The Barnett Shale was the first shale play to reach critical mass. Production peaked at over 5 bcfd and the rig count neared 200. Its decline since then, however, is not unique. The Eagle Ford, Haynesville, Bakken, and Fayetteville have all been on a downward trend the past few years. Despite being an older asset, the Barnett offers a unique opportunity. Recent Barnett deals by Chesapeake, Total, BlueStone, and others prove interest still lies in North Texas. The Barnett is in terminal decline and has failed to attract new investment in the recent years. With industry regaining confidence in the 2017 gas market, the mature play is poised to enter a new era. Value remains. In this Key Play report, we refocus attention on the Barnett and provide updated analysis of every well drilled in the play, including the quiet activity that has taken place since as the asset matured.