-This paper presents development of an appropriate procedure and flow chart to analyze shale gas production data obtained from a multi-fractured horizontal well according to flow characteristics in order to calculate an estimated ultimate recovery. Also, the technical considerations were proposed when a rate transient analysis was performed with field production data occurred to only 1 st transient flow. If production data show the 1 st transient flow from log-log and square root time plot analysis, production forecasting must be performed by applying different method as before and after of the end of 1 st linear flow. It is estimated by an area of stimulated reservoir volume which can be calculated from analysis results of micro-seismic data. If there are no bottomhole pressure data or micro-seismic data, an empirical decline curve method can be used to forecast production performance. If production period is relatively short, an accuracy of production data analysis could be improved by analyzing except the early production data, if it is necessary, after evaluating appropriation with near well data. Also, because over-or under-estimation for stimulated reservoir volume could take place according to analysis method or analyzer's own mind, it is necessary to recalculate it with fracture modeling, reservoir simulation and rate transient analysis, if it is necessary, after adequacy evaluation for fracture stage, injection volume of fracture fluid and productivity of producers.