It might possibly turn out to be a resource type play. If so they will want to have as long as possible to drill up all the sections they lease. I agree my first preperence would be a 3 year lease. If I gave them a 5 year lease, they would pay dearly for it.
I think it has a lot of potential. There is certainly a large lease play going on in Central
Louisiana from east to west. Like the Haynesville/Bossier, seems like there could be multiple targets as in Austin Chalk and TMS. Who knows where horizontal drilling and frac technology is going to take us. After the success of the Eagle Ford, I feel there will be deep pockets players that are going to test the Austin Chalk, TMS, and Smackover waters! And with the price of oil, probably sooner rather than later.