PLAINVIEW, Texas (AP) - Texas oilman T. Boone Pickens and a West Texas water supplier are set to sign a $103 million deal for water rights in a region enduring the worst drought in decades.
The Canadian River Municipal Water Authority will control 211,000 acres beneath the Texas Panhandle. Pickens acquired the rights earlier this decade with hopes of delivering water to thirsty cities elsewhere in the state. He couldn't find a buyer and decided in April to sell to the nearby supplier.
Almost the entire region is in exceptional drought, with some areas without rainfall since late last year.
Lake Meredith has long been the Canadian River authority's main source of water, but is now at an historic low.
The deal is for about 4 trillion gallons of water.