The project, based on the 1989 crime novel by Joe R. Lansdale, is penned by Jim Mickle and Nick Damici.
Mickle will also direct the project, which will feature Hall ("Dexter," Cabaret, Chicago, Skylight) as a man who shoots an intruder in his home. Shepard would play the role of Ben Russell.
Shepard, who received the Pulitzer Prize in 1979 for Buried Child, is also the author of True West and Operation Sidewinder, among others.