Although his second oil company lost more than $700,000 in its first year, Neil Bush collected nearly $300,000 in salary in two years as a founding partner, says a congressional report.

The president's son drew an annual salary of $160,000 plus expenses as a partner in Apex Energy Co. of Denver, in which he invested less than $3,000, according to the study by the staff of the House Small Business Committee.The report, which examined the relationship between Apex Energy and two venture capital firms that financed it, concluded there is no evidence of illegal or improper conduct in Apex's financing. The Associated Press obtained a copy of the document Thursday.

"It's been our position all along that he didn't do anything illegal or improper," said Bush's attorney, James Nesland. "We're happy that (the committee staff) so concluded."