  
	Name:	 	
	Its:	 	
	
	ATLAS NOBLE, LLC

			
		
	By:	 	Atlas Energy Operating Company, LLC, its sole member
		
	By:	 	Atlas Energy Resources, LLC, its sole member

			
		
	By:	 	  
	Name:	 	
	Its:	 	
	
	ATLAS RESOURCES, LLC

			
		
	By:	 	AIC, LLC, its sole member
		
	By:	 	Atlas Energy Operating Company, LLC, its sole member
		
	By:	 	Atlas Energy Resources, LLC, its sole member

			
		
	By:	 	  
	Name:	 	
	Its:	 	
	
	ATLAS AMERICA, LLC

			
		
	By:	 	Atlas Energy Operating Company, LLC, its sole member
		
	By:	 	Atlas Energy Resources, LLC, its sole member

			
		
	By:	 	  
	Name:	 	
	Its:	 	

  

 4 

			
	
	Gatherer:
	
	ATLAS PIPELINE OPERATING PARTNERSHIP, L.P.

			
		
	By:	 	Atlas Pipeline Partners GP, LLC, its general partner

			
		
	By:	 	  
	Name:	 	
	Its:	 	
	
	ATLAS PIPELINE PARTNERS, L.P.

			
		
	By:	 	 Atlas Pipeline Partners GP, LLC,
 its general
partner

			
		
	By:	 	  
	Name:	 	
	Its:	 	

  

 5Services Agreement

 Exhibit 10.6 
 SERVICES AGREEMENT 
 This Services Agreement (this “Agreement”) is made as of
December 18, 2006 by and among Anthem Securities, Inc., a Pennsylvania corporation (“Anthem”), and Atlas America, Inc., a Delaware corporation (“Atlas America”). 
 WHEREAS, Anthem and Atlas America desire to enter into an agreement setting forth the terms on which Anthem will perform certain Services (as defined
below) for Atlas America. 
 NOW, THEREFORE, in consideration for the mutual promises herein contained, the parties agree as follows:

 Section 1. Appointment. Anthem agrees to provide to Atlas America, upon Atlas America’s request, dealer/manager services
(the “Services”) on substantially the same terms set forth in Exhibit A hereto (with respect to a private offering) and Exhibit B hereto (with respect to a public offering). Nothing in this Agreement shall prohibit Atlas America
from contracting with other parties in order to provide all or part of the Services. 
 Section 2. Expense Allocation. Anthem and
Atlas America shall enter into an expense agreement on substantially the same terms set forth in Exhibit C hereto (the “Expense Agreement”). The Expense Agreement, which may be amended from time-to-time, was prepared in accordance
with SEC and NASD rules and interpretations, including NASD Notice to Members 03-63. Subject to the terms of the Expense Agreement, and except as otherwise provided in the dealer-manager agreements into which Anthem and Atlas America shall enter
pursuant to Section 1 hereof, Atlas America agrees to reimburse Anthem for all Anthem’s direct and indirect costs incurred in connection with providing the Services to Atlas America including, but not limited to, the share of Anthem's
salaries, rent, telephone service, accounting and legal services, travel, office equipment, insurance, office supplies, postage, taxes, utilities and membership and registration fees reasonably related to the Services (collectively, the
“Expenses”). Anthem shall submit to Atlas America, no less frequently than monthly, a reasonably itemized estimate for Expenses incurred to be in the following month, if any, which estimate shall also include (to the extent
reasonably determinable and subject to final “trueing up” to actual) amounts accrued for employee bonuses but that are to be paid in subsequent periods. 
 Section 3. Independent Contractor. For all purposes of this Agreement, Anthem shall be an independent contractor and not an employee or dependent agent of Atlas America; nor shall anything herein be
construed as making Atlas America a partner or co-venturer with Anthem. Except as provided in this Agreement or as may otherwise be delegated to Anthem from time to time by Atlas America in writing, Anthem shall not have any authority to bind,
obligate or represent Atlas America, and shall be subject to none of the fiduciary duties of a partner, director or officer in respect of Atlas America. This Agreement establishes and limits by its terms Anthem’s obligations to Atlas America
and Atlas America’s obligations for reimbursement of Anthem’s Expenses for the Services. 
  

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 Section 4. Notices. All notices or requests or consents provided for or permitted to be given
pursuant to this Agreement must be in writing and must be given by depositing same in the United States mail, addressed to the person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in
person or by telecopier to such party. Notice given by personal delivery or mail shall be effective upon actual receipt. Notice given by telecopier shall be effective upon actual receipt if received during the recipient’s normal business hours,
or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business hours. All notices to be sent to a party pursuant to this Agreement shall be sent to or made at the address set
forth below such party’s signature to this Agreement, or at such other address as such party may stipulate to the other parties in the manner provided in this Section. 
 Section 5. No Third Party Beneficiaries. No third party or creditor of either of the parties to this Agreement shall have any rights
hereunder. For the avoidance of doubt, there shall be no third-party beneficiaries to this Agreement and no person other than a party hereto shall be entitled to enforce any rights or obligations hereunder. 
 Section 6. Assignment. This Agreement may not be assigned, nor may any obligations hereunder be transferred or delegated, by either party
without the prior written consent of the other party (except as otherwise provided herein). The foregoing shall not prevent an assignment by either party in connection with any transaction which does not result in a change of its actual control or
management. This Agreement shall bind and inure to the benefit of and be enforceable by the parties and their respective permitted successors and assigns. 
 Section 7. Modification; Waiver. Except as otherwise expressly provided herein, this Agreement shall not be amended, nor shall any provision of this Agreement be considered modified or waived, unless
evidenced by a writing signed by the party to be charged with such amendment, waiver or modification. A waiver on one occasion will not be deemed to be a waiver of the same or any other breach on a future occasion. 
 Section 8. Governing Law. THIS AGREEMENT SHALL BE INTERPRETED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES. 
 Section 9. Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF the parties hereto have hereunto caused this Agreement to be duly executed as of the
date first written above. 
  

			
	ANTHEM SECURITIES, INC.
		
	By:	 	  
	Name:	 	
	Title:	 	

			
		
	Address for Notice:	 	311 Rouser Road
		 	Moon Township, PA 15108
		
	Telecopy Number:	 	(412) 262-2820

  

			
	ATLAS AMERICA, INC.
		
	By:	 	  
	Name:	 	
	Its:	 	

			
		
	Address for Notice:	 	311 Rouser Road
		 	Moon Township, PA 15108
		
	Telecopy Number:	 	(412) 262-2820

  

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 EXHIBIT A 
 ATLAS AMERICA SERIES 27-2006 L.P. 
 DEALER-MANAGER AGREEMENT 
 FOR 
 ANTHEM SECURITIES, INC.

 ANTHEM SECURITIES, INC. 
 DEALER-MANAGER AGREEMENT 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	Description of Program and Units	  	1
	2.	  	Representations, Warranties and Agreements of the Managing General Partner	  	2
	3.	  	Grant of Authority to the Dealer-Manager	  	2
	4.	  	Compensation and Fees	  	3
	5.	  	Covenants of the Managing General Partner	  	4
	6.	  	Representations and Warranties of the Dealer-Manager	  	5
	7.	  	State Securities Registration	  	9
	8.	  	Expense of Sale	  	10
	9.	  	Conditions of the Dealer-Manager’s Duties	  	10
	10.	  	Conditions of the Managing General Partner’s Duties	  	10
	11.	  	Indemnification	  	11
	12.	  	Representations and Agreements to Survive Delivery	  	11
	13.	  	Termination	  	12
	14.	  	Notices	  	12
	15.	  	Format of Checks/Escrow Agent	  	12
	16.	  	Transmittal Procedures	  	13
	17.	  	Parties	  	13
	18.	  	Relationship	  	14
	19.	  	Effective Date	  	14
	20.	  	Entire Agreement, Waiver	  	14
	21.	  	Governing Law	  	14
	22.	  	Complaints	  	14
	23.	  	Privacy	  	14
	24.	  	Anti-Money Laundering Provision	  	15
	25.	  	Acceptance	  	15

  

	
	 Exhibit A – Escrow Agreement

	
	 Exhibit B – Selling Agent Agreement

 Anthem Securities, Inc. 
 Dealer-Manager Agreement 

 ANTHEM SECURITIES, INC. 
 DEALER-MANAGER AGREEMENT 
 (Best Efforts) 
  

	 	RE:	ATLAS AMERICA SERIES 27-2006 L.P. 

 Anthem Securities, Inc.

 P.O. Box 926 
 Coraopolis, Pennsylvania 15108-0926 

Gentlemen: 
 The undersigned, Atlas Resources, Inc.,
which is referred to as the “Managing General Partner,” on behalf of Atlas America Series 27-2006 L.P., which is referred to as the “Partnership,” is an offering of up to 2,840 investor general partner interests and limited
partner interests, which are referred to as “Units,” in the Partnership. The Managing General Partner on behalf of the Partnership hereby confirms its agreement with you, as Dealer-Manager, as follows: 
  

	1.	Description of Program and Units.  

  

	 	(a)	Atlas Resources, LLC, a Pennsylvania limited liability company, is the sole Managing General Partner of the Partnership, which was formed as a limited partnership under the Delaware
Revised Uniform Limited Partnership Act. 

  

	 	(b)	The Units being offered and the offering are described in the Private Placement Memorandum dated October 15, 2006, which is referred to as the “Private Placement
Memorandum.” The Managing General Partner has packaged each numbered Private Placement Memorandum, together with a copy of each item of sales materials that it has approved for use with potential investors in the Partnership, which are
collectively referred to as the “Sales Literature,” in kits, which are referred to as the “Private Placement Memorandum Kits.” 

 Terms defined in the Private Placement Memorandum and not otherwise defined in this Agreement shall have the meanings set forth in the Private Placement Memorandum. 
  

	 	(c)	The Partnership will issue and sell the Units at a price of $25,000 per Unit subject to the discounts set forth in Section 4(c) of this Agreement for certain investors. Subject
to the receipt and acceptance by the Managing General Partner of the minimum subscription proceeds of $2,000,000 in the Partnership by its Offering Termination Date as described in the Private Placement Memorandum (the “Offering Termination
Date”), the Managing General Partner may break escrow and use the subscription proceeds for the Partnership’s drilling activities, which is referred to as the “Initial Closing Date.” The subscription period for the Partnership
will be as described in the Private Placement Memorandum. Also, the maximum subscription proceeds must not exceed $71 million. 

 The Managing General Partner will notify you and the “Selling Agents,” as defined below, of the Initial Closing Date for the Partnership. 
  

 1 

 The Managing General Partner, its officers, directors, and affiliates may buy, for investment purposes
only, the number of Units equal to the minimum subscription proceeds of $2,000,000 required for the Partnership to begin operations. 
  

	2.	Representations, Warranties and Agreements of the Managing General Partner. The Managing General Partner represents and warrants to and agrees with you that:

  

	 	(a)	The Units have not been and will not be registered with the Securities and Exchange Commission, which is referred to as the “Commission.” So far as is under the control of
the Managing General Partner the Units will be offered and sold in reliance on the exemption provided by Regulation D, which is referred to as “Regulation D,” promulgated under Section 4(2) of the Securities Act of 1933, as amended,
which is referred to as the “Act.” 

  

	 	(b)	The Managing General Partner shall provide to you for delivery to all offerees and purchasers and their representatives the information and documents that the Managing General
Partner deems appropriate to comply with Regulation D and any exemptions under applicable state securities acts, which are referred to as the “Blue Sky” laws. 

  

	 	(c)	The Units when issued will be duly authorized and validly issued as set forth in the Amended and Restated Certificate and Agreement of Limited Partnership of the Partnership, which
is referred to as the “Partnership Agreement,” the form of which is included as Exhibit (A) to the Private Placement Memorandum, and subject only to the rights and obligations set forth in the Partnership Agreement or imposed by the
laws of the state of formation of the Partnership or of any jurisdiction to the laws of which the Partnership is subject. 

  

	 	(d)	The Partnership was duly formed under the laws of the State of Delaware and is validly existing as a limited partnership in good standing under the laws of Delaware with full power
and authority to own its properties and conduct its business as described in the Private Placement Memorandum. 

 The
Partnership will be qualified to do business as a limited partnership or similar entity offering limited liability in those jurisdictions where the Managing General Partner deems the qualification necessary to assure limited liability of the limited
partners. 
  

	 	(e)	The Private Placement Memorandum, as supplemented or amended, does not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements in the Private Placement Memorandum, in the light of the circumstances under which they are made, not misleading. 

  

	3.	Grant of Authority to the Dealer-Manager. 

  

	 	(a)	Based on the representations and warranties contained in this Agreement, and subject to the terms and conditions set forth in this Agreement, the Managing General Partner appoints
you as the Dealer-Manager for the Partnership and gives you the exclusive right during the offering period as described in the Private Placement Memorandum to solicit subscriptions for the Units on a “best efforts” basis in all states.

  

 2 

	 	(b)	You agree to use your best efforts to effect sales of the Units and to form and manage a selling group composed of soliciting broker/dealers, which are referred to as the
“Selling Agents,” each of which shall be a member of the National Association of Securities Dealers, Inc., which is referred to as the “NASD,” and shall enter into a “Selling Agent Agreement” in substantially the form
attached to this Agreement as Exhibit “B.” 

 The Managing General Partner shall have three business days after the
receipt of an executed Selling Agent Agreement to refuse that Selling Agent’s participation. 
  

	4.	Compensation and Fees. 

  

	 	(a)	As Dealer-Manager you shall receive from the Managing General Partner the following compensation, based on each Unit sold to investors in the Partnership and whose subscriptions for
Units are accepted by the Managing General Partner: 

  

	 	(i)	a 2.5% Dealer-Manager fee; 

  

	 	(ii)	a 7% Sales Commission; 

  

	 	(iii)	a 1.5% nonaccountable marketing expense fee; and 

  

	 	(iv)	a .5% nonaccountable due diligence fee. 

  

	 	(b)	All or a portion of the Sales Commissions, the nonaccountable due diligence fee and the nonaccountable marketing expense fee may be reallowed to the Selling Agents. Additionally,
you may reduce the 1.5% nonaccountable marketing expense fee payable to the Selling Agents as set forth in Section 2(a)(iii) of the Selling Agent Agreement and you may reduce the .5% nonaccountable due diligence fee payable to the Selling
Agents as set forth in Section 2(a)(ii) of the Selling Agent Agreement. Of the 2.5% Dealer-Manager fee, some or all may be reallowed to the wholesalers for subscriptions obtained through their efforts. You shall retain any of the 2.5%
Dealer-Manager fee, the Sales Commissions, the 1.5% nonaccountable marketing expense fee and the .5% nonaccountable due diligence fee not reallowed to the Selling Agents or the wholesalers. 

  

	 	(c)	Notwithstanding the foregoing: 

  

	 	(i)	the Managing General Partner, its officers, directors, and affiliates, and investors who buy Units through the officers and directors of the Managing General Partner, may subscribe
to Units for a subscription price reduced by the 2.5% Dealer-Manager fee, the 7% Sales Commission, the 1.5% nonaccountable marketing expense fee, and the .5% nonaccountable due diligence fee which shall not be paid to you; and

  

	 	(ii)	registered investment advisors and their clients and Selling Agents and their registered representatives and principals may subscribe to Units for a subscription price reduced by
the 7% Sales Commission, which shall not be paid to you, although their subscription price shall not be reduced by the 2.5% Dealer-Manager fee, the 1.5% nonaccountable marketing expense fee, and the .5% nonaccountable due diligence fee which shall
be paid to you. 

 No more than 5% of the total Units offered shall be sold in the Partnership with the discounts described
above. 
  

	 	(d)	 Pending receipt and acceptance by the Managing General Partner of the minimum subscription proceeds of $2,000,000 in the Partnership, excluding the subscription
discounts set forth in Section 4(c) of this Agreement, all proceeds received by 

  

 3 

	 	 
you from the sale of Units in the Partnership shall be held in a separate interest bearing escrow account as provided in Section 15 of this Agreement.

 Unless at least the minimum subscription proceeds of $2,000,000 as described above are received on or before the Offering
Termination Date of the Partnership, as described in Section 1 of this Agreement, the offering of Units in the Partnership shall be terminated, in which event: 
  

	 	(i)	the 2.5% Dealer-Manager fee, the 7% Sales Commission, the 1.5% nonaccountable marketing expense fee, and the .5% nonaccountable due diligence fee set forth in Section 4(a) of
this Agreement shall not be payable to you; 

  

	 	(ii)	all funds advanced by subscribers shall be returned to them with interest earned; and 

  

	 	(iii)	you shall deliver a termination letter in the form provided to you by the Managing General Partner to each of the subscribers and to each of the offerees previously solicited by you
and the Selling Agents in connection with the offering of the Units. 

  

	 	(e)	Except as otherwise provided below, the fees and Sales Commissions set forth in Section 4(a) of this Agreement shall be paid to you within five business days after the
following: 

  

	 	(i)	at least the minimum subscription proceeds of $2,000,000 as described above have been received by the Partnership and accepted by the Managing General Partner; and

  

	 	(ii)	the Partnership’s subscription proceeds have been released from the escrow account to the Managing General Partner. 

 You shall reallow to the Selling Agents and the wholesalers their respective fees and Sales Commissions as set forth in Section 4(b) of this
Agreement. 
 Thereafter, your fees and Sales Commissions shall be paid to you approximately every two weeks until the Offering Termination
Date for the Partnership. All your remaining fees and Sales Commissions shall be paid by the Managing General Partner no later than fourteen business days after the Offering Termination Date for the Partnership. 
  

	5.	Covenants of the Managing General Partner. The Managing General Partner covenants and agrees that: 

  

	 	(a)	The Managing General Partner shall deliver to you ample copies of the Private Placement Memorandum Kit and all amendments or supplements to the Private Placement Memorandum.

  

	 	(b)	 If any event affecting the Partnership or the Managing General Partner occurs that in the opinion of the Managing General Partner should be set forth in a
supplement or amendment to the Private Placement Memorandum, then the Managing General Partner shall promptly at its expense prepare and furnish to you a sufficient number of copies of a supplement 

  

 4 

	 	 
or amendment to the Private Placement Memorandum so that it, as so supplemented or amended, will not contain an untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements in the Private Placement Memorandum, in the light of the circumstances under which they are made, not misleading. 

  

	6.	Representations and Warranties of the Dealer-Manager. You, as the Dealer-Manager, represent and warrant to the Managing General Partner that: 

  

	 	(a)	You are a corporation duly organized, validly existing and in good standing under the laws of the state of your formation or of any jurisdiction to the laws of which you are
subject, with all requisite power and authority to enter into this Agreement and to carry out your obligations under this Agreement. 

  

	 	(b)	This Agreement when accepted and approved by you shall be duly authorized, executed, and delivered by you and shall be a valid and binding agreement on your part in accordance with
its terms. 

  

	 	(c)	The consummation of the transactions contemplated by this Agreement and the Private Placement Memorandum shall not result in the following: 

  

	 	(i)	any breach of any of the terms or conditions of, or a default under your Articles of Incorporation or Bylaws; or any other indenture, agreement, or other instrument to which you are
a party; or 

  

	 	(ii)	any violation of any order applicable to you of any court or any federal or state regulatory body or administrative agency having jurisdiction over you or your affiliates.

  

	 	(d)	You are not subject to any disqualification described in Rule 505(b)(2)(iii) of Regulation D. 

 You are duly registered under the provisions of the Securities Exchange Act of 1934, which is referred to as the “Act of 1934,” as a dealer, and
you are a member in good standing of the NASD. You are duly registered as a broker/dealer in the states where you are required to be registered in order to carry out your obligations as contemplated by this Agreement and the Private Placement
Memorandum. You agree to maintain all the foregoing registrations in good standing throughout the term of the offer and sale of the Units, and you agree to comply with all statutes and other requirements applicable to you as a broker/dealer under
those registrations. 
  

	 	(e)	Pursuant to your appointment as Dealer-Manager, you shall use your best efforts to exercise the supervision and control that you deem necessary and appropriate to the activities of
you and the Selling Agents to comply with all the provisions of Regulation D, insofar as Regulation D applies to your and their activities under this Agreement. Further, you and the Selling Agents shall not engage in any activity which would cause
the offer and/or sale of the Units not to comply with Regulation D, the Act, the Act of 1934, the applicable rules and regulations of the Commission, the applicable state securities laws and regulations, this Agreement, and the NASD Conduct Rules
including Rules 2420, 2730, 2740, and 2750, and specifically you agree as set forth below. 

  

	 	(i)	You agree to advise the Managing General Partner in writing of each state in which you and the Selling Agents propose to offer or sell the Units; and you shall not, nor shall you
permit any Selling Agent, to offer or sell the Units in any state until you have been advised in writing by the Managing General Partner, or the Managing General Partner’s special counsel, that the offer or sale of the Units:

  

	 	(1)	has been qualified in the state; 

  

 5 

	 	(2)	is exempt from the qualification requirements imposed by the state; or 

  

	 	(3)	the qualification is otherwise not required. 

  

	 	(ii)	Units shall not be offered and/or sold by you or the Selling Agents by means of any form of general solicitation or general advertising, including, but not limited to, the
following: 

  

	 	(1)	any advertisement, article, notice, or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio; 

  

	 	(2)	any seminar or meeting whose attendees have been invited by any general solicitation or general advertising; or 

  

	 	(3)	any letter, circular, notice or other written communication constituting a form of general solicitation or general advertising. 

  

	 	(iii)	You agree and shall require any Selling Agent to agree to provide each offeree with the following: 

  

	 	(1)	a complete Private Placement Memorandum Kit, which includes a numbered copy of the Private Placement Memorandum, all exhibits incorporated in the Private Placement Memorandum and,
without exception, all of the Sales Literature; and 

  

	 	(2)	any numbered supplement or amendment to the Private Placement Memorandum as set forth in (iv) below. 

 Also, each Private Placement Memorandum Kit includes a copy of the following Sales Literature: 
  

	 	(1)	a flyer entitled “Atlas America Series 27-2006 L.P.”; 

  

	 	(2)	a brochure entitled “Frequently Asked Questions”; and 

  

	 	(3)	possibly other supplementary materials. 

 Further, you and
the Selling Agents shall keep file memoranda indicating by number to whom each Private Placement Memorandum Kit, including without exception, the Sales Literature, and supplement or amendment to the Private Placement Memorandum was delivered.

  

 6 

	 	(iv)	When any supplement or amendment to the Private Placement Memorandum is prepared and delivered to you by the Managing General Partner, you agree and shall require any Selling Agent
to agree as follows: 

  

	 	(1)	to distribute each supplement or amendment to the Private Placement Memorandum, identified by number, to every person who has previously received a Private Placement Memorandum Kit
from you and/or the Selling Agent; 

  

	 	(2)	to include each supplement or amendment in all future deliveries of any Private Placement Memorandum Kit; and 

  

	 	(3)	to keep file memoranda indicating to whom each supplement or amendment was delivered. 

  

	 	(v)	In connection with any offer or sale of the Units, you agree and shall require any Selling Agent to agree, to the following: 

  

	 	(1)	to comply in all respects with statements set forth in the Private Placement Memorandum, the Partnership Agreement, and any supplements or amendments to the Private Placement
Memorandum; 

  

	 	(2)	not to make any statement inconsistent with the statements in the Private Placement Memorandum, the Partnership Agreement, and any supplements or amendments to the Private Placement
Memorandum; 

  

	 	(3)	not to make any untrue or misleading statements of a material fact in connection with the Units; and 

  

	 	(4)	not to provide any written information, statements, or sales materials other than the Private Placement Memorandum, the Sales Literature, and any supplements or amendments to the
Private Placement Memorandum unless approved in writing by the Managing General Partner. 

