wet/dry gas???

Guys,

Sorry to sound like a OG newbie, but what is the significance of Wet/Dry gases and the various C levels that people mention.
I think I understand that C. is the number of carbon atoms in the gas e.g. C1 - Methane, C3 Propane, C5 Pentane etc
And I assume Wet means liquid hyrdocarbons.
But how does this info affect the overall prospectivity for oil/gas.
Do the low carbon gases indicate a different source kerogen and/or different geological conditions?