May 14, 2008- Cook Yancey Lawyers Actively Involved in Haynesville Shale Leasing
Cook Yancey is actively engaged in representing oil and gas exploration companies, producers, landowners, and others in activities related to the Haynesville Shale play in Caddo, Bossier, Webster, Bienville, Red River, Desoto, Sabine, and Natchitoches Parishes, Louisiana.
Cook Yancey’s long experience in all phases of the oil and gas industry in North Louisiana gives its local, regional, and national clients a competitive advantage in lease negotiations, the acquisition of mineral rights, and other strategies to take advantage of the opportunities that the current level of Haynesville Shale activity presents. Bill Fleming, chair of the firm’s oil and gas section, stated, “We are pleased to bring our experience to what appears to be one of the largest natural gas plays in the continental United States, with significant economic upside to North Louisiana and the Shreveport/Bossier City region.”
Cook Yancey also provides innovative tax and estate planning strategies for landowners who have recently received or are about to receive large lease bonuses and anticipate significant royalty payments. These dramatic increases in income often cause unexpected federal income, gift, or estate tax consequences. Cook Yancey is committed to designing tax planning strategies to reduce income and death taxes imposed on this new wealth
The Haynesville Shale discovery was announced by Chesapeake Energy Corporation in late March. This large natural gas deposit is being described as one of the richest onshore fields of natural gas ever discovered in the United States. Chesapeake, which reports it has already leased 200,000 acres for development of the Haynesville Shale, estimates that the deposit may holds at least 7.5 trillion cubic feet of natural gas and maybe up to 20 trillion cubic feet. Other oil and gas production companies involved in the Haynesville Shale include Petrohawk Energy Corporation, Encana Oil & Gas (USA), Inc., Questar Exploration and Production Company, Camterra Resources, Inc., Fossil Operating, Inc. Shell Western E&P. Inc, Comstock Oil & Gas, El Paso, and Winchester Production Co. Potentially, the Haynesville Shale could mean millions of dollars for landowners, a boost in natural gas production business in the Northern Louisiana region, and a trickle-down effect for communities, schools and others.
The Haynesville Shale’s boundaries are still being interpreted, but the most active areas appear to include all of DeSoto Parish, the mid to southern regions of Caddo and Bossier parishes, the southern tip of Webster Parish, the western end of Bienville Parish, most of Red River Parish, the upper parts of Sabine and Natchitoches Parishes and sections of East Texas.
“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.
Cook Yancey King and Galloway is located at 333 Texas in the Regions Bank
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