there's a threaded screw on the bottom of the bowl. loosen that and drain it into a clear jug/jar .
you replace the filter element in the middle.
it looks like an oil filter but it doesn't have a bottom. the bowl screws on the bottom..
water-gas separation will be very apparent if you let it sit for a minute in a clear jug. don't flip out if there's a little there,,,,,the filter is just doing it's job. now if the filter is full of water thats another story
http://www.parker.com/EAD/displayCat...OLINE%20SERIES