On April 13, 2017, the U.S. Geological Survey announced that the Bossier and Haynesville formations onshore and within state waters along the Gulf Coast contain an estimated 4.0 billion barrels of oil, 304.4 trillion cubic feet of natural gas, and 1.9 billion barrels of natural gas liquids. The estimate marks the largest continuous natural gas assessment ever conducted by USGS and includes both conventional and unconventional reserves as well as undiscovered, technically recoverably resources. Undiscovered resources are those that are estimated to exist based on geologic knowledge and statistical analysis of known resources. Technically recoverable resources are those that can be produced using currently available technology and industry practices.
The assessment is part of a larger USGS effort to assess domestic petroleum basins using standardized methodology and protocol. In November 2016, USGS estimated that the Wolfcamp shale in the Permian Basin contains 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids.