Oil and Gas Conference to Kick Off in Denver

Bankers, brokers and investors are heading West today to meet the oil and gas companies that search the valleys, mountains and plains for untapped opportunity.

The American Stock Exchange is co-sponsoring the annual Oil and Gas Conference beginning today in Denver for the first time.

Fifty of the world’s leading deep-gas drillers, exploration and production companies are hoping to attract investors, many of whom are skeptical about the ability of companies to consistently produce oil and gas.

The independent companies’ roles have become increasingly more important, with the Bush administration trying to find ways to tap the Rocky Mountains and Western states for more of its abundant oil, natural gas and coal.

Natural gas prices that peaked at $11 per 1,000 cubic feet in January are hovering at about $3. Gasoline prices peaked around Memorial Day at an average nationwide price per gallon of $1.76.

But those higher prices at the gas pump didn’t mean more investors were putting money into the oil and gas sector. Most energy stocks didn’t outperform the stock market, as wary investors kept an eye on the sluggish worldwide economy and increased drilling, which inevitably would mean lower prices.