United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2017

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-54378

ATLAS RESOURCES SERIES 28-2010 L.P.

(Name of small business issuer in its charter)

Delaware		27-2101952
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

425 Houston Street, Suite 300
Fort Worth, TX		76102
(Address of principal executive offices)		(zip code)

Issuer’s telephone number, including area code: (412)-489-0006

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐		Non-accelerated filer ☐		Smaller reporting company ☒
						Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

ATLAS RESOURCES SERIES 28-2010 L.P.

(A Delaware Limited Partnership)

INDEX TO QUARTERLY REPORT

ON FORM 10-Q

		PAGE
PART I.	FINANCIAL INFORMATION (Unaudited)
Item 1:
	Condensed Balance Sheets as of March 31, 2017 and December 31, 2016	3
	Condensed Balance Sheets as of June 30, 2017 and December 31, 2016	3
	Condensed Statements of Operations for the Three Months ended March 31, 2017 and 2016	4
	Condensed Statements of Operations for the Three and Six Months ended June 30, 2017 and 2016	4
	Condensed Statements of Comprehensive Income (Loss) for the Three Months ended March 31, 2017 and 2016	5
	Condensed Statements of Comprehensive Income (Loss) for the Three and Six Months ended June 30, 2017 and 2016	5
	Condensed Statement of Changes in Partners’ Capital for the Three Months ended March 31, 2017	6
	Condensed Statement of Changes in Partners’ Capital for the Six Months ended June 30, 2017	6
	Condensed Statements of Cash Flows for the Three Months ended March 31, 2017 and 2016	7
	Condensed Statements of Cash Flows for the Six Months ended June 30, 2017 and 2016	7
	Notes to Condensed Financial Statements	8
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 4:	Controls and Procedures	1718
PART II.	OTHER INFORMATION
Item 1:	Legal Proceedings	1719
Item 6:	Exhibits	1820
SIGNATURES		1921
CERTIFICATIONS

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ATLAS RESOURCES SERIES 28-2010 L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

	March 31,2017		December 31,2016
	June 30,2017		December 31,2016
ASSETS
Current assets:
Cash	$	~~395~~12,~~700~~100	$	171,800
Accounts receivable trade-affiliate		1,~~613~~725,~~100~~900		1,223,800
Total current assets		2,008,800		1,395,600
Sales proceeds receivable-affiliate		17,800		-
Gas and oil properties, net		24,064,500		24,494,800
Total current assets		1,755,800		1,395,600
Long-term asset retirement receivable-affiliate		95,800		110,000
Gas and oil properties, net		23,495,100		24,494,800
Total assets	$	26,169,100	$	26,000,400
Long-term asset retirement receivable-affiliate		195,800		110,000
Total assets	$	25,446,700	$	26,000,400
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accrued liabilities	$	~~213~~156,~~700~~900	$	206,300
Total current liabilities		~~213~~156,~~700~~900		206,300
Asset retirement obligations		3,~~975~~523,~~600~~400		3,956,700
Commitments and contingencies (Note 4)
Partners’ capital:
Managing general partner’s interest		3,~~854~~846,~~800~~600		3,691,000
Limited partners’ interest (7,500 units)		1817,~~125~~919,~~000~~800		18,146,400
Total partners’ capital		21,~~979~~766,~~800~~400		21,837,400
Total liabilities and partners’ capital	$	2625,~~169~~446,~~100~~700	$	26,000,400

See accompanying notes to condensed financial statements.

ATLAS RESOURCES SERIES 28-2010 L.P.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months EndedMarch 31,
	Three Months EndedJune 30,						Six Months EndedJune 30,
	2017		2016				2017		2016
REVENUES
Natural gas	$	21,~~020~~942,~~000~~100	$	1,~~151~~157,~~200~~300			$	3,962,100	$	2,308,500
Gain on mark-to-market derivatives		-		122,400
Loss on mark-to-market derivatives		-		(134,200		)		-		(11,800	)
Total revenues		21,~~020~~942,~~000~~100		1,~~273~~023,~~600~~100				3,962,100		2,296,700
COSTS AND EXPENSES
Production		~~839~~996,~~200~~600		~~968~~781,~~000~~600				1,835,800		1,749,600
Depletion		~~430~~436,~~300~~700		~~416~~409,~~300~~700				867,000		826,000
Accretion of asset retirement obligations		44,500		42,400				89,000		84,800
General and administrative		33,~~000~~400		33,~~600~~200				66,400		66,800
Total costs and expenses		1,~~347~~511,~~000~~200		1,~~460~~266,~~300~~900				2,858,200		2,727,200
Net income (loss)	$	673,000	$	(186,700	)
Operating income (loss)		430,900		(243,800)				1,103,900		(430,500	)
Allocation of net income (loss):
Gain on sale of oil and gas properties		514,500		-				514,500		-
Managing general partner	$	332,000	$	(24,800	)
Net income (loss)	$	945,400	$	(243,800)			$	1,618,400	$	(430,500	)
Limited partners	$	341,000	$	(161,900	)
Allocation of net income (loss):
Net income (loss) per limited partnership unit	$	45	$	(22	)
Managing general partner	$	419,500	$	50,800			$	751,500	$	26,000
Limited partners	$	525,900	$	(294,600)			$	866,900	$	(456,500	)
Net income (loss) per limited partnership unit	$	71	$	(39)			$	116	$	(61	)

See accompanying notes to condensed financial statements.

ATLAS RESOURCES SERIES 28-2010 L.P.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months EndedMarch 31,
	Three Months EndedJune 30,					Six Months EndedJune 30,
	2017			2016		2017		2016
Net income (loss)	$	~~673~~945,~~000~~400	$	~~(186,700~~$	(243,800)	$	1,618,400	$	(430,500)
Other comprehensive loss:
Less: reclassification adjustment to net income (loss) of mark-to-market gains on cash flow hedges		-		(900	)
Reclassification adjustment to net income (loss) of mark-to-market gains on cash flow hedges		-			(1,100)		-		(2,000)
Total other comprehensive loss		-		~~(900~~	(1,100)		-		(2,000)
Comprehensive income (loss)	$	~~673~~945,~~000~~400	$	~~(187,600~~$	(244,900)	$	1,618,400	$	(432,500)

See accompanying notes to condensed financial statements.

ATLAS RESOURCES SERIES 28-2010 L.P.

