I think not.
I'm not an expert, but I think Texas oil is pretty much dead.
There's some big oil companies there, but they're drilling elsewhere. I believe the biggest find by far in the US (in recent years), is the Bakken formation in Montana. Last assessment was about 22 billion barrels of oil (2008 USGS survey) - but only about 3-5 billion are recoverable. And yes, this is mostly from the last New Yorker.