We were in a raised hunting blind (2 of us) hunting for wild pig at night. The property is located just south of Choke Canyon Reservoir in south central Texas. It was approx 7:30 on this dark, clear night when I looked toward the NNW and saw a bright light approaching in what appeared to be a SE direction of travel toward our position. I assumed it was a passenger jet crossing the country. After approx 10 minutes it had slowed to a stop in an approx WNW position and approx 15 deg above the horizon. It was at that time, when it stopped, that I pointed it out to my hunting buddy at which time he turned his powerful "spotting" scope toward the object. He thought it might be a comet or something because he saw something that resembled a tail. It must have been a long distance from us because we could not make out definite detail or outline at that point. The thing that startled both of us is when the object appreard to "bob" up and down and to the left and right every few minutes. These were very short, controlled and steady movements and observed without visual aid. He acknowledged seeing this movement also and we agreed that this was a very unusual object. It appeared as though these strange movements happened as the object was stationary/hovering in one place. This went on for approx 10 minutes or more. The object then seemed to head off very slowly toward the NNW and no more strange bobbing was observed. It was at this point that the object appeared to attain a reddish hue. We both looked at the object through his spotting scope again,several times, over the next 10-15 minutes. What we saw was a very clear and distinctive "cresent moon shape" of light. It appeared as if a dark cylinder was moving away from us and that the sun (way past the horizon of course) was reflecting on the underside of it. However, the cressent shape was appearing in the 5 o'clock position instead of a 7 o'clock position as this object was north of due west from us. The object appeared to continue on this path, slowly getting lower and dimmer before it disappeared from our view. This entire event took approx 45 minutes. This object could have been 30 miles away or 300 miles away. There was no way to tell actual elevation or distance. I did a search and noticed that there was a report from Anthony Texas (near El Paso) that may be related to this event. That is why I went ahead and filed this report. My friend and I are both professionals who work in Houston. No drinking or drugs.