CONDENSED STATEMENT OF CHANGES IN PARTNERS’ CAPITAL

FOR THE THREE MONTHS ENDED

March 31, 2017

(Unaudited)

	ManagingGeneralPartner			LimitedPartners			Total
Balance at December 31, 2016	$	3,691,000		$	18,146,400		$	21,837,400
Participation in revenues, costs and expenses:
Net production revenues		~~443~~799,~~800~~300			~~737~~1,327,000			12,~~180~~126,~~800~~300
Depletion		(82,700	)		(347,600	)		(430,300	)
Gain on sale of gas and oil properties		178,000			336,500			514,500
Accretion of asset retirement obligations		(16,700	)		(27,800	)		(44,500	)
Depletion		(167,400	)		(699,600	)		(867,000	)
General and administrative		(12,400	)		(20,600	)		(33,000	)
Accretion of asset retirement obligations		(33,400	)		(55,600	)		(89,000	)
Net income		332,000			341,000			673,000
General and administrative		(25,000	)		(41,400	)		(66,400	)
Distributions to partners		(168,200	)		(362,400	)		(530,600	)
Net income		751,500			866,900			1,618,400
Balance at March 31, 2017	$	3,854,800		$	18,125,000		$	21,979,800
Distributions to partners		(595,900	)		(1,093,500	)		(1,689,400	)
Balance at June 30, 2017	$	3,846,600		$	17,919,800		$	21,766,400

See accompanying notes to condensed financial statements.

ATLAS RESOURCES SERIES 28-2010 L.P.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months EndedMarch 31,
	Six Months EndedJune 30,
	2017			2016
Cash flows from operating activities:
Net income (loss)	$	~~673~~1,~~000~~618,400		$	(~~186~~430,~~700~~500	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion		~~430~~867,~~300~~000			~~416~~826,~~300~~000
Non-cash loss on derivative value		-			78430,~~300~~400
Accretion of asset retirement obligations		4489,~~500~~000			4284,~~400~~800
Gain on sale of gas and oil properties – Niobrara		(514,500)			-
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable trade-affiliate		(~~389~~502,~~300~~100	)		~~500~~417,000
Decrease (increase) in asset retirement receivable-affiliate		14,200			(17,400	)
Increase in asset retirement receivable-affiliate		(85,800)			(34,800	)
Increase in accrued liabilities		7,400			48,400
Increase in accounts payable trade-affiliate		-			130,700
Asset retirement obligations settled		(25,600	)		-
Increase (decrease) in accrued liabilities		15,800			(20,400	)
Net cash provided by operating activities		754,500			381,800
Asset retirement obligations settled		(4,300	)		-
Net cash provided by operating activities		1,483,500			1,403,200
Cash flows from investing activities:
Net cash provided by investing activities		-			-
Proceeds from the sale of tangible equipment		46,200			16,300
Net cash provided by investing activities		46,200			16,300
Cash flows from financing activities:
Distributions to partners		(~~530~~1,~~600~~689,400	)		(~~563~~1,~~000~~094,100	)
Net cash used in financing activities		(~~530~~1,~~600~~689,400	)		(~~563~~1,~~000~~094,100	)
Net change in cash		~~223~~(159,~~900~~700)			~~(181~~325,~~200~~400	)
Cash beginning of period		171,800			181,200
Cash at end of period	$	~~395~~12,~~700~~100		$	-506,600
Sales proceeds receivable	$	17,800		$	-
Write-off accrued property taxes associated with sale of Colorado properties	$	(65,200)		$	-

See accompanying notes to condensed financial statements.

ATLAS RESOURCES SERIES 28-2010 L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2016

(Unaudited)

NOTE 1 - DESCRIPTION OF BUSINESS

Atlas Resources Series 28-2010 L.P. (the “Partnership”) is a Delaware limited partnership, formed on April 1, 2010 with Atlas Resources, LLC serving as its Managing General Partner ~~and Operator~~ (“Atlas Resources” or the “MGP”). Atlas Resources is an indirect subsidiary of Titan Energy, LLC (“Titan”). Titan is an independent developer and producer of natural gas, crude oil, and natural gas liquids, with operations in basins across the United States. Titan also sponsors and manages tax-advantaged investment partnerships, in which it co-invests to finance a portion of its natural gas and oil production activities. Titan is the successor to the business and operations of Atlas Resource Partners, L.P. (“ARP”), a Delaware limited partnership organized in 2012. Unless the context otherwise requires, references below to “the Partnership,” “we,” “us,” “our” and “our company”, refer to Atlas Resources Series 28-2010 L.P.

Atlas Energy Group, LLC (“Atlas Energy Group”; OTCQX: ATLS) is a publicly traded company and manages Titan and the MGP through a 2% preferred member interest in Titan.

The Partnership has drilled and currently operates wells located in Pennsylvania, Indiana and Colorado. We have no employees and rely on our MGP for management, which in turn, relies on Atlas Energy Group for administrative services.

The Partnership’s operating cash flows are generated from its wells, which produce natural gas. Produced natural gas is then delivered to market through affiliated and/or third-party gas gathering systems. The Partnership intends to produce its wells until they are depleted or become uneconomical to produce at which time they will be plugged and abandoned or sold. The Partnership does not expect to drill additional wells and expects no additional funds will be required for drilling.

The economic viability of the Partnership’s production is based on a variety of factors including proved developed reserves that it can expect to recover through existing wells with existing equipment and operating methods or in which the cost of additional required extraction equipment is relatively minor compared to the cost of a new well; and through currently installed extraction equipment and related infrastructure which is operational at the time of the reserves estimate (if the extraction is by means not involving drilling, completing or reworking a well). There are numerous uncertainties inherent in estimating quantities of proven reserves and in projecting future net revenues.

The prices at which the Partnership’s natural gas will be sold are uncertain and the Partnership is not guaranteed a specific price for the sale of its production. Changes in natural gas prices have a significant impact on the Partnership’s cash flow and the value of its reserves. Lower natural gas prices may not only decrease the Partnership’s revenues, but also may reduce the amount of natural gas that the Partnership can produce economically.