  

	 	(vi)	You and the Selling Agents shall advise each offeree of Units in the Partnership at the time of the initial offering to him that the Partnership and the Managing General Partner
shall during the course of the offering and a reasonable time before sale accord him the opportunity to ask questions and receive answers concerning the terms and conditions of the offering and to obtain any additional information, to the extent
possessed by the Partnership or the Managing General Partner or obtainable by either of them without unreasonable effort or expense, that is necessary to verify the accuracy of the information contained in the Private Placement Memorandum.

  

	 	(vii)	 Before the sale of any of the Units, you and the Selling Agents shall make reasonable inquiry to determine if the offeree is acquiring the Units for his own account
or on behalf of other persons, and that the offeree understands the limitations on the offeree’s disposition of the Units set forth in Rule 502(d) of Regulation D. This includes a 

  

 7 

	 	 
determination by you and the Selling Agents that the offeree understands that he must bear the economic risk of the investment for an indefinite period of
time because the Units have not been registered under the Act and, thus, cannot be sold unless the Units are subsequently registered under the Act or an exemption from registration under the Act is available. 

  

	 	(viii)	Before the sale of any of the Units you and the Selling Agents shall have reasonable grounds to believe that each subscriber is an “accredited investor” as that term is
defined in Rule 501(a) of Regulation D. 

  

	 	(ix)	Units shall not be sold by you or the Selling Agents to anyone whom you or the Selling Agent reasonably believes is not an accredited investor. 

  

	 	(x)	You agree to use your best efforts in the solicitation and sale of the Units and to coordinate and supervise the efforts of the Selling Agents, and you shall require any Selling
Agent to agree to use its best efforts in the solicitation and sale of the Units, including that: 

  

	 	(1)	the Selling Agents comply with all the provisions of Regulation D, the Act, the Act of 1934, the applicable rules and regulations of the Commission, the applicable state securities
laws and regulations, this Agreement, and the NASD Conduct Rules; 

  

	 	(2)	the prospective purchasers meet the suitability requirements set forth in the Private Placement Memorandum, the Subscription Agreement, and this Agreement; and

  

	 	(3)	the prospective purchasers properly complete the following forms, which will be included in the Partnership’s subscription packet as exhibits to the Private Placement
Memorandum: 

  

	 	(A)	the Subscription Agreement and Annex A attached to the Subscription Agreement [Exhibit (I-B)]; and 

  

	 	(B)	the Execution Page and Purchaser Questionnaire [Exhibit (C)]; 

 together with any additional forms provided in any supplement or amendment to the Private Placement Memorandum, or otherwise provided to you by the Managing General Partner to be completed by prospective purchasers. 
 The Managing General Partner shall have the right to reject any subscription at any time for any reason without liability to it. Subscription funds and
executed subscription packets shall be transmitted as set forth in Section 16 of this Agreement. 
  

	 	(xi)	Although not anticipated, if you assist in any transfers of the Units, then you shall comply, and you shall require any Selling Agent to comply, with the requirements of Rule
2810(b)(2)(B) and (b)(3)(D) of the NASD Conduct Rules. 

  

 8 

	 	(xii)	You agree and covenant that: 

  

	 	(1)	the representations and warranties you make in this Agreement are and shall be true and correct at the applicable closing date; and 

  

	 	(2)	you shall have fulfilled all your obligations under this Agreement at the applicable closing date. 

  

	 	(xiii)	You agree and covenant that you will not distribute a Private Placement Memorandum Kit to any offeree with whom you do not have a pre-existing substantive relationship as defined
from time to time by the Commission, and you shall require each Selling Agent to agree to the same. As of the date of this Agreement, the term “pre-existing substantive relationship” with a potential offeree means the following:

  

	 	(1)	your relationship with the offeree was established before the beginning of the offering of Units in the Partnership, which is October 15, 2006; and 

  

	 	(2)	you have sufficient information concerning the offeree to determine the offeree’s current sophistication and financial circumstances, including that the offeree has such
knowledge and experience in financial and business matters that the offeree is capable of evaluating the merits and risks of an investment in the Partnership. 

  

	7.	State Securities Registration. Incident to the offer and sale of the Units, the Managing General Partner shall use its best efforts either in taking:

  

	 	(a)	all necessary action and filing all necessary forms and documents deemed reasonable by it in order to qualify or register Units for sale under the securities laws of the states
requested by you pursuant to Section 6(e)(i) of this Agreement; or 

  

	 	(b)	any necessary action and filing any necessary forms deemed reasonable by it in order to obtain an exemption from qualification or registration in those states.

 Notwithstanding, the Managing General Partner may elect not to qualify or register Units in any state or jurisdiction in
which it deems the qualification or registration is not warranted for any reason in its sole discretion. The Managing General Partner and its counsel shall inform you as to the states and jurisdictions in which the Units have been qualified for sale
or are exempt under the respective securities or Blue Sky laws of those states and jurisdictions. The Managing General Partner, however, has not assumed and will not assume any obligation or responsibility as to your right or any Selling
Agent’s right to act as a broker/dealer with respect to the Units in any state or jurisdiction. 
 The Managing General Partner shall
provide to you and the Selling Agents for delivery to all offerees and purchasers and their representatives any additional information, documents, and instruments that the Managing General Partner deems necessary to comply with the rules,
regulations, and judicial and administrative interpretations in those states and jurisdictions for the offer and sale of the Units in those states. 
 The Managing General Partner shall file all post-offering forms, documents, or materials and take all other actions required by the states and jurisdictions in which the offer and sale of Units have been qualified, registered, or are
exempt. However, the 

  

 9 

 
Managing General Partner shall not be required to take any action, make any filing, or prepare any document necessary or required in connection with your
status or any Selling Agent’s status as a broker/dealer under the laws of any state or jurisdiction. 
 The Managing General Partner
shall provide you with copies of all applications, filings, correspondence, orders, other documents, or instruments relating to any application for qualification, registration, exemption or other approval under applicable state or Federal securities
laws for the offering. 
  

	8.	Expense of Sale. The expenses in connection with the offer and sale of the Units shall be payable as set forth below. 

  

	 	(a)	The Managing General Partner shall pay all expenses incident to the performance of its obligations under this Agreement, including the fees and expenses of its attorneys and
accountants and all fees and expenses of registering or qualifying the Units for offer and sale in the states and jurisdictions as set forth in Section 7 of this Agreement, or obtaining exemptions from qualification or registration, even if the
offering of the Partnership is not successfully completed. 

  

	 	(b)	You shall pay all expenses incident to the performance of your obligations under this Agreement, including the formation and management of the selling group and the fees and
expenses of your own counsel and accountants, even if the offering of the Partnership is not successfully completed. 

  

	9.	Conditions of the Dealer-Manager’s Duties. Your obligations under this Agreement shall be subject to the accuracy, as of the date of this Agreement and at the applicable
closing date of: 

  

	 	(a)	the Managing General Partner’s representations and warranties made in this Agreement; and 

  

	 	(b)	to the performance by the Managing General Partner of its obligations under this Agreement. 

  

	10.	Conditions of the Managing General Partner’s Duties. The Managing General Partner’s obligations provided under this Agreement, including the duty to pay
compensation to you as set forth in Section 4 of this Agreement, shall be subject to the following: 

  

	 	(a)	the accuracy, as of the date of this Agreement and at the applicable closing date of the Partnership as if made at the applicable closing date, of your representations and
warranties made in this Agreement; 

  

	 	(b)	the performance by you of your obligations under this Agreement; and 

  

	 	(c)	the Managing General Partner’s receipt, at or before the applicable closing date, of the following documents: 

  

	 	(i)	the file memoranda required under Sections 6(e)(iii) and (iv) of this Agreement; and 

  

 10 

	 	(ii)	fully executed subscription documents for each prospective purchaser as required by Section 6(e)(x) of this Agreement. 

  

	11.	Indemnification.  

  

	 	(a)	You and the Selling Agents shall indemnify and hold harmless the Managing General Partner, the Partnership and its attorneys against any losses, claims, damages or liabilities,
joint or several, to which they may become subject under the Act, the Act of 1934, or otherwise insofar as the losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on your agreements with the Selling
Agents or your breach of any of your duties and obligations, representations, or warranties under the terms or provisions of this Agreement, and you and the Selling Agents shall reimburse them for any legal or other expenses reasonably incurred in
connection with investigating or defending the losses, claims, damages, liabilities, or actions. 

  

	 	(b)	The Managing General Partner shall indemnify and hold you and the Selling Agents harmless against any losses, claims, damages or liabilities, joint or several, to which you and the
Selling Agents may become subject under the Act, the Act of 1934, or otherwise insofar as the losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on the Managing General Partner’s breach of any of
its duties and obligations, representations, or warranties under the terms or provisions of this Agreement, and the Managing General Partner shall reimburse you and the Selling Agents for any legal or other expenses reasonably incurred in connection
with investigating or defending the losses, claims, damages, liabilities, or actions. 

  

	 	(c)	The foregoing indemnity agreements shall extend on the same terms and conditions to, and shall inure to the benefit of, each person, if any, who controls each indemnified party
within the meaning of the Act. 

  

	 	(d)	Promptly after receipt by an indemnified party of notice of the commencement of any action, the indemnified party shall, if a claim in respect of the action is to be made against an
indemnifying party under this Section, notify the indemnifying party in writing of the commencement of the action; but the omission to promptly notify the indemnifying party shall not relieve the indemnifying party from any liability which it may
have to any indemnified party. If any action is brought against an indemnified party, it shall notify the indemnifying party of the commencement of the action, and the indemnifying party shall be entitled to participate in, and, to the extent that
it wishes, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel satisfactory to the indemnified and indemnifying parties. After the indemnified party has received notice from the agreed on
counsel that the defense of the action under this paragraph has been assumed, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of the action
other than with respect to the agreed on counsel who assumed the defense of the action. 

  

	12.	Representations and Agreements to Survive Delivery. All representations, warranties, and agreements of the Managing General Partner and you in this Agreement, including the
indemnity agreements contained in Section 11 of this Agreement, shall: 

  

	 	(a)	survive the delivery, execution and closing of this Agreement; 

  

 11 

	 	(b)	remain operative and in full force and effect regardless of any investigation made by or on behalf of you or any person who controls you within the meaning of the Act, by the
Managing General Partner, or any of its officers, directors or any person who controls the Managing General Partner within the meaning of the Act; or any other indemnified party; and 

  

	 	(c)	survive delivery of the Units. 

  

	13.	Termination. 

  

	 	(a)	You shall have the right to terminate this Agreement other than the indemnification provisions of Section 11 of this Agreement by giving notice as specified below any time at
or before a closing date: 

  

	 	(i)	if the Managing General Partner has failed, refused, or been unable at or before a closing date, to perform any of its obligations under this Agreement; or 

 

	 	(ii)	there has occurred an event materially and adversely affecting the value of the Units. 

 If you elect to terminate this Agreement other than the indemnification provisions of Section 11 of this Agreement, then the Managing General Partner shall be promptly notified by you by telephone, e-mail,
facsimile, or telegram, confirmed by letter. 
  

	 	(b)	The Managing General Partner may terminate this Agreement other than the indemnification provisions of Section 11 of this Agreement, for any reason and at any time, by promptly
giving notice to you by telephone, e-mail, facsimile, or telegram, confirmed by letter as specified below at or before a closing date. 

  

	14.	Notices. 

  

	 	(a)	All notices or communications under this Agreement, except as otherwise specifically provided, shall be in writing. 

  

	 	(b)	Any notice or communication sent by the Managing General Partner to you shall be mailed, delivered, or sent by facsimile, e-mail or telegraph, and confirmed to you at P.O. Box 926,
311 Rouser Road, Moon Township, Pennsylvania 15108-0926. 

  

	 	(c)	Any notice or communication sent by you to the Managing General Partner or the Partnership shall be mailed, delivered, or sent by facsimile, e-mail or telegraph, and confirmed at
311 Rouser Road, Moon Township, Pennsylvania 15108. 

  

	15.	Format of Checks/Escrow Agent. Pending receipt of the minimum subscription proceeds of $2,000,000 of the Partnership as set forth in Section 4(d) of this Agreement, the
Managing General Partner and you and the Selling Agents, including customer carrying broker/dealers, agree that all subscribers shall be instructed to make their checks or wires transfers payable solely to the Escrow Agent as agent for the
Partnership as follows: “Atlas Series 27-2006 L.P., Escrow Agent, National City Bank of PA.” 

  

 12 

 You agree and shall require the Selling Agents to agree to comply with Rule 15c2-4 adopted under the Act
of 1934. In addition, for identification purposes, wire transfers should reference the subscriber’s name and the account number of the escrow account for the Partnership. 
 If you receive a check not conforming to the foregoing instructions, then you shall return the check to the Selling Agent not later than noon of the next
business day following its receipt by you. The Selling Agent shall then return the check directly to the subscriber not later than noon of the next business day following its receipt from you. Checks received by you or a Selling Agent which conform
to the foregoing instructions shall be transmitted by you under Section 16 “Transmittal Procedures,” below. 
 You represent
that you have or will execute the Escrow Agreement for the Partnership and agree that you are bound by the terms of the Escrow Agreement executed by you, the Partnership, and the Managing General Partner, a copy of which is attached to this
Agreement as Exhibit “A.” 
  

	16.	Transmittal Procedures. You and each Selling Agent shall transmit received investor funds in accordance with the following procedures. For purposes of the following, the term
“Selling Agent” shall also include you as Dealer-Manager when you receive subscriptions from investors. 

  

	 	(a)	Pending receipt of the Partnership’s minimum subscription proceeds of $2,000,000 as set forth in Section 4(d) of this Agreement, the Selling Agents on receipt of any check
from a subscriber shall promptly transmit the check and the original executed subscription documents to you, as Dealer-Manager, by noon of the next business day following receipt of the check by the Selling Agent. By noon of the next business day
following your receipt of the check and the original executed subscription agreement, you, as Dealer-Manager, shall transmit the check and a copy of the executed subscription agreement to the Escrow Agent, and the original executed subscription
documents and a copy of the check to the Managing General Partner. 

  

	 	(b)	On receipt by you, as Dealer-Manager, of notice from the Managing General Partner that the Partnership’s minimum subscription proceeds of $2,000,000 as set forth in
Section 4(d) of this Agreement have been received, the Managing General Partner, you, and the Selling Agents agree that all subscribers then may be instructed, in the Managing General Partner’s sole discretion, to make their checks,
drafts, or money orders payable solely to the Partnership. 

 Thereafter, the Selling Agents shall promptly transmit any and all
checks received from subscribers and the original executed subscription documents to you as Dealer-Manager by noon of the next business day following receipt of the check by the Selling Agent. By noon of the next business day following your receipt
of the check and the original executed subscription documents, you as Dealer-Manager shall transmit the check and the original executed subscription documents to the Managing General Partner. 
  

	17.	 Parties. This Agreement shall inure to the benefit of and be binding on you, the Managing General Partner, and any respective successors and assigns. This
Agreement shall also inure to the benefit of the indemnified parties, their successors and assigns. This Agreement is intended to be and is for the sole and exclusive benefit of the parties to this Agreement, including the Partnership, and their
respective successors and assigns, and the indemnified parties and their successors and assigns, and for the benefit of no other person. No other person shall have any legal or equitable right, remedy or claim under or in respect of this 

  

 13 

	 	 
Agreement. No purchaser of any of the Units from you or a Selling Agent shall be construed a successor or assign merely by reason of the purchase.

  

	18.	Relationship. This Agreement shall not constitute you a partner of the Managing General Partner, the Partnership, or any general partner of the Partnership, nor render the
Managing General Partner, the Partnership, or any general partner of the Partnership liable for any of your obligations. 

  

	19.	Effective Date. This Agreement is made effective between the parties as of the date accepted by you as indicated by your signature to this Agreement.

  

	20.	Entire Agreement, Waiver. 

  

	 	(a)	This Agreement constitutes the entire agreement between the Managing General Partner and you, and shall not be amended or modified in any way except by subsequent agreement executed
in writing. Neither party to this Agreement shall be liable or bound to the other by any agreement except as specifically set forth in this Agreement. 

  

	 	(b)	The Managing General Partner and you may waive, but only in writing, any term, condition, or requirement under this Agreement that is intended for its benefit. However, any written
waiver of any term or condition of this Agreement shall not operate as a waiver of any other breach of that term or condition of this Agreement. Also, any failure to enforce any provision of this Agreement shall not operate as a waiver of that
provision or any other provision of this Agreement. 

  

	21.	Governing Law. This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania. 

  

	22.	Complaints. The Managing General Partner and you, as Dealer-Manager, agree as follows: 

  

	 	(a)	to notify the other if either receives an investor complaint in connection with the offer or sale of Units by you or a Selling Agent; 

  

	 	(b)	to cooperate with the other in resolving the complaint; and 

  

	 	(c)	to cooperate in any regulatory examination of the other to the extent it involves this Agreement or the offer or sale of Units by you or a Selling Agent. 

 

	23.	Privacy. The Managing General Partner and you each acknowledge that certain information made available to the other under this Agreement may be deemed nonpublic personal
information under the Gramm-Leach-Bliley Act, other federal or state privacy laws (as amended), and the rules and regulations promulgated thereunder, which are referred to collectively, as the “Privacy Laws.” The Managing General Partner
and you agree as follows: 

  

	 	(a)	not to disclose or use the information except as required to carry out each party’s respective duties under this Agreement or as otherwise permitted by law in the ordinary
course of business; 

  

	 	(b)	to establish and maintain procedures reasonably designed to assure the security and privacy of all the information; and 

  

 14 

	 	(c)	to cooperate with the other and provide reasonable assistance in ensuring compliance with the Privacy Laws to the extent applicable to either or both the Managing General Partner
and you. 

  

	24.	Anti-Money Laundering Provision. You and each Selling Agent each represent and warrant to the Managing General Partner that each of you have in place and will maintain
suitable and adequate “know your customer” policies and procedures and that each of you shall comply with all applicable laws and regulations regarding anti-money laundering activity and will provide such documentation to the Managing
General Partner on written request. 

  

	25.	Acceptance. Please confirm your agreement to the terms and conditions set forth above by signing and returning the enclosed duplicate copy of this Agreement to us at the
address set forth above. 

  

									
		 		 	Very truly yours,
			
		 		 	MANAGING GENERAL PARTNER
			
		 		 	 ATLAS RESOURCES, LLC,
 a Pennsylvania limited
liability company

				
	____________________________________, 2006	 		 	By:	 	  
	Date	 		 		 	 Jack L. Hollander, Senior Vice President – Direct
 Participation Programs

			
		 		 	ATLAS AMERICA SERIES 27-2006 L.P.
				
		 		 	By:	 	 Atlas Resources, Inc.,
 Managing General
Partner

				
	____________________________________, 2006	 		 	By:	 	  
	Date	 		 		 	 Jack L. Hollander, Senior Vice President – Direct
 Participation Programs

			
		 		 	DEALER-MANAGER
			
		 		 	 ANTHEM SECURITIES, INC.,
 a Pennsylvania
corporation

				
	____________________________________, 2006	 		 	By:	 	  
	Date	 		 		 	Justin Atkinson, President

  

 15 

 EXHIBIT “A” 
 ATLAS AMERICA SERIES 27-2006 L.P. 
 ESCROW AGREEMENT 
 THIS AGREEMENT is made to be effective as of October 15, 2006, by and among Atlas Resources, LLC, a Pennsylvania limited liability company
(the “Managing General Partner”), Anthem Securities, Inc., a Pennsylvania corporation (“Anthem”), Atlas America Series 27-2006 L.P., a Delaware limited partnership (the “Partnership”) and National City Bank, Cleveland,
Ohio, as escrow agent (the “Escrow Agent”). 
 WITNESSETH: 
 WHEREAS, the Managing General Partner intends to offer for sale to qualified investors (the “Investors”) up to 2,840 limited partnership
interests in the Partnership (the “Units”). 
 WHEREAS, each Investor will be required to pay his subscription in full on
subscribing by check or wire transfer (the “Subscription Proceeds”). 
 WHEREAS, the cost per Unit will be $25,000 subject
to certain discounts of up to 11.5% ($2,875 per Unit) for sales to the Managing General Partner, its officers, directors and affiliates, registered investment advisors and their clients, Selling Agents and their registered representatives and
principals, and investors who buy Units through the officers and directors of the Managing General Partner. Larger fractional subscriptions are permitted in $1,000 increments, beginning, for example, with $26,000, $27,000, etc. 
 WHEREAS, the Managing General Partner and Anthem have executed an agreement (“ Dealer-Manager Agreement”) under which Anthem will
solicit subscriptions for Units in all states on a “best efforts” “all or none” basis for Subscription Proceeds of $2,000,000 and on a “best efforts” basis for the remaining Units on behalf of the Managing General
Partner and the Partnership and under which Anthem (the “Dealer-Manager”) has been authorized to select certain members in good standing of the National Association of Securities Dealers, Inc. (“NASD”) to participate in the
offering of the Units (“Selling Agents”). 
 WHEREAS, the Dealer-Manager Agreement provides for compensation to the
Dealer-Manager to participate in the offering of the Units, subject to the discounts set forth above for certain Investors, which compensation includes for each Unit sold: 
  

	 	•	 	a 2.5% Dealer-Manager fee; 

  

	 	•	 	a 7% sales commission; 

  

	 	•	 	a 1.5% nonaccountable marketing expense fee; and 

  

	 	•	 	a .5% nonaccountable due diligence fee; 

 all or a portion of which will
be reallowed to the Selling Agents and wholesalers. 
 WHEREAS, under the terms of the Dealer-Manager Agreement the Subscription
Proceeds are required to be held in escrow subject to the receipt and acceptance by the Managing General Partner of the minimum Subscription Proceeds of $2,000,000, 

  

 1 

 
including any optional subscription by the Managing General Partner, its officers, directors, and affiliates. 
 WHEREAS, the Units may also be offered and sold by the officers and directors of the Managing General Partner without receiving a sales commission
or other compensation on their sales. 
 WHEREAS, no subscriptions to the Partnership will be accepted after the “Offering
Termination Date,” which is the first to occur of either: 
  

	 	•	 	receipt of the maximum Subscription Proceeds of $71,000,000; or 

  

	 	•	 	December 31, 2006, which may not be extended. 

 WHEREAS, to facilitate compliance with the terms of the Dealer-Manager Agreement and Rule 15c2-4 adopted under the Securities Exchange Act of 1934, the Managing General Partner and the Dealer-Manager desire to have the Subscription
Proceeds deposited with the Escrow Agent and the Escrow Agent agrees to hold the Subscription Proceeds under the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and conditions contained in this Agreement, the parties to this Agreement, intending to be legally bound, agree as follows: 
  

	1.	Appointment of Escrow Agent. The Managing General Partner, the Partnership, and the Dealer-Manager appoint the Escrow Agent as the escrow agent to receive and to hold the
Subscription Proceeds deposited with the Escrow Agent by the Dealer-Manager and the Managing General Partner under this Agreement, and the Escrow Agent agrees to serve in this capacity during the term and based on the provisions of this Agreement.

