Determining a value indicative of gas saturation of a formation. At least some of the illustrative embodiments are methods including obtaining an inelastic count rate and a capture count rate of a gamma detector for a particular borehole depth, calculating a ratio of an inelastic count rate to a capture count rate for the particular borehole depth, determining a value indicative of gas saturation based on the ratio of the inelastic count rate to the capture count rate for the particular borehole depth, repeating the obtaining, calculating and determining for a plurality of borehole depths, and producing a plot of the value indicative of gas saturation of the formation as a function of borehole depth.