Microseismic monitoring is an important method to obtain detailed knowledge of in-situ fracture size and orientation, which will assist in obtaining optimal levels of production is exercised. New analyses of microseismicity are performed to four hydraulic stages of the legacy Cotton Valley experiment in 1997 at the Carthage gas field of East Texas. During the treatment, optimally oriented fractures with anomalous moment release were activated at the base of the Upper Cotton Valley formation. We first calibrate event magnitudes based on relative amplitudes measured from waveform cross-correlation to better understand the characteristics of magnitude evolutions and seismogenic potentials. The estimated magnitudes significantly reduce the deviations of distribution of events between magnitudes and relative amplitudes from the waveform. The calibrated magnitude reveals systematic differences between optimally oriented fractures and fractures subparallel to regional maximum horizontal shear stress, with the former having lower b-value and higher seismogenic index, suggesting that the optimally oriented fractures have higher seismogenic potentials. Such differences were not revealed with the original magnitudes. Then, we perform source parameter analysis using empirical Green’s function (EGF) method. Waveform cross-correlation identified groups of similar event clusters that highlight distinct fault segments. Event corner frequency, source radius and stress drop values are obtained from EGF analysis. The results show that events on fractures that are more optimally oriented have stress drops similar to tectonic earthquakes, and are much higher than events occurring on fractures that are sub-parallel to SHmax, indicating different levels of stress on different types of fractures. These new analyses reveal systematic difference on different types of fractures activated during hydraulic fracturing, underscoring the importance of waveform based analysis.