Liquidity, Capital Resources and Ability to Continue as a Going Concern

The Partnership is generally limited to the amount of funds generated by the cash flow from its operations to fund its obligations and make distributions, if any, to its partners. Historically, there has been no need to borrow funds from the MGP to fund operations as the cash flow from the Partnership’s operations had been adequate to fund its obligations and distributions to its partners. Prices for oil and natural gas began to decline significantly during the fourth quarter of 2014 and ~~continued~~continue to remain low in 2017. These lower commodity prices have negatively impacted the Partnership’s revenues, earnings and cash flows. Sustained low commodity prices will have a material and adverse effect on the Partnership’s liquidity position and may make it uneconomical for the Partnership to produce its wells until they are depleted as the Partnership originally intended. In addition, the Partnership has experienced significant downward revisions of its natural gas and oil reserves volumes and values due to the declines in commodity prices. The MGP continues to implement various cost saving measures to reduce the Partnership’s operating and general and administrative costs, including renegotiating contracts with contractors, suppliers and service providers, reducing the number of staff and contractors and deferring and eliminating discretionary costs. The MGP will continue to be strategic in managing the Partnership’s cost structure and, in turn, liquidity to meet its operating needs. To the extent commodity prices remain low or decline further, or the Partnership experiences other disruptions in the industry, the Partnership’s ability to fund its operations and make distributions may be further impacted, and could result in the liquidation of the Partnership’s operations.

The uncertainties of Titan’s and the MGP’s liquidity and capital resources (as further described below) raise substantial doubt about Titan’s and the MGP’s ability to continue as a going concern, which also raises substantial doubt about the Partnership’s ability to continue as a going concern. If Titan is unsuccessful in taking actions to resolve its liquidity issues (as further described below), the MGP’s ability to continue the Partnership’s operations may be further impacted and may make it uneconomical for the Partnership to produce its wells until they are depleted as originally intended.

If the Partnership is not able to continue as a going concern, the Partnership will liquidate. If the Partnership’s operations are liquidated, a valuation of the Partnership’s assets and liabilities would be determined by an independent expert in accordance with the partnership agreement. It is possible that based on such determination, the Partnership would not be able to make any liquidation distributions to its limited partners. A liquidation could occur without any further contributions from or distributions to the limited partners.

The financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty. If the Partnership cannot continue as a going concern, adjustments to the carrying values and classification of the Partnership’s assets and liabilities and the reported amounts of income and expenses could be required and could be material.

MGP’s Liquidity, Capital Resources, and Ability to Continue as a Going Concern

The MGP’s primary sources of liquidity are cash generated from operations, capital raised through its drilling partnership program, and borrowings under Titan’s credit facilities. The MGP’s primary cash requirements are operating expenses, payments to Titan for debt service including interest, and capital expenditures.

The MGP has historically funded its operations, acquisitions and cash distributions primarily through cash generated from operations, amounts available under Titan’s credit facilities and equity and debt offerings. The MGP’s future cash flows are subject to a number of variables, including oil and natural gas prices. Prices for oil and natural gas began to decline significantly during the fourth quarter of 2014 and ~~continued~~continue to remain low in 2017. These lower commodity prices have negatively impacted the MGP’s revenues, earnings and cash flows. Sustained low commodity prices could have a material and adverse effect on the MGP’s liquidity position. In addition, challenges with the MGP’s ability to raise capital through its drilling partnership program, either as a result of downturn in commodity prices or other difficulties affecting the fundraising channel, have negatively impacted Titan’s and the MGP’s ability to remain in compliance with the covenants under its credit facilities.

Titan was not in compliance with certain of the financial covenants under its credit facilities as of December 31, 2016, as well as the requirement to deliver audited financial statements without a going concern qualification. Titan and the MGP do not currently have sufficient liquidity to repay all of Titan’s outstanding indebtedness, and as a result, there is substantial doubt regarding Titan’s and the MGP’s ability to continue as a going concern.

On April 19, 2017, Titan entered into a third amendment to its first lien credit facility in an attempt to ameliorate some of its liquidity concerns. The amendment provides for, among other things, waivers of non-compliance, increases in certain financial covenant ratios and scheduled decreases in Titan’s borrowing base. In addition, Titan expects that it will sell a significant amount of non-core assets in the near future to comply with the requirements of its first lien credit facility amendment and to attempt to enhance its liquidity. The lenders’ waivers are subject to revocation in certain circumstances, including the exercise of remedies by junior lenders (including pursuant to Titan’s second lien credit facility), the failure to extend the 180-day standstill period under the intercreditor agreement at least 15 business days prior to its expiration, and the occurrence of additional events of default under the first lien credit facility.

On April 21, 2017, the lenders under the Titan’s second lien credit facility delivered a notice of events of default and reservation of rights, pursuant to which they noticed events of default related to financial covenants and the failure to deliver financial statements without a “going concern” qualification. The delivery of such notice began the 180-day standstill period under the intercreditor agreement, during which the lenders under the second lien credit facility are prevented from pursuing remedies against the collateral securing Titan’s obligations under the second lien credit facility. The lenders have not accelerated the payment of amounts outstanding under the second lien credit facility.

On May 4, 2017, Titan entered into a definitive purchase and sale agreement (the “Purchase Agreement”) to sell its conventional Appalachia and Marcellus assets to Diversified Gas & Oil, PLC (“Diversified”), for $84.2 million. The transaction includes the sale of approximately 8,400 oil and gas wells across Pennsylvania, Ohio, Tennessee, New York and West Virginia, along with the associated infrastructure (the “Appalachian Assets”). On June 30, 2017, Titan completed a majority of the Appalachian Assets sale for net cash proceeds of $65.6 million, which included customary preliminary purchase price adjustments, all of which was used to repay a portion of the outstanding indebtedness under its first lien credit facility. Effective on June 30, 2017, the MGP delegated operational activities to an affiliate of Diversified for the Partnership’s natural gas wells in Pennsylvania. Titan expects to

~~Titan~~complete ~~continually monitors~~ the ~~capital~~remainder ~~markets~~of ~~and~~ the ~~MGP’s~~Appalachia ~~capital~~Assets ~~structure~~sale ~~and~~for ~~may~~additional ~~make~~cash ~~changes~~proceeds ~~to its capital structure from time to time, with the goal~~ of ~~maintaining~~approximately ~~financial flexibility, preserving or improving liquidity, strengthening its balance sheet, meeting its debt service obligations and/or achieving cost efficiency~~$11.4 ~~For~~million ~~example,~~by ~~Titan~~September ~~could pursue options such as refinancing~~2017, ~~restructuring~~which or reorganizing its indebtedness or capital structure or seek to raise additional capital through debt or equity financing to address its liquidity concerns and high debt levels. Titan is evaluating various options, but there is no certainty that Titan will be ~~able~~used to ~~implement~~repay any such options, and cannot provide any assurances that any refinancing or changes in its debt or equity capital structure would be possible or that additional equity or debt financing could be obtained on acceptable terms, if at all, and such options may result in a ~~wide~~portion ~~range~~ of ~~outcomes~~outstanding ~~for~~borrowings Titan’s stakeholders. In addition, Titan expects that it will sell a significant amount of non-core assets in the near future to comply with the requirements of its first lien credit facility amendment and to attempt to enhance its liquidity. However, there is no guarantee that the proceeds Titan receives for any asset sale will satisfy the repayment requirements under its first lien credit facility.

