Haynesville shale natural gas operators plan to spend about $3.5 billion on drilling prospective acreage in the Haynesville, according to a first-quarter 2009 report by consulting firm Wood Mackenzie. Despite low gas prices, shale players continue to be encouraged by strong well results showing initial production rates as high as 20 million cubic feet per day and making the play economical.

To move that gas to market, new pipeline infrastructure is needed—but financing is scarce. One opportunistic pipeline company saw an opening, however, and made it happen with carefully planned ...