Texas company discovers $8B worth of oil

Houston, Texas-based Apache has discovered a highly profitable area in the west part of the state.

After two years of buying land, researching and testing, the company revealed this week a discovery that could be worth at least $8 billion.

Dubbed Alpine High, the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas, according to Apache.

Read more from CNNMoney.