  

	2.	Deposit of Subscription Proceeds. Pending receipt of the minimum Subscription Proceeds of $2,000,000, the Dealer-Manager and the Managing General Partner shall deposit the
Subscription Proceeds of each Investor to whom they sell Units with the Escrow Agent and shall deliver to the Escrow Agent a copy of the Subscription Agreement, which is the execution and subscription instrument signed by the Investor to evidence
his agreement to purchase Units in the Partnership. Payment for each subscription for Units shall be in the form of a check or wire transfer made payable to “Atlas Series 27-2006 L.P., Escrow Agent, National City Bank.”

  

	3.	Investment of Subscription Proceeds. The Subscription Proceeds shall be deposited in an interest bearing account maintained by the Escrow Agent as directed by the Managing
General Partner. This may be a savings account, bank money market account, short-term certificates of deposit issued by a bank, or short-term certificates of deposit issued or guaranteed by the United States government. The interest earned shall be
added to the Subscription Proceeds and disbursed in accordance with the provisions of Paragraph 4 or 5 of this Agreement, as the case may be. 

  

	4.	Distribution of Subscription Proceeds. If the Escrow Agent: 

  

	 	(a)	receives proper written notice from an authorized officer of the Managing General Partner that at least the minimum Subscription Proceeds of $2,000,000 have been received and
accepted by the Managing General Partner; and 

  

	 	(b)	determines that Subscription Proceeds for at least $2,000,000 are “Distributable Subscription Proceeds” (as defined below); 

  

 2 

 then the Escrow Agent shall promptly release and distribute to the Managing General Partner the
Distributable Subscription Proceeds plus any interest paid and investment income earned on the Distributable Subscription Proceeds while held by the Escrow Agent in the escrow account. 
 For purposes of this Agreement, “Distributable Subscription Proceeds” are Subscription Proceeds which have been deposited in the escrow account:
(1) by wire transfer or (2) by check, but in the case of a check only at the time that the Escrow Agent believes an amount of time has passed which would usually be sufficient for Subscription Proceeds paid by check to have been returned
unpaid by the bank on which the check was drawn and after a ten (10) days period from the date of deposit. 
 After the occurrence of
4(a) and (b) above, Escrow Agent will provide a letter to the Managing General Partner confirming receipt of checks and/or wires representing Subscription Proceeds totaling at least $2,000,000 and the anticipated date the funds will be
considered Distributable Subscription Proceeds. 
 After the initial distribution, any remaining Subscription Proceeds, plus any interest paid
and investment income earned on the remaining Subscription Proceeds while held by the Escrow Agent in the escrow account, shall be promptly released and distributed to the Managing General Partner by the Escrow Agent as the Subscription Proceeds
become Distributable Subscription Proceeds after a ten (10) day period from the date of deposit. 
 The Managing General Partner shall
immediately return to the Escrow Agent any Subscription Proceeds distributed to the Managing General Partner which are to be refunded to an Investor or which were paid by a check which is returned or otherwise not collected for any reason prior or
subsequent to termination of this Agreement. 
  

	5.	Separate Partnership Account. During the continuation of the offering after the Partnership is funded with cleared Subscription Proceeds of at least $2,000,000 and the Escrow
Agent receives the notice described in Paragraph 4 of this Agreement, and before the Offering Termination Date, any additional Subscription Proceeds may be deposited by the Dealer-Manager and the Managing General Partner directly in a separate
Partnership account which shall not be subject to the terms of this Agreement and shall be solely under the control of the Dealer-Manager and Managing General Partner. 

  

	6.	Distributions to Subscribers. 

  

	 	(a)	If the Partnership is not funded as contemplated because less than the minimum Subscription Proceeds of $2,000,000 have been received and accepted by the Managing General Partner by
twelve (12:00) p.m. (noon), local time, Eastern Standard Time, on the Offering Termination Date, or for any other reason, then the Managing General Partner shall notify the Escrow Agent in writing, and the Escrow Agent promptly shall distribute
to each Investor, for which Escrow Agent has a copy of the subscription agreement, a refund check made payable to the Investor in an amount equal to the Subscription Proceeds of the Investor, plus any interest paid or investment income earned on the
Investor’s Subscription Proceeds while held by the Escrow Agent in the escrow account. 

  

	 	(b)	 If a subscription for Units submitted by an Investor is rejected by the Managing General Partner for any reason after the Subscription Proceeds relating to the
subscription have been deposited with the Escrow Agent, then the Managing General Partner promptly shall notify in writing, the Escrow Agent of the rejection, and the Escrow Agent shall promptly distribute 

  

 3 

	 	 
to the Investor, for which Escrow Agent has a copy of a Subscription Agreement, a refund check made payable to the Investor in an amount equal to the
Subscription Proceeds of the Investor, plus any interest paid or investment income earned on the Investor’s Subscription Proceeds while held by the Escrow Agent in the escrow account. 

  

	7.	Compensation and Expenses of Escrow Agent. The Managing General Partner shall be solely responsible for and shall pay the compensation of the Escrow Agent for its services
under this Agreement, as provided in Appendix 1 to this Agreement and made a part of this Agreement, and the charges, expenses including any reasonable attorneys’ fees, and other out-of-pocket expenses incurred by the Escrow Agent in connection
with the administration of the provisions of this Agreement. The Escrow Agent shall have no lien on the Subscription Proceeds deposited in the escrow account unless and until the Partnership is funded with cleared Subscription Proceeds of at least
$2,000,000 and the Escrow Agent receives the proper written notice described in Paragraph 4 of this Agreement, at which time the Escrow Agent shall have, and is granted, a prior lien on any property, cash, or assets held under this Agreement, with
respect to its unpaid compensation and nonreimbursed expenses, superior to the interests of any other persons or entities. 

  

	8.	Duties of Escrow Agent. The Escrow Agent shall not be obligated to accept any notice, make any delivery, or take any other action under this Agreement unless the notice or
request or demand for delivery or other action is in writing and given or made by the Managing General Partner or an authorized officer of the Managing General Partner. In no event shall the Escrow Agent be obligated to accept any notice, request,
or demand from anyone other than the Managing General Partner except as permitted herein. 

  

	9.	Liability of Escrow Agent. The Escrow Agent shall not be liable for any damages or have any obligations other than the duties prescribed in this Agreement in carrying out or
executing the purposes and intent of this Agreement. However, nothing in this Agreement shall relieve the Escrow Agent from liability arising out of its own willful misconduct or gross negligence. The Escrow Agent’s duties and obligations under
this Agreement shall be entirely administrative and not discretionary and shall under no circumstances be deemed a fiduciary for any of the parties to this Agreement. The Escrow Agent shall not be liable to any party to this Agreement or to any
third-party as a result of any action or omission taken or made by the Escrow Agent in good faith. The parties to this Agreement will jointly and severally indemnify the Escrow Agent, hold the Escrow Agent harmless, and reimburse the Escrow Agent
from, against and for, any and all liabilities, costs, fees and expenses including reasonable attorney’s fees the Escrow Agent may suffer or incur by reason of its execution and performance of this Agreement. If any legal questions arise
concerning the Escrow Agent’s duties and obligations under this Agreement, then the Escrow Agent may consult with its counsel of its own choice and shall have full and complete authorization and protection for any action taken or suffered by it
hereunder in good faith in accordance with the opinion of such counsel. 

 The Escrow Agent shall be protected in acting on any
written notice, request, waiver, consent, authorization, or other paper or document which the Escrow Agent, in good faith, believes to be genuine, to have been signed or presented by the proper party, and what it purports to be. 
 If there is any disagreement between any of the parties to this Agreement, or among them or any other person, resulting in adverse claims or demands being
made in connection with this Agreement, or if the Escrow Agent, in good faith, is in doubt as to what action it should take under this Agreement, then the Escrow Agent may, at its option, refuse to comply with any claims or demands on it or refuse
to take any other action under this Agreement, so long as the disagreement continues or the doubt exists. In any such event, the Escrow Agent shall not be or become liable in any way to any person for its failure or refusal to act, and the Escrow
Agent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. 
  

 4 

 National City Bank is acting solely as the Escrow Agent and is not a party to, nor has it reviewed or
approved any agreement or matter of background related to this Agreement including without limitation the Dealer-Manager Agreement, other than this Agreement itself, and has assumed, without investigation, the authority of the individuals executing
this Agreement to be so authorized on behalf of the party or parties involved. 
  

	10.	Resignation or Removal of Escrow Agent. The Escrow Agent may resign as such after giving thirty (30) days prior written notice to the other parties to this Agreement.
Similarly, the Escrow Agent may be removed and replaced after receiving thirty (30) days prior written notice from the other parties to this Agreement. In either event, the duties of the Escrow Agent shall terminate thirty (30) days after
the date of the notice or as of an earlier date as may be mutually agreeable, and the Escrow Agent shall deliver the balance of the Subscription Proceeds and any interest paid or investment income earned thereon while held by the Escrow Agent in the
escrow account and any notices or other written communications or documents received by the Escrow Agent in its capacity and in its possession as such to a successor escrow agent appointed by the other parties to this Agreement as evidenced by a
written notice filed with the Escrow Agent. 

 If the other parties to this Agreement are unable to agree on a successor escrow
agent or fail to appoint a successor escrow agent before the expiration of thirty days following the date of the notice of the Escrow Agent’s resignation or removal, then the Escrow Agent may petition any court of competent jurisdiction for the
appointment of a successor escrow agent or other appropriate relief. Any resulting appointment shall be binding on all of the parties to this Agreement. 
 On acknowledgment by any successor escrow agent of the receipt of the then remaining balance of the Subscription Proceeds (and any interest paid or investment income earned thereon while held by the Escrow Agent in
the escrow account), the Escrow Agent shall be fully released and relieved of all duties, responsibilities, and obligations under this Agreement. 
  

	11.	Termination. This Agreement shall terminate, and the Escrow Agent shall have no further obligation with respect to this Agreement after the distribution of all Subscription
Proceeds and any interest paid or investment income earned thereon while held by the Escrow Agent in the escrow account and any notices or other written communications or documents received by the Escrow Agent in its capacity as such to successor
Escrow Agent as contemplated by this Agreement or on the written consent of all the parties to this Agreement. 

  

 5 

	12.	Notice. Any notices or instructions, or both, to be given under this Agreement shall be validly given if set forth in writing and mailed by certified mail, return receipt
requested, or by facsimile with confirmation of receipt (originals to be followed in the mail), or by a nationally recognized overnight courier, as follows: 

 If to the Escrow Agent: 
 National City Bank 
 c/o Allegiant Institutional Services 
 200
Public Square, 5th Floor 
 Cleveland, Ohio 44114 
 Attention: John McGregor LOC 01-86PS-01 
 Phone: (216) 222-2641 
 Facsimile:
(216) 222-7044 
 If to the Managing General Partner: 
 Atlas Resources, LLC 
 311 Rouser Road 
 P.O. Box 611 
 Moon Township, Pennsylvania
15108 
 Attention: Karen A. Black 
 Phone: (412) 262-2830 
 Facsimile: (412) 262-2820 
 If to Anthem: 
 Anthem Securities, Inc.

 311 Rouser Road 
 P.O. Box 926

 Moon Township, Pennsylvania 15108 
 Attention: Justin Atkinson 
 Phone: (412) 262-1680 
 Facsimile: (412) 262-7430 
 Any party
may designate any other address to which notices and instructions shall be sent by notice duly given in accordance with this Agreement. Notices shall not be deemed to be received by the Escrow Agent until actual receipt thereof. 
  

	13.	Miscellaneous. 

  

	 	(a)	This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 

  

	 	(b)	This Agreement shall be binding on and shall inure to the benefit of the undersigned and their respective successors and assigns. In the event that National City Bank acting as
Escrow Agent merges or consolidates with another bank or sells or transfers all or substantially all of its assets or trust business, then the successor or resulting bank shall be the Escrow Agent hereunder without the necessity of further action or
the execution of any document, so long as such successor or resulting bank meets the requirements of a successor escrow agent hereunder. 

  

 6 

	 	(c)	This Agreement may be executed in multiple copies, each executed copy to serve as an original. 

  

	 	(d)	The Escrow Agent is required to obtain signed Form W-9 or Taxpayer Identification Form for any party to whom it pays interest; each party shall cooperate in execution of a Form W-9
or a Taxpayer Identification Form. 

  

	14.	The parties hereto and subscribers acknowledge Escrow Agent has not reviewed and is not making any recommendations with respect to the securities offered. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the day and year first above written. 
  

			
	 NATIONAL CITY BANK
 As Escrow
Agent

		
	By:	 	  
		 	Dawn DeWerth, _______________________
	
	 ATLAS RESOURCES, LLC
 A Pennsylvania limited
liability company

		
	By:	 	  
		 	 Karen A. Black, Vice President – Partnership
 Administration

	
	 ANTHEM SECURITIES, INC.
 A Pennsylvania
corporation

		
	By:	 	  
		 	Justin T. Atkinson, President
	
	ATLAS AMERICA SERIES 27-2006 L.P.
		
	By:	 	 ATLAS RESOURCES, LLC
 Managing General
Partner

		
	By:	 	  
		 	 Karen A. Black, Vice President – Partnership
 Administration

  

 7 

 APPENDIX I TO ESCROW AGREEMENT 
  

	1.	Compensation for Services of Escrow Agent 

  

			
	REVIEW AND ACCEPTANCE FEE:	 	$ waived

 For providing initial review of the Escrow Agreement and all supporting documents and for initial services
associated with establishing the Escrow Account. This is a one (1) time fee payable upon the opening of the account. 
  

				
	 I.       Annual Administrative Fee Payable in Advance (or any portion thereof)
	  	$	3,000.00
		
	 II.     Remittance of checks returned to subscribers (set out in section 6 of the governing
agreement)
	  	$	20.00
		
	 III.    Wire transfers
	  	 	n/a
		
	 IV.   Purchase or Sale of Securities
	  	$	100.00
	
	 V.     Investments (document limits investment to a checking or savings account, or certificates of
deposit) such products offered by any National City Bank retail branch)- fees are subject to the type of account the Managing General Partner directs the Escrow Agent to open and to be governed by the Escrow Agreement.

 EXTRAORDINARY SERVICES: 
 For any services other than those covered by the aforementioned, a special per hour charge will be made commensurate with the character of the service, time required and responsibility involved. Such services include
but are not limited to excessive administrative time, attendance at closings, specialized reports, and record keeping, unusual certifications, etc. 
 Managing General Partner agrees to report all funds in accordance with appropriate tax treatment. 
 FEE SCHEDULE IS SUBJECT TO
ANNUAL REVIEW AND/OR ADJUSTMENT UPON AMENDMENT 
 THERETO. 
  

 1 

 EXHIBIT “B” 
 SELLING AGENT AGREEMENT 
 WITH ANTHEM SECURITIES, INC. 
 TO:
                                        
                                        
             
  

	 	RE:	ATLAS AMERICA SERIES 27-2006 L.P. 

 Gentlemen: 

Atlas Resources, LLC is the Managing General Partner of Atlas America Series 27-2006 L.P., a limited partnership organized under the
Delaware Revised Uniform Limited Partnership Act, which is referred to as the “Partnership.” The limited partnership interests being offered in the Partnership, which are referred to as the “Units,” and the offering are described
in the enclosed Private Placement Memorandum dated October 15, 2006, which is referred to as the “Private Placement Memorandum.” The Managing General Partner has packaged each numbered Private Placement Memorandum, together with a
copy of each item of the sales materials that it has approved for use with potential investors in the Partnership, which are collectively referred to as the “Sales Literature,” in kits which are referred to as the “Private Placement
Memorandum Kits.” Numbered Private Placement Memoranda relating to the Units have been furnished to you in the Private Placement Memorandum Kits, along with this Agreement. 
 Our firm, Anthem Securities, Inc., which is referred to as the “Dealer-Manager,” has entered into a Dealer-Manager Agreement for sales of the
Units in all states, a copy of which has been furnished to you and is incorporated in this Agreement by reference, with the Managing General Partner and the Partnership under which the Dealer-Manager has agreed to form a group of NASD member firms,
which are referred to as the “Selling Agents.” The Selling Agents will obtain subscriptions for Units in the Partnership in all states on a “best efforts” basis so as to qualify for the exemption contained in Regulation D
promulgated under the Securities Act of 1933, as amended, which is referred to as the “Act,” and the provisions of the Private Placement Memorandum. 
 You are invited to become one of the Selling Agents on a non-exclusive basis. By your acceptance below, you agree to act in that capacity and to use your best efforts, in accordance with the terms and conditions of
this Agreement, to solicit subscriptions for Units in the Partnership pursuant to the provisions of this Agreement in all states in which you are duly registered or licensed as a broker/dealer. 
  

	1.	Representations and Warranties of Selling Agent. You represent and warrant to the Dealer-Manager that: 

  

	 	(a)	You are a corporation duly organized, validly existing, and in good standing under the laws of the state of your formation or of any jurisdiction to the laws of which you are
subject, with all requisite power and authority to enter into this Agreement and to carry out your obligations under this Agreement. 

  

 1 

	 	(b)	This Agreement when accepted and approved by you will be duly authorized, executed, and delivered by you and will be a valid and binding agreement on your part in accordance with
its terms. 

  

	 	(c)	The consummation of the transactions contemplated by this Agreement and the Private Placement Memorandum will not result in the following: 

  

	 	(i)	any breach of any of the terms or conditions of, or constitute a default under your Articles of Incorporation or Bylaws, or any other indenture, agreement, or other instrument to
which you are a party; or 

  

	 	(ii)	any violation of any order applicable to you of any court or any federal or state regulatory body or administrative agency having jurisdiction over you or over your affiliates.

  

	 	(d)	You are not subject to any disqualification described in Rule 505(b)(2)(iii) of Regulation D. 

 You are duly registered under the provisions of the Securities Exchange Act of 1934, which is referred to as the “Act of 1934,” as a dealer, and
you are a member in good standing of the NASD. You are duly registered as a broker/dealer in the states where you are required to be registered in order to carry out your obligations as contemplated by this Agreement and the Private Placement
Memorandum. You agree to maintain all the foregoing registrations in good standing throughout the term of the offer and sale of the Units, and you agree to comply with all statutes and other requirements applicable to you as a broker/dealer under
those registrations. 
  

	 	(e)	Pursuant to your appointment as a Selling Agent, you shall comply with all the provisions of Regulation D, insofar as Regulation D applies to your activities under this Agreement.
Further, you shall not engage in any activity which would cause the offer and/or sale of the Units not to comply with Regulation D, the Act, the Act of 1934, the applicable rules and regulations of the Securities and Exchange Commission, which is
referred to as the “Commission,” the applicable state securities laws and regulations, this Agreement, and the NASD Conduct Rules including Rules 2420, 2730, 2740, and 2750, and specifically you agree as set forth below.

  

	 	(i)	You shall not offer or sell the Units in any state until you have been advised in writing by the Managing General Partner, or the Managing General Partner’s special counsel,
that the offer or sale of the Units: 

  

	 	(1)	has been qualified in the state; 

  

	 	(2)	is exempt from the qualification requirements imposed by the state; or 

  

	 	(3)	the qualification is otherwise not required. 

  

	 	(ii)	Units shall not be offered and/or sold by you by means of any form of general solicitation or general advertising, including, but not limited to, the following:

  

	 	(1)	any advertisement, article, notice, or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio; 

  

 2 

	 	(2)	any seminar or meeting whose attendees have been invited by any general solicitation or general advertising; or 

  

	 	(3)	any letter, circular, notice, or other written communication constituting a form of general solicitation or general advertising. 

  

	 	(iii)	You have received copies of the Private Placement Memorandum Kit relating to the Units and in offering and selling the Units you will rely only on the statements contained in the
Private Placement Memorandum and not on any other statements whatsoever, either written or oral, with respect to the details of the offering of Units. You shall provide each offeree with the following: 

  

	 	(1)	a complete Private Placement Memorandum Kit, which includes a numbered copy of the Private Placement Memorandum, all exhibits incorporated in the Private Placement Memorandum and,
without exception, all of the Sales Literature described below; and 

  

	 	(2)	any numbered supplement or amendment to the Private Placement Memorandum as set forth in (iv) below. 

 Also, each Private Placement Memorandum Kit includes a copy of the following Sales Literature: 
  

	 	(1)	a flyer entitled “Atlas America Series 27-2006 L.P.”; 

  

	 	(2)	a brochure entitled “Frequently Asked Questions”; and 

  

	 	(3)	possibly other supplementary materials. 

 You agree that,
without exception, you will not remove any of the Sales Literature described above from any Private Placement Memorandum Kit before its delivery to an offeree. 
 Further, you shall keep file memoranda, indicating by the number of the Private Placement Memorandum enclosed in the Private Placement Memorandum Kit, to whom each Private Placement Memorandum Kit, which must contain,
without exception, all of the Sales Literature, was delivered. 
  

	 	(iv)	When any supplement or amendment to the Private Placement Memorandum is prepared and delivered to you by the Managing General Partner or the Dealer-Manager, you agree as follows:

  

	 	(1)	to distribute each supplement or amendment to the Private Placement Memorandum, identified by number, to every person who has previously received a Private Placement Memorandum Kit
from you; 

  

	 	(2)	to include each supplement or amendment in all future deliveries of any Private Placement Memorandum Kit; and 

  

	 	(3)	to keep file memoranda indicating to whom each supplement or amendment was delivered. 

  

 3 

	 	(v)	In connection with any offer or sale of the Units, you agree to the following: 

  

	 	(1)	to comply in all respects with statements set forth in the Private Placement Memorandum, the Partnership Agreement, and any supplements or amendments to the Private Placement
Memorandum; 

  

	 	(2)	not to make any statement inconsistent with the statements in the Private Placement Memorandum, the Partnership Agreement, and any supplements or amendments to the Private Placement
Memorandum; 

  

	 	(3)	not to make any untrue or misleading statements of a material fact in connection with the Units; and 

  

	 	(4)	not to provide any written information, statements, or sales materials other than the Private Placement Memorandum, the Sales Literature, and any supplements or amendments to the
Private Placement Memorandum unless approved in writing by the Managing General Partner. 

  

	 	(vi)	You shall advise each offeree of Units in the Partnership at the time of the initial offering to him that the Partnership and the Managing General Partner shall during the course of
the offering and a reasonable time before sale accord him the opportunity to ask questions and receive answers concerning the terms and conditions of the offering and to obtain any additional information, to the extent possessed by the Partnership
or the Managing General Partner or obtainable by either of them without unreasonable effort or expense, that is necessary to verify the accuracy of the information contained in the Private Placement Memorandum. 

  

	 	(vii)	Before the sale of any of the Units, you shall make reasonable inquiry to determine if the offeree is acquiring the Units for his own account or on behalf of other persons, and that
the offeree understands the limitations on the offeree’s disposition of the Units set forth in Rule 502(d) of Regulation D. This includes a determination by you that the offeree understands that he must bear the economic risk of the investment
for an indefinite period of time because the Units have not been registered under the Act and, thus, cannot be sold unless the Units are subsequently registered under the Act or an exemption from registration under the Act is available.

  

	 	(viii)	Before the sale of any of the Units you shall have reasonable grounds to believe that each subscriber is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D. 

  

	 	(ix)	Units shall not be sold by you to anyone whom you reasonably believe is not an accredited investor. 

