Bioconversion processes are disclosed that enable high conversion efficiencies of gas substrate containing both carbon monoxide and hydrogen to oxygenated organic compounds via the carbon monoxide and hydrogen pathways using anaerobic, deep, bubble column fermentation in a cost effective manner. The high conversion efficiency processes of this invention comprise the combination of using at least two deep, bubble column reactors in flow series and using certain feed gas compositions and microbubbles while avoiding carbon monoxide inhibition.