St. Mary Announces Notes Redemption

St. Mary Land & Exploration Co. has a notice of full redemption to the holders of all of its outstanding 5.75% Senior Convertible Notes due 2022.

The redemption date has been set for March 20, 2007, and the redemption price is 100% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the redemption date. The aggregate principal amount of the outstanding notes is $100 million.

Holders of the notes have the right to convert the notes, at any time before 5:00 p.m. New York time on March 16, 2007, the date which is two business days prior to the redemption date, into shares of St. Mary common stock at a conversion price of $13.00 per share, equating to 76.923 shares of St. Mary common stock per $1,000 principal amount of notes.

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