  

	 	(x)	You agree to use your best efforts in the solicitation and sale of the Units, including that: 

  

	 	(1)	you comply with all the provisions of Regulation D, the Act, the Act of 1934, the applicable rules and regulations of the Commission, the applicable state securities laws and
regulations, this Agreement, and the NASD Conduct Rules; 

  

 4 

	 	(2)	the prospective purchasers meet the suitability requirements set forth in the Private Placement Memorandum, the Subscription Agreement, this Agreement and the NASD Conduct Rules;
and 

  

	 	(3)	the prospective purchasers properly complete the following forms, which will be included in the Partnership’s subscription packet as exhibits to the Private Placement
Memorandum: 

  

	 	(A)	the Subscription Agreement and Annex A attached to the Subscription Agreement [Exhibit (I-B)]; and 

  

	 	(B)	the Execution Page and Purchaser Questionnaire [Exhibit (C)]; 

 together with any additional forms provided in any supplement or amendment to the Private Placement Memorandum, or otherwise provided to you by the Managing General Partner or the Dealer-Manager to be completed by prospective purchasers.

 The Managing General Partner shall have the right to reject any subscription at any time for any reason without liability to it.
Subscription funds and executed subscription packets shall be transmitted as set forth in Section 11 of this Agreement. 
  

	 	(f)	You agree and covenant that: 

  

	 	(i)	the representations and warranties you make in this Agreement are and shall be true and correct at the applicable closing date; and 

  

	 	(ii)	you shall and have fulfilled all your obligations under this Agreement at the applicable closing date. 

  

	 	(g)	You agree and covenant that you will not distribute a Private Placement Memorandum Kit to any offeree with whom you do not have a pre-existing substantive relationship as defined
from time to time by the Commission. As of the date of this Agreement, you agree that the term “pre-existing substantive relationship” with a potential offeree means the following: 

  

	 	(i)	your relationship with the offereee was established before the beginning of the offering of Units in the Partnership, which is October 15, 2006; and 

 

	 	(ii)	you have sufficient information concerning the offeree to determine the offeree’s current sophistication and financial circumstances, including that the offeree (or the offeree
and its purchaser representative) has such knowledge and experience in financial and business matters that the offeree is capable of evaluating the merits and risks of an investment in the Partnership. 

  

 5 

	2.	Commissions and Fees. 

  

	 	(a)	Subject to the receipt of the minimum required subscription proceeds of $2,000,000 as described in Section 4(d) of the Dealer-Manager Agreement, and the discounts set forth in
Section 4(c) of the Dealer-Manager Agreement for sales to the Managing General Partner, its officers, directors and affiliates; registered investment advisors and their clients; Selling Agents and their registered representatives and
principals; and investors who buy Units through the officers or directors of the Managing General Partner; the Dealer-Manager is entitled to receive from the Managing General Partner a 7% Sales Commission, a 1.5% nonaccountable marketing expense
fee, and a .5% nonaccountable due diligence fee per Unit, based on the aggregate amount of all Unit subscriptions to the Partnership secured by the Dealer-Manager or the selling group formed by the Dealer-Manager and accepted by the Managing General
Partner. 

 Subject to the performance by you of your obligations under Appendix I to this Agreement, which is incorporated in
this Agreement by reference, and subject to the terms and conditions set forth in this Agreement, including the Dealer-Manager’s receipt from you of the file memoranda and other documentation required of you in Section 1 of this Agreement,
the Dealer-Manager agrees to pay you on Units sold by you and accepted by the Managing General Partner: 
  

	 	(i)	a 7% Sales Commission; 

  

	 	(ii)	a .5% nonaccountable due diligence fee per Unit, which shall be reduced by the due diligence fees and expenses of any third-party, including, but not limited to, consultants engaged
by you that are paid directly to the third-party or are reimbursed to you by the Managing General Partner or the Dealer-Manager; and 

  

	 	(iii)	a 1.5% nonaccountable marketing expense fee, which shall be reduced for the payment or the reimbursement by the Managing General Partner or the Dealer-Manager to you for costs
associated with your national sales conferences, costs associated with regional and/or local meetings that are coordinated by your home office and/or marketing department for registered representatives, and other costs associated with being a
sponsor. 

  

	 	(b)	Your compensation which is owed to you as set forth above, other than the .5% nonaccountable due diligence fee and the 1.5% nonaccountable marketing expense fee, shall be paid to
you within seven business days after the Dealer-Manager has received the related amounts owed to it under the Dealer-Manager Agreement, which the Dealer-Manager is entitled to receive within five business days after the conditions described in
Section 4(e) of the Dealer-Manager Agreement for breaking escrow for the first closing are satisfied, and approximately every two weeks thereafter until the Partnership’s Offering Termination Date, which is described in Section 1 of
the Dealer-Manager Agreement. The balance shall be paid to the Dealer-Manager within fourteen business days after the Partnership’s Offering Termination Date. 

 The amount of the nonaccountable due diligence fee and the nonaccountable marketing expense fee which is owed to you as set forth above, shall be paid to
you within twenty-one business days after the Partnership’s Offering Termination Date. 
  

 6 

	 	(c)	Notwithstanding anything in this Agreement to the contrary, you agree to waive payment of your compensation and reimbursements which are owed to you as set forth in (a) and
(b) above, until the Dealer-Manager is in receipt of the related amounts owed to it under the Dealer-Manager Agreement, and the Dealer-Manager’s liability to pay your compensation under this Agreement shall be limited solely to the
proceeds of the related amounts owed to it under the Dealer-Manager Agreement. 

  

	 	(d)	As provided in Section 4(d) of the Dealer-Manager Agreement, the Partnership shall not begin operations unless it receives subscription proceeds for at least $2,000,000 by its
Offering Termination Date. If this amount is not secured by the Partnership’s Offering Termination Date, then nothing shall be payable to you for the Partnership and all funds advanced by subscribers for Units in the Partnership shall be
returned to them with interest earned, if any. 

  

	3.	Blue Sky Qualification. The Managing General Partner may elect not to qualify or register Units in any state or jurisdiction in which it deems the qualification or
registration is not warranted for any reason in its sole discretion. On application to the Dealer-Manager you will be informed as to the states and jurisdictions in which the Units have been qualified for sale or are exempt under the respective
securities or “Blue Sky” laws of those states and jurisdictions. 

 Notwithstanding the foregoing, the Dealer-Manager,
the Partnership, and the Managing General Partner have not assumed and will not assume any obligation or responsibility as to your right to act as a broker/dealer with respect to the Units in any state or jurisdiction. 
  

	4.	Expense of Sale. The expenses in connection with the offer and sale of the Units shall be payable as set forth below. 

  

	 	(a)	The Dealer-Manager shall pay all expenses incident to the performance of its obligations under this Agreement, including the fees and expenses of its attorneys and accountants, even
if the offering of the Partnership is not successfully completed. 

  

	 	(b)	You shall pay all expenses incident to the performance of your obligations under this Agreement, including the fees and expenses of your own counsel and accountants, even if the
offering of the Partnership is not successfully completed. 

  

	5.	Conditions of Your Duties. Your obligations under this Agreement, as of the date of this Agreement and at the applicable closing date, shall be subject to the following:

  

	 	(a)	the performance by the Dealer-Manager of its obligations under this Agreement; and 

  

	 	(b)	the performance by the Managing General Partner of its obligations under the Dealer-Manager Agreement. 

  

	6.	Conditions of Dealer-Manager’s Duties. The Dealer-Manager’s obligations under this Agreement, including the duty to pay compensation and reimbursements to you as
set forth in Section 2 of this Agreement, shall be subject to the following: 

  

	 	(a)	the accuracy, as of the date of this Agreement and at the applicable closing date as if made at the applicable closing date, of your representations and warranties made in this
Agreement; 

  

	 	(b)	the performance by you of your obligations under this Agreement; and 

  

 7 

	 	(c)	the Dealer-Manager’s receipt, at or before the applicable closing date, of the following documents: 

  

	 	(i)	the file memoranda required pursuant to Section 1(e)(iii) and (iv) of this Agreement; and 

  

	 	(ii)	fully executed subscription documents for each prospective purchaser as required by Section 1(e)(x) of this Agreement. 

  

	7.	Indemnification.  

  

	 	(a)	You shall indemnify and hold harmless the Dealer-Manager, the Managing General Partner, the Partnership and its attorneys against any losses, claims, damages or liabilities, joint
or several, to which they may become subject under the Act, the Act of 1934, or otherwise insofar as the losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on your breach of any of your duties and
obligations, representations, or warranties under the terms or provisions of this Agreement, and you shall reimburse them for any legal or other expenses reasonably incurred in connection with investigating or defending the losses, claims, damages,
liabilities, or actions. 

  

	 	(b)	The Dealer-Manager shall indemnify and hold you harmless against any losses, claims, damages, or liabilities, joint or several, to which you may become subject under the Act, the
Act of 1934, or otherwise insofar as the losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on the Dealer-Manager’s breach of any of its duties and obligations, representations, or warranties under
the terms or provisions of this Agreement, and the Dealer-Manager shall reimburse you for any legal or other expenses reasonably incurred in connection with investigating or defending the losses, claims, damages, liabilities, or actions.

  

	 	(c)	The foregoing indemnity agreements shall extend on the same terms and conditions to, and shall inure to the benefit of, each person, if any, who controls each indemnified party
within the meaning of the Act. 

  

	 	(d)	Promptly after receipt by an indemnified party of notice of the commencement of any action, the indemnified party shall, if a claim in respect of the action is to be made against
the indemnifying party under this Section, notify the indemnifying party in writing of the commencement of the action; but the omission to promptly notify the indemnifying party shall not relieve the indemnifying party from any liability which it
may have to the indemnified party. If any action is brought against an indemnified party, it shall notify the indemnifying party of the commencement of the action, and the indemnifying party shall be entitled to participate in, and, to the extent
that it wishes, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel satisfactory to the indemnified and indemnifying parties. After the indemnified party has received notice from the agreed
on counsel that the defense of the action under this paragraph has been assumed, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of the
action other than with respect to the agreed on counsel who assumed the defense of the action. 

  

 8 

	8.	Representations and Agreements to Survive Delivery. All representations, warranties, and agreements of the Dealer-Manager and you in this Agreement, including the indemnity
agreements contained in Section 7 of this Agreement, shall: 

  

	 	(a)	survive the delivery, execution and closing of this Agreement; 

  

	 	(b)	remain operative and in full force and effect regardless of any investigation made by or on behalf of you or any person who controls you within the meaning of the Act, by the
Dealer-Manager, or any of its officers, directors or any person who controls the Dealer-Manager within the meaning of the Act, or any other indemnified party; and 

  

	 	(c)	survive delivery of the Units. 

  

	9.	Termination. 

  

	 	(a)	You shall have the right to terminate this Agreement other than the indemnification provisions of Section 7 of this Agreement by giving notice as specified in Section 16
of this Agreement any time at or before a closing date: 

  

	 	(i)	if the Dealer-Manager has failed, refused, or been unable at or before a closing date, to perform any of its obligations under this Agreement; or 

  

	 	(ii)	there has occurred an event materially and adversely affecting the value of the Units. 

 If you elect to terminate this Agreement other than the indemnification provisions of Section 7 of this Agreement, then the Dealer-Manager shall be promptly notified by you by telephone, e-mail, facsimile, or
telegram, confirmed by letter. 
  

	 	(b)	The Dealer-Manager may terminate this Agreement other than the indemnification provisions of Section 7 of this Agreement, for any reason and at any time, by promptly giving
notice to you by telephone, e-mail, facsimile or telegram, confirmed by letter. 

  

	10.	Format of Checks/Escrow Agent. Pending receipt of the minimum subscription proceeds of $2,000,000 as set forth in Section 4(d) of the Dealer-Manager Agreement, the
Dealer-Manager and you, including if you are a customer carrying broker/dealer, agree that all subscribers shall be instructed to make their checks or wire transfers payable solely to the Escrow Agent as agent for the Partnership as follows:
“Atlas Series 27-2006 L.P., Escrow Agent, National City Bank of PA.” 

 Also, you, including if you are a customer
carrying broker/dealer, agree to comply with Rule 15c2-4 adopted under the Act of 1934. In addition, for identification purposes, wire transfers should reference the subscriber’s name and the account number of the escrow account for the
Partnership. 
 If you receive a check not conforming to the foregoing instructions, then you shall return the check directly to the
subscriber not later than noon of the next business day following its receipt by you from the subscriber. If the Dealer-Manager receives a check not conforming to the foregoing instructions, then the Dealer-Manager shall return the check to you not
later than noon of the next business day following its receipt by the Dealer-Manager and you shall then return the check directly to the subscriber not 

  

 9 

 
later than noon of the next business day following its receipt by you from the Dealer-Manager. Checks received by you which conform to the foregoing
instructions shall be transmitted by you under Section 11 “Transmittal Procedures,” below. 
 You agree that you are bound by
the terms of the Escrow Agreement, a copy of which is attached to the Dealer-Manager Agreement as Exhibit “A.” 
  

	11.	Transmittal Procedures. You, including if you are a customer carrying broker/dealer, shall transmit received investor funds in accordance with the following procedures.

  

	 	(a)	Pending receipt of the Partnership’s minimum subscription proceeds of $2,000,000 as set forth in Section 4(d) of the Dealer-Manager Agreement, you shall promptly transmit,
any and all checks received by you from subscribers and the original executed subscription documents to the Dealer-Manager by noon of the next business day following receipt of the check by you. By noon of the next business day following its receipt
of the check and the original executed subscription documents, the Dealer-Manager shall transmit the check and a copy of the executed subscription agreement to the Escrow Agent, and the original executed subscription documents and a copy of the
check to the Managing General Partner. 

  

	 	(b)	On receipt by you of notice from the Managing General Partner or the Dealer-Manager that the Partnership’s minimum subscription proceeds of $2,000,000 as set forth in
Section 4(d) of the Dealer-Manager Agreement have been received, you agree that all subscribers then may be instructed, in the Managing General Partner’s sole discretion, to make their checks payable solely to the Partnership.

 Thereafter, you shall promptly transmit any and all checks received by you from subscribers and the original executed
subscription documents to the Dealer-Manager by noon of the next business day following receipt of the check by you. By noon of the next business day following its receipt of the check and original subscription documents, the Dealer-Manager shall
transmit the check and the original executed subscription documents to the Managing General Partner. 
  

	12.	Parties. This Agreement shall inure to the benefit of and be binding on you, the Dealer-Manager, and any respective successors and assigns. This Agreement shall also inure to
the benefit of the indemnified parties, their successors and assigns. This Agreement is intended to be and is for the sole and exclusive benefit of the parties to this Agreement, including their respective successors and assigns, and the indemnified
parties and their successors and assigns, and for the benefit of no other person. No other person shall have any legal or equitable right, remedy or claim under or in respect of this Agreement. No purchaser of any of the Units from you shall be
construed a successor or assign merely by reason of the purchase. 

  

	13.	Relationship. This Agreement shall not constitute you a partner of the Managing General Partner, the Dealer-Manager, the Partnership, any general partner of the Partnership,
or any other Selling Agent, nor render the Managing General Partner, the Dealer-Manager, the Partnership, any general partner of the Partnership, or any other Selling Agent, liable for any of your obligations. 

  

	14.	Effective Date. This Agreement is made effective between the parties as of the date accepted by you as indicated by your signature to this Agreement.

  

 10 

	15.	Entire Agreement, Waiver.  

  

	 	(a)	This Agreement constitutes the entire agreement between the Dealer-Manager and you, and shall not be amended or modified in any way except by subsequent agreement executed in
writing. Neither party to this Agreement shall be liable or bound to the other by any agreement except as specifically set forth in this Agreement. 

  

	 	(b)	The Dealer-Manager and you may waive, but only in writing, any term, condition, or requirement under this Agreement that is intended for its benefit. However, any written waiver of
any term or condition of this Agreement shall not operate as a waiver of any other breach of the term or condition of this Agreement. 

  

	 	(c)	Also, any failure to enforce any provision of this Agreement shall not operate as a waiver of that provision or any other provision of this Agreement. 

  

	16.	Notices. 

  

	 	(a)	Any communications from you shall be in writing addressed to the Dealer-Manager at P.O. Box 926, Moon Township, Pennsylvania 15108-0926. 

  

	 	(b)	Any notice from the Dealer-Manager to you shall be deemed to have been duly given if mailed, faxed or telegraphed to you at your address shown below. 

  

	17.	Complaints. The Dealer-Manager and you agree as follows: 

  

	 	(d)	to notify the other if either receives an investor complaint in connection with the offer or sale of Units by you; 

  

	 	(e)	to cooperate with the other in resolving the complaint; and 

  

	 	(f)	to cooperate in any regulatory examination of the other to the extent it involves this Agreement or the offer or sale of Units by you. 

  

	24.	Privacy. The Dealer-Manager and you each acknowledge that certain information made available to the other under this Agreement may be deemed nonpublic personal information
under the Gramm-Leach-Bliley Act, other federal or state privacy laws (as amended), and the rules and regulations promulgated thereunder, which are referred to collectively as the “Privacy Laws.” The Dealer-Manager and you agree as
follows: 

  

	 	(a)	not to disclose or use the information except as required to carry out each party’s respective duties under this Agreement or as otherwise permitted by law in the ordinary
course of business; 

  

	 	(b)	to establish and maintain procedures reasonably designed to assure the security and privacy of all the information; and 

  

	 	(c)	to cooperate with the other and provide reasonable assistance in ensuring compliance with the Privacy Laws to the extent applicable to either or both the Dealer-Manager and you.

  

	26.	Anti-Money Laundering Provision. You represent and warrant to the Managing General Partner and the Dealer-Manager that you have in place and will maintain suitable and
adequate “know your customer” policies and procedures and that you shall comply with all applicable laws and regulations regarding anti-money laundering activity and will provide such documentation to the Managing General Partner and the
Dealer-Manager on written request. 

  

 11 

	27.	Acceptance. Please confirm your agreement to become a Selling Agent under the terms and conditions set forth above by signing and returning the enclosed duplicate copy of
this Agreement to us at the address set forth above. 

  

									
		 		 	Sincerely,
	_____________________________________________, 2006	 		 	ANTHEM SECURITIES, INC.
	Date	 		 	
			
	ATTEST:	 		 	
				
	  	 		 	By:	 	  
	(SEAL)	 	Secretary	 		 		 	Justin Atkinson, President

 ACCEPTANCE: 
 We accept your invitation to become a Selling Agent under all the terms and conditions stated in the above Agreement and confirm that all the statements set forth in the above Agreement are true and correct. We hereby
acknowledge receipt of the Private Placement Memorandum Kits which include numbered Private Placement Memoranda and the Sales Literature, and a copy of the Dealer-Manager Agreement referred to above. 
  

									
	_____________________________________________, 2006	 		 	,
	Date	 		 	a(n) ___________________________ corporation,
		 		 	
			
	ATTEST:	 		 	
				
	  	 		 	By:	 	  
	(SEAL)	 	Secretary	 		 		 	_____________________________, President
			
		 		 	  
		 		 	(Address)
		 		 	  
		 		 	  
			
		 		 	  
		 		 	(Telephone Number)
			
		 		 	Our CRD Number is ________________________________
		 		 	Our Tax ID Number is ______________________________

  

 12 

 APPENDIX I TO SELLING AGENT AGREEMENT 
 In consideration for the payment to you, as Selling Agent, by the Dealer-Manager of a 7% sales commission, a 1.5% nonaccountable marketing expense fee subject to the
reductions set forth in Section 2(a)(iii) of the Selling Agent Agreement, and a .5% nonaccountable due diligence fee subject to the reductions set forth in Section 2(a)(ii) of the Selling Agent Agreement, you warrant, represent, covenant,
and agree with the Dealer-Manager that you, as Selling Agent, shall do the following: 
  

	 	•	 	prominently and promptly announce your participation in the offering as Selling Agent to your registered representatives, whether by newsletter, e-mail, mail or otherwise, which
announcement also shall advise your registered representatives to contact our Regional Marketing Director in whose territory the registered representative is located (the information concerning our Regional Marketing Directors has been provided to
you by separate correspondence) with a copy of the announcement provided concurrently to the Dealer-Manager; and 

  

	 	•	 	provide the Dealer-Manager with the names, telephone numbers, addresses and e-mail addresses of your registered representatives, which information shall be kept confidential by the
Dealer-Manager and the Managing General Partner and shall not be used for any purpose other than the marketing of the offering as set forth in the Dealer-Manager Agreement and the Selling Agent Agreement. Further, you, as Selling Agent, agree that
the Dealer-Manager and the Managing General Partner may directly contact your registered representatives, in person or otherwise, to: 

  

	 	•	 	inform them of the offering; 

  

	 	•	 	explain the merits and risks of the offering; and 

  

	 	•	 	otherwise assist in your registered representatives’ efforts to solicit and sell Units. 

  

 1 

 Exhibit B 
 ATLAS AMERICA PUBLIC #16-2007 PROGRAM 
 ANTHEM SECURITIES, INC. 
 DEALER-MANAGER AGREEMENT 

 ANTHEM SECURITIES, INC. 
 DEALER-MANAGER AGREEMENT 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	 Description of Program and Units
	  	1
	2.	  	 Representations, Warranties and Agreements of the Managing General Partner
	  	2
	3.	  	 Grant of Authority to the Dealer-Manager
	  	2
	4.	  	 Compensation and Fees
	  	3
	5.	  	 Covenants of the Managing General Partner
	  	4
	6.	  	 Representations and Warranties of the Dealer-Manager
	  	5
	7.	  	 State Securities Registration
	  	9
	8.	  	 Expense of Sale
	  	10
	9.	  	 Conditions of the Dealer-Manager’s Duties
	  	10
	10.	  	 Conditions of the Managing General Partner’s Duties
	  	10
	11.	  	 Indemnification
	  	11
	12.	  	 Representations and Agreements to Survive Delivery
	  	11
	13.	  	 Termination
	  	12
	14.	  	 Notices
	  	12
	15.	  	 Format of Checks/Escrow Agent
	  	12
	16.	  	 Transmittal Procedures
	  	13
	17.	  	 Parties
	  	13
	18.	  	 Relationship
	  	14
	19.	  	 Effective Date
	  	14
	20.	  	 Entire Agreement, Waiver
	  	14
	21.	  	 Governing Law
	  	14
	22.	  	 Complaints
	  	14
	23.	  	 Privacy
	  	14
	24.	  	 Anti-Money Laundering Provision
	  	15
	25.	  	 Acceptance
	  	15

  

	
	 Exhibit A – Form of Escrow Agreement

	
	 Exhibit B – Selling Agent Agreement

 Anthem Securities, Inc. 
 Dealer-Manager Agreement 
  

 i 

 ANTHEM SECURITIES, INC. 
 DEALER-MANAGER AGREEMENT 
 (Best Efforts) 
 Anthem Securities, Inc. 
 P.O. Box 926 
 Moon Township, Pennsylvania 15108-0926 
  

	 	RE:	ATLAS AMERICA PUBLIC #16-2007 PROGRAM 

 Gentlemen:

 The undersigned, Atlas Resources, Inc., which is referred to as the “Managing General Partner,” on behalf of Atlas America
Public #16-2007 Program, which is referred to as the “Program,” is a series of up to two limited partnerships formed under the Delaware Revised Uniform Limited Partnership Act as described below. These limited partnerships are sometimes
referred to in this Agreement in the singular as a “Partnership” or in the plural as “Partnerships.” The Managing General Partner on behalf of the Partnerships hereby confirms its agreement with you, as Dealer-Manager, as
follows: 
  

	1.	Description of Program and Units.  

  

	 	(d)	The Managing General Partner, a Pennsylvania corporation, will be the sole managing general partner of up to two limited partnerships which will be named as follows:

  

	 	(i)	Atlas America Public #16-2007(A) L.P.; and 

  

	 	(ii)	Atlas America Public #16-2007(B) L.P. 

