XNYS:APL Atlas Pipeline Partners LP Insider Activity 4 Filing - 3/17/2012

Effective Date 3/17/2012

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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Rudolph Martin
  2. Issuer Name and Ticker or Trading Symbol
ATLAS PIPELINE PARTNERS LP [APL]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
1845 WALNUT STREET, 10TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
03/17/2012
(Street)

PHILADELPHIA, PA 19103
4. If Amendment, Date Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Units 03/17/2012   M   98 A (1) 3,486 D  
Common Units 03/17/2012   M   125 A (1) 3,611 D  
Common Units 03/17/2012   M   125 A (1) 3,736 D  
Common Units 03/17/2012   M   465 A (1) 4,201 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Units (1) 03/17/2012   M     98   (1)   (1) Common Units 98 (1) 0 D  
Phantom Units (1) 03/17/2012   M     125   (1)   (1) Common Units 125 (1) 125 D  
Phantom Units (1) 03/17/2012   M     125   (1)   (1) Common Units 125 (1) 250 D  
Phantom Units (1) 03/17/2012   M     465   (1)   (1) Common Units 465 (1) 1,397 D  
Phantom Units (2) 03/17/2012   (2) A   1,349     (2)   (2) Common Units 1,349 (2) 1,349 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Rudolph Martin
1845 WALNUT STREET, 10TH FLOOR
PHILADELPHIA, PA 19103
  X      

Signatures

 Gerald R. Shrader, Attorney-in-Fact   03/20/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reporting person is a participant in the Atlas Pipeline Partners, L.P. (the "Partnership") 2004 Long-Term Incentive Plan (the "2004 Plan"). The reporting person received 383 phantom units under the 2004 Plan on March 17, 2008; 500 phantom units under the 2004 Plan on March 17, 2009 and 500 phantom units under the 2004 Plan on March 17, 2010. The reporting person is also a participant in the Atlas Pipeline Partners, L.P. 2010 Long Term Incentive Plant (the "2010 Plan") and received 1,862 phantom units under the 2010 Plan on March 17, 2011. Each phantom unit represents the right to receive, upon vesting, either one common unit of limited partner interest of the Partnership or its then fair market value in cash; the phantom units vest 25% per year. The reporting person elected to receive common units. The units are receivable without additional consideration.
(2) The reporting person received 1,349 phantom units under the 2010 Plan on March 17, 2012.

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XNYS:APL Atlas Pipeline Partners LP Insider Activity 4 Filling

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XNYS:APL Atlas Pipeline Partners LP Insider Activity 4 Filing - 3/17/2012
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