// Create a new bitmap
var bitmap = new Bitmap(1000, 800, System.Drawing.Imaging.PixelFormat.Format32bppPArgb);

// Initialize Graphics
Graphics graphics = Graphics.FromImage(bitmap);
graphics.TextRenderingHint = TextRenderingHint.AntiAliasGridFit;

// Define Clip
Rectangle rectangle = new Rectangle(200, 200, 600, 400);
GraphicsPath clipPath = new GraphicsPath();
clipPath.AddEllipse(rectangle);
graphics.SetClip(clipPath);

// Specify string
StringFormat stringFormat = new StringFormat();
stringFormat.Alignment = StringAlignment.Center;
stringFormat.LineAlignment = StringAlignment.Center;
Brush brush = new SolidBrush(Color.Red);
Font arial = new Font("Arial", 20, FontStyle.Regular);
string text = "Lorem ipsum dolor sit amet, consectetur adipiscing elit. " +
    "Maecenas sapien tellus, mattis et condimentum eget, commodo ut ipsum. " +
    "Maecenas elit sapien, tempus sit amet mauris sit amet, hendrerit laoreet nisi. " +
    "Nulla facilisi. Sed commodo, mauris eget porta commodo, nunc tellus volutpat mi, " +
    "eu auctor diam libero vel neque. Vestibulum nec mattis dui, nec molestie nisl. " +
    "Etiam in magna felis. Praesent non nulla tortor. Integer nec convallis purus. " +
    "Fusce vitae mollis mauris. Cras efficitur dui at mi viverra scelerisque. " +
    "Morbi quis magna elit. Nulla facilisis id ante sit amet fringilla. " +
    "Sed iaculis consectetur lectus a interdum. Etiam ut sollicitudin lectus, et congue lectus.";

// Draw string
graphics.DrawString(text, arial, brush, rectangle, stringFormat);

// Save
bitmap.Save("C:\\Files\\Clipping.png");