Exhibit 99.1

ATLAS PIPELINE PARTNERS, L.P.

REPORTS FOURTH QUARTER AND FULL YEAR 2010 RESULTS

Philadelphia, PA, February 22, 2011 – Atlas Pipeline Partners, L.P. (NYSE: APL) (“APL”, “Atlas Pipeline”, or the “Partnership”) today reported adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”), a non-GAAP measure, of $42.9 million in the fourth quarter of 2010, a decrease of 3%, as compared to $44.3 million in the fourth quarter of 2009. Adjusted EBITDA for the fourth quarter of 2009 includes $9.7 million related to Elk City, which was sold in September 2010. Excluding Elk City’s contribution to 2009 fourth quarter results, Adjusted EBITDA increased 24% versus same period last year. Excluding the historical impact of Elk City, Adjusted EBITDA was higher for the quarter and full year 2010 compared to last year’s fourth quarter and 2009 full year primarily due to higher realized natural gas liquids (“NGL”) and condensate prices as well as approximately 12% gathered volume growth across the existing business. Net loss was $10.6 million for the fourth quarter of 2010 compared with a net loss of $35.1 million for the prior year fourth quarter.

For the full year 2010, Adjusted EBITDA was $209.8 million, an increase of 20% over full year 2009 Adjusted EBITDA of $174.8 million. Net income was $280.4 million for the full year 2010, versus net income of $62.7 million for the prior year. Adjusted EBITDA excludes gains and losses from asset sales outside the ordinary course of business, option premium expense and non-cash items that impact net income. The Partnership believes this measure provides a more accurate comparison of the operating results for the periods presented.

Distributable Cash Flow, a non-GAAP measure, was $25.2 million for the fourth quarter, a 175% increase compared to the fourth quarter of 2009 Distributable Cash Flow of $9.2 million. For the full year 2010, Distributable Cash Flow was $106.8 million, an increase of 166% over the full year 2009 Distributable Cash Flow of $40.1 million. The increase was attributed to Adjusted EBITDA discussed above and lower cash interest expense for the fourth quarter and full year of 2010 offset by increased maintenance capital expenditures. Distributable Cash Flow per average common limited partner unit for the quarter was $0.47 and for full year 2010 it was $2.01.

On January 25, 2011, the Partnership declared a distribution for the fourth quarter of 2010 of $0.37 per common limited partner unit to holders of record on February 7, 2011, and payable on February 14, 2011. This distribution represents Distributable Cash Flow coverage of 1.3x for the fourth quarter of 2010. A reconciliation of non-GAAP measures, including Adjusted EBITDA and Distributable Cash Flow, is provided within the financial tables of this release.

On February 17, 2011, the Partnership completed the sale of its 49% interest in Laurel Mountain Midstream, LLC (Laurel Mountain) to Atlas Energy Resources, LLC, a wholly owned subsidiary of Atlas Energy, Inc., for $403 million, excluding post-closing adjustments. Laurel Mountain owns and operates approximately 1,000 miles of natural gas gathering systems in the Appalachian Basin located in the northeastern United States. At the time of the sale, the Partnership’s general partner was an indirect subsidiary of Atlas Energy, Inc.

“We are pleased to report a strong finish to 2010. Our successful quarter was categorized by overall volume growth across our business coupled with a better pricing environment for our liquids and condensate products. Additionally, we have executed on activities that are going to materially contribute to our unitholder’s distributions in 2011. First, we have added to our risk management book securing over 70% of our margin for 2011 at attractive commodity price levels. Secondly, last Friday we announced the closing of our sale of the Partnership’s interest in our Laurel Mountain joint venture for $403 million to Atlas Energy, which has since become part of Chevron. Lastly, the proceeds will create additional liquidity and flexibility to a balance sheet that is already one of the strongest in the industry. This flexibility is going to allow the Partnership to utilize its balance sheet and add to an already increasing cash flow stream for our investors; as there is significant opportunity to grow cash flow from strategic assets. The resulting accretion should increase distributions to a level that are considerably higher than currently realized. As we look back on 2010, it was clearly a transformational year for Atlas Pipeline and we intend to keep the momentum going for 2011. We thank all of our stakeholders for their support.” stated Eugene Dubay, Chief Executive Officer of the Partnership.

