HELP!!! 97 Mustang GT won't start......

Ok I bought this car at an auction. It had no keys so I went to a local locksmith and had a key made for it. I programmed the key then tried to start it. It wouldn't start, just cranks. The fuel guage was on 'E' so I went and got some gas and put it in. Still just cranks. Its getting fuel at the rails.I discovered that at there is no spark. I checked the coils to make sure that they're getting the right powers and grounds. Both coil connectors have power on the center wire but it seems that the pcm isn't pulsing a ground on any of the coil driver circuits. At this point I don't know where to continue.............


Vehicle specs:
1997 Mustang Gt
4.6 liter V8
5 speed
123K miles

I need some help!!!!!

Just because you are getting fuel at the rails doesn't mean you have enough fuel pressure for the PCM--hook a fuel pressure gauge to the shrader valve on the fuel rail and you need at least 25-30--should be 35#'s and up---might be fuel pump time--hope this helped---it happened on my 2000----put in SVT Focus fuel pump---more output then Mustang pump

I checked fuel pressure. It's approx. 40psi while cranking.

If power is to coil paks and good fuel pressure it is possible that key programing didn't take since you didn't have orginal keys--did you get pcm/key reprogramed at Ford? How is compression of Engine? Spark plugs/wires good and not worn out?