On June 12, 2017, Titan entered into a definitive agreement to sell its 25% interest in Rangely Field to an affiliate of Merit Energy Company, LLC for $105 million. On August 7, 2017, Titan completed the sale of Rangely Field for net cash proceeds of $103.5 million, which included customary preliminary purchase price adjustments, all of which was used to repay a portion of the outstanding indebtedness under its first lien credit facility and significantly improved Titan’s first lien credit facility metrics by fulfilling its borrowing base step down to $330 million, which is scheduled to occur on August 31, 2017.

Titan continually monitors the capital markets and the MGP’s capital structure and may make changes to its capital structure from time to time, with the goal of maintaining financial flexibility, preserving or improving liquidity, strengthening its balance sheet, meeting its debt service obligations and/or achieving cost efficiency. For example, Titan could pursue options such as refinancing, restructuring or reorganizing its indebtedness or capital structure or seek to raise additional capital through debt or equity financing to address its liquidity concerns and high debt levels. Titan is evaluating various options, but there is no certainty that Titan will be able to implement any such options, and cannot provide any assurances that any refinancing or changes in its debt or equity capital structure would be possible or that additional equity or debt financing could be obtained on acceptable terms, if at all, and such options may result in a wide range of outcomes for Titan’s stakeholders. In addition, Titan expects that it will continue to sell a significant amount of non-core assets in the near future to comply with the requirements of its first lien credit facility amendment and to attempt to enhance its liquidity. However, there is no guarantee that the proceeds Titan receives for any asset sale will satisfy the repayment requirements under its first lien credit facility.

Titan’s Appalachia Divestiture

OnAmong ~~May~~other 4things, ~~2017,~~the ~~Titan~~Purchase ~~entered~~Agreement ~~into a definitive agreement to sell its conventional Marcellus assets to Diversified Gas & Oil, PLC (“Diversified”), for $84.2 million. The transaction~~ includes the sale of ~~approximately~~Titan’s ~~8,400~~indirect ~~oil~~interests ~~and~~in ~~gas~~the ~~wells~~assets ~~across Pennsylvania, Ohio, Tennessee, New York~~ and ~~West~~liabilities ~~Virginia,~~associated ~~along~~ with the ~~associated~~Partnership’s ~~infrastructure.~~natural ~~Titan~~gas ~~will retain its Utica Shale position, Indiana assets~~ and ~~West~~oil ~~Virginia~~wells ~~coalbed methane assets~~ in ~~the~~Pennsylvania ~~region. The~~to ~~transaction~~be istransferred ~~subject~~ to ~~customary~~DGOC ~~closing~~Series ~~conditions~~28, ~~has~~L.P., ana ~~effective~~newly ~~date~~formed ofentity ~~April 1, 2017~~ and iscurrently ~~expected to close in June 2017. The net proceeds will be used to repay~~ a ~~portion~~subsidiary of ~~outstanding~~the ~~borrowings~~Partnership ~~under~~(“DGOC”), ~~Titan’s~~for ~~first~~which ~~lien~~Atlas ~~credit~~Resources ~~facility.~~serves ~~The~~as ~~transaction will significantly improve Titan’s first lien credit facility metrics and is expected to fulfill~~ its ~~borrowing~~managing ~~base~~general ~~step~~partner. We ~~down~~refer to ~~$360~~this ~~million,~~transfer ~~which~~as isthe ~~scheduled to occur on August 31, 2017~~“separation.”

~~The~~Following ~~assets~~the ~~Titan~~satisfaction ~~has~~of ~~agreed~~a tonumber ~~sell~~of toadditional ~~Diversified~~conditions, ~~include~~including, ~~its~~among ~~indirect~~others, ~~interests~~the inU.S. Securities and Exchange Commission (“SEC”) declaring the ~~Partnership~~DGOC’s ~~Marcellus~~registration ~~assets.~~statement ~~Titan~~on ~~expects~~Form ~~that~~10 effective, the ~~MGP~~separation will ~~effectuate~~be ~~one~~accomplished orthrough ~~more~~a ~~transactions~~transaction ~~involving~~in which all of the ~~Partnership~~natural ingas ~~connection~~and ~~with~~oil ~~the~~development ~~sale,~~and ~~pursuant~~production toassets ~~which~~of the Partnership’s ~~Marcellus~~located ~~assets~~in Pennsylvania will be ~~segregated~~transferred to ~~allow~~DGOC. ~~Titan~~After the separation, the Partnership will distribute to ~~transfer~~its unit holders, on a pro rata basis, common units representing one hundred percent of the limited partner interest in DGOC. In connection with the completion of the separation and distribution, the MGP’s ~~equity~~will transfer its limited partner and general partner interests in DGOC (the ~~Partnership~~“DGOC ~~with~~equity ~~respect~~interests”) to ~~the~~an entity expected to be named DGOC Partnership’s ~~Marcellus~~Holdings ~~assets.~~II, ~~Following~~LLC (“DGOC Holdings”) formed as a wholly owned subsidiary of Titan to serve as DGOC’s new managing general partner (the “DGOC MGP”). Following the completion of the separation and distribution and the transfer of the DGOC equity interests to the DGOC MGP, ~~Diversified~~the equity interests of the DGOC MGP will be transferred to Diversified and Diversified will own the managing general partner ~~and~~of ~~operator~~the DGOC. In accordance with ~~respect~~accounting standards related to the ~~Marcellus~~presentation of long-lived assets to be disposed of other than by sale, the Partnership continues to classify its Appalachia Assets as held and used in its condensed financial statements and will continue to do so until such assets are disposed of.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the Partnership’s condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities that exist at the date of the Partnership’s condensed financial statements, as well as the reported amounts of revenues and costs and expenses during the reporting periods. The Partnership’s condensed financial statements are based on a number of significant estimates, including the revenue and expense accruals, depletion, impairments, fair value of derivative instruments and the probability of forecasted transactions. The natural gas industry principally conducts its business by processing actual transactions as many as 60 days after the month of delivery. Consequently, the most recent two months’ financial results were recorded using estimated volumes and contract market prices. Actual results could differ from those estimates.