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Capitalization and Liquidity

The Partnership had total liquidity (cash plus available capacity on its revolving credit facility) of $277.0 million as of December 31, 2010, up $232.1 million from December 31, 2009. The Partnership intends to immediately reduce the amount outstanding on the revolving credit facility to a zero balance, making the full $350 million available, less outstanding letters of credit. Total debt outstanding was reduced to $566.0 million at December 31, 2010, from $1,254.2 million at December 31, 2009, a decrease of $688.2 million. The following table summarizes the Partnership’s total liquidity and debt balance at December 31, 2010 along with the impact of the sale of Laurel Mountain. The Partnership will immediately use a portion of the proceeds to repay existing indebtedness under our revolving credit facility, with the remaining proceeds in cash and cash equivalents (in thousands):

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Capital Deployment and Balance Sheet Opportunities

The closing of the Laurel Mountain transaction will give the Partnership substantial flexibility as it relates to its capital structure and operational expansion projects going forward. The Partnership has reviewed its debt structure and as a result, intends to pay down the outstanding balance on its revolving credit facility and to retire some of its Senior Notes pursuant to the terms of the indentures. The Partnership expects to experience interest savings of approximately $24 million annually which, as a positive direct impact to Distributable Cash Flow, would result in a DCF per unit increase of $0.45 annually or $0.11 per quarter, a 23% increase over the fourth quarter of 2010. Additionally, the Partnership is currently evaluating meaningful organic expansion opportunities at all three of its systems as expansion will be required to serve the Partnership’s producing customers as they expand their drilling programs behind the Partnership’s systems in 2011.

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Risk Management

The Partnership continues to enhance its risk management portfolio. As of February 21, 2011, the Partnership has natural gas, natural gas liquids and condensate hedges in place for the remainder of 2011, including hedges in place for approximately 72% of associated margin value for 2011. In addition to this coverage, some protection has also recently been added for 2012. Counterparties to the Partnership’s risk management activities consist primarily of investment grade commercial banks that are lenders under the Partnership’s credit facility, or affiliates of such banks. A table summarizing our risk management portfolio is included in this release.

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Operating Results

Gross margin from continuing operations was $60.5 million for the fourth quarter 2010 and $210.6 million for the full year 2010, compared to $51.2 million and $163.7 million for the prior year periods, respectively. Gross margin includes natural gas and liquids revenues and transportation, compression and other fees, less purchased product costs and non-cash gains (or losses). The increase in gross margin was primarily due to increased commodity prices, along with increased volumes on the Midkiff/Benedum and Velma systems. Year-over-year volume increases on Midkiff/Benedum are a direct result of the completion of the Partnership’s Consolidator Plant to support additional development drilling in the Permian Basin. Volumes on the Velma system increased due to production added on the new Madill to Velma gathering system. Volumes on our Chaney Dell system have increased 9.9% since the first quarter of 2010, primarily related to our expansion into Kansas and increased producer activity in the area.

Midkiff/Benedum

The Midkiff/Benedum system’s average natural gas processed volume was 169.4 million cubic feet per day (“Mmcfd”) and 163.5 Mmcfd for the fourth quarter and full year 2010, respectively, compared with 150.1 Mmcfd and 149.7 Mmcfd for the prior year comparable quarter and prior year, respectively. Average gross NGL production volumes increased to 27,110 barrels per day (“bpd”) and 26,678 bpd for the fourth quarter and full year 2010, respectively, up 23.1% and 25.5% when compared to the fourth quarter and full prior year, respectively. Increased volumes are primarily due to the completion of the new Consolidator Plant, which processes gas in the growing Spraberry and Wolfberry Trends. The plant offers increased capacity and higher ethane and propane recoveries over the legacy facility. The Partnership expects volumes on this system to continue to increase as its partner, Pioneer Natural Resources Company (NYSE: PXD), continues to pursue its drilling plan for 2011 and beyond. The Partnership is also seeing significant growth in natural gas volumes from other producers in the Spraberry and Wolfberry Trends, including COG Operating, LLC, and Endeavor Energy Resources, LP.

Chaney Dell

The Chaney Dell system had average NGL production of 14,204 bpd, which represents a 9.6% increase for the fourth quarter 2010 from the prior year comparable period, and 12,395 bpd, which represents a 7.6% reduction for the full year 2010 from 2009. The Partnership completed the Woolsey expansion of its Chaney Dell system into Kansas during June 2010, on-time and on-budget, and experienced an increase in processed gas volumes due to this project, as well as increased production from other producers on the system, including Chesapeake Energy Marketing, Inc. and Sandridge Exploration and Production, LLC. The Partnership expects volumes to continue to increase in 2011 as volumes from Kansas continue to be added to the system.

