Gone are the days of expansion and buoyant expectations. The industry has turned on a dime and, in the midst of world tumult and economic crises, companies are sorting through their prospects. In 2009’s dour reality, one play that remains at the head of most lists is the Haynesville shale.

The Jurassic Haynesville is prodigious and truly remarkable. It has every characteristic desirable in a shale reservoir: rich total organic carbon (TOC) content, excellent thickness, strong geopressures, wide areal extent, tough bottom seal and incredible homogeneity.

As rigs idle across ...