The recently developed Variable Neighborhood Search (VNS) metaheuristic for
combinatorial and global optimization is outlined together with its specia
lization to the problem of finding extremal graphs with respect to one or m
ore invariants and the corresponding program (AGX). We illustrate the poten
tial of the VNS algorithm on the example of energy E, a graph invariant whi
ch (in the case of molecular graphs of conjugated hydrocarbons) corresponds
to the total pi-electron energy. Novel lower and upper bounds for E are su
ggested by AGX and several conjectures concerning (molecular) graphs with e
xtremal E values put forward. Moreover, most of the bounds are proved to ho
ld.