Abstract: The early influencers and leaders in shale plays were,most notably,medium-sized independents,Consequently,the majors who participated relatively early in the development of shale plays had very mixed results.This report examines the strategies for exploring for and developing shale plays as implemented by independents and by major oil and gas companies.It finds explanations for comparative success and failure,and charts and ideal strategy for both established and new/frontier shale plays.There will undoubtedly be improvements in the characterization of reservoirs,identification of sweet spots,as well as optimized drilling,completion,and stimulation.