The Tuscaloosa Marine Shale (TMS) is a versatile Late Cretaceous shale formation present in central and SE Louisiana and SW Mississippi, which drew attention because of the various roles played within the Tuscaloosa Group. In this paper, it is debated whether the Tuscaloosa Marine Shale can act as a source, reservoir, or seal all throughout the shale play or only in certain areas. Well log and core data from Adams County, Mississippi, are compared to data from East Feliciana Parish in Louisiana. Conclusions were drawn based on the results of well log analysis, X-ray Diffraction (XRD), porosity–permeability measurements, programmed pyrolysis, and fracture analysis. It was shown that the Tuscaloosa Marine Shale interval in SE Louisiana consists of important amounts of calcite, exhibits multiple natural fractures, has porosity values as high as 9.3%, and shows a TOC content of up to 2.8 wt%. On the other hand, samples from a well at the Cranfield field, MS, are characterized by considerably lower TOC values of around 0.88 wt%, porosities between 0.33% and 4%, and no serious fracturing. The formation demonstrates better reservoir and source potential in SE Louisiana and reliable CO2 sealing capacity in SW Mississippi. The analysis presented in this paper represents a holistic approach to the characterization of shale formations, is applicable to other plays around the world, and can be used as an integral part of CO2 sequestration or hydraulic fracturing programs.