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Here's a picture of the way i see things,, maybe it helps,,,,maybe it does'nt..

Shaeffer Ranch :- This is a 54,000 acre tennament,and is the home of Rowena Project= 13,000 acres where they are drilling JF-1....and also " Lonesome Dove",, alreard drilled and proven to be a duster-dud..!!

The Wilcox Fairway is a well known, and reliable source of gas and condensate,, and the majority of deep wells inside the boundary of the fairway, have been highly successful.
However, tennaments inside the fairway are expensive and difficult to secure.

Some promotional maps show a very loose diagram of the Wilcox Fairway, and it's 500 mile extent across Texas and other states.
These maps show the Wilcox Fairway cutting through Jim Wells County, and encompassing the Shaeffer Ranch Project..!!
Well,,,,,It does'nt..!!

Accurate maps that i have,, confirm this, and also AZZ have told us this in their announcement on 3rd February 2006..
It's exact position is just outside the " known peripheral boundary" of the main fairway..

Thes is why AZZ were able to secure an option over 45,000 acres of land, with a fixed lease and royalties, until January 2008.
Which is also why they are drilling it now, because they need to know before January 2008, if it's worth holding..!!
Also, the 3D seismic cost a fortune, and needs to be used, not wasted.
If the Shaeffer Ranch was inside the fairway, they may not have been able to secure a tennament of this size..!!

In this area,, the Wilcox Fairway lies within a larger encompassing geological basin,, which is known as " The Rio Grande Slope Basin ",..
The " basin" takes in the 13,000 acres of Rowena,, but the known peripheral boundary of the fairway,, does not..!!

In the last 8 years, Oil and Gas companies have been moving to just outside the fairway,,,, while still remaining inside The Rio Grande Slope Basin,,, to find and test what is known as " down thrown faults.""
Geological cataclysmic events caused the peripheral areas to suffer upheaval,, making a down or up thrown fault, and thus isolating the fault from the main fairway, but still being in the Rio Grand Slope Basin..!!

The 3D identified "Rowena',, is one of these faults..!!

The main drama with all this, is that your fault must contain exactly the same resivor sands, that occur and exist inside the main fairway..!!
NO sands......NO gas..

The problem with " Lonesome Dove,, was that it was even further away from the fairway boundary, and very possibly NOT even inside the Rio Grande Slope Basin,, because the basin and the fairway move at an angle as they go north,, the opposite angle to the Shaeffer Ranch tennament,, and Lonesome Dove was at the northern end of the project,, and therefore further away from the boundary of the main fairway..!!
Ultimately AZZ said that the drilling of Lonesome Dove had missed the target,, and that the target was too far away to be reached with a horizontal drilling.!
The target was never there to begin with,,and it did'nt strike any potential resivor sand structures,,, only scale shale..!!

The company was apprehensive about the drilling of Rowena, because of lack of drill control.!Their concern was that, because of it being an independant fault, and outside the fairway,,there was no guarantee of encountering any potential gas bearing sands..!!
It was not valid to compare it to Hostetter,, because it is inside the main fairway, and ours is not..!!

IMO..the most important piece of information we have received so far , from drilling reports, is that JF-1 intersected sands at the Queen City interval,,, and again at the 14,500 ft to 14,900 ft level.
I have confirmed, for myself, that the ratio between the deepths of sand intervals in JF-1,,, correspond to the ratio between the deepth intervals inside the main fairway.
The Rowena fault is down thrown by approximately 1,500 ft.
I'm convinced that the sandstone structures encountered in JF-1, are exactly the same as those inside the Wilcox Fairway,, and that Rowena was connected to,, and part of the main fairway at some geological point in time.
Lonesome Dove........was not..!!

The 6700 units of gas shows at the Queen City interval was a positive sign.!
Unfortunately,,, i gain only limited confidence from the down hole pressure and elevated mud weight, because it was fully expected..
This entire area is very well known to be overpressured.
The onset of the overpressure zone is at the 10,000 ft level,, and increases substantially with deepth.
At the 15,000 ft level, it is way over the top, and not necessarily caused by gas.
The oil and gas company " US Enercorp", drilled a 17,000 ft water well,,,, a P & A, inside the fairway, and the last 7,000 ft was grossly overpressured,,, but NO gas,, just water..!!

However,, i do gain confidence from the gas chromatograph identifing methane and ethane from the Upper Wilcox level of around 15,000 ft,, and the 3,700 unit gas show from the same level..
If this level is hydrocarbon saturated,, as it appears it may be,, then OF COURSE the overpressured inviroment is a BIG advantage,, because it means that the flow rates should be very handsome indeed..!!

One of US Enercorp's successful wells, which is producing from the " House sandstone belt,", flowed 1 mmcuft/d before frac treatment. After the application of a one million pound fracture treatment,,it flowed at 13 mmcuft/d..
This sandstone belt equates to the lowest level of intersection in JF-1.,, which i believe to be a solid sandstone belt with high perosity,, requiring fracture, rather than loose sands.,, but that's just a personal opinion..!!

If there is gas down this hole, then because the fault is downthrown by 1,500 ft, the chances of it having been bled by a well inside the main fairway are small..!!

The big question is, of course, how much gas..!!
Does the sandstone belt extend for the whole 13,000 acres,,, or only 1,000 acres,, or just one acre..!!????

Interesting thing is that,, because down hole logs were shot,, the company should already know the extent of these structures,,, but we don't.

Uncertanity still remains, but i can see good enough reasons in the above, to think that,,, as a shareholder,, the odds are in my favour..!!
However,,, no matter how high the odds, if Murphy's Law is in application,, then i can still lose...!!

Anyone can verify the above information for themselves, if they have the time,, but you need to allow plenty..

I'm a bit more fortunate than " Sue 12 ",, because if this well fails, i won't be leaving home...........But my wife probably will..!!!!!!!!

Good luck to everyone holding,,,,you deserve a win..!!

Cheers..!!