Haynesville. Just say it out loud and say it with a smile. Haynesville. It's like a stress-relieving word. For the past five months or so, the Haynesville shale has been the industry buzzword, and not without good reason. Chesapeake's technological breakthroughs in the shale are commendable, and it looks enticing. But looks can be deceiving. Now, I hate to be a naysayer, but blogging custom dictates that I stick my head up and say, "Okay, let's look at the big picture here." The Haynesville's potentional has not been proven yet. Let me say that again. THE HAYNESVILLE HAS NOT BEEN PROVEN. All of these exciting press releases are just hype at the moment. Like all hype, it either lives up to its potential, or it doesn't. Now, I'm not accusing these companies of lying or anything. It's in their best interest (and their shareholders best interest) to create value for their companies. But let's not lose sight of things and act like addicts here. If the Haynesville does prove to be a bust, it not only could hurt share value but ruin shareholder trust for future finds, too. Remember the story of the boy who cried wolf? How many bum Haynesville-like claims before unconventional plays become taboo? It was around this time last year that MLPs were all the rage. Every company wanted one. People were certain than having one was the right idea. But when push came to shove, a lot of planned MLPs went by the wayside. Try telling what we know now to the feeding-frenzy mentality that was going strong last year. So I urge companies and investors to be ready to be disappointed in a worst case scenario. Until we have long-term reserves data, the Haynesville is a lottery ticket, not a gold mine. You either win, break even or lose. –Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; spayne@hartenergy.com