Derivative Instruments

The Partnership’s MGP entered into certain financial contracts to manage the Partnership’s exposure to movement in commodity prices. On January 1, 2015, the Partnership discontinued hedge accounting through de-designation for all of its existing commodity derivatives which were qualified as hedges. As such, subsequent changes in fair value after December 31, 2014 of these derivatives were recognized immediately within gain (loss) on mark-to-market derivatives in the Partnership’s statements of operations, while the fair values of the instruments recorded in accumulated other comprehensive income as of December 31, 2014 were reclassified to the statements of operations in the periods in which the respective derivative contracts settled. During the three months ended March 31, 2017, the Partnership did not have any derivative activity as all derivative contracts have matured. During the three months ended March 31, 2016, the Partnership recorded $900 as a gain reclassified from accumulated other comprehensive income into natural gas and oil revenues and $122,400 as a gain subsequent to hedge accounting recognized in gain on mark-to-market derivatives.

were recognized immediately within gain (loss) on mark-to-market derivatives in the Partnership’s statements of operations, while the fair values of the instruments recorded in accumulated other comprehensive income as of December 31, 2014 were reclassified to the statements of operations in the periods in which the respective derivative contracts settled. During the three and six months ended June 30, 2017, the Partnership did not have any derivative activity as all derivative contracts have matured. During the three and six months ended June 30, 2016, the Partnership recorded $1,100 and $2,000, respectively, as a gain reclassified from accumulated other comprehensive income into natural gas revenues and $134,200 and $11,800, respectively, as a loss subsequent to hedge accounting recognized in loss on mark-to-market derivatives.

Gas and Oil Properties

The following is a summary of gas and oil properties at the dates indicated:

	March 31, 2017			December 31,2016
	June 30, 2017			December 31,2016
Proved properties:
Leasehold interests	$	52,~~301~~797,~~300~~400		$	5,301,300
Wells and related equipment		~~159~~144,~~420~~673,~~100~~500			159,420,100
Total natural gas and oil properties		~~164~~147,~~721~~470,~~400~~900			164,721,400
Accumulated depletion and impairment		(~~140~~123,~~656~~975,~~900~~800	)		(140,226,600	)
Gas and oil properties, net	$	2423,~~064~~495,~~500~~100		$	24,494,800

Upon the sale or retirement of a complete or partial unit of a proved property, the cost is eliminated from the property accounts, and the resultant gain or loss is reclassified to accumulated depletion. During the six months ended June 30, 2017, one well was plugged and abandoned and the related cost of $1,818,000 was reclassified to accumulated depletion.

Upon the sale of an entire interest where the property had been assessed for impairment, a gain or loss is recognized in the statements of operations. On June 23, 2017, the Partnership sold its oil and gas properties with a net book value of $86,500 in the Niobrara Shale geological formation located in Colorado for $17,800. Cash proceeds from the sale will be distributed to the partnership unit holders in accordance with the terms of the partnership agreement. As a result of the sale, $15,432,500 of oil and gas properties, $15,346,000 of accumulated depletion and impairment, $65,200 of accrued property taxes and $518,000 of asset retirement obligations were removed from the partnership accounts resulting in a net gain of $514,500.

Recently Issued Accounting Standards

In May 2014, the FASB updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue, and by reducing the number of standards to which an entity has to refer. In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. ~~The~~We ~~updated~~intend ~~accounting~~to ~~guidance~~adopt ~~provides~~the ~~companies~~new ~~with~~standard ~~alternative~~using ~~methods~~the ofmodified ~~adoption.~~retrospective Wemethod, ~~are~~which ~~evaluating~~is ~~the~~expected ~~impact~~to ofhave ~~this~~an ~~updated~~immaterial ~~accounting~~impact ~~guidance~~to on our financial statements. ~~This~~The accounting guidance will require that our revenue recognition policy disclosures include further detail regarding our performance obligations as to the nature, amount, timing, and estimates of revenue and cash flows generated from our contracts with customers. ~~We are still in the process of determining whether or not we will use the retrospective method or the modified retrospective approach to implementation.~~

NOTE 3 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

The Partnership has entered into the following significant transactions with the MGP and its affiliates as provided under its Partnership Agreement. Administrative costs, which are included in general and administrative expenses in the Partnership’s condensed statements of operations, are payable at $75 per well per month. Monthly well supervision fees, which are included in production expense in the Partnership’s condensed statements of operations, are payable at $975 per well per month for Marcellus wells, $1,500 per well per month for New Albany wells, and for Colorado wells a fee of $400 is charged per well per month for operating and maintaining the wells. Well supervision fees are proportionately reduced to the extent the Partnership does not acquire 100% of the working interest in a well. Transportation fees are included in production expenses in the Partnership’s condensed statements of operations and are generally payable at 16% of the natural gas sales price. Direct costs, which are included in production and general administrative expenses in the Partnership’s statements of operations, are payable to the MGP and its affiliates as reimbursement for all costs expended on the Partnership’s behalf.

The following table provides information with respect to these costs and the periods incurred.

	Three Months EndedMarch 31,
	Three Months EndedJune 30,				Six Months EndedJune 30,
	2017		2016		2017		2016
Administrative fees	$	16,~~000~~200	$	16,~~800~~400	$	32,200	$	33,200
Supervision fees		~~165~~172,~~200~~400		~~182~~172,~~300~~400		337,600		354,700
Transportation fees		~~202~~187,~~000~~300		~~123~~137,~~400~~100		389,300		260,500
Direct costs		~~489~~654,~~000~~100		~~679~~488,~~100~~900		1,143,100		1,168,000
Total	$	~~872~~1,~~200~~030,000	$	1814,~~001,600~~800	$	1,902,200	$	1,816,400

The MGP and its affiliates perform all administrative and management functions for the Partnership, including billing revenues and paying expenses. Accounts receivable trade-affiliate on the Partnership’s condensed balance sheets includes the net production revenues due from the MGP.

