SGC vs XST leverage for Borba, page-4

Freestar I'm surprised to hear you say "IF gas is found". GJ is obviously confident, based on the 3D seismic data that gas WILL be found:
"The well is planned to be drilled directionally to Basement to intersect multiple stacked, 3D-seismic amplitude which are interpreted to be indicative of Natural Gas accumulations in conventional sandstone reservoirs."

But your over-riding question, regarding how "tight" the reservoir rocks are, is always going to be the question no one can answer conclusively at this point.
You will be aware that based on the geophysical data GJ is of the opinion (and presumably Greg Channon, geological consultant) that the Borba drill location is the best to evaluate both stratigraphic and structural gas traps along the trend:
"The Borba prospect is a big opportunity for Sacgasco and the next logical step in the evaluation of the highly prospective, under-explored older strata in the Northern Sacramento Basin. After calibrating the seismic with the Dempsey well, Sacgasco’s and independent technical teams have homed in on the Borba area as being the very best place to test the higher quality conventional reservoir development identified in the revised sedimentary model."

It's important to emphasise that "tight" rocks, where gas transmissivity does not allow for natural flow beyond the immediate drilled hole, is characteristic of many different sedimentary piles (including limestone), all around the world. The fact that there are both structural and stratigraphic gas traps interpreted at the Borba site definitely increases the potential for increased permeability.