 On behalf of the
Program and the Partnerships, a Registration Statement on Form S-1 (Registration No. 333-________) relating to the offer and sale of the limited partner and investor general partner interests in the Partnerships, which are referred to as the
“Units,” was filed on October 18, 2006 with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended, which is referred to as the “Act.” The Registration Statement has
been declared effective by the Commission and the Partnerships and the Units are described in the Prospectus that forms a part of the Registration Statement. As used in this Agreement, the terms “Prospectus” and “Registration
Statement” refer solely to the Prospectus and Registration Statement, as amended, described above, except that: 
  

	 	(i)	from and after the date on which any post-effective amendment to the Registration Statement is declared effective by the Commission, the term “Registration Statement”
shall refer to the Registration Statement as amended by that post-effective amendment, and the term “Prospectus” shall refer to the Prospectus then forming a part of the Registration Statement; and 

  

	 	(ii)	if the Prospectus filed by the Managing General Partner pursuant to Rule 424(b) or (c) promulgated by the Commission under the Act differs from the Prospectus on file with the
Commission at the time the Registration Statement or any post-effective amendment thereto shall have become effective, the term “Prospectus” shall refer to the Prospectus filed pursuant thereto from and after the date on which it was
filed. 

 Terms defined in the Prospectus and not otherwise defined in this Agreement shall have the meanings set
forth in the Prospectus. 
  

	 	(e)	The Units will be sold at a price of $10,000 per Unit subject to the discounts for certain investors set forth in Section 4(c) of this Agreement for certain investors. Subject
to the receipt and acceptance by the Managing General Partner of the minimum subscription proceeds of $2,000,000 in a Partnership by its Offering Termination Date for each Partnership as described in the Prospectus (the “Offering Termination
Date”), the Managing General Partner may break escrow and use the subscription proceeds for the Partnership’s drilling activities, which is referred to as the “Initial Closing Date.” Also, the maximum subscription proceeds of all
of the Partnerships, in the aggregate, must not exceed the registered amount of $200 million. 

 The Managing General Partner
will notify you and the “Selling Agents,” as defined below, of the Initial Closing Date and Offering Termination Date for each Partnership. 
  

	2.	Representations, Warranties and Agreements of the Managing General Partner. The Managing General Partner represents and warrants to and agrees with you that:

  

	 	(a)	The Partnerships composing the Program have a currently effective Registration Statement on Form S-1, including a final Prospectus, for the registration of the Units under the Act
as described in Section 1 of this Agreement. 

  

	 	(b)	The Managing General Partner shall provide to you for delivery to all offerees and purchasers and their representatives the information and documents that the Managing General
Partner deems appropriate to comply with the Act and applicable state securities acts, which are referred to as the “Blue Sky” laws. 

  

	 	(c)	The Units when issued will be duly authorized and validly issued as set forth in the Agreement of Limited Partnership of each Partnership, which is referred to as the
“Partnership Agreement,” the form of which is included as Exhibit (A) to the Prospectus, and subject only to the rights and obligations set forth in the Partnership Agreement or imposed by the laws of the state of formation of each
Partnership or of any jurisdiction to the laws of which each Partnership is subject. 

  

	 	(d)	Each Partnership was duly formed under the laws of the State of Delaware and is validly existing as a limited partnership in good standing under the laws of Delaware with full power
and authority to own its properties and conduct its business as described in the Prospectus. Each Partnership will be qualified to do business as a limited partnership or similar entity offering limited liability in those jurisdictions where the
Managing General Partner deems the qualification necessary to assure limited liability of the limited partners. 

 This
Agreement, when executed by you, will be a valid and binding agreement of each Partnership and the Managing General Partner, duly authorized, executed and delivered by them and enforceable in accordance with its terms except as may be limited by the
effect of bankruptcy, insolvency, moratorium, preferential or fraudulent conveyance or other laws or equitable principles relating to or affecting the rights of creditors generally, general principles of equity, and public policy relating to claims
for indemnification for securities laws violations. 
  

	 	(e)	The Prospectus, as supplemented or amended, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements in the Prospectus, in the light of the circumstances under which they are made, not misleading. 

	3.	Grant of Authority to the Dealer-Manager.  

  

	 	(a)	Based on the representations and warranties contained in this Agreement, and subject to the terms and conditions set forth in this Agreement, the Managing General Partner appoints
you as the Dealer-Manager for the Partnerships and gives you the exclusive right to solicit subscriptions for the Units on a “best efforts” basis in all states during the offering period for each Partnership as described in the Prospectus.

  

	 	(b)	You agree to use your best efforts to effect sales of the Units and to form and manage a selling group composed of soliciting broker/dealers, which are referred to as the
“Selling Agents,” each of which shall be a member of the National Association of Securities Dealers, Inc., which is referred to as the “NASD,” and shall enter into a “Selling Agent Agreement” in substantially the form
attached to this Agreement as Exhibit “B.” 

  

	 	(c)	The Managing General Partner shall have three business days after the receipt of an executed Selling Agent Agreement to refuse that Selling Agent’s participation.

  

	4.	Compensation and Fees. 

  

	 	(f)	As Dealer-Manager you shall receive from the Managing General Partner the following compensation, based on each Unit sold to investors in a Partnership whose subscriptions for Units
are accepted by the Managing General Partner: 

  

	 	(v)	a 2.5% Dealer-Manager fee; 

  

	 	(vi)	a 7% Sales Commission; 

  

	 	(vii)	an up to .5% reimbursement of the Selling Agents’ bona fide due diligence expenses. 

  

	 	(g)	All of the up to .5% reimbursement of the Selling Agents’ bona fide due diligence expenses shall be reallowed to the Selling Agents, and all or a portion of the 7% Sales
Commission shall be reallowed to the Selling Agents as described in the Selling Agent Agreement with each Selling Agent. A portion of the balance of the 2.5% Dealer-Manager fee may be reallowed to the wholesalers as wholesaling fees for
subscriptions obtained through their efforts. However, you may reduce the wholesaling fees by any reimbursements made by the Managing General Partner or the Partnership for expenses which are received by the wholesalers in connection with the
Program or expenses which are owed by the wholesalers to the Managing General Partner or the Partnership in connection with the Program. Also, you may use a portion of your Dealer-Manager fee to pay for permissible non-cash compensation. Under Rule
2810 of the NASD Conduct Rules, non-cash compensation means any form of compensation received in connection with the sale of the units that is not cash compensation, including but not limited to merchandise, gifts and prizes, travel expenses, meals
and lodging. Permissible non-cash compensation includes the following: 

  

	 	(i)	an accountable reimbursement for training and education meetings for associated persons of the selling agents; 

  

	 	(ii)	gifts that do not exceed $100 per year and are not preconditioned on achievement of a sales target; 

  

	 	(iii)	an occasional meal, a ticket to a sporting event or the theater, or comparable entertainment which is neither so frequent nor so extensive as to raise any question of propriety and
is not preconditioned on achievement of a sales target; and 

  

	 	(iv)	contributions to a non-cash compensation arrangement between a selling agent and its associated persons, provided that neither the managing general partner nor the dealer-manager
directly or indirectly participates in the selling agent’s organization of a permissible non-cash compensation arrangement. 

 In no event shall a selling agent receive non-cash compensation and a marketing fee if it represents more
than .5% per unit. 
 You shall retain any of the 7% Sales Commission and the 2.5% Dealer-Manager fee not reallowed to the Selling Agents
or the wholesalers. 
 You are responsible for ensuring that all non-cash compensation arrangements comply with NASD Conduct Rule 2810. For
example, payments or reimbursements by you or the Managing General Partner may be made in connection with meetings held by you or the Managing General Partner for the purpose of training or education of registered representatives of a Selling Agent,
only if the following conditions are met: 
  

	 	(i)	the registered representative obtains his Selling Agent’s prior approval to attend the meeting and attendance by the registered representative is not conditioned by his Selling
Agent on the achievement of a sales target; 

  

	 	(ii)	the location of the training and education meeting is appropriate to the purpose of the meeting as defined in NASD Conduct Rule 2810; 

  

	 	(iii)	the payment or reimbursement is not applied to the expenses of guests of the registered representative; 

  

	 	(iv)	the payment or reimbursement by you or the Managing General Partner is not conditioned by you or the Managing General Partner on the achievement of a sales target; and

  

	 	(v)	the recordkeeping requirements are met. 

 “Non-cash
compensation” means any form of compensation received in connection with the sale of the Units that is not cash compensation, including but not limited to merchandise, gifts and prizes, travel expenses, meals and lodging. 
  

	 	(h)	Notwithstanding the foregoing: 

  

	 	(i)	the Managing General Partner, its officers, directors, and affiliates, and investors who buy Units through the officers and directors of the Managing General Partner may subscribe
to Units for a subscription price reduced by the 2.5% Dealer-Manager fee, the 7% Sales Commission and the .5% reimbursement of the Selling Agents’ bona fide due diligence expenses, which shall not be paid to you; and 

 

	 	(ii)	registered investment advisors and their clients and Selling Agents and their registered representatives and principals may subscribe to Units for a subscription price reduced by
the 7% Sales Commission, which shall not be paid to you, although their subscription price shall not be reduced by the 2.5% Dealer-Manager fee and the up to .5% reimbursement of the Selling Agents’ bona fide due diligence expenses which shall
be paid to you. 

 No more than 5% of the total Units sold in the Partnerships shall be sold, in the aggregate, with the
discounts described above. 

	 	(i)	Pending receipt and acceptance by the Managing General Partner of the minimum subscription proceeds of $2,000,000 in each Partnership, excluding any optional subscription of the
Managing General Partner and its Affiliates and the subscription discounts set forth in Section 4(c) of this Agreement, all proceeds received by you from the sale of Units in each Partnership shall be held in a separate interest bearing escrow
account as provided in Section 15 of this Agreement. 

 Unless at least the minimum subscription proceeds of $2,000,000 as
described above are received on or before the Offering Termination Date of a Partnership as described in Section 1 of this Agreement, the offering of Units in that Partnership shall be terminated, in which event: 
  

	 	(iv)	the 2.5% Dealer-Manager fee, the 7% Sales Commission and the up to .5% reimbursement of the Selling Agents’ bona fide due diligence expenses set forth in Section 4(a) of
this Agreement shall not be payable to you; 

  

	 	(v)	all funds advanced by subscribers shall be returned to them with interest earned; and 

  

	 	(vi)	you shall deliver a termination letter in the form provided to you by the Managing General Partner to each of the subscribers and to each of the offerees previously solicited by you
and the Selling Agents in connection with the offering of the Units. 

  

	 	(j)	Except as otherwise provided below, the fees, reimbursements, and Sales Commissions set forth in Section 4(a) of this Agreement shall be paid to you within five business days
after the following: 

  

	 	(iii)	at least the minimum subscription proceeds of $2,000,000 as described above have been received by the respective Partnership and accepted by the respective Partnership; and

  

	 	(iv)	the subscription proceeds have been released from the escrow account to the respective Partnership. 

 You shall reallow to the Selling Agents and the wholesalers their respective fees, reimbursements, and Sales Commissions as set forth in Section 4(b)
of this Agreement. 
 Thereafter, your fees, reimbursements and Sales Commissions shall be paid to you and shall be reallowed to the Selling
Agents and wholesalers as described above approximately every two weeks until the Offering Termination Date for the respective Partnership. All your remaining fees, reimbursements, and Sales Commissions shall be paid to you by the Managing General
Partner no later than fourteen business days after the Offering Termination Date for the respective Partnership. 
  

	5.	Covenants of the Managing General Partner. The Managing General Partner covenants and agrees that: 

  

	 	(a)	The Managing General Partner shall deliver to you ample copies of the Prospectus and all amendments or supplements to the Prospectus. 

  

	 	(b)	If any event affecting a Partnership or the Managing General Partner occurs that in the opinion of the Managing General Partner should be set forth in a supplement or amendment to
the Prospectus, then the Managing General Partner shall promptly at its expense prepare and furnish to you a sufficient number of copies of a supplement or amendment to the Prospectus so that it, as so supplemented or amended, will not contain an
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements in the Prospectus, in the light of the circumstances under which they are made, not misleading. 

	6.	Representations and Warranties of the Dealer-Manager. You, as the Dealer-Manager, represent and warrant to the Managing General Partner and the respective Partnership that:

  

	 	(f)	You are a corporation duly organized, validly existing and in good standing under the laws of the state of your formation or of any jurisdiction to the laws of which you are
subject, with all requisite power and authority to enter into this Agreement and to carry out your obligations under this Agreement. 

  

	 	(g)	This Agreement when accepted and approved by you shall be duly authorized, executed, and delivered by you and shall be a valid and binding agreement on your part in accordance with
its terms. 

  

	 	(h)	The consummation of the transactions contemplated by this Agreement and the Prospectus shall not result in the following: 

  

	 	(iii)	any breach of any of the terms or conditions of, or a default under your Articles of Incorporation or Bylaws, or any other indenture, agreement, or instrument to which you are a
party or by which you are bound; or 

  

	 	(iv)	any violation of any order applicable to you of any court or regulatory body or administrative agency having jurisdiction over you or your affiliates. 

  

	 	(i)	You are duly registered under the provisions of the Securities Exchange Act of 1934, which is referred to as the “Act of 1934,” as a broker or dealer, and you are a member
in good standing of the NASD. You are duly registered as a broker/dealer in the states where you are required to be registered in order to carry out your obligations as contemplated by this Agreement and the Prospectus. You agree to maintain all the
foregoing registrations in good standing throughout the term of the offer and sale of the Units in each Partnership, and you agree to comply with all statutes and other requirements applicable to you as a broker/dealer under those registrations.

  

	 	(j)	Pursuant to your appointment as Dealer-Manager, you shall use your best efforts to exercise the supervision and control that you deem necessary and appropriate to the activities of
you and the Selling Agents to comply with all the provisions of the Act, insofar as the Act applies to your and their activities under this Agreement. Further, you and the Selling Agents shall not engage in any activity which would cause the offer
and/or sale of the Units not to comply with the Act, the Act of 1934, the applicable rules and regulations of the Commission, the applicable state securities laws and regulations, this Agreement, and the NASD Conduct Rules including Rules 2420,
2730, 2740, 2750, and Rule 2810(b)(2) and (b)(3), which provide as follows: 

 Sec. (b)(2) 

	 	2.	Suitability 

  

	 	(A)	A member or person associated with a member shall not underwrite or participate in a public offering of a direct participation program unless standards of suitability have been
established by the program for participants therein and such standards are fully disclosed in the prospectus and are consistent with the provisions of subparagraph (B). 

	 	(B)	In recommending to a participant the purchase, sale or exchange of an interest in a direct participation program, a member or person associated with a member shall:

  

	 	(i)	have reasonable grounds to believe, on the basis of information obtained from the participant concerning his investment objectives, other investments, financial situation and
needs, and any other information known by the member or associated person, that: 

  

	 	a.	the participant is or will be in a financial position appropriate to enable him to realize to a significant extent the benefits described in the prospectus, including the tax
benefits where they are a significant aspect of the program; 

  

	 	b.	the participant has a fair market net worth sufficient to sustain the risks inherent in the program, including loss of investment and lack of liquidity; and

  

	 	c.	the program is otherwise suitable for the participant; and 

  

	 	(ii)	maintain in the files of the member documents disclosing the basis upon which the determination of suitability was reached as to each participant. 

 

	 	(C)	Notwithstanding the provisions of subparagraphs (A) and (B) hereof, no member shall execute any transaction in direct participation program in a discretionary account
without prior written approval of the transaction by the customer. 

  

	 	(D)	Subparagraphs (A) and (B), and, only in situations where the member is not affiliated with the direct participation program, subparagraph (C) shall not apply to:

  

	 	(i)	a secondary public offering of or a secondary market transaction in a unit, depositary receipt, or other interest in a direct participation program that is listed on a national
securities exchange; or 

  

	 	(ii)	 an initial public offering of a unit, depositary receipt or other interest in a direct participation program for which an application for listing on a national
securities exchange has been approved by such exchange 

	 	 
and the applicant makes a good faith representation that it believes such listing on an exchange will occur within a reasonable period of time following
the formation of the program. 

 Sec. (b)(3) 
 Disclosure 
  

	 	(A)	Prior to participating in a public offering of a direct participation program, a member or person associated with a member shall have reasonable grounds to believe, based on
information made available to him by the sponsor through a prospectus or other materials, that all material facts are adequately and accurately disclosed and provide a basis for evaluating the program. 

  

	 	(B)	In determining the adequacy of disclosed facts pursuant to subparagraph (A) hereof, a member or person associated with a member shall obtain information on material facts
relating at a minimum to the following, if relevant in view of the nature of the program: 

  

	 	(i)	items of compensation; 

  

	 	(ii)	physical properties; 

  

	 	(iii)	tax aspects; 

  

	 	(iv)	financial stability and experience of the sponsor; 

  

	 	(v)	the program’s conflict and risk factors; and 

  

	 	(vi)	appraisals and other pertinent reports. 

  

	 	(C)	For purposes of subparagraphs (A) or (B) hereof, a member or person associated with a member may rely upon the results of an inquiry conducted by another member or
members, provided that: 

  

	 	(i)	the member or person associated with a member has reasonable grounds to believe that such inquiry was conducted with due care; 

  

	 	(ii)	the results of the inquiry were provided to the member or person associated with a member with the consent of the member or members conducting or directing the inquiry; and

	 	(iii)	no member that participated in the inquiry is a sponsor of the program or an affiliate of such sponsor. 

  

	 	(D)	Prior to executing a purchase transaction in a direct participation program, a member or person associated with a member shall inform the prospective participant of all pertinent
facts relating to the liquidity and marketability of the program during the term of the investment; provided, however, that paragraph (b) shall not apply to an initial or secondary public offering of or a secondary market transaction in a unit,
depositary receipt or other interest in a direct participation program which complies with subparagraph (2)(D). 

 You and
the Selling Agents shall maintain records on the information used to determine that the investment in the Units is suitable and appropriate for each subscriber, and shall maintain these records for at least six years after the Offering Termination
Date for the respective Partnership. 
  

	 	(f)	You agree to advise the Managing General Partner in writing of each jurisdiction in which you and the Selling Agents propose to offer or sell the Units; and you shall not nor shall
you permit any Selling Agent to offer or sell the Units in any jurisdiction until you have been advised in writing by the Managing General Partner, or the Managing General Partner’s special counsel, that the offer or sale of the Units:

  

	 	(i)	has been qualified in the jurisdiction; 

  

	 	(ii)	is exempt from the qualification requirements imposed by the jurisdiction; or 

  

	 	(iii)	the qualification is otherwise not required. 

  

	 	(g)	You and the Selling Agents have received copies of the Prospectus relating to the Units and you and the Selling Agents have relied only on the statements contained in the Prospectus
and not on any other statements whatsoever, either written or oral, with respect to the details of the offering of Units. 

 You
agree and shall require the Selling Agents to agree to deliver a copy of the Prospectus to each subscriber to whom you sell the Units at or before the completion of any sale of Units to such subscriber (which sale shall be deemed, for the purposes
of this Agreement to occur on the date on which that subscriber delivers subscription funds to the escrow agent), or earlier if required by the Blue Sky or securities laws of any state. Unless advised otherwise by the Managing General Partner, you
and the Selling Agents may choose to provide each offeree with the following, which are collectively referred to as the “Sales Literature”: 
  

	 	(i)	a flyer entitled “Atlas America Public #16-2007 Program”; 

  

	 	(ii)	an article entitled “Tax Rewards with Oil and Gas Partnerships”; 

  

	 	(iii)	a brochure of tax scenarios entitled “How an Investment in Atlas America Public #16-2007 Program Can Help Achieve an Investor’s Tax Objectives”;

  

	 	(iv)	a booklet entitled “Outline of Tax Consequences of Oil and Gas Drilling Programs”; 

	 	(v)	a brochure entitled “Investment Insights – Tax Time”; 

  

	 	(vi)	a brochure entitled “Frequently Asked Questions”; 

  

	 	(vii)	a brochure entitled “The Drilling Process”; and 

  

	 	(viii)	possibly other supplementary materials. 

 Any such Sales
Literature, if distributed, must have been preceded or must be accompanied by the Prospectus. 
  

	 	(h)	You and the Selling Agents agree that you and the Selling Agents shall not place any advertisement or other solicitation with respect to the Units (including without limitation any
material for use in any newspaper, magazine, radio or television commercial, telephone recording, motion picture, or other public media) without: 

  

	 	(i)	the prior written approval of the Managing General Partner; and 

  

	 	(ii)	the prior written approval of the form and content thereof by the Commission, the NASD and the securities authorities of the states where such advertisement or solicitation is to be
circulated. 

 Any such advertisements or solicitations shall be at your expense. 
  

	 	(i)	If a supplement or amendment to the Prospectus is prepared and delivered to you by the Managing General Partner, you agree and shall require any Selling Agent to agree as follows:

  

	 	(i)	to distribute each supplement or amendment to the Prospectus to every person who has previously received a copy of the Prospectus from you and/or the Selling Agent; and

  

	 	(ii)	to include each supplement or amendment in all future deliveries of any Prospectus. 

  

	 	(c)	In connection with any offer or sale of the Units, you agree and shall require any Selling Agent to agree to the following: 

  

	 	(5)	to comply in all respects with statements set forth in the Prospectus, the Partnership Agreement, and any supplements or amendments to the Prospectus; 

  

	 	(6)	not to make any statement inconsistent with the statements in the Prospectus, the Partnership Agreement, and any supplements or amendments to the Prospectus;

  

	 	(7)	not to make any untrue statement of a material fact or omit to state a material fact necessary in order to make statements made, in light of the circumstances under which they were
made, not misleading in connection with the Partnerships, the Units or the offering; and 

  

	 	(8)	not to provide any written information, statements, or sales materials other than the Prospectus, the Sales Literature, and any supplements or amendments to the Prospectus unless
approved in writing by the Managing General Partner. 

  

	 	(d)	You agree to use your best efforts in the solicitation and sale of the Units and to coordinate and supervise the efforts of the Selling Agents, and you shall require any Selling
Agent to agree to use its best efforts in the solicitation and sale of the Units, including that: 

  

	 	i.	the prospective purchasers meet the suitability requirements set forth in the Prospectus, the Subscription Agreement, and this Agreement; and 

	 	ii.	the prospective purchasers properly complete and execute the Subscription Agreement, which has been provided as Exhibit (I-B) to the Partnership Agreement, Exhibit (A) of the
Prospectus, together with any additional forms provided in any supplement or amendment to the Prospectus, or otherwise provided to you by the Managing General Partner to be completed by prospective purchasers. 

 The Managing General Partner shall have the right to reject any subscription at any time for any reason without liability to it. Subscription funds and
executed Subscription Agreements shall be transmitted as set forth in Section 16 of this Agreement. 
  

	 	(e)	You agree and covenant that: 

  

	 	i.	the representations and warranties you make in this Agreement are and shall be true and correct at the applicable closing date; and 

  

	 	ii.	you shall have fulfilled all your obligations under this Agreement at the applicable closing date. 

