Haynesville Shale Oil and Gas Leases Already Boosting Louisiana Economy
It is still too early to tell whether large deposits of natural gas in the Haynesville Shale in Louisiana are really the gold rush oil and gas lease holders hope it is, but the funds brought in by hefty lease bonuses and the expectation of royalties are already giving a boost to the local economy.
The boundaries of the Haynesville Shale include potentially rich deposits in DeSoto Parish, the southern regions of Webster and Caddo Parishes, Red River Parish, and portions of east Texas. Based on preliminary testing, there is a huge amount of excitement about the drilling potential here. Experts are predicting at least 70 rigs in the shale over the next year. 
With each new rig we can expect dozens of jobs to open up and increased revenue to the parishes in the form of sales tax. In addition, there are oil and gas leases and oil and gas royalty payments that will leave land owners flush with money.
The promise of greenbacks pouring in has generated tremendous excitement among locals. Landowners are using their lease bonus checks to buy cars and make down payments on homes. The buzz around the Haynesville Shale has made land owners, who were quick to sign leases for what they now feel are low payments, anxious about renegotiating their leases. Many of these owners are now seeking the help of oil and gas lease attorneys to garner a better deal for themselves.
Oil and Gas Leases
Oklahoma-based Chesapeake Energy, which announced the discovery of the Haynesville Shale, has purchased more than 200,000 acres in Louisiana and plans to add 300,000 more acres soon. According to CEO, Aubrey McClendon, the shale could hold at least 7.5 trillion cubic feet of natural gas. Other companies have also quickly moved in, including Petrohawk Energy Corp., Questar, Encana, and Shell Western. With more companies coming in, lease payments that were once $500 an acre are inching towards the $40,000 mark.
The oil and gas attorneys at Arnold & Itkin LLP can help you renegotiate an oil and gas lease. If you feel you had to settle for low lease payments, contact an oil and gas lease lawyer at Arnold & Itkin LLP to protect your rights.
