Ibex is a rural community located on Farm to Market Road 601 about nine miles southeast of Albany. In the late 1800's, the area that would later be known as Ibex was home to a few ranching and farming families such as the O'Laughlins, Poindexters, Brooks, Boyetts, Brazells, Wittys, Lynches, and Zants. As the community grew, a school was established, known as Center Hill School. The community remained much the same over the turn of the century. In 1920, as oil prospects in Shackelford County grew, the Ibex Oil Company arrived in the community and drilled its first well. This well turned out to be a gusher and the small community became a boomtown literally overnight. As word spread of the discovery, thousands came from all around to make their fortunes. Few permanent building were constructed, mostly tents and makeshift shacks. The next year, the Ibex Company sold out their leases to the Landreth Company. The community now had an official name. More wells were drilled and more oil and gas was struck. The Landreth Company built a $300,000 refinery. The refinery was powered by a nearby dam on Hubbard Creek, which was later called Landreth Dam, named after Ed Landreth. Soon after, the Lone Star Gas Plant was built nearby. Lone Star also constructed several neat homes along the highway near the plant for its employees. By this time, the town was flourishing. There was a drug store owned by Clifton Hyatt, a dry goods store owned by Gertrude Overby, a general store owned by J. A. Law, plus three gas stations, a shoe shop, a post office, a meat market, a boarding house, and even a dance hall. The four room school building also served as a place for church services when the circuit preacher arrived in town. Whenever he wasn't there, Sunday school classes were held in the building.
Today, nothing remains in Ibex except the ruins of the old gas plant and memories. After the oil boom of the 1920's ended, people left Ibex as quickly as they had come. Since no real permanent buildings had been erected during the heyday of the town, the makeshift buildings that were there were either moved away, tore down, or just collapsed by themselves. After the 1920's, there were still enough people left in the area to have a post office and a general store, but in 1953 that number had dwindled to a point where the post office was no longer useful, so its permit was revoked. The general store would close not long after. Today, almost fifty years later, the land that was once ranchland and then an oilfield and boomtown named Ibex, is now ranchland again.
Some of this history taken from "The Handbook of Texas" Online article on Ibex.