  

	7.	State Securities Registration. Incident to the offer and sale of the Units, the Managing General Partner shall use its best efforts either in taking:

  

	 	(c)	all necessary action and filing all necessary forms and documents deemed reasonable by it in order to qualify or register Units for sale under the securities laws of the
jurisdictions requested by you pursuant to Section 6(f) of this Agreement; or 

  

	 	(d)	any necessary action and filing any necessary forms deemed reasonable by it in order to obtain an exemption from qualification or registration in those jurisdictions.

 Notwithstanding, the Managing General Partner may elect not to qualify or register Units in any state or jurisdiction in
which it deems the qualification or registration is not warranted for any reason in its sole discretion. The Managing General Partner and its counsel shall inform you as to the states and jurisdictions in which the Units have been qualified for sale
or are exempt under the respective securities or Blue Sky laws of those states and jurisdictions. The Managing General Partner, however, has not assumed and will not assume any obligation or responsibility as to your right or any Selling
Agent’s right to act as a broker/dealer with respect to the Units in any state or jurisdiction. 
 The Managing General Partner shall
provide to you and the Selling Agents for delivery to all offerees and purchasers and their representatives any additional information, documents, and instruments that the Managing General Partner deems necessary to comply with the rules,
regulations, and judicial and administrative interpretations in those states and jurisdictions for the offer and sale of the Units in those states. 
 The Managing General Partner shall file all post-offering forms, documents, or materials and take all other actions required by the states and jurisdictions in which the offer and sale of Units have been qualified, registered, or are
exempt. However, the Managing General Partner shall not be required to take any action, make any filing, or prepare any document necessary or required in connection with your status or any Selling Agent’s status as a broker/dealer under the
laws of any state or jurisdiction. 
 The Managing General Partner shall provide you with copies of all applications, filings, correspondence,
orders, other documents, or instruments relating to any application for qualification, registration, exemption, or other approval under applicable state or Federal securities laws for the offering. 

	8.	Expense of Sale. The expenses in connection with the offer and sale of the Units shall be payable as set forth below. 

  

	 	(c)	The Managing General Partner shall pay all expenses incident to the performance of its obligations under this Agreement, including the fees and expenses of its attorneys and
accountants and all fees and expenses of registering or qualifying the Units for offer and sale in the states and jurisdictions as set forth in Section 7 of this Agreement, or obtaining exemptions from qualification or registration, even if the
offering of the Partnerships is not successfully completed. 

  

	 	(d)	You shall pay all expenses incident to the performance of your obligations under this Agreement, including the formation and management of the selling group and the fees and
expenses of your own counsel and accountants, even if the offering of the Partnerships is not successfully completed. 

  

	9.	Conditions of the Dealer-Manager’s Duties. Your obligations under this Agreement shall be subject to the accuracy, as of the date of this Agreement and at the applicable
closing date of: 

  

	 	(a)	the Managing General Partner’s representations and warranties made in this Agreement; and 

  

	 	(b)	to the performance by the Managing General Partner of its obligations under this Agreement. 

  

	10.	Conditions of the Managing General Partner’s Duties. The Managing General Partner’s obligations provided under this Agreement, including the duty to pay
compensation to you as set forth in Section 4 of this Agreement, shall be subject to the following: 

  

	 	(d)	the accuracy, as of the date of this Agreement and at the applicable closing date of each Partnership as if made at the applicable closing date, of your representations and
warranties made in this Agreement; 

  

	 	(e)	the performance by you of your obligations under this Agreement; and 

  

	 	(f)	the Managing General Partner’s receipt, at or before the applicable closing date of each Partnership, of a fully executed Subscription Agreement for each prospective purchaser
as required by Section 6(k) of this Agreement. 

  

	11.	Indemnification.  

  

	 	(e)	You and the Selling Agents shall indemnify and hold harmless the Managing General Partner, each Partnership and its attorneys against any losses, claims, damages or liabilities,
joint or several, to which they may become subject under the Act, the Act of 1934, or otherwise insofar as the losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on your agreements with the Selling
Agents or your breach of any of your duties and obligations, representations, or warranties under the terms or provisions of this Agreement, and you and the Selling Agents shall reimburse them for any legal or other expenses reasonably incurred in
connection with investigating or defending the losses, claims, damages, liabilities, or actions. 

  

	 	(f)	The Managing General Partner shall indemnify and hold you and the Selling Agents harmless against any losses, claims, damages or liabilities, joint or several, to which you and the
Selling Agents may become subject under the Act, the Act of 1934, or otherwise insofar as the losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on the Managing General Partner’s breach of any of
its duties and obligations, representations, or warranties under the terms or provisions of this Agreement, and the Managing General Partner shall reimburse you and the Selling Agents for any legal or other expenses reasonably incurred in connection
with investigating or defending the losses, claims, damages, liabilities, or actions. 

	 	(g)	The foregoing indemnity agreements shall extend on the same terms and conditions to, and shall inure to the benefit of, each person, if any, who controls each indemnified party
within the meaning of the Act. 

  

	 	(h)	Promptly after receipt by an indemnified party of notice of the commencement of any action, the indemnified party shall, if a claim in respect of the action is to be made against an
indemnifying party under this Section, notify the indemnifying party in writing of the commencement of the action; but the omission to promptly notify the indemnifying party shall not relieve the indemnifying party from any liability which it may
have to any indemnified party. If any action is brought against an indemnified party, it shall notify the indemnifying party of the commencement of the action, and the indemnifying party shall be entitled to participate in, and, to the extent that
it wishes, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel satisfactory to the indemnified and indemnifying parties. After the indemnified party has received notice from the agreed on
counsel that the defense of the action under this paragraph has been assumed, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of the action
other than with respect to the agreed on counsel who assumed the defense of the action. 

  

	12.	Representations and Agreements to Survive Delivery. All representations, warranties, and agreements of the Managing General Partner and you in this Agreement, including the
indemnity agreements contained in Section 11 of this Agreement, shall: 

  

	 	(a)	survive the delivery, execution and closing of this Agreement; 

  

	 	(b)	remain operative and in full force and effect regardless of any investigation made by or on behalf of you or any person who controls you within the meaning of the Act, by the
Managing General Partner, or any of its officers, directors, or any person who controls the Managing General Partner within the meaning of the Act, or any other indemnified party; and 

  

	 	(c)	survive delivery of the Units. 

  

	13.	Termination. 

  

	 	(a)	You shall have the right to terminate this Agreement other than the indemnification provisions of Section 11 of this Agreement by giving notice as specified below any time at
or before a closing date: 

  

	 	(i)	if the Managing General Partner has failed, refused, or been unable at or before a closing date, to perform any of its obligations under this Agreement; or 

 

	 	(ii)	there has occurred an event materially and adversely affecting the value of the Units. 

 If you elect to terminate this Agreement other than the indemnification provisions of Section 11 of this Agreement, then the Managing General Partner shall be promptly notified by you by telephone, e-mail,
facsimile, or telegram, confirmed by letter. 
  

	 	(b)	The Managing General Partner may terminate this Agreement other than the indemnification provisions of Section 11 of this Agreement, for any reason and at any time, by promptly
giving notice to you by telephone, e-mail, facsimile, or telegram, confirmed by letter as specified below at or before a closing date. 

	14.	Notices. 

  

	 	(a)	All notices or communications under this Agreement, except as otherwise specifically provided, shall be in writing. 

  

	 	(b)	Any notice or communication sent by the Managing General Partner or a Partnership to you shall be mailed, delivered, or sent by facsimile, e-mail or telegraph, and confirmed to you
at P.O. Box 926, 311 Rouser Road, Moon Township, Pennsylvania 15108-0926. 

  

	 	(c)	Any notice or communication sent by you to the Managing General Partner or a Partnership shall be mailed, delivered, or sent by facsimile, e-mail or telegraph, and confirmed at 311
Rouser Road, Moon Township, Pennsylvania 15108. 

  

	15.	Format of Checks/Escrow Agent. Pending receipt of the minimum subscription proceeds of $2,000,000 of each Partnership as set forth in Section 4(d) of this Agreement, the
Managing General Partner and you and the Selling Agents, including customer carrying broker/dealers, agree that all subscribers shall be instructed to make their checks or wire transfers payable solely to the Escrow Agent as agent for the
Partnership in which the Units are then being offered as follows: 

  

	 	(a)	“Atlas America Public #16-2007(A) L.P., Escrow Agent, National City Bank of PA”; or 

  

	 	(b)	“Atlas America Public #16-2007(B) L.P., Escrow Agent, National City Bank of PA.” 

 You agree and shall require the Selling Agents, including customer carrying broker/dealers, to agree to comply with Rule 15c2-4 adopted under the Act of
1934. In addition, for identification purposes, wire transfers should reference the subscriber’s name and the account number of the escrow account for the Partnership in which the Units are then being offered. 
 If you receive a check not conforming to the foregoing instructions, then you shall return the check to the Selling Agent not later than noon of the next
business day following its receipt by you. The Selling Agent shall then return the check directly to the subscriber not later than noon of the next business day following its receipt from you. Checks received by you or a Selling Agent which conform
to the foregoing instructions shall be transmitted by you under Section 16 “Transmittal Procedures,” below. 
 You represent
that you have or will execute the Escrow Agreement for each Partnership and agree that you are bound by the terms of the Escrow Agreement executed by you, for the respective Partnership, and the Managing General Partner, the form of which is
attached to this Agreement as Exhibit “A.” 
  

	16.	Transmittal Procedures. You and each Selling Agent, including customer carrying broker/dealers, shall transmit received investor funds in accordance with the following
procedures. For purposes of the following, the term “Selling Agent” shall also include you as Dealer-Manager when you receive subscriptions from investors. 

  

	 	(a)	 Pending receipt of a Partnership’s minimum subscription proceeds of $2,000,000 as set forth in Section 4(d) of this Agreement, the Selling Agents on
receipt of any check from a subscriber shall promptly transmit the check and the original executed Subscription Agreement to you, as Dealer-Manager, by noon of the next business day following receipt of the check by the Selling Agent. By noon of the
next business day following your receipt of the check and the original executed Subscription Agreement, you, as Dealer-Manager, shall transmit the check and a copy of the executed Subscription 

	 	 
Agreement to the Escrow Agent, and the original executed Subscription Agreement and a copy of the check to the Managing General Partner.

  

	 	(b)	On receipt by you, as Dealer-Manager, of notice from the Managing General Partner that a Partnership’s minimum subscription proceeds of $2,000,000 as set forth in
Section 4(d) of this Agreement have been received, the Managing General Partner, you, and the Selling Agents agree that all subscribers then may be instructed, in the Managing General Partner’s sole discretion, to make their checks or
wires payable solely to the Partnership in which Units are then being offered. 

 Thereafter, the Selling Agents shall promptly
transmit any and all checks received from subscribers and the original executed Subscription Agreement to you, as Dealer-Manager, by noon of the next business day following receipt of the check by the Selling Agent. By noon of the next business day
following your receipt of the check and the original executed Subscription Agreement, you, as Dealer-Manager, shall transmit the check and the original executed Subscription Agreement to the Managing General Partner. 
  

	17.	Parties. This Agreement shall inure to the benefit of and be binding on you, the Managing General Partner, and any respective successors and assigns. This Agreement shall
also inure to the benefit of the indemnified parties, their successors and assigns. This Agreement is intended to be and is for the sole and exclusive benefit of the parties to this Agreement, including the Partnerships, and their respective
successors and assigns, and the indemnified parties and their successors and assigns, and for the benefit of no other person. No other person shall have any legal or equitable right, remedy or claim under or in respect of this Agreement. No
purchaser of any of the Units from you or a Selling Agent shall be construed a successor or assign merely by reason of the purchase. 

  

	18.	Relationship. This Agreement shall not constitute you a partner of the Managing General Partner, a Partnership, or any general partner of a Partnership, nor render the
Managing General Partner, the Partnerships, or any general partner of a Partnership liable for any of your obligations. 

  

	19.	Effective Date. This Agreement is made effective between the parties as of the date accepted by you as indicated by your signature to this Agreement.

  

	20.	Entire Agreement, Waiver. 

  

	 	(a)	This Agreement constitutes the entire agreement between the Managing General Partner and you, and shall not be amended or modified in any way except by subsequent agreement executed
in writing. Neither party to this Agreement shall be liable or bound to the other by any agreement except as specifically set forth in this Agreement. 

  

	 	(b)	The Managing General Partner and you may waive, but only in writing, any term, condition, or requirement under this Agreement that is intended for its benefit. However, any written
waiver of any term or condition of this Agreement shall not operate as a waiver of any other breach of that term or condition of this Agreement. Also, any failure to enforce any provision of this Agreement shall not operate as a waiver of that
provision or any other provision of this Agreement. 

  

	23.	Governing Law. This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania. 

  

	24.	Complaints. The Managing General Partner and you, as Dealer-Manager, agree as follows: 

  

	 	(g)	to notify the other if either receives an investor complaint in connection with the offer or sale of Units by you or a Selling Agent; 

	 	(h)	to cooperate with the other in resolving the complaint; and 

  

	 	(i)	to cooperate in any regulatory examination of the other to the extent it involves this Agreement or the offer or sale of Units by you or a Selling Agent. 

 

	25.	Privacy. The Managing General Partner and you each acknowledge that certain information made available to the other under this Agreement may be deemed nonpublic personal
information under the Gramm-Leach-Bliley Act, other federal or state privacy laws (as amended), and the rules and regulations promulgated thereunder, which are referred to collectively, as the “Privacy Laws.” The Managing General Partner
and you agree as follows: 

  

	 	(d)	not to disclose or use the information except as required to carry out each party’s respective duties under this Agreement or as otherwise permitted by law in the ordinary
course of business; 

  

	 	(e)	to establish and maintain procedures reasonably designed to assure the security and privacy of all the information; and 

  

	 	(f)	to cooperate with the other and provide reasonable assistance in ensuring compliance with the Privacy Laws to the extent applicable to either or both the Managing General Partner
and you. 

  

	26.	Anti-Money Laundering Provision. You and each Selling Agent each represent and warrant to the Managing General Partner that each of you have in place and will maintain
suitable and adequate “know your customer” policies and procedures and that each of you shall comply with all applicable laws and regulations regarding anti-money laundering activity and will provide such documentation to the Managing
General Partner on written request. 

  

	27.	Acceptance. Please confirm your agreement to the terms and conditions set forth above by signing and returning the enclosed duplicate copy of this Agreement to us at the
address set forth above. 

  

									
		 		 	Very truly yours,
			
		 		 	MANAGING GENERAL PARTNER
			
		 		 	 ATLAS RESOURCES, LLC,
 a Pennsylvania limited
liability company

				
	_________________________________, 2007	 		 	By:	 	  
		 	Date	 		 		 	Jack L. Hollander, Senior Vice President – Direct Participation Programs
			
		 		 	PROGRAM
			
		 		 	ATLAS AMERICA PUBLIC #16-2007 PROGRAM
				
		 		 	By:	 	Atlas Resources, LLC,
		 		 		 	Managing General Partner
				
	_________________________________, 2007	 		 	By:	 	  
		 	Date	 		 		 	Jack L. Hollander, Senior Vice President – Direct Participation Programs

									
		 		 	DEALER-MANAGER
			
		 		 	 ANTHEM SECURITIES, INC.,
 a Pennsylvania
corporation

				
	_________________________________, 2007	 		 	By:	 	  
		 	Date	 		 		 	Justin Atkinson, President

 EXHIBIT “A” 
 ATLAS AMERICA PUBLIC #16-2007(A) L.P. 
 ESCROW AGREEMENT 
 THIS AGREEMENT is made to be effective as of ________________, 2007, by and among Atlas Resources, LLC, a Pennsylvania limited liability company
(the “Managing General Partner”), Anthem Securities, Inc., a Pennsylvania corporation (“Anthem”), the “Dealer-Manager,” Atlas America Public #16-2007(A) L.P., a Delaware limited partnership (the “Partnership”)
and National City Bank of Pennsylvania, Pittsburgh, Pennsylvania, as escrow agent (the “Escrow Agent”). 
 WITNESSETH:

 WHEREAS, the Managing General Partner intends to offer publicly for sale to qualified investors (the “Investors”) up
to 19,900 investor general partner interests and up to 100 limited partner interests in the Partnership (the “Units”). 
 WHEREAS, each Investor will be required to pay his subscription in full on subscribing by check or wire (the “Subscription Proceeds”). 
 WHEREAS, the cost per Unit will be $10,000 subject to certain discounts of up to 10% ($1,000 per Unit) for sales to the Managing General Partner, its officers, directors and affiliates, registered investment
advisors and their clients, Selling Agents and their registered representatives and principals, and investors who buy Units through the officers and directors of the Managing General Partner. Also, the Managing General Partner, in its discretion,
may accept one-half Unit ($5,000) subscriptions, with larger subscriptions permitted in $1,000 increments. 
 WHEREAS, the Managing
General Partner and Anthem have executed an agreement (“Anthem Dealer-Manager Agreement”) under which Anthem will solicit subscriptions for Units in all states on a “best efforts” “all or none” basis for Subscription
Proceeds of $2,000,000 and on a “best efforts” basis for the remaining Units on behalf of the Managing General Partner and the Partnership and under which Anthem has been authorized to select certain members in good standing of the
National Association of Securities Dealers, Inc. (“NASD”) to participate in the offering of the Units (“Selling Agents”). 
 WHEREAS, the Anthem Dealer-Manager Agreement, the “Dealer-Manager Agreement,” provides for compensation to the Dealer-Manager to participate in the offering of the Units, subject to the discounts set forth above for certain
Investors, which compensation includes, but is not limited to, for each Unit sold: 
  

	 	•	 	a 2.5% Dealer-Manager fee; 

  

	 	•	 	a 7% sales commission; and 

  

	 	•	 	an up to .5% reimbursement of the Selling Agents’ bona fide due diligence expenses; 

 all or a portion of which will be reallowed to the Selling Agents and wholesalers. 
 WHEREAS, under
the terms of the Dealer-Manager Agreement the Subscription Proceeds are required to be held in escrow subject to the receipt and acceptance by the Managing General Partner of the minimum Subscription Proceeds of $2,000,000, excluding any optional
subscription by the Managing General Partner, its officers, directors, and Affiliates. 
 WHEREAS, the Units may also be offered and
sold by the officers and directors of the Managing General Partner without receiving a sales commission or other compensation on their sales. 

 WHEREAS, no subscriptions to the Partnership will be accepted after the “Offering Termination
Date,” which is the first to occur of either: 
  

	 	•	 	receipt of the maximum Subscription Proceeds of $200,000,000; or 

  

	 	•	 	December 31, 2007. 

 WHEREAS, to facilitate
compliance with the terms of the Dealer-Manager Agreement and Rule 15c2-4 adopted under the Securities Exchange Act of 1934, the Managing General Partner and the Dealer-Manager desire to have the Subscription Proceeds deposited with the Escrow Agent
and the Escrow Agent agrees to hold the Subscription Proceeds under the terms and conditions set forth in this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual covenants and conditions contained in this Agreement, the parties to this Agreement, intending to be legally bound, agree as follows: 
  

	1.	Appointment of Escrow Agent. The Managing General Partner, the Partnership, and the Dealer-Manager appoint the Escrow Agent as the escrow agent to receive and to hold the
Subscription Proceeds deposited with the Escrow Agent by the Dealer-Manager and the Managing General Partner under this Agreement, and the Escrow Agent agrees to serve in this capacity during the term and based on the provisions of this Agreement.

  

	2.	Deposit of Subscription Proceeds. Pending receipt of the minimum Subscription Proceeds of $2,000,000, the Dealer-Manager and the Managing General Partner shall deposit the
Subscription Proceeds of each Investor to whom they sell Units with the Escrow Agent and shall deliver to the Escrow Agent a copy of the “Subscription Agreement,” which is the execution and subscription instrument signed by the Investor to
evidence his agreement to purchase Units in the Partnership. Payment for each subscription for Units shall be in the form of a check or wire made payable to “Atlas America Public #16-2007(A) L.P., Escrow Agent, National City Bank of
Pennsylvania.” 

  

	3.	Investment of Subscription Proceeds. The Subscription Proceeds shall be deposited in an interest bearing account maintained by the Escrow Agent as directed by the Managing
General Partner. This may be a savings account, bank money market account, short-term certificates of deposit issued by a bank, or short-term certificates of deposit issued or guaranteed by the United States government. The interest earned shall be
added to the Subscription Proceeds and disbursed in accordance with the provisions of Paragraph 4 or 5 of this Agreement, as the case may be. 

  

	4.	Distribution of Subscription Proceeds. If the Escrow Agent: 

  

	 	(c)	receives proper written notice from an authorized officer of the Managing General Partner that at least the minimum Subscription Proceeds of $2,000,000 have been received and
accepted by the Managing General Partner; and 

  

	 	(d)	determines that Subscription Proceeds for at least $2,000,000 are Distributable Subscription Proceeds; 

 then the Escrow Agent shall promptly release and distribute to the Managing General Partner the Distributable Subscription Proceeds plus any interest paid
and investment income earned on the Subscription Proceeds while held by the Escrow Agent in the escrow account. For purposes of the Agreement, “Distributable Subscription Proceeds” are Subscription Proceeds which have been deposited in the
escrow account (1) by wire transfer; and (2) by check, but in the case of checks only at the time that the Escrow Agent believes an amount of time has passed which would usually be sufficient for Subscription Proceeds paid by check to have
returned unpaid by the bank on which the check was drawn and after a 10 day period from the date of deposit. 

 After the occurrence of 4(a) and (b) above, Escrow Agent will provide a letter to the Managing
General Partner confirming receipt of checks and/or wires representing Subscription Proceeds totaling at least $2,000,000 have been received and the anticipated date the funds will be considered Distributable Subscription Proceeds. 

After the initial distribution, any remaining Subscription Proceeds, plus any interest paid and investment income earned on the Subscription Proceeds
while held by the Escrow Agent in the escrow account, shall be promptly released and distributed to the Managing General Partner by the Escrow Agent as the Subscription Proceeds become Distributable Subscription Proceeds after a 10 day period from
the date of deposit. 
 The Managing General Partner shall immediately return to the Escrow Agent any Subscription Proceeds distributed to the
Managing General Partner or refunded to an Investor to the extent that such Subscription Proceeds were paid by a check which is returned or otherwise not collected for any reason prior or subsequent to termination of this Agreement. 
  

	6.	Separate Partnership Account. During the continuation of the offering after the Partnership is funded with cleared Subscription Proceeds of at least $2,000,000 and the Escrow
Agent receives the notice described in Paragraph 4 of this Agreement, and before the Offering Termination Date, any additional Subscription Proceeds may be deposited by the Dealer-Manager and the Managing General Partner directly in a separate
Partnership account which shall not be subject to the terms of this Agreement. 

  

	6.	Distributions to Subscribers. 

  

	 	(c)	If the Partnership is not funded as contemplated because less than the minimum Subscription Proceeds of $2,000,000 have been received and accepted by the Managing General Partner by
twelve (12:00) p.m. (noon), local time, EASTERN STANDARD TIME on the Offering Termination Date, or for any other reason, then the Managing General Partner shall notify the Escrow Agent, and the Escrow Agent promptly shall distribute to each
Investor, for which Escrow Agent has a copy of the subscription agreement, a refund check made payable to the Investor in an amount equal to the Subscription Proceeds of the Investor, plus any interest paid or investment income earned on the
Investor’s Subscription Proceeds while held by the Escrow Agent in the escrow account. 

