Not likely. This discovery is in a sedimentary basin where we expect to find ancient organic deposits.
It’s not even a “discovery” this has been known for a decade at least. Government catching up to reality.
As for what you see in the Wolfcamp shale or the sprayberry, yes there are plenty of fossils, especially micro fossils you can see in cuttings bright up. The reef structures are clearly visible on 3D sysmic and indeed compressed coral and the like is found.
Source: I run an oil company and have worked the permian basin for 25 years.