Yep your reading this right.
These are the samplers you get when shopping for house siding. We did about 2 years ago, and i have been waiting to use them for a while now. Ones i started on these i could not stop.
The process is simple, have the textured side up. Put a nice layer of gesso on it. Then paint,stain,glue little pieces of paper on it, stamp and whatever else you fancy to torture these pieces. (i do not recommend using a heat gun tho they warp, well mine did lol)
I sealed mine with an acrylic sealer (water based).
Andrea.