Concerns about the volume of water used in hydraulic fracturing, and its disposal, have reignited discussion about the use of energized fluids, including foams, nitrogen (N₂) and carbon dioxide (CO₂). In this paper, we discuss arguments for the use of these fluids beyond the under-pressured, dry gas reservoirs where they are already favored, using a model developed at the University of Texas at Austin. The simulation study uses reservoir conditions based on available information for the Utica, which was chosen because it is a liquid-rich shale of current interest.