  

	 	(d)	If a subscription for Units submitted by an Investor is rejected by the Managing General Partner for any reason after the Subscription Proceeds relating to the subscription have
been deposited with the Escrow Agent, then the Managing General Partner promptly shall notify in writing, the Escrow Agent of the rejection, and the Escrow Agent shall promptly distribute to the Investor for which Escrow Agent has a copy of a
Subscription Agreement, a refund check made payable to the Investor in an amount equal to the Subscription Proceeds of the Investor, plus any interest paid or investment income earned on the Investor’s Subscription Proceeds while held by the
Escrow Agent in the escrow account. 

  

	7.	Compensation and Expenses of Escrow Agent. The Managing General Partner shall be solely responsible for and shall pay the compensation of the Escrow Agent for its services
under this Agreement, as provided in Appendix 1 to this Agreement and made a part of this Agreement, and the charges, expenses (including any reasonable attorneys’ fees), and other out-of-pocket expenses incurred by the Escrow Agent in
connection with the administration of the provisions of this Agreement. The Escrow Agent shall have no lien on the Subscription Proceeds deposited in the escrow account unless and until the Partnership is funded with cleared Subscription Proceeds of
at least $2,000,000 and the Escrow Agent receives the proper written notice described in Paragraph 4 of this Agreement, at which time the Escrow Agent shall have, and is granted, a prior lien on any property, cash, or assets held under this
Agreement, with respect to its unpaid compensation and nonreimbursed expenses, superior to the interests of any other persons or entities. 

	8.	Duties of Escrow Agent. The Escrow Agent shall not be obligated to accept any notice, make any delivery, or take any other action under this Agreement unless the notice or
request or demand for delivery or other action is in writing and given or made by the Managing General Partner or an authorized officer of the Managing General Partner. In no event shall the Escrow Agent be obligated to accept any notice, request,
or demand from anyone other than the Managing General Partner. 

  

	9.	Liability of Escrow Agent. The Escrow Agent shall not be liable for any damages, or have any obligations other than the duties prescribed in this Agreement in carrying out or
executing the purposes and intent of this Agreement. However, nothing in this Agreement shall relieve the Escrow Agent from liability arising out of its own willful misconduct or gross negligence. The Escrow Agent’s duties and obligations under
this Agreement shall be entirely administrative and not discretionary. The Escrow Agent shall not be liable to any party to this Agreement or to any third-party as a result of any action or omission taken or made by the Escrow Agent in good faith.
The parties to this Agreement will jointly and severally indemnify the Escrow Agent, hold the Escrow Agent harmless, and reimburse the Escrow Agent from, against and for, any and all liabilities, costs, fees and expenses (including reasonable
attorney’s fees) the Escrow Agent may suffer or incur by reason of its execution and performance of this Agreement. If any legal questions arise concerning the Escrow Agent’s duties and obligations under this Agreement, then the Escrow
Agent may consult with its counsel and rely without liability on written opinions given to it by its counsel. 

 The Escrow
Agent shall be protected in acting on any written notice, request, waiver, consent, authorization, or other paper or document which the Escrow Agent, in good faith, believes to be genuine and what it purports to be. 
 If there is any disagreement between any of the parties to this Agreement, or between them or any other person, resulting in adverse claims or demands
being made in connection with this Agreement, or if the Escrow Agent, in good faith, is in doubt as to what action it should take under this Agreement, then the Escrow Agent may, at its option, refuse to comply with any claims or demands on it or
refuse to take any other action under this Agreement, so long as the disagreement continues or the doubt exists. In any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act and the
Escrow Agent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. 
 National City
Bank of Pennsylvania is acting solely as the Escrow Agent and is not a party to, nor has it reviewed or approved any agreement or matter of background related to this Agreement, other than this Agreement itself, and has assumed, without
investigation, the authority of the individuals executing this Agreement to be so authorized on behalf of the party or parties involved. 
  

	10.	Resignation or Removal of Escrow Agent. The Escrow Agent may resign as such after giving thirty days’ prior written notice to the other parties to this Agreement.
Similarly, the Escrow Agent may be removed and replaced after receiving thirty days’ prior written notice from the other parties to this Agreement. In either event, the duties of the Escrow Agent shall terminate thirty days after the date of
the notice (or as of an earlier date as may be mutually agreeable); and the Escrow Agent shall then deliver the balance of the Subscription Proceeds (and any interest paid or investment income earned thereon while held by the Escrow Agent in the
escrow account) in its possession to a successor escrow agent appointed by the other parties to this Agreement as evidenced by a written notice filed with the Escrow Agent. 

 If the other parties to this Agreement are unable to agree on a successor escrow agent or fail to appoint a successor escrow agent before the expiration
of thirty days following the date of the notice of the Escrow Agent’s resignation or removal, then the 

 
Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent or other appropriate relief. Any resulting
appointment shall be binding on all of the parties to this Agreement. 
 On acknowledgment by any successor escrow agent of the receipt of the
then remaining balance of the Subscription Proceeds (and any interest paid or investment income earned thereon while held by the Escrow Agent in the escrow account), the Escrow Agent shall be fully released and relieved of all duties,
responsibilities, and obligations under this Agreement. 
  

	11.	Termination. This Agreement shall terminate and the Escrow Agent shall have no further obligation with respect to this Agreement after the distribution of all Subscription
Proceeds (and any interest paid or investment income earned thereon while held by the Escrow Agent in the escrow account) as contemplated by this Agreement or on the written consent of all the parties to this Agreement. 

  

	12.	Notice. Any notices or instructions, or both, to be given under this Agreement shall be validly given if set forth in writing and mailed by certified mail, return receipt
requested, or by facsimile with confirmation of receipt (originals to be followed in the mail), or by a nationally recognized overnight courier, as follows: 

 If to the Escrow Agent: 
 National City Bank 
 c/o Allegiant Institutional Services 
 200
Public Square, 5th Floor 
 Cleveland, Ohio 44114 
 Attention: Dawn DeWerth LOC 01-86PS-01 
 Phone: (216) 222-9225 
 Facsimile:
(216) 222-7044 
 If to the Managing General Partner: 
 Atlas Resources, LLC 
 311 Rouser Road 
 P.O. Box 611 
 Moon Township, Pennsylvania
15108 
 Attention: Karen A. Black 
 Phone: (412) 262-2830 
 Facsimile: (412) 262-2820 

 If to Anthem: 
 Anthem Securities, Inc. 
 311 Rouser Road 
 P.O. Box 926 
 Moon Township, Pennsylvania
15108 
 Attention: Justin T. Atkinson 
 Phone: (412) 262-1680 
 Facsimile: (412) 262-7430 
 Any party may designate any other address to which notices and instructions shall be sent by notice duly given in accordance with this Agreement.

  

	13.	Miscellaneous. 

  

	 	(e)	This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 

  

	 	(f)	This Agreement shall be binding on and shall inure to the benefit of the undersigned and their respective successors and assigns. 

  

	 	(g)	This Agreement may be executed in multiple copies, each executed copy to serve as an original. 

  

	14.	The parties hereto and subscribers acknowledge Escrow Agent has not reviewed and is not making any recommendations with respect to the securities offered. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the day and year first above written. 
  

			
	 NATIONAL CITY BANK OF PENNSYLVANIA
 As Escrow
Agent

		
	By:	 	  
		 	James Schultz, Vice President
	
	 ATLAS RESOURCES, LLC
 A Pennsylvania limited
liability company

		
	By:	 	  
		 	Karen A. Black, Vice President – Partnership Administration
	
	 ANTHEM SECURITIES, INC.
 A Pennsylvania
corporation

		
	By:	 	  
		 	Justin T. Atkinson, President

			
	ATLAS AMERICA PUBLIC #16-2007(A) L.P.
		
	By:	 	 ATLAS RESOURCES, LLC
 Managing General
Partner

		
	By:	 	  
		 	Karen A. Black, Vice President – Partnership Administration

 APPENDIX I TO ESCROW AGREEMENT 
  

	3.	Compensation for Services of Escrow Agent 

  

			
	 REVIEW AND ACCEPTANCE FEE:
	  	$    waived

 For providing initial review of the Escrow Agreement and all supporting documents and for initial services
associated with establishing the Escrow Account. This is a one (1) time fee payable upon the opening of the account. 
  

						
	 I.
	  	Annual Administrative Fee Payable in Advance (or any portion thereof)	  	$	3000.00
			
	 II.
	  	Remittance of checks returned to subscribers (set out in section 6 of the governing agreement)	  	 	20.00
			
	 III.
	  	Wire transfers	  	 	n/a
			
	 IV.
	  	Purchase or Sale of Securities	  	 	100.00
		
	 V.
	  	Investments (document limits investment to a checking or savings account, or certificates of deposit) such products offered by any National City Bank retail branch)- fees are
subject to the type of account the Managing General Partner directs the Escrow Agent to open and to be governed by the Escrow Agreement.

 EXTRAORDINARY SERVICES: 
 For any services other than those covered by the aforementioned, a special per hour charge will be made commensurate with the character of the service, time required and responsibility involved. Such services include
but are not limited to excessive administrative time, attendance at closings, specialized reports, and record keeping, unusual certifications, etc. 
 Managing General Partner agrees to report all funds in accordance with appropriate tax treatment. 
 FEE SCHEDULE IS SUBJECT TO ANNUAL REVIEW AND/OR
ADJUSTMENT UPON AMENDMENT THERETO. 

 EXHIBIT “B” 
 SELLING AGENT AGREEMENT 
 WITH ANTHEM SECURITIES, INC. 
 TO: ________________________________________ 
  

	 	RE:	ATLAS AMERICA PUBLIC #16-2007 PROGRAM 

 Gentlemen:

 Atlas Resources, LLC will be the Managing General Partner in a series of up to two limited partnerships organized under the Delaware
Revised Uniform Limited Partnership Act: Atlas America Public #16-2007(A) L.P. and Atlas America Public #16-2007(B) L.P., which are referred to as the “Partnership” or the “Partnerships.” The Units in the Partnerships, which are
referred to as the “Units,” and the offering are described in the Prospectus, copies of which have been furnished to you with this Agreement. 
 Our firm, Anthem Securities, Inc., which is referred to as the “Dealer-Manager,” has entered into a Dealer-Manager Agreement for sales in all states, a copy of which has been furnished to you and is
incorporated in this Agreement by reference, with the Managing General Partner and the Partnerships under which the Dealer-Manager has agreed to form a group of NASD member firms, which are referred to as the “Selling Agents.” The Selling
Agents will obtain subscriptions for Units in each Partnership in all states on a “best efforts” basis under the Securities Act of 1933, as amended, which is referred to as the “Act,” and the provisions of the Prospectus.

 You are invited to become one of the Selling Agents on a non-exclusive basis. By your acceptance below you agree to act in that capacity
and to use your best efforts, in accordance with the terms and conditions of this Agreement, to solicit subscriptions for Units in each Partnership at the time the Partnership is being offered as provided in Section 1 of the Dealer-Manager
Agreement in all states where you are duly registered or licensed as broker/dealer. 
  

	1.	Representations and Warranties of Selling Agent. You represent and warrant to the Dealer-Manager that: 

  

	 	(a)	You are a corporation or other entity duly organized, validly existing, and in good standing under the laws of the state of your formation or of any jurisdiction to the laws of
which you are subject, with all requisite power and authority to enter into this Agreement and to carry out your obligations under this Agreement. 

  

	 	(b)	This Agreement when accepted and approved by you will be duly authorized, executed, and delivered by you and will be a valid and binding agreement on your part in accordance with
its terms. 

  

	 	(c)	The consummation of the transactions contemplated by this Agreement and the Prospectus will not result in the following: 

  

	 	(iii)	any breach of any of the terms or conditions of, or constitute a default under your organizational documents, bylaws, any indenture, agreement, or other instrument to which you are
a party or by which you are bound; or 

  

	 	(iv)	any violation of any order applicable to you of any court, regulatory body or administrative agency having jurisdiction over you or over your affiliates. 

 

	 	(d)	 You are duly registered under the provisions of the Securities Exchange Act of 1934, which is referred to as the “Act of 1934,” as a broker/dealer, and
you are a member in good standing of the NASD. You are duly registered as a broker/dealer 

	 	 
in the jurisdictions where you are required to be registered in order to carry out your obligations as contemplated by this Agreement and the Prospectus. You
agree to maintain all the foregoing registrations in good standing throughout the term of the offer and sale of the Units, and you agree to comply with all statutes and other requirements applicable to you as a broker/dealer under those
registrations. 

  

	 	(e)	Pursuant to your appointment as a Selling Agent, you shall comply with all the provisions of the Act, insofar as the Act applies to your activities under this Agreement. Further,
you shall not engage in any activity which would cause the offer and/or sale of the Units not to comply with the Act, the Act of 1934, the applicable rules and regulations of the Securities and Exchange Commission, which is referred to as the
“Commission,” the applicable state securities laws and regulations, this Agreement, and the NASD Conduct Rules including Rules 2420, 2730, 2740, 2750, and 2810(b)(2) and (b)(3), which provide as follows: 

 Sec. (b)(2) 
 Suitability

  

	 	(A)	A member or person associated with a member shall not underwrite or participate in a public offering of a direct participation program unless standards of suitability have been
established by the program for participants therein and such standards are fully disclosed in the prospectus and are consistent with the provisions of subparagraph (B). 

  

	 	(B)	In recommending to a participant the purchase, sale or exchange of an interest in a direct participation program, a member or person associated with a member shall:

  

	 	(i)	have reasonable grounds to believe, on the basis of information obtained from the participant concerning his investment objectives, other investments, financial situation and
needs, and any other information known by the member or associated person, that: 

  

	 	a.	the participant is or will be in a financial position appropriate to enable him to realize to a significant extent the benefits described in the prospectus, including the tax
benefits where they are a significant aspect of the program; 

  

	 	b.	the participant has a fair market net worth sufficient to sustain the risks inherent in the program, including loss of investment and lack of liquidity; and

  

	 	c.	the program is otherwise suitable for the participant; and 

  

	 	(ii)	maintain in the files of the member documents disclosing the basis upon which the determination of suitability was reached as to each participant. 

 

	 	(C)	Notwithstanding the provisions of subparagraphs (A) and (B) hereof, no member shall execute any transaction in direct participation program in a discretionary account
without prior written approval of the transaction by the customer. 

	 	(D)	Subparagraphs (A) and (B), and, only in situations where the member is not affiliated with the direct participation program, subparagraph (C) shall not apply to:

  

	 	(i)	a secondary public offering of or a secondary market transaction in a unit, depositary receipt, or other interest in a direct participation program that is listed on a national
securities exchange; or 

  

	 	(ii)	an initial public offering of a unit, depositary receipt or other interest in a direct participation program for which an application for listing on a national securities
exchange has been approved by such exchange and the applicant makes a good faith representation that it believes such listing on an exchange will occur within a reasonable period of time following the formation of the program.

 Sec. (b)(3) 
 Disclosure 
  

	 	(A)	Prior to participating in a public offering of a direct participation program, a member or person associated with a member shall have reasonable grounds to believe, based on
information made available to him by the sponsor through a prospectus or other materials, that all material facts are adequately and accurately disclosed and provide a basis for evaluating the program. 

  

	 	(B)	In determining the adequacy of disclosed facts pursuant to subparagraph (A) hereof, a member or person associated with a member shall obtain information on material facts
relating at a minimum to the following, if relevant in view of the nature of the program: 

  

	 	(i)	items of compensation; 

  

	 	(ii)	physical properties; 

  

	 	(iii)	tax aspects; 

  

	 	(iv)	financial stability and experience of the sponsor; 

  

	 	(v)	the program’s conflict and risk factors; and 

  

	 	(vi)	appraisals and other pertinent reports. 

  

	 	(C)	For purposes of subparagraphs (A) or (B) hereof, a member or person associated with a member may rely upon the results of an inquiry conducted by another member or
members, provided that: 

  

	 	(i)	the member or person associated with a member has reasonable grounds to believe that such inquiry was conducted with due care; 

	 	(ii)	the results of the inquiry were provided to the member or person associated with a member with the consent of the member or members conducting or directing the inquiry; and

  

	 	(iii)	no member that participated in the inquiry is a sponsor of the program or an affiliate of such sponsor. 

  

	 	(D)	Prior to executing a purchase transaction in a direct participation program, a member or person associated with a member shall inform the prospective participant of all pertinent
facts relating to the liquidity and marketability of the program during the term of the investment; provided, however, that paragraph (b) shall not apply to an initial or secondary public offering of or a secondary market transaction in a unit,
depositary receipt or other interest in a direct participation program which complies with subparagraph (2)(D). 

  

	 	(f)	You shall not offer or sell the Units in any jurisdiction until you have been advised in writing by the Managing General Partner, or the Managing General Partner’s special
counsel, that the offer or sale of the Units: 

  

	 	(4)	has been qualified in the jurisdiction; 

  

	 	(5)	is exempt from the qualification requirements imposed by the jurisdiction; or 

  

	 	(6)	the qualification is otherwise not required. 

  

	 	(g)	You agree that you shall not place any advertisement or other solicitation with respect to the Units (including without limitation any material for use in any newspaper, magazine,
radio or television commercial, telephone recording, motion picture, or other public media) without: 

  

	 	(i)	the prior written approval of the Managing General Partner; and 

  

	 	(ii)	the prior written approval of the form and content thereof by the Commission, the NASD and the securities authorities of the states where such advertisement or solicitation is to be
circulated. 

 Any such advertisements or solicitations shall be at your expense. 
  

	 	(h)	You have received copies of the Prospectus relating to the Units and you have relied only on the statements contained in the Prospectus and not on any other statements whatsoever,
either written or oral, with respect to the details of the offering of Units. 

 You shall deliver a copy of the Prospectus to
each subscriber to whom you sell the Units at or before the completion of any sale of Units to such subscriber (which sale shall be deemed, for the purposes of this Agreement to occur on the date on which that subscriber delivers subscription funds
to the escrow agent), or earlier if required by the blue sky or securities laws of any jurisdiction. Unless advised otherwise by the Managing General Partner, you may choose to provide each offeree with the following sales materials which are
collectively referred to as the “Sales Literature”: 
  

	 	(ix)	a flyer entitled “Atlas America Public #16-2007 Program”; 

	 	(x)	an article entitled “Tax Rewards with Oil and Gas Partnerships”; 

  

	 	(xi)	a brochure of tax scenarios entitled “How an Investment in Atlas America Public #16-2007 Program Can Help Achieve an Investor’s Tax Objectives”;

  

	 	(xii)	a booklet entitled “Outline of Tax Consequences of Oil and Gas Drilling Programs”; 

  

	 	(xiii)	a brochure entitled “Investment Insights – Tax Time”; 

  

	 	(xiv)	a brochure entitled “Frequently Asked Questions”; and 

  

	 	(xv)	a brochure entitled “The Drilling Process”; and 

  

	 	(xvi)	possibly other supplementary materials. 

 Any such Sales
Literature, if distributed, must have been preceded or must be accompanied by the Prospectus. 
  

	 	(i)	If a supplement or amendment to the Prospectus is prepared and delivered to you by the Managing General Partner or the Dealer-Manager, you agree as follows:

  

	 	(i)	to distribute each supplement or amendment to the Prospectus to every person who has previously received a copy of the Prospectus from you; and 

  

	 	(ii)	to include each supplement or amendment in all future deliveries of any Prospectus. 

  

	 	(j)	In connection with any offer or sale of the Units, you agree to the following: 

  

	 	(i)	to comply in all respects with statements set forth in the Prospectus, the Partnership Agreement, and any supplements or amendments to the Prospectus; 

  

	 	(ii)	not to make any statement inconsistent with the statements in the Prospectus, the Partnership Agreement, and any supplements or amendments to the Prospectus;

  

	 	(iii)	not to provide any written information, statements, or sales materials other than the Prospectus, the Sales Literature, and any supplements or amendments to the Prospectus unless
approved in writing by the Managing General Partner; and 

  

	 	(iv)	not to make any untrue statement of a material fact or omit to state a material fact necessary in order to make statements made, in light of the circumstances under which they were
made, not misleading in connection with the Partnerships, the Units or the offering. 

  

	 	(k)	You agree to use your best efforts in the solicitation and sale of the Units, including that: 

  

	 	(i)	you comply with all the provisions of the Act, the Act of 1934, the applicable rules and regulations of the Commission, the applicable state securities laws and regulations, this
Agreement, and the NASD Conduct Rules; 

  

	 	(ii)	the prospective purchasers meet the suitability requirements set forth in the Prospectus, the Subscription Agreement, and this Agreement; and 

  

	 	(iii)	 the prospective purchasers properly complete and execute the Subscription Agreement, which has been provided as Exhibit (I-B) to the Partnership Agreement, Exhibit
(A) of the Prospectus, together with any additional forms 

	 	 
provided in any supplement or amendment to the Prospectus, or otherwise provided to you by the Managing General Partner or the Dealer-Manager to be completed
by prospective purchasers. 

 You acknowledge and agree that the Managing General Partner shall have the right to reject any
subscription at any time for any reason without liability to it. Subscription funds and executed subscription packets shall be transmitted as set forth in Section 11 of this Agreement. 
  

	 	(l)	You agree and covenant that: 

  

	 	(i)	the representations and warranties you make in this Agreement are and shall be true and correct as of the date of this Agreement and at the applicable closing date; and

  

	 	(ii)	you shall and have fulfilled all your obligations under this Agreement at the applicable closing date. 

  

	2.	Commissions. 

  

	 	(e)	Subject to the receipt of the minimum required subscription proceeds of $2,000,000 as described in Section 4(d) of the Dealer-Manager Agreement, and the discounts set forth in
Section 4(c) of the Dealer-Manager Agreement for sales to the Managing General Partner, its officers, directors and affiliates, registered investment advisors and their clients, Selling Agents and their registered representatives and
principals, and investors who buy Units through the officers or directors of the Managing General Partner, the Dealer-Manager is entitled to receive from the Managing General Partner a 7% Sales Commission and a 2.5% Dealer-Manager Fee, based on the
aggregate amount of all Unit subscriptions to a Partnership secured by the Dealer-Manager or the selling group formed by the Dealer-Manager and accepted by the Managing General Partner. 

 Additionally, the Dealer-Manager is entitled to receive from the Managing General Partner an up to .5% reimbursement of the Selling Agents’ bona fide
due diligence expenses per Unit. 
 Subject to the terms and conditions set forth in this Agreement, including the Dealer-Manager’s
receipt from you of the documentation required of you in Section 1 of this Agreement, the Dealer-Manager agrees to pay you on Units sold by you and accepted by the Managing General Partner: 
  

	 	(i)	a 7% Sales Commission, subject to the performance by you of your obligations under Appendix I to this Agreement, which is incorporated in this Agreement by reference; and

  

	 	(ii)	 up to a .5% reimbursement of your bona fide due diligence expenses per Unit. With respect to the up to .5% reimbursement of your bona fide due diligence expenses,
any bill presented by you to the Dealer-Manager for reimbursement of costs associated with your due diligence activities must be for actual costs and may not include a profit margin. Although the Dealer-Manager is not required to obtain an itemized
expense statement before paying out due diligence expenses, any bill for due diligence submitted by you must be based on your actual expenses incurred in conducting due diligence. If the Dealer-Manager receives a non-itemized bill for due diligence
that it has reason to question, then it has the obligation to ensure your compliance by requesting an itemized statement to support the bill submitted by you. If such a due diligence bill cannot be justified, any excess over actual due diligence
expenses that is paid is considered by the NASD to be undisclosed underwriting compensation and is required to be included within the 10% compensation guideline under NASD Conduct Rule 2810, and reflected 

	 	 
on your books and records. Notwithstanding, if you provide an itemized bill in excess of .5% then the excess over .5% will not be included within the 10%
compensation guideline, but instead the 4.5% organization and offering cost guideline of NASD Conduct Rule 2810. 

