8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

December 19, 2007 (December 18, 2007)

St. Mary Land & Exploration Company

(Exact name of registrant as specified in its charter)

Delaware	001-31539	41-0518430
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

1776 Lincoln Street, Suite 700, Denver, Colorado (Address of principal executive offices) 80203 (Zip Code)

Registrant’s telephone number, including area code: (303) 861-8140

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01                      Regulation FD Disclosure.

In accordance with General Instruction B.2. of Form 8-K, the following information, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

On December 18, 2007, St. Mary Land & Exploration Company (the “Company”), issued a press release announcing its 2008 capital investment budget and its 2008 production target.  A copy of the press release is furnished as Exhibit 99.1 to this report.  As indicated in the press release, the Company has scheduled a related 2008 capital program teleconference call for December 20, 2007, at 8:00 a.m. (Mountain Time).  The teleconference call is publicly accessible, and the press release includes instructions as to when and how to access the teleconference and the location on the Company’s website where the teleconference information will be available.  The press release also indicates that additional information will be posted on the Company's website with respect to items that will be covered on the call.

Item 9.01                      Financial Statements and Exhibits.

(d)	Exhibits.	The following exhibit is furnished as part of this report:
	Exhibit 99.1	Press release of St. Mary Land & Exploration Company dated December 18, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

       ST. MARY LAND & EXPLORATION COMPANY

Date:	December 19, 2007	By:	/s/ MARK T. SOLOMON
			Mark T. Solomon
			Controller

EX-99.1

Exhibit 99.1

    For Information

         Brent A. Collins

         303-861-8140

FOR IMMEDIATE RELEASE

ST. MARY ANNOUNCES 2008 CAPITAL INVESTMENT BUDGET OF $626 MILLION

AND SETS PRODUCTION TARGET FOR 2008;

SCHEDULES CONFERENCE CALL

DENVER, December 18, 2007– St. Mary Land & Exploration Company (NYSE: SM) today announces its capital investment budget and production target for 2008.

Tony Best, President and CEO, commented, “Our 2008 capital program is designed to provide solid economic production growth within our expected discretionary cash flow next year.  Living within cash flow next year gives us the flexibility to accelerate successful drilling programs or to pursue other accretive investment opportunities, such as acquisitions or share repurchases.  We have had a record year in 2007, and our team continues to focus on building and high-grading our project inventory to ensure that 2008 is even more successful.”

2008 CAPITAL INVESTMENT BUDGET AND PRODUCTION TARGET

·   The capital investment budget for 2008 is $626 million.  The initial budget is within expected 2008 discretionary cash flow.  The regional allocation of the capital investment budget is as follows:

2008 Development and Exploration Budget
Region	Capital ($MM)
ArkLaTex	$	161	26	%
Mid-Continent		135	21	%
Permian		120	19	%
Rocky Mountain		106	17	%
Gulf Coast		80	13	%
Hanging Woman Basin		24	4	%
	$	626	100	%

·   The preliminary production target for 2008 is 107 to 111 BCFE, which at the midpoint is roughly a 7% increase from the estimated pro forma 2007 production range of 101 to 102 BCFE.  This pro forma 2007 production range excludes production from the properties being sold in the recently announced divestiture of non-strategic oil and gas assets.  Production from the properties being sold is expected to be approximately 5.0 BCFE for 2007 and approximately 0.4 BCFE for the month of January 2008.  The divestiture is anticipated to close by January 31, 2008.

·   The Company expects to refine its production guidance once it has completed its year-end reserve review.

·   Consistent with St. Mary’s business strategy, the Company will continue to pursue accretive acquisitions of oil and gas properties, which when combined with its organic drilling program will provide further growth opportunities.  The capital investment budget and production target range for 2008 referenced above do not include any assumptions for acquisitions.  Guidance will be updated as any potential transactions are announced.

CONFERENCE CALL & NEW INVESTOR RELATIONS PRESENTATION

St. Mary has scheduled a teleconference call to discuss details of the 2008 capital program for December 20, 2007, at 8:00 am (Mountain Time).  The call participation number is 888-424-5231.  A digital recording of the conference call will be available two hours after the completion of the call, 24 hours per day through January 3, 2008, at 800-642-1687, conference number 28866224.  International participants can dial 706-634-6088 to take part in the conference call and can access a replay of the call at 706-645-9291, conference number 28866224.  In addition, the call will be broadcast live at St. Mary’s website at www.stmaryland.com and the press release will be available before the call at www.stmaryland.com under “News – Press Releases.”  An audio recording of the conference call will be available at that site through January 3, 2008.

The Company will post a new investor relations presentation the afternoon of Wednesday, December 19, 2007, to its website at www.stmaryland.com under “Investor Relations – IR Presentation” which will provide detail on items that will be covered on the conference call.

INFORMATION ABOUT FORWARD LOOKING STATEMENTS

This release contains forward looking statements within the meaning of securities laws.  The words “will,” “anticipate,” “expect,” and similar expressions are intended to identify forward looking statements.  Although St. Mary believes the expectations reflected in these statements are reasonable, it can give no assurance that they will prove to be correct.  These statements involve known and unknown risks, including the pending nature of the announced divestiture of non-core oil and gas properties as well as the ability to complete the transaction, the uncertain nature of the expected benefits from the divestiture of oil and gas properties, the volatility and level of oil and natural gas prices, the availability of economically attractive exploration and development and property acquisition opportunities and any necessary financing, lower prices realized on oil and gas sales resulting from our commodity price risk management activities, unsuccessful exploration and development drilling, uncertainties inherent in projecting future rates of production from drilling activities and acquisitions, drilling and operating service availability, uncertainties in cash flow, the financial strength of hedge contract counterparties, the negative impact that lower oil and natural gas prices could have on our ability to borrow, litigation, environmental matters, the potential impact of government regulations, and other such matters discussed in the “Risk Factors” section of St. Mary’s 2006 Annual Report on Form 10-K/A and subsequent Quarterly Reports on Form 10-Q 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-07-23

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