Subordination by Managing General Partner

Under the terms of the Partnership Agreement, the MGP may be required to subordinate up to 50% of its share of net production revenues of the Partnership to the benefit of the limited partners for an amount equal to at least 12% of their net subscriptions in the first 12-month subordination period, 10% of their net subscriptions in each of the next three 12-month subordination periods, and 8% of their net subscriptions in the fifth 12-month subordination period determined on a cumulative basis, in each of the first five years of Partnership operations, commencing with the first distribution to the limited partners (March 2011) and 60 months from that date. The subordination period expired September 2016.

NOTE 4 - COMMITMENTS AND CONTINGENCIES

General Commitments

Subject to certain conditions, investor partners may present their interests beginning in 2015 for purchase by the MGP. The purchase price is calculated by the MGP in accordance with the terms of the partnership agreement. The MGP is not obligated to purchase more than 5% of the total outstanding units in any calendar year. In the event that the MGP is unable to obtain the necessary funds, it may suspend its purchase obligation.

Beginning one year after each of the Partnership’s wells has been placed into production, the MGP, as operator, may retain $200 per month per well to cover estimated future plugging and abandonment costs. As of ~~March~~June 3130, 2017, the MGP has withheld $95195,800 of net production revenue for future plugging and abandonment costs. Effective on June 30, 2017, the MGP delegated operational activities to an affiliate of Diversified for the Partnership’s natural gas wells in Pennsylvania.

Legal Proceedings

The Partnership and affiliates of the MGP and their subsidiaries are party to various routine legal proceedings arising out of the ordinary course of its business. The MGP’s management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on the Partnership’s or the MGP’s financial condition or results of operations.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

Forward-Looking Statements

When used in this Form 10-Q, the words “believes”, “anticipates,” “expects” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from the results stated or implied in this document. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly release the results of any revisions to forward-looking statements which we may make to reflect events or circumstances after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.

General

Atlas Resources Series 28-2010 L.P. is a Delaware limited partnership, formed on April 1, 2010 with Atlas Resources, LLC serving as its Managing General Partner ~~and Operator~~ (“Atlas Resources” or the “MGP”). Atlas Resources is an indirect subsidiary of Titan Energy, LLC (“Titan”). Titan is an independent developer and producer of natural gas, crude oil, and natural gas liquids, with operations in basins across the United States. Titan also sponsors and manages tax-advantaged investment partnerships, in which it co-invests to finance a portion of its natural gas and oil production activities. Titan is the successor to the business and operations of Atlas Resource Partners, L.P. (“ARP”), a Delaware limited partnership organized in 2012. Unless the context otherwise requires, references below to “the Partnership,” “we,” “us,” “our” and “our company”, refer to Atlas Resources Series 28-2010 L.P.

Atlas Energy Group, LLC (“Atlas Energy Group”; OTCQX: ATLS) is a publicly traded company and manages Titan and the MGP through a 2% preferred member interest in Titan.

We have drilled and currently operate wells located in Pennsylvania, Indiana, and Colorado. We have no employees and rely on our MGP for management, which in turn, relies on Atlas Energy Group, for administrative services.

Liquidity, Capital Resources and Ability to Continue as a Going Concern

MGP’s Liquidity, Capital Resources, and Ability to Continue as a Going Concern

On April 19, 2017, Titan entered into a third amendment to its first lien credit facility in an attempt to ameliorate some of its liquidity concerns. The amendment provided for, among other things, waivers of non-compliance, increases in certain financial covenant ratios and scheduled decreases in Titan’s borrowing base. In addition, Titan expects that it will sell a significant amount of non-core assets in the near future to comply with the requirements of its first lien credit facility amendment and to attempt to enhance its liquidity. The lenders’ waivers are subject to revocation in certain circumstances, including the exercise of remedies by junior lenders (including pursuant to Titan’s second lien credit facility), the failure to extend the 180-day standstill period under the intercreditor agreement at least 15 business days prior to its expiration, and the occurrence of additional events of default under the first lien credit facility.

~~Titan~~delegated ~~continually~~operational ~~monitors~~activities ~~the~~to ~~capital~~an ~~markets~~affiliate ~~and~~of Diversified for the ~~MGP~~Partnership’s ~~capital~~natural ~~structure~~gas ~~and~~wells ~~may~~in ~~make~~Pennsylvania. ~~changes~~Titan toexpects ~~its capital structure from time~~ to ~~time,~~complete ~~with~~ the ~~goal~~remainder of ~~maintaining~~the ~~financial~~Appalachia ~~flexibility,~~Assets ~~preserving~~sale orfor improving liquidity, strengthening its balance sheet, meeting its debt service obligations and/or achieving cost efficiency. For example, Titan could pursue options such as refinancing, restructuring or reorganizing its indebtedness or capital structure or seek to raise additional ~~capital~~cash ~~through~~proceeds ~~debt~~of orapproximately ~~equity financing to address its liquidity concerns and high debt levels~~$11.4 ~~Titan~~million isby ~~evaluating~~September ~~various options~~2017, ~~but~~which ~~there is no certainty that Titan~~ will be ~~able~~used to ~~implement~~repay any such options, and cannot provide any assurances that any refinancing or changes in its debt or equity capital structure would be possible or that additional equity or debt financing could be obtained on acceptable terms, if at all, and such options may result in a ~~wide~~portion ~~range~~ of ~~outcomes~~outstanding ~~for~~borrowings Titan’s stakeholders. In addition, Titan expects that it will sell a significant amount of non-core assets in the near future to comply with the requirements of its first lien credit facility amendment and to attempt to enhance its liquidity. However, there is no guarantee that the proceeds Titan receives for any asset sale will satisfy the repayment requirements under its first lien credit facility.

Titan’s Appalachia Divestiture

Overview

The following discussion provides information to assist in understanding our financial condition and results of operations. Our operating cash flows are generated from our wells, which produce primarily natural gas, but also some oil. Our produced natural gas and oil is then delivered to market through affiliated and/or third-party gas gathering systems. Our ongoing operating and maintenance costs have been and are expected to be fulfilled through revenues from the sale of our natural gas and oil production. We pay our MGP, as operator, a monthly well supervision fee, which covers all normal and regularly recurring operating expenses for the production and sale of natural gas and oil such as:

•

well tending, routine maintenance and adjustment;

•

reading meters, recording production, pumping, maintaining appropriate books and records; and

•

preparation of reports for us and government agencies.

