The shale beds associated with Permian coal-bearing Barakar Formation of the Latehar-Auranga coalfield (north Koel Valley), India have been investigated for the hydrocarbon prospects and their critical reservoir properties. The shale core samples were collected from boreholes drilled in three different blocks like Gowa, Jagaldaga and Banhardih. The shale core samples are examined for in-situ gas content, desorbed gas composition, geochemical, Rock-Eval, scanning electron microscopy (SEM), X-ray diffraction (XRD), high pressure CH4 adsorption isotherm, porosity and permeability aspects. The shales are rich in carbonaceous and silty materials with alternate bands of intercalations; suggesting deposition of the sediments and organic matters by slow or wavering river currents under the reducing environment. The van Krevelen diagram of H/C and O/C atomic ratio of the shales has demonstrated type III/IV kerogens; specifying that organic matters transformed from the fluvio-terrestrial depositional conditions to the diagenesis and catagenesis stages and placed in wet to dry gas window (H/C ratio < 0.5). The values of in-situ gas, lost gas, desorbed gas and residual gas contents are ranging from 1.06-7.02, 0.21-0.98, 0.35-4.16 and 0.42-2.45 cc/g, respectively. The Langmuir volume (V-L) is varying between 5.6 and 0.9 cc/g, when values of V-L compared to the in-situ gas revealed low to moderate gas saturation (26.86-73.75%) of the shale beds. The negative trend of Langmuir pressure (P-L) with depth suggests affinity of CH4 to the shale pore surfaces. The plot of lower hydrocarbons ratios like (C-2/C-1) x 1000 and (C-3/C-1) x 1000 shows the dry thermal origin of desorbed gas. The Rock-Eval pyrolysis constituents like S1, S2, S3, PI, T-max, TOC, HI, OI and Calc. VRo% varies from 0.11-0.47, 3.45-28.34 mg HC/g, 0.11-0.89 mg CO2/g, 0.00-0.07, 414-456 degrees C, 1.28-16.26 wt%, 39.54-821.45 mg HC/g TOC, 1.52-20.00 mg CO2/g TOC and 0.29-1.05% respectively. The plots of hydrogen index (39.54-821.45 mg HC/g TOC) with calculated VRo (0.29-1.05%) and T-max (414-456 degrees C) are signifying types I, II, III and IV kerogen in the shales prone to generate oil, wet and dry gas placed in immature to mature regions. The positive linear correlation of the V-L with kaolinite and illite contents suggests that mainly clays contribute to the formation of shale matrix. The SEM images show six types of pore: i) lenticular open pores along the fissility, ii) altered pores due to weathering, iii) intergranular pores, iv) intermingled pores between crystal lattices, v) partially filled pores associated with clays and minerals, and vi) evolved pores by cracking of the organic compounds. The values of porosity and permeability have been measured under reservoir simulated confining pressure, and are ranging from 0.87-8.18% and 0.08-1.45 mD, respectively. This shows poor connectivity between the pores and fracture mechanisms controlled by the clay and minerals. It is summarized that the studied shales of Latehar-Auranga Coalfield have a low to moderate gas potential, based on their in-situ gas, TOC content (1.28-16.26 wt%), sorption capacity, T-max values and thermal maturity. Moreover, the significant residual volume, low porosity and low permeability are the most critical properties for shale gas resource development at the Latehar-Auranga coalfield.