Is Plains Exploration & Production Co., Houston, (NYSE: PXP) already too late for the Haynesville game? The research team at Tudor, Pickering, Holt & Co. Securities Inc., Houston, led by Dan Pickering, says it may not be, and that its entrance may only further fuel the fire. “Plains has paid up to get in the Haynesville. Are they early or late? History has shown that, if the geology of the play delivers the gas, the industry will deliver improvements in efficiency—e.g. cost improvements—and higher reserves,” Pickering et al. report. “Obviously gas prices play another important part. We think it is a good bet that Plains’ entry valuation is eclipsed within the next six months, and perhaps by bigger companies that can’t stand to be left out of the play. “Shell is already leasing. Does it or another major make a bolder move?" –Nissa Darbonne, Executive Editor, Oil and Gas Investor, A&D Watch,;