OGG, I value your opinion as I have only been in these Eagleford...

OGG, I value your opinion as I have only been in these Eagleford players for a few months and still have plenty to learn about them, however you are being very biased against TXN with your figures.
ADI doesnt have 4600 acres after farmin as you claimed, they only have 2390, and they have a total of 170 million shares not 140 million as you claimed.
TXN has a total of 4949 acres in the Eagleford plus the new ones in Sutton they acquired recently, 320 acres I believe. The 12000 acres you mention includes the shallower Olmos in their acreage from which they are presently earning their income from with cheaper wells, and a few other layers in their acreage.
I also wish they would soon start drilling a horizontal into the Eagleford, but they are working on a finance deal with CBA at the moment and hopefully we'll hear soon from this. Their partner in the Olmos GBP also has a spare $28 million cash in their balance sheet with not much to do with it, so maybe they might finance a greater portion of the horizontal for a share. TXN has mentioned they want to farmdown to about 70% for their EF play.
They still have plenty of time as they have three years from initially acquiring their lease to put in the wells, and its probably better to make sure that they get a good operator. After all ADI and its partners took a long time to get their wells drilled. Techniques are improving all the time so a bit of a wait is not serious, despite our impatience, but it may mean not much movement in the shareprice in the shortterm and it leaves them open to a takeover.
If you look at the value of TXN in comparison to ADI on an EV/boe TXN is 4 times cheaper than ADI. Personally I would rather TXN keeps as much of their acreage as possible as these are long term plays and the profit only starts flowing years down the track, when ADI have given half their future production away to get their wells dug a little earlier.
That cashflow of TXN pays for their administration costs and funds a few cheap wells into the Olmos, whereas ADI has no cashflow, and it will take a while yet to pay off those wells it has dug.