The research on deepwater oil and gas exploration areas is relatively limited, and sample collection is difficult. A drilled coal sample from Yanan Depression was used to investigate the hydrocarbon generation process, and the potential, by a gold tube thermal simulation experiment. The results show that the total gas yield was much higher than the oil yield. According to an analysis of the gas pyrolysis data, as represented by ln(C1/C2) and ln(C2/C3), the gas generation process consisted of two forms, namely, primary gas with ~1.33% Ro and secondary gas that occurred at levels greater than 1.33% Ro. The primary gas from kerogen was generated at ~1.33% Ro, which coincided with the %Ro value of the maximum oil yield. The activation energy distribution of the C1–C5 generation processes ranged from 54 to 72 kcal/mol, with a frequency factor of 6.686 × 1014 s−1 for the coal sample. We constructed the history of gas generation on the basis of the process and kinetic parameters, combined with data on the sedimentary burial and thermal history. The extrapolation of the gas history revealed that the gas has been generated from 5 Ma to the present, with a maximum yield of 178.5 mg/gTOC. This history suggests that the coal has good primary gas generation potential and provides favorable gas source conditions for the formation of gas fields. This study provides a favorable basis for expanding the effective source rock areas.