The oil and gas market is still red hot, and investors with varying levels of experience want in on the action. While buying stocks of public companies is one route available to all investors, many companies offer other ways for high-net-worth individuals and institutions to invest in E&P. Since the early days of the oil and gas business, clever scams have made it hard for investors to accept "nontraditional" investing opportunities as honest. "The one thing I'm concerned about is the new entries," says John Walker, president and chief executive officer of EnerVest Management Partners Ltd. and outgoing Independent Petroleum Association of America (IPAA) chairman. "I'm concerned that many of them don't have the professional background and direct experience. It just kills the oil and gas market when these guys jump in because it's an attractive market. That's the real 'buyer beware' signal-frankly, if I was an investor I wouldn't invest with anyone who hasn't been around for at least 10 years." Though the strategies may vary, several long-standing nontraditional E&P investment vehicles are available thanks to experienced management teams, tailor-made packages and impressive rates of returns. Here are of few of these. Five States Energy Co. LLC Dallas-based Five States Energy buys properties and partial interests in properties as well as develops non-standard transaction structures for operators that require financing. The company purchases fully developed, operated assets and partial interests in seller-operated properties, often leaving the seller with a reduced interest and retaining him as operator. For more on this, see the December issue of Oil and Gas Investor. For a subscription, call 713-993-9320,ext. 126.