Velma

The Velma system’s average natural gas processed volume was 87.7 Mmcfd and 78.6 Mmcfd for the fourth quarter and full year 2010, respectively, an increase of approximately 15.9% and 6.3% compared with the comparable quarter and full year in the prior year, respectively. The increase is primarily due to new production gathered on the Madill to Velma pipeline system. Gathered volumes were up 16.6 Mmcfd, or 21.4% compared to the same quarter last year, and up 8.1 Mmcfd, or 10.6% compared to prior year. Average NGL production increased to 10,608 bpd and 9,218 bpd, for the fourth quarter and full year 2010, respectively, up approximately 25.5% and 12.0 %, compared to 8,450 bpd and 8,232 bpd for the prior year fourth quarter and prior year due to the increased processed volumes.

Appalachia

Volumes on the Laurel Mountain system averaged 124.3 Mmcfd and 109.5 Mmcfd during the fourth quarter 2010 and full year 2010, respectively, up 26.6% and 12.9% compared to the fourth quarter 2009 and full year 2009, respectively.

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Corporate and Other

General and administrative expense, net of non-cash compensation, decreased 14.8% to $9.8 million for the fourth quarter 2010, and decreased 16.5% to $30.5 million for the full year 2010 compared with $11.5 million and $36.6 million for the prior year fourth quarter and prior year, respectively. The decrease is attributable to continued focus in costs and efficiencies reflective of our operating strategy.

Net of deferred financing costs, interest expense decreased to $11.7 million and $81.1 million for the fourth quarter 2010 and full year 2010, respectively, down 55.4% and 15.3%, as compared with $26.3 million and $95.8 million for the fourth quarter 2009 and full year 2009, respectively. This decrease was primarily due to a $688.2 million reduction in debt outstanding since December 31, 2009.

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Interested parties are invited to access the live webcast of an investor call with management regarding the Partnership’s fourth quarter and full year 2010 results on Tuesday, February 22, 2011 at 9:00 am ET by going to the Investor Relations section of the Partnership’s website at www.atlaspipeline.com. An audio replay of the conference call will also be available beginning at 12:00 pm ET on Tuesday, February 22, 2011. To access the replay, dial 1-888-286-8010 and enter conference code 45687751.

Atlas Pipeline Partners, L.P. (NYSE: APL) is active in the gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, southern Kansas, and northern and western Texas, APL owns and operates five active gas processing plants as well as approximately 8,600 miles of active intrastate gas gathering pipeline. For more information, visit the Partnership’s website at www.atlaspipeline.com or contact IR@atlaspipeline.com.

Atlas Energy, L.P. (NYSE: AHD), formerly Atlas Pipeline Holdings, L.P., is a master limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.75 million common limited partner units of APL. Additionally, AHD owns an interest in over 8,500 producing natural gas and oil wells, representing over 185 Bcfe of net proved developed reserves. For more information, please visit our website at http://www.atlasenergy.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.

Certain matters discussed within this press release are forward-looking statements. Although Atlas Pipeline Partners, L.P. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Atlas Pipeline does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in commodity process and local or national economic conditions and other risks detailed from time to time in Atlas Pipeline’s reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

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ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES

Financial Summary⁽¹⁾

(unaudited; in thousands)

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ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES

Financial Summary (continued)

(unaudited; in thousands, except per unit amounts)

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ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

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ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES

Reconciliation of Non-GAAP Measures

(unaudited; in thousands)

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ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES

Unaudited Operating Highlights⁽¹⁾

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ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES

Unaudited Current Commodity Risk Management Positions through December 31, 2012

(as of February 21, 2011 )

Note: The natural gas, natural gas liquid and condensate price risk management positions shown below represent the contracts in place through December 31, 2012, which encompass APL’s price risk management position in its entirety.

NATURAL GAS HEDGES

Swap Contracts

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Unaudited Current Commodity Risk Management Positions through December 31, 2012

(as of February 21, 2011 )

NATURAL GAS LIQUIDS AND CONDENSATE HEDGES

Option Contracts – NGLs