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Apache (APA) Stock Pops on Texas Oil Field Discovery

NEW YORK (TheStreet) -- Shares of Apache (APA) were gaining 7.76% to $55.68 in pre-market trading on Wednesday after the Houston-based independent energy company announced it uncovered a new oil field in west Texas near the Davis Mountains called the "Alpine High."

The new play holds the equivalent of at least two billion barrels of oil and could be worth over $8 billion, the Wall Street Journal reports.

Over the past two years, Apache has purchased 352,000 acres in the 450,000 acre-field for about $1,300 per acre...