La. natural gas speculation padding pocketbooks, hopes (1/4ページ)

The recent announcement of a large natural gas deposit in northwest Louisiana that's being described as one of the richest onshore fields of natural gas ever discovered in the United States could be this century's gold rush - or a fool's gold of hype.

Chesapeake Energy, which has already leased 200,000 acres of the Haynesville Shale, estimates that the site holds at least 7.5 trillion cubic feet of natural gas and maybe up to 20 trillion cubic feet, CEO Aubrey McClendon said in published reports.

By comparison, Chesapeake at the end of 2007 reported proven reserves in the East Texas Barnett Shale - considered the largest onshore natural gas field in the United States - at just over 2 trillion cubic feet. Chesapeake is one of the largest leasing and drilling operators at that site.

If the Haynesville Shale holds the amount of natural gas that is being predicted, it could mean millions for some landowners, a boom in natural gas production business in this region, and a trickle-down bounty for communities, schools and others that would receive payments.

"The economic impact will be absolutely monstrous if it's as big as it can be," said Don Briggs, president of the Louisiana Oil and Gas Association.

The race for the play - an oil and gas industry term for staking out opportunity - has been quietly under way for about two years. Oklahoma-based Chesapeake is putting more than 200,000 acres in northwest Louisiana under lease with plans to add another 300,000 acres. Industry officials say another company, Cubic Energy, has been drilling on the shale for four years.

Chesapeake announced the Haynesville Shale discovery in late March. The company believes the Haynesville Shale play could potentially have a larger impact on the company than any other play in its 19-year history.

Media relations director Jim Gipson said the company would have no additional comment beyond that March 24 statement.