 Fourteen years later, however, the discovery of large quantities of oil and natural gas at the LaBelle oilfield, five miles south of the community, sparked new interest in the area.Scattered residences, the pumping station, and oilfields and gas lines to the south marked the LaBelle community on maps during the mid-1970s.In 1961, the Fannett Independent School District was combined with that of neighboring Hamshire, forming the Hamshire-Fannett Independent School District which currently serves area students.