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SMALL-CAP E&PS OFFER BIG REWARDS AT BIG RISKS

Do small-cap exploration and production companies have what it takes to succeed in 2005, or will their outstanding performances last year be hard to repeat? That was uppermost in the minds of about 250 analysts, portfolio managers and individual investors who attended the inaugural Small-Cap Oil & Gas Investment Symposium (OGIS) held in West Palm Beach, Florida, last week. The event, held by the Independent Petroleum Association of America, was patterned after IPAA's other investment symposia.

Some 30 companies presented themselves in conference and one-on- one formats. Their market caps range from $42 million for start-up Dune Energy (OTC: DENG) to $225 million for PetroQuest ...

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