The tournament, sponsored by BP and the Louisiana Charter Boat Association, will feature prizes for anglers catching 50 specially tagged speckled trout, which will be released in waters stretching from Breton Sound to Lake Calcasieu.
One of the fish is tagged as the grand prize, and is worth up to $250,000.
Five other major prizes include a new 2011 Ford F-150 Supercab, a 2011 Blazer Bay 2170 boat and trailer, and three individual cash prizes of $5,000 each.
The remaining 44 fish represent cash prizes and other big-ticket items totaling more than $22,000.
If the grand prize fish is landed while fishing with a registered Louisiana charter boat captain, winnings can be upped by 10 percent bringing the total prize to a potential $275,000.
Anyone 18 years old or older with a valid Louisiana fishing license is eligible and encouraged to participate. Registration is free.
To be eligible to receive prizes, participants must be registered and have accepted the rules and regulations before they catch a prize-winning tagged fish.
"Sponsoring Geaux Fish with BP is a great way for us to encourage beginner baiters, experienced anglers and enthusiasts of all levels to enjoy the sport while competing for great prizes," LCBA President Daryl Carpenter said. "Louisiana's charter boat captains and guides are available during Geaux Fish and year round to help anglers get the most out of the Louisiana fishing experience. We are looking forward to a great event and a great season."
BP is sponsoring the event to highlight the health of the fishery.
"We are proud to host Geaux Fish with the Louisiana Charter Boat Association to encourage people to fish the waters of South Louisiana," said Iris Cross, general manager of external relations for BP's Gulf Coast Restoration Organization in Louisiana. "We want people to know the waters are open and the fish are biting.
"Geaux Fish is the perfect opportunity to come and see for yourself."