Apache believes 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.
"We feel very confident with what we have and believe this is a story that's only going to get better," Apache CEO John Christmann IV told CNNMoney.
Wall Street is already seeing dollar signs, sending Apache's stock price surging 10% in the two trading days since the find was unveiled.
"The play has the potential to be a transformative event for the company," Raymond James analyst John Freeman wrote in a research report. "Apache sees an incredible opportunity to establish the next big resource play in the U.S."
Apache (APA) revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing.
The Houston company estimates the discovery, dubbed "Alpine High," could be worth at least $8 billion.
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