Atlas Energy Ltd. Announces Closing of $25.5 Million Financing

Release Date: June 13, 2006
08:45 EDT Tuesday, June 13, 2006

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CALGARY, June 13 /CNW/ – Atlas Energy Ltd. (“Atlas”) is pleased to announce that it has completed its previously announced bought deal financing of 5,000,000 common shares of Atlas at a price of $5.10 per common share, resulting in gross proceeds of $25.5 million. The financing was led by Peters & Co. Limited and included FirstEnergy Capital Corp., GMP Securities L.P. and BMO Nesbitt Burns Inc.

Proceeds of the offering will be used to temporarily reduce bank indebtedness and to fund ongoing exploration and development activities under the Corporation’s $80 million 2006 capital budget.

The common shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.

Forward-Looking Statements

Certain information regarding Atlas contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Atlas believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will be realized. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Atlas’ forward-looking statements are expressly qualified in their entirety by this cautionary statement.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

For further information: Richard Lewanski, President and Chief Executive Officer, (403) 215-8314; or James C. (Pep) Lough, Vice President Finance and Chief Financial Officer, (403) 538-0065