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Why property prices in northwest Louisiana are soaring...
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Monday, June 08, 2009
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From Forbes:

The rumble of drilling rigs and trucks has arrived in forlorn northwest Louisiana, bringing the promise of wealth to an impoverished population who for generations have measured success in a ledger of the Lord's blessings, be it a new grandchild, calf or football championship.

Their lives are being changed by the Haynesville Shale, touted as the largest natural gas field in the continental U.S. About 200 feet thick, the stream of shale lurks two miles under the pastures, trailer homes and piney woods of the region.

The 3 million-acre formation stretches into East Texas and holds some 251 trillion cubic feet of recoverable natural gas. There could be enough gas to satisfy domestic demand for a decade, if market prices can justify going after it

More than $3.2 billion has already been paid to private landowners in bonuses for leases and royalty checks. State and local tax revenues boomed by at least $153.3 million, according to an economic impact study released in April.

Read full article...

More on natural gas:

The U.S. is "swimming in natural gas"

Jeff Clark: Natural gas is ready to rally


Topics: Energy | Real Estate
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