  

	 	(iii)	In addition, the Dealer-Manager or Managing General Partner may make certain non-cash compensation arrangements of up to .5% per Unit with you or your registered
representatives. The permissible non-cash compensation will be paid for training and education meetings, gifts that do not exceed $100 per year and are not preconditioned on the achievement of a sales target, an occasional meal, a ticket to a
sporting event or the theater, or comparable entertainment which is neither so frequent nor so extensive as to raise any question of propriety and is not preconditioned on achievement of a sales target and contributions by the Dealer-Manager or
Managing General Partner to a non-cash compensation arrangement between you and your associated persons, provided that the Dealer-Manager or Managing General Partner do not directly or indirectly participate in your organization of the permissible
non-cash compensation arrangement. The Dealer-Manager is responsible for ensuring that all non-cash compensation arrangements comply with the restrictions on non-cash compensation in connection with direct participation programs as set forth in NASD
Conduct Rule 2810. For example, if the Managing General Partner or Dealer-Manager pays or reimburses you in connection with meetings held by the Managing General Partner or Dealer-Manager for the purpose of training or education of your registered
representatives, then the following conditions must be met: 

  

	 	(A)	your registered representative must obtain your prior approval to attend the meeting and attendance by your registered representatives must not be conditioned by you on the
achievement of a sales target; 

  

	 	(B)	the location of the training and education meeting must be appropriate to the purpose of the meeting, as defined in NASD Conduct Rule 2810; 

  

	 	(C)	the payment or reimbursement must not be applied to the expenses of guests of the registered representative; 

  

	 	(D)	the payment or reimbursement by the Managing General Partner or Dealer-Manager must not be conditioned by the Managing General Partner or Dealer-Manager on the achievement of a
sales target; and 

  

	 	(E)	the appropriate records must be maintained. 

 Non-cash
compensation means any form of compensation received in connection with the sale of the Units that is not cash compensation, including but not limited to merchandise, gifts and prizes, travel expenses, meals and lodging. 
 [Also, the Dealer-Manager may pay a marketing fee of up to ________ if you meet certain sales thresholds and provide marketing support as set forth in
Appendix II, but in no event shall you receive non-cash compensation and the marketing fee if it represents more than .5% per unit.] 
  

	 	(iv)	 Your sales commissions which are owed to you as set forth above shall be paid to you within seven business days after the Dealer-Manager has received the related
amounts owed to it under the Dealer-Manager Agreement, which the Dealer-Manager is entitled to receive within five business days after the conditions described in Section 4(e) of the Dealer-Manager Agreement are satisfied and approximately
every two weeks thereafter until the respective 

	 	 
Partnership’s Offering Termination Date, which is described in Section 1 of the Dealer-Manager Agreement. The balance of your sales commissions and
the reimbursements which are owed to you as set forth above shall be paid to you within seven business days after the Dealer-Manager has received the related amounts owed to it under the Dealer-Manager Agreement, which the Dealer-Manager is entitled
to receive within fourteen business days after the respective Partnership’s Offering Termination Date. 

  

	 	(f)	Notwithstanding anything in this Agreement to the contrary, you agree to waive payment of your compensation and reimbursements which are owed to you as set forth above until the
Dealer-Manager is in receipt of the related amounts owed to it under the Dealer-Manager Agreement, and the Dealer-Manager’s liability to pay your compensation and reimbursements under this Agreement shall be limited solely to the proceeds of
the related amounts owed to it under the Dealer-Manager Agreement. 

  

	 	(g)	As provided in Section 4(d) of the Dealer-Manager Agreement, a Partnership shall not begin operations unless it receives subscription proceeds for at least $2,000,000 by its
respective Offering Termination Date. If this amount is not secured by the respective Partnership’s Offering Termination Date, then nothing shall be payable to you for the respective Partnership and all funds advanced by subscribers for Units
in the respective Partnership shall be returned to them with interest earned, if any. 

  

	4.	Blue Sky Qualification. The Managing General Partner may elect not to qualify or register Units in any state or jurisdiction in which it deems the qualification or
registration is not warranted for any reason in its sole discretion. On application to the Dealer-Manager you will be informed as to the states and jurisdictions in which the Units have been qualified for sale or are exempt under the respective
securities or “Blue Sky” laws of those states and jurisdictions. 

 Notwithstanding the foregoing, the Dealer-Manager,
the Partnerships, and the Managing General Partner have not assumed and will not assume any obligation or responsibility as to your right to act as a broker/dealer with respect to the Units in any state or jurisdiction. 
  

	4.	Expense of Sale. The expenses in connection with the offer and sale of the Units shall be payable as set forth below. 

  

	 	(c)	The Dealer-Manager shall pay all expenses incident to the performance of its obligations under this Agreement, including the fees and expenses of its attorneys and accountants, even
if the offering of any or all of the Partnerships is not successfully completed. 

  

	 	(d)	You shall pay all expenses incident to the performance of your obligations under this Agreement, including the fees and expenses of your own counsel and accountants, even if the
offering of any or all of the Partnerships is not successfully completed. 

  

	5.	Conditions of Your Duties. Your obligations under this Agreement, as of the date of this Agreement and at the applicable closing date, shall be subject to the following:

  

	 	(c)	the performance by the Dealer-Manager of its obligations under this Agreement; and 

  

	 	(d)	the performance by the Managing General Partner of its obligations under the Dealer-Manager Agreement. 

  

	6.	Conditions of Dealer-Manager’s Duties. The Dealer-Manager’s obligations under this Agreement, including the duty to pay compensation and reimbursements to you as
set forth in Section 2 of this Agreement, shall be subject to the following: 

  

	 	(d)	the accuracy, as of the date of this Agreement and at the applicable closing date as if made at the applicable closing date, of your representations and warranties made in this
Agreement; 

	 	(e)	the performance by you of your obligations under this Agreement; and 

  

	 	(f)	the Dealer-Manager’s receipt, at or before the applicable closing date, of a fully executed Subscription Agreement for each prospective purchaser as required by
Section 1(k) of this Agreement. 

  

	7.	Indemnification.  

  

	 	(e)	You shall indemnify and hold harmless the Dealer-Manager, the Managing General Partner, each Partnership and its attorneys against any losses, claims, damages or liabilities, joint
or several, to which they may become subject under the Act, the Act of 1934, or otherwise insofar as the losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on your breach of any of your duties and
obligations, representations, or warranties under the terms or provisions of this Agreement, and you shall reimburse them for any legal or other expenses reasonably incurred in connection with investigating or defending the losses, claims, damages,
liabilities, or actions. 

  

	 	(f)	The Dealer-Manager shall indemnify and hold you harmless against any losses, claims, damages, or liabilities, joint or several, to which you may become subject under the Act, the
Act of 1934, or otherwise insofar as the losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on the Dealer-Manager’s breach of any of its duties and obligations, representations, or warranties under
the terms or provisions of this Agreement, and the Dealer-Manager shall reimburse you for any legal or other expenses reasonably incurred in connection with investigating or defending the losses, claims, damages, liabilities, or actions.

  

	 	(g)	The foregoing indemnity agreements shall extend on the same terms and conditions to, and shall inure to the benefit of, each person, if any, who controls each indemnified party
within the meaning of the Act. 

  

	 	(h)	Promptly after receipt by an indemnified party of notice of the commencement of any action, the indemnified party shall, if a claim in respect of the action is to be made against
the indemnifying party under this Section, notify the indemnifying party in writing of the commencement of the action; but the omission to promptly notify the indemnifying party shall not relieve the indemnifying party from any liability which it
may have to the indemnified party. If any action is brought against an indemnified party, it shall notify the indemnifying party of the commencement of the action, and the indemnifying party shall be entitled to participate in, and, to the extent
that it wishes, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel satisfactory to the indemnified and indemnifying parties. After the indemnified party has received notice from the agreed
on counsel that the defense of the action under this paragraph has been assumed, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of the
action other than with respect to the agreed on counsel who assumed the defense of the action. 

  

	8.	Representations and Agreements to Survive Delivery. All representations, warranties, and agreements of the Dealer-Manager and you in this Agreement, including the indemnity
agreements contained in Section 7 of this Agreement, shall: 

  

	 	(a)	survive the delivery, execution and closing of this Agreement; 

	 	(b)	remain operative and in full force and effect regardless of any investigation made by or on behalf of you or any person who controls you within the meaning of the Act, by the
Dealer-Manager, or any of its officers, directors or any person who controls the Dealer-Manager within the meaning of the Act, or any other indemnified party; and 

  

	 	(c)	survive delivery of the Units. 

  

	9.	Termination.  

  

	 	(a)	You shall have the right to terminate this Agreement other than the indemnification provisions of Section 7 of this Agreement by giving notice as specified in Section 16
of this Agreement any time at or before a closing date: 

  

	 	(iii)	if the Dealer-Manager has failed, refused, or been unable at or before a closing date, to perform any of its obligations under this Agreement; or 

  

	 	(iv)	there has occurred an event materially and adversely affecting the value of the Units. 

 If you elect to terminate this Agreement other than the indemnification provisions of Section 7 of this Agreement, then the Dealer-Manager shall be promptly notified by you by telephone, e-mail, facsimile, or
telegram, confirmed by letter. 
  

	 	(b)	The Dealer-Manager may terminate this Agreement other than the indemnification provisions of Section 7 of this Agreement, for any reason and at any time, by promptly giving
notice to you by telephone, e-mail, facsimile or telegram, confirmed by letter. 

  

	10.	Format of Checks/Escrow Agent. Pending receipt of the minimum subscription proceeds of $2,000,000 as set forth in Section 4(d) of the Dealer-Manager Agreement, the
Dealer-Manager and you, including if you are a customer carrying broker/dealer, agree that all subscribers shall be instructed to make their checks or wire transfers payable solely to the Escrow Agent as agent for the Partnership in which the Units
are then being offered as follows: 

  

	 	(a)	“Atlas America Public #16-2007(A) L.P., Escrow Agent, National City Bank of PA”; or 

  

	 	(b)	“Atlas America Public #16-2007(B) L.P., Escrow Agent, National City Bank of PA.” 

 Also, you, including if you are a customer carrying broker/dealer, agree to comply with Rule 15c2-4 adopted under the Act of 1934. In addition, for
identification purposes, wire transfers should reference the subscriber’s name and the account number of the escrow account for the Partnership in which the Units are then being offered. 
 If you receive a check not conforming to the foregoing instructions, then you shall return the check directly to the subscriber not later than noon of the
next business day following its receipt by you from the subscriber. If the Dealer-Manager receives a check not conforming to the foregoing instructions, then the Dealer-Manager shall return the check to you not later than noon of the next business
day following its receipt by the Dealer-Manager and you shall then return the check directly to the subscriber not later than noon of the next business day following its receipt by you from the Dealer-Manager. Checks received by you which conform to
the foregoing instructions shall be transmitted by you under Section 11 “Transmittal Procedures,” below. 
 You agree that you
are bound by the terms of the Escrow Agreement, a copy of which is attached to the Dealer-Manager Agreement as Exhibit “A.” 

	11.	Transmittal Procedures. You, including if you are a customer carrying broker/dealer, shall transmit received investor funds in accordance with the following procedures.

  

	 	(a)	Pending receipt of a Partnership’s minimum subscription proceeds of $2,000,000 as set forth in Section 4(d) of the Dealer-Manager Agreement, you shall promptly transmit
any and all checks received by you from subscribers and the original executed Subscription Agreement to the Dealer-Manager by noon of the next business day following receipt of the check by you. By noon of the next business day following the
Dealer-Manager’s receipt of the check and the original executed subscription documents, the Dealer-Manager shall transmit the check and a copy of the executed Subscription Agreement to the Escrow Agent, and the original executed Subscription
Agreement and a copy of the check to the Managing General Partner. 

  

	 	(b)	On receipt by you of notice from the Managing General Partner or the Dealer-Manager that a Partnership’s minimum subscription proceeds of $2,000,000 as set forth in
Section 4(d) of the Dealer-Manager Agreement have been received, you agree that all subscribers then may be instructed, in the Managing General Partner’s sole discretion, to make their checks or wire transfers payable solely to the
Partnership then being offered. 

 Thereafter, you shall promptly transmit any and all checks received by you from subscribers
and the original executed Subscription Agreement to the Dealer-Manager by noon of the next business day following receipt of the check by you. By noon of the next business day following the Dealer-Manager’s receipt of the check and original
Subscription Agreement, the Dealer-Manager shall transmit the check and the original executed Subscription Agreement to the Managing General Partner. 
  

	12.	Parties. This Agreement shall inure to the benefit of and be binding on you, the Dealer-Manager, and any respective successors and assigns. This Agreement shall also inure to
the benefit of the indemnified parties, their successors and assigns. This Agreement is intended to be and is for the sole and exclusive benefit of the parties to this Agreement, including their respective successors and assigns, and the indemnified
parties and their successors and assigns, and for the benefit of no other person. No other person shall have any legal or equitable right, remedy or claim under or in respect of this Agreement. No purchaser of any of the Units from you shall be
construed a successor or assign merely by reason of the purchase. 

  

	13.	Relationship. You are not authorized to hold yourself out as agent of the Dealer-Manager, the Managing General Partner, a Partnership or any other Selling Agent. This
Agreement shall not constitute you a partner of the Managing General Partner, the Dealer-Manager, a Partnership, any general partner of a Partnership, or any other Selling Agent, nor render the Managing General Partner, the Dealer-Manager, the
Partnerships, any general partner of a Partnership, or any other Selling Agent, liable for any of your obligations. 

  

	14.	Effective Date. This Agreement is made effective between the parties as of the date accepted by you as indicated by your signature to this Agreement.

  

	15.	Entire Agreement, Waiver.  

  

	 	(a)	This Agreement constitutes the entire agreement between the Dealer-Manager and you, and shall not be amended or modified in any way except by subsequent agreement executed in
writing. Neither party to this Agreement shall be liable or bound to the other by any agreement except as specifically set forth in this Agreement. 

  

	 	(b)	The Dealer-Manager and you may waive, but only in writing, any term, condition, or requirement under this Agreement that is intended for its benefit. However, any written waiver of
any term or condition of this Agreement shall not operate as a waiver of any other breach of the term or condition of this Agreement. 

	 	(c)	Also, any failure to enforce any provision of this Agreement shall not operate as a waiver of that provision or any other provision of this Agreement. 

  

	16.	Notices. 

  

	 	(a)	Any communications from you shall be in writing addressed to the Dealer-Manager at P.O. Box 926, Moon Township, Pennsylvania 15108-0926. 

  

	 	(b)	Any notice from the Dealer-Manager to you shall be deemed to have been duly given if mailed, faxed or telegraphed to you at your address shown below. 

  

	18.	Complaints. The Dealer-Manager and you agree as follows: 

  

	 	(j)	to notify the other if either receives an investor complaint in connection with the offer or sale of Units by you; 

  

	 	(k)	to cooperate with the other in resolving the complaint; and 

  

	 	(l)	to cooperate in any regulatory examination of the other to the extent it involves this Agreement or the offer or sale of Units by you. 

  

	28.	Privacy. The Dealer-Manager and you each acknowledge that certain information made available to the other under this Agreement may be deemed nonpublic personal information
under the Gramm-Leach-Bliley Act, other federal or state privacy laws (as amended), and the rules and regulations promulgated thereunder, which are referred to collectively as the “Privacy Laws.” The Dealer-Manager and you agree as
follows: 

  

	 	(d)	not to disclose or use the information except as required to carry out each party’s respective duties under this Agreement or as otherwise permitted by law in the ordinary
course of business; 

  

	 	(e)	to establish and maintain procedures reasonably designed to assure the security and privacy of all the information; and 

  

	 	(f)	to cooperate with the other and provide reasonable assistance in ensuring compliance with the Privacy Laws to the extent applicable to either or both the Dealer-Manager and you.

  

	28.	Anti-Money Laundering Provision. You represent and warrant to the Managing General Partner and the Dealer-Manager that you have in place and will maintain suitable and
adequate “know your customer” policies and procedures and that you shall comply with all applicable laws and regulations regarding anti-money laundering activity and will provide such documentation to the Managing General Partner and the
Dealer-Manager on written request. 

  

	29.	Acceptance. Please confirm your agreement to become a Selling Agent under the terms and conditions set forth above by signing and returning the enclosed duplicate copy of
this Agreement to us at the address set forth above. 

									
		 		 	Sincerely,
			
	__________________________________, 2007	 		 	ANTHEM SECURITIES, INC.
	Date	 		 	
			
	ATTEST:	 		 	
				
	  	 		 	By:	 	  
	(SEAL)	 	Secretary	 		 		 	Justin Atkinson, President

 ACCEPTANCE: 
 We accept your invitation to become a Selling Agent under all the terms and conditions stated in the above Agreement and confirm that all the statements set forth in the above Agreement are true and correct. We hereby
acknowledge receipt of the Prospectuses and Sales Literature and a copy of the Dealer-Manager Agreement referred to above. 
  

									
			
	__________________________________, 2007	 		 	,
			
	Date	 		 	a(n) ___________________________ corporation,
			
	ATTEST:	 		 	
				
	  	 		 	By:	 	  
	(SEAL)	 	Secretary	 		 		 	____________________________________, President
					
		 		 		 		 	  
		 		 		 		 	(Address)
					
		 		 		 		 	  
					
		 		 		 		 	  
					
		 		 		 		 	  
		 		 		 		 	(Telephone Number)
					
		 		 		 		 	Our CRD Number is ____________________________
		 		 		 		 	Our Tax ID Number is ___________________________

 APPENDIX I TO SELLING AGENT AGREEMENT 
 In partial consideration for the payment to you, as Selling Agent, by the Dealer-Manager of the Sales Commission as set forth in Section 2(a) of the Selling Agent
Agreement, you warrant, represent, covenant, and agree with the Dealer-Manager that you, as Selling Agent, shall do the following: 
  

	 	•	 	prominently and promptly announce your participation in the offering as Selling Agent to your registered representatives, whether by newsletter, e-mail, mail or otherwise, which
announcement also shall advise your registered representatives to contact our Regional Marketing Director in whose territory the registered representative is located (the information concerning our Regional Marketing Directors has been provided to
you by separate correspondence) with a copy of the announcement provided concurrently to the Dealer-Manager; and 

  

	 	•	 	provide the Dealer-Manager with the names, telephone numbers, addresses and e-mail addresses of your registered representatives, which information shall be kept confidential by the
Dealer-Manager and the Managing General Partner and shall not be used for any purpose other than the marketing of the offering as set forth in the Dealer-Manager Agreement and the Selling Agent Agreement. Further, you, as Selling Agent, agree that
the Dealer-Manager and the Managing General Partner may directly contact your registered representatives, in person or otherwise, to: 

  

	 	•	 	inform them of the offering; 

  

	 	•	 	explain the merits and risks of the offering; and 

  

	 	•	 	otherwise assist in your registered representatives’ efforts to solicit and sell Units. 

 EXHIBIT C 
 ANTHEM’S EXPENSE AGREEMENT WITH ATLAS AMERICA, INC. 
 This agreement between Anthem Securities, Inc.
(the “Firm”) and Atlas America, Inc. (“Atlas America”), which is an affiliate of the Firm. 
  

	I.	Purpose. The purpose of the Agreement is to establish that Atlas America will be responsible for reimbursing the Firm for all operating and overhead expenses of the Firm as
described in II below when the Firm agrees to provide to Atlas America, upon Atlas America’s request, Dealer-Manager Services (the “Services”) on substantially the same terms set forth in Exhibit A hereto (with respect to a private
offering) and Exhibit B hereto (with respect to a public offering). Atlas America agrees that it has and will maintain adequate resources independent of the Firm to pay the costs incurred by the Firm when providing the Services. Notwithstanding the
foregoing, the Firm currently has an Expense Agreement with Atlas Resources, LLC and this Agreement will not affect the Expense Agreement with Atlas Resources, LLC, which stays in effect. However, Atlas America’s obligation pursuant to this
Agreement will take precedence over Atlas Resources’ obligation when the Firm provides the Services to Atlas America. 

  

	II.	List of Operating and Overhead Expenses. All operating and overhead expenses of the Firm are to be covered by the Agreement. The following is a non-exclusive list of operating and
overhead expenses covered by this Agreement: 

  

	 	(1)	salaries; 

  

	 	(2)	rent; 

  

	 	(3)	telephone service; 

  

	 	(4)	accounting and legal; 

  

	 	(5)	travel; 

  

	 	(6)	office equipment; 

  

	 	(7)	insurance; 

  

	 	(8)	office supplies; 

  

	 	(9)	postage; 

  

	 	(10)	taxes; 

  

	 	(11)	utilities; and 

  

	 	(12)	membership/registration fees. 

  

	III.	No Repayment Obligation. In accordance with this agreement the Firm is not obligated in any way to repay Atlas America for any payment or reimbursement made pursuant to this
Agreement. Also, Atlas America agrees that the Firm is not legally obligated to a vendor for costs attributable to its activities, which are paid by Atlas America. Further, the Firm will obtain from the vendor in writing that the Firm is not
directly or indirectly liable to the vendor or other party for the expense. 

  

	IV.	Separate Schedule of Costs. All operating expenses paid by Atlas America or goods and services provided by Atlas America, which are not included in reports filed by the Firm with
the NASD or SEC, must be recorded by the Firm on a separate Schedule of Costs which must be maintained pursuant to SEC Rule 17a-4. 

 Atlas America agrees that it will provide the Firm with copies of: 
  

	 	•	 	its expense allocation methodology; and 

  

	 	•	 	invoices paid by Atlas America on behalf of the Firm. 

  

 16 

 The parties agree a reasonable allocation is one that attempts to equate the proportionate cost of a
service or product to the proportional use of or benefit derived from the service or product. 
  

	V.	Net Capital. Expenses payable by Atlas America that are unpaid and attributable to the Firm will be included in the Firm’s net capital computation by adjustments which reduce
net capital and increase aggregate indebtedness by the amount of such unpaid expenses, if applicable. 

  

	VI.	Records. The Firm must maintain copies of this agreement along with any amended expense agreements. These agreements must be maintained pursuant to SEC Rules 17a-3 and 17a-4 along
with all related supporting documents provided by Atlas America. 

  

	VII.	NASD Reporting. The Firm must notify NASD if and when it establishes a new or amends an existing agreement. 

  

	VIII.	Inspection by Regulatory Bodies. Atlas America agrees that it will permit inspections of its books and records by the NASD and any other regulatory organizations regarding the
payment or allocation of expenses by Atlas America, which are proportionately attributable to the Firm. 

  

					
		 		 	Anthem Securities, Inc.
			
	________________, 2006	 		 	   
		 		 	Justin Atkinson, President
			
		 		 	Atlas America, Inc.
			
	________________, 2006	 		 	   
		 		 	Freddie Kotek, Executive Vice President

  

 17

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