EX-99 2 exhibit991.htm 042205 PRESS RELEASE Form 8-K 04/25/05 Press Release

                                                                    Exhibit 99.1




                                                            For Information
                                                            ---------------
                                                            Mark A. Hellerstein
                                                            Robert T. Hanley
                                                            303-861-8140




                ST. MARY BOARD DECLARES SEMI-ANNUAL CASH DIVIDEND

DENVER - April 22, 2005 - St. Mary Land & Exploration Company (NYSE: SM)
today announced that its Board of Directors has declared a semi-annual cash
dividend of $0.05 per share of common stock. The dividend will be paid May 16,
2005, to stockholders of record as of the close of business May 6, 2005. St.
Mary currently has approximately 57.2 million shares of common stock
outstanding.

St. Mary has paid cash dividends to stockholders every year since 1940. On March
31, 2005, St. Mary enacted a two-for-one stock split in the form of a stock
dividend whereby stockholders were issued one additional share of St. Mary
common stock for each share owned on the record date of March 21, 2005. The
Board of Directors approved maintaining the regular semi-annual dividend rate of
$0.05 per share of common stock, which on a post-split basis effectively doubled
the semi-annual dividend. Company management currently plans to continue making
semi-annual dividend payments at the rate of $0.05 per share for the foreseeable
future, subject to future earnings, capital requirements, financial condition,
credit facility covenants and other factors.

This release contains forward-looking statements within the meaning of
securities laws, including plans for future periods. The words "will" and
"plans" and similar expressions are intended to identify forward-looking
statements. These statements involve known and unknown risks, which may cause
actual results to differ materially from results expressed or implied by the
forward-looking statements. These risks include such factors as the volatility
and level of oil and natural gas prices, production rates and reserve
replacement, the imprecise nature of oil and gas reserve estimates,
uncertainties in cash flow, the availability of attractive exploration and
development and property acquisition opportunities and any necessary financing,
competition, litigation, environmental matters, and other such matters discussed
in the "Risk Factors" section of St. Mary's 2004 Annual Report on Form 10-K
filed with the SEC. Although St. Mary may from time to time voluntarily update
its prior forward-looking statements, it disclaims any commitment to do so
except as required by securities laws.

                                    PR 05-08
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