Months of rumors have ended with authorities confirming the discovery of a large oil reserve in the Gulf of Mexico near Matamoros.
Mexican President Felipe Calderon made the announcement Friday morning.
A deep sea oil well in Gulf of Mexico located just 24 miles off the coast but some 155 miles south of Matamoros struck black gold.
Mexico's national oil company PEMEX confirms that exploration at the site began back in June 2011.
The site is now expected to yield crude oil generating both jobs and income.
Located at about 9,500 feet deep, the site is expected to be Mexico's deepest underwater drilling site and the eighth deepest in the world.
Once it's up and running, PEMEX officials estimate the site will produce about 10,000 barrels of oil per day.
PEMEX officials believe the deep sea drilling site could yield a total of 125 million barrels of oil over its lifetime.
The Friday announcement is the second discovery is the new oil reserves found in two month's time in the Gulf of Mexico.
PEMEX crews continue to explore the Gulf of Mexico in search of even more.