ABSTRACT
Private property rights encouraged investment in innovation by gas companies, and created a powerful incentive for mineral rights owners to contract with gas companies. Although oil and gas companies are arguably the stars of the shale revolution, they are not the only relevant tier of entrepreneurs. The institutional framework set the stage, but entrepreneurs also had a key role in the shale revolution. Each of the tiers of entrepreneurs had a significant role in the shale boom. To frack shale gas, the gas companies must lease land over thousands of acres, with potentially thousands of landowners. In the Barnett Shale in Texas, most leases were signed by 2002, shortly after the companies realized the value of shale gas development. Shale gas presented an opportunity for lawyers. The contracting process brought landmen, but soon lawyers followed, organizing landowners in local meetings, letting people know of their rights.
