My project assessed the economic and environmental implications of the Frederick Brook shale gas development in New Brunswick, and sought to ascertain how FBS gas development could boost economic growth, impact land use, water resources, the research also assessed current regulations effectiveness in managing these impacts. Economic-impact modeling estimated the total tax revenue as CAD754Million;GDP−CAD 5223 Million, and annual employment of 656 Full-Time-Equivalent between 2020-2037. Water contamination, well integrity, chemical health risks, and freshwater supply security are major development concerns; identifying sources of groundwater contamination is challenging, because isolating other gas and brine migration channels is difficult. 9,440,000 m2 landmass and 47.2 billion litres of water was estimated for development of 13.4 tcf gas in FBS. Current regulation of hydrocarbon development is ineffective because it involves many presiding jurisdictions which are often in conflict. Environmental cost-benefit analysis is recommended to provide input for shale gas development decisions.