“There is oil there but how much will require a new seismic survey with the latest technology to determine how extensively distributed the oil is.”
I worked for a company in Houston that sold survey maps for oil deposits that were small, hard to get to etc... there is a lot of oil and gas out there. It’s just expensive to get. Plus, a lot of it is under private lands. Now that gas and oil are up there in price- more and more smaller companies will be out drilling and looking.
Son has a place in Texas where they have found natural gas in the area and the landowners are negotiating.