You are missing the point. Companies who make a killing in the oil and gas business are those who get there first. The companies currently in Haynesville got there first and stand to coin profits if it pans out as expected. If it doesn't, well it's on to the next project.

What sets Regency apart from he producers is that it has and will spend a bundle of cash on the Haynesville pipeline, and some of the producers have made big enough firm transportation comittments to Regency that the pipeline is for all intents and purposes, already full. What's not to like about that, unless the producers renege on their comittments, which could happen in the event of a meltdown.

Also, the shale plays have essentially taken the E out of E&P. All of a sudden there are a bunch of oil and gas companies who are shooting fish in the barrel instead of drilling exploratory wells. No dry holes in Haynesville yet, but no one really knows what the EUR's are either.

My point is, geologists aren't making the Haynesville play - the marketers are and Regency, with the backing of GE and Alinda, is right smack dab in the middle of the play. What's not to like about that?