The well supervision fees, however, do not include costs and expenses related to the purchase of certain equipment, materials and brine disposal. If these expenses are incurred, we pay cost for third-party services, materials and a competitive charge for services performed directly by our MGP or its affiliates. Also, beginning one year after each of our wells has been placed into production, our MGP, as operator, may retain $200 per month, per well, to cover the estimated future plugging and abandonment costs of the well. As ~~of March 31, 2017, our MGP has withheld $95,800 of net production revenues for this purpose.~~

of June 30, 2017, our MGP has withheld $195,800 of net production revenues for this purpose. Effective on June 30, 2017, the MGP delegated operational activities to an affiliate of Diversified for the Partnership’s natural gas wells in Pennsylvania.

Markets and Competition

The availability of a ready market for natural gas and oil produced by us, and the price obtained, depends on numerous factors beyond our control, including the extent of domestic production, imports of foreign natural gas and oil, political instability or terrorist acts in gas and oil producing countries and regions, market demand, competition from other energy sources, the effect of federal regulation on the sale of natural gas and oil in interstate commerce, other governmental regulation of the production and transportation of natural gas and oil and the proximity, availability and capacity of pipelines and other required facilities. Our MGP is responsible for selling our production. During 2017 and 2016, we experienced no problems in selling our natural gas and oil. Product availability and price are the principal means of competing in selling natural gas and oil production. While it is impossible to accurately determine our comparative position in the industry, we do not consider our operations to be a significant factor in the industry.

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Results of Operations

The following table sets forth information relating to our production revenues, volumes, sales prices, production costs and depletion during the periods indicated:

	Three Months EndedMarch 31,
	Three Months EndedJune 30,						Six Months EndedJune 30,
	2017			2016			2017		2016
Production revenues (in thousands):
Gas	$	21,~~020~~942		$	1,~~151~~157		$	3,962	$	2,308
Production volumes:
Gas (mcf/day) (1)		7,~~283~~502			8,~~291~~124			7,351		8,208
Average sales prices (2)
Gas (per mcf) (1) (3)	$	32.0888		$	1.6066		$	2.98	$	1.63
Production costs:
As a percent of revenues		4251%	%		8468%	%		46%		76%
Per mcfe (1)	$	1.2848		$	1.2806		$	1.38	$	1.17
Depletion per mcfe	$	0.6665		$	0.55		$	0.65	$	0.55

(1)	“Mcf” represents thousand cubic feet, “mcfe” represents thousand cubic feet equivalent, and “bbl” represents barrels. Bbl is converted to mcfe using the ratio of nine mcfs to one bbl.

(2)	Average sales prices represent accrual basis pricing.

(3) Average gas prices are calculated by including in total revenue derivative gains previously recognized into income in connection with prior period impairment charges and dividing by the total volume for the period. Previously recognized derivative gains were $5868,~~400~~600 and $127,000 for the three and six months ended ~~March~~June 3130, 2016, respectively.

Natural Gas Revenues. Our natural gas revenues were $21,~~020~~942,~~000~~100 and $1,~~151~~157,~~200~~300 for the three months ended ~~March~~June 3130, 2017 and 2016, respectively, an increase of $~~868~~784,800 (7568%). The $~~868~~784,800 increase in natural gas revenues for the three months ended ~~March~~June 3130, 2017 as compared to the prior year similar period was attributable to aan $1885,~~020,000~~200 increase in our natural gas sales prices which were driven by market conditions, partially offset by a $~~151~~100,~~200~~400 decrease in production volumes. Our production volumes decreased to 7,~~283~~502 mcf per day for the three months ended ~~March~~June 3130, 2017 from 8,~~291~~124 mcf per day for the three months ended ~~March~~June 3130, 2016, a decrease of ~~1,008~~622 mcf per day (128%). The overall decrease in natural gas production volumes for the three months ended ~~March~~June 3130, 2017 as compared to the prior year similar period resulted primarily from the normal decline inherent in the life of a well.

Our natural gas revenues were $3,962,100 and $2,308,500 for the six months ended June 30, 2017 and 2016, respectively, an increase of $1,653,600 (72%). The $1,653,600 increase in natural gas revenues for the six months ended June 30, 2017 as compared to the prior year similar period was attributable to a $1,905,900 increase in our natural gas sales prices which were driven by market conditions, partially offset by a $252,300 decrease in production volumes. Our production volumes decreased to 7,351 mcf per day for the six months ended June 30, 2017 from 8,208 mcf per day for the six months ended June 30, 2016, a decrease of 857 mcf per day (10%). The overall decrease in natural gas production volumes for the six months ended June 30, 2017 as compared to the prior year similar period resulted primarily from the normal decline inherent in the life of a well.

Gain on Mark-to-Market Derivatives. We recognized changes in fair value of our derivatives immediately within gain on mark-to-market derivatives on our condensed statements of operations. As of December 31, 2016, all derivative contracts have matured and we have not entered into any new contracts.

We recognized a ~~gain~~loss on mark-to-market derivatives of $~~122~~134,~~400~~200 and $11,800 for the three and six months ended ~~March~~June 3130, 2016. These ~~gains~~losses were due to mark-to-market ~~gains~~losses primarily related to the change in natural gas prices during the period.

Costs and Expenses. Production expenses were $~~839~~996,~~200~~600 and $~~968~~781,~~000~~600 for the three months ended ~~March~~June 3130, 2017 and 2016, respectively, aan ~~decrease~~increase of $~~128~~215,000 (28%). Production expenses were $1,835,800 and 1,749,600 for the six months ended June 30, 2017 and 2016, respectively, an increase of $86,200 (135%). The ~~decrease~~increases isare mostly attributable to ~~decreases~~an increase in ~~compressor~~transportation ~~station~~fees ~~expense~~ as a result of ~~lower~~an ~~production~~increase ~~volumes and a decrease~~ in ~~repairs~~natural ~~and~~gas ~~maintenance costs~~revenues.

