[Editor's note: A version of this story appears in the May 2021 issue of Oil and Gas Investor magazine.]

The Haynesville Shale is a steam roller: a remarkable gas resource delivering impressive single well economics amid high flow rates. From initial forays in the play in 2008 through full development to December 2020, about 5,700 wells have been drilled here, but the allure is by no means over. Producers, midstream companies and gas end users love the Haynesville.

It is the only U.S. natural gas play where activity has fully recovered its average rig count after the slowdowns seen everywhere in 2020. As of mid-March, 32 rigs were working on the Louisiana side of the play alone, eight each in DeSoto and Caddo parishes. (The resource-rich DeSoto accounts for about a third of total Haynesville production.)

Despite the fact that its rig count plunged last summer when gas at the Carthage, Texas, hub traded for only $1.77/MMBtu, production has held steady during the past 12 months, staying at or near its current number: In March, Haynesville output averaged about 12.8 Bcf/d. (Total U.S. production was about 90.7 Bcf/d.)

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