Depletion of gas and oil properties as a percentage of gas and oil revenues was 2122% and 3635% for the three months ended ~~March~~June 3130, 2017 and 2016, respectively., ~~This~~and ~~change~~22% ~~was primarily attributable to changes in gas~~ and ~~oil~~36% ~~reserve~~for ~~quantities~~the ~~and~~six tomonths aended ~~lesser~~June ~~extent~~30, ~~revenues,~~2017 ~~product prices~~ and ~~production~~2016, ~~volumes~~respectively. ~~and~~This ~~changes~~change inwas ~~the depletable cost basis of gas and oil properties.~~

General and administrative expenses for the three months ended March 31, 2017 and 2016 were $33,000 and $33,600, respectively, a decrease of $600 (2%). These expenses include third-party costs for services as well as the monthly administrative fees charged by our MGP and vary from period to period due to the costs charged to us and services provided to us. 17

~~Cash~~primarily ~~Flows~~attributable ~~Overview.~~to ~~Cash~~changes ~~flows~~in ~~from~~gas ~~operating~~and ~~activities~~oil ~~consists~~reserve ofquantities ~~$754,500 net cash provided by operating activities for cash receipts~~ and ~~disbursements attributable~~ to ~~our~~a ~~normal~~lesser ~~monthly~~extent, ~~operating~~revenues, ~~cycle~~product ~~for~~prices ~~gas~~ and ~~oil~~ production, ~~lease~~volumes ~~operating~~and ~~expenses,~~changes ~~gathering,~~in ~~processing~~the ~~and~~depletable ~~transportation~~cost ~~expenses,~~basis ~~severance~~of ~~taxes,~~gas ~~general~~ and ~~administrative~~oil ~~expenses~~properties.

16General and administrative expenses for the three months ended June 30, 2017 and 2016 were $33,400 and $33,200, respectively, an increase of $200 (1%). For the six months ended June 30, 2017 and 2016, these expenses were $66,400 and $66,800, respectively, a decrease of $400 (1%). These expenses include third-party costs for services as well as the monthly administrative fees charged by our MGP and vary from period to period due to the costs charged to us and services provided to us.

~~There~~Cash ~~was~~Flows noOverview. ~~cash~~Cash ~~provided~~flows byfrom ~~investing~~operating activities consists of $1,483,500 and $1,403,200 for the ~~three~~six months ended ~~March~~June 3130, 2017 and 2016, respectively, of net cash provided by operating activities for cash receipts and disbursements attributable to our normal monthly operating cycle for gas and oil production, lease operating expenses, gathering, processing and transportation expenses, severance taxes, general and administrative expenses.

Cash ~~used~~flows infrom ~~financing~~investing activities ~~decreased~~consists of $3246,~~400~~200 ~~during~~and ~~the~~$16,300 ~~three~~of ~~months~~net ~~ended~~cash ~~March~~provided ~~31,~~by ~~2017~~the toproceeds ~~$530,600~~for ~~from~~the ~~$563,000~~sale of tangible equipment for the ~~three~~six months ended ~~March~~June 3130, ~~2016.~~2017 ~~This~~and ~~decrease~~2016 ~~was due to a decrease in cash distributions to partners~~respectively.

~~Our~~Cash ~~MGP~~used ~~may~~in ~~withhold~~financing ~~funds~~activities ~~for~~increased ~~future~~$595,300 ~~plugging~~during ~~and~~the ~~abandonment~~six ~~costs.~~months ~~Through~~ended ~~March~~June 3130, 2017, ~~our~~to ~~MGP has withheld~~ $951,~~800 of funds for this purpose. Any additional funds~~689,400 iffrom ~~required~~$1,094,100 ~~will~~for bethe ~~obtained~~six ~~from~~months ~~production~~ended ~~revenues~~June ~~or borrowings from our MGP or its affiliates~~30, ~~which~~2016. ~~are~~This ~~not~~increase ~~contractually~~was ~~committed~~due to ~~make~~an ~~loans~~increase toin ~~us.~~cash ~~The~~distributions ~~amount~~to ~~that we may borrow at any one time may not at any time exceed 5% of our total subscriptions and we will not borrow from third-parties~~partners.

Our MGP may withhold funds for future plugging and abandonment costs. Through June 30, 2017, our MGP has withheld $195,800 of funds for this purpose. Any additional funds, if required, will be obtained from production revenues or borrowings from our MGP or its affiliates, which are not contractually committed to make loans to us. The amount that we may borrow at any one time may not at any time exceed 5% of our total subscriptions and we will not borrow from third-parties.

Critical Accounting Policies

See Note 2 to our condensed financial statements for additional information related to recently issues accounting standards.

For a more complete discussion of the accounting policies and estimates that we have identified as critical in the preparation of our condensed financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Securities Exchange Act of 1934 reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our general partner’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision of our general partner’s Chief Executive Officer and Chief Financial Officer and with the participation of our disclosure committee appointed by such officers, we have carried out an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our general partner’s Chief Executive Officer and Chief Financial Officer concluded that, as of ~~March~~June 3130, 2017, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in the Partnership’s internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

The Partnership is a party to various routine legal proceedings arising out of the ordinary course of its business. Management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on the Partnership’s financial condition or results of operations.

Affiliates of the MGP and their subsidiaries are party to various routine legal proceedings arising in the ordinary course of their respective businesses. The MGP’s management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on the MGP’s financial condition or results of operations.

1719

ITEM 6.

EXHIBITS

EXHIBIT INDEX

Exhibit No.		Description

31.1		Certification Pursuant to Rule 13a-14/15(d)-14

31.2		Certification Pursuant to Rule 13a-14/15(d)-14

32.1		Section 1350 Certification

32.2		Section 1350 Certification

101		Interactive Data File

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SIGNATURES

Pursuant to the requirements of the Securities of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ATLAS RESOURCES SERIES 28-2010 L.P.
	By:	Atlas Resources, LLC, its
		Managing General Partner
Date: May 15, 2017	By:	/s/ FREDRICK M. STOLERU
Date: August 14, 2017	By:	/s/ FREDRICK M. STOLERU
		Fredrick M. Stoleru, Chairman of the Board and Chief Executive Officer (principal executive officer)

Date: May 15, 2017	By:	/s/JEFFREY M. SLOTTERBACK
Date: August 14, 2017	By:	/s/JEFFREY M. SLOTTERBACK
		Jeffrey M. Slotterback Chief Financial Officer of the Managing General Partner

1921

Filing Compare · Atlas Resources Series 28-2010 L.P.