SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
HELLERSTEIN MARK A
(Last) (First) (Middle)
1776 LINCOLN ST
STE 700
(Street)
DENVER CO 80203
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ST MARY LAND & EXPLORATION CO [ SM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
President, CEO & Chairman
3. Date of Earliest Transaction (Month/Day/Year)
05/10/2006
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock; $.01 Par Value 05/10/2006 M 18,292 A $6.2188 109,761 D
Common Stock; $.01 Par Value 05/10/2006 M 15,568 A $8.75 125,329 D
Common Stock; $.01 Par Value 05/10/2006 M 32,490 A $4.625 157,819 D
Common Stock; $.01 Par Value 05/10/2006 M 53,748 A $6.1875 211,567 D
Common Stock; $.01 Par Value 05/10/2006 M 39,902 A $16.6563 251,469 D
Common Stock; $.01 Par Value 05/10/2006 S(1) 100,000 D $41.046 151,469 D
Common Stock; $.01 Par Value 05/10/2006 S(1) 60,000 D $41.076 91,469 D
Common Stock; $.01 Par Value 05/11/2006 M 9,680 A $16.6563 101,149 D
Common Stock; $.01 Par Value 05/11/2006 M 21,766 A $7.965 122,915 D
Common Stock; $.01 Par Value 05/11/2006 M 21,766 A $10.595 144,681 D
Common Stock; $.01 Par Value 05/11/2006 M 21,764 A $10.855 166,445 D
Common Stock; $.01 Par Value 05/11/2006 M 65,024 A $11.58 231,469 D
Common Stock; $.01 Par Value 05/11/2006 S(1) 40,000 D $41.6624 191,469 D
Common Stock; $.01 Par Value 05/11/2006 S(1) 100,000 D $41.1817 91,469 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right-to-Buy) $6.2188 05/10/2006 M 18,292 (2) 12/31/2006 Common Stock 18,292 $0 0 D
Stock Option (Right-to-Buy) $8.75 05/10/2006 M 15,568 (3) 12/31/2007 Common Stock 15,568 $0 0 D
Stock Option (Right-to-Buy) $4.625 05/10/2006 M 32,490 (4) 12/31/2008 Common Stock 32,490 $0 0 D
Stock Option (Right-to-Buy) $6.1875 05/10/2006 M 53,748 (5) 12/31/2009 Common Stock 53,748 $0 0 D
Stock Option (Right-to-Buy) $16.6563 05/10/2006 M 39,902 (6) 12/31/2010 Common Stock 39,902 $0 9,680 D
Stock Option (Right-to-Buy) $16.6563 05/11/2006 M 9,680 (6) 12/31/2010 Common Stock 9,680 $0 0 D
Stock Option (Right-to-Buy) $7.965 05/11/2006 M 21,766 (7) 09/30/2011 Common Stock 21,766 $0 0 D
Stock Option (Right-to-Buy) $10.595 05/11/2006 M 21,766 (8) 12/31/2011 Common Stock 21,766 $0 0 D
Stock Option (Right-to-Buy) $10.855 05/11/2006 M 21,764 (9) 03/31/2012 Common Stock 21,764 $0 0 D
Stock Option (Right-to-Buy) $11.58 05/11/2006 M 65,024 (10) 06/01/2012 Common Stock 65,024 $0 184,976 D
Explanation of Responses:
1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Hellerstein on May 8, 2006.
2. The option vested on December 31, 1996.
3. The option vested on December 31, 1997.
4. The option vested as follows: 8,332 shares on January 1, 2000, 14,976 shares on December 31, 2000 and 9,182 shares on December 31, 2001.
5. The option vested in four equal installments on December 31, 1999, 2000, 2001, and 2002.
6. The option vested in four equal installments on December 31, 2000, 2001, 2002, and 2003.
7. The option vested in four equal installments on September 30, 2001, 2002, 2003, and 2004.
8. The option vested in four equal installments on December 31, 2001, 2002, 2003, and 2004.
9. The option vested in four equal installments on March 31, 2002, 2003, 2004, and 2005.
10. The total option grant vests as follows: 50,000 shares on June 1, 2002, 50,000 shares on June 1, 2003, 75,000 shares on June 1, 2004, 75,000 shares on June 1, 2005, 125,000 shares on June 1, 2006, and 125,000 shares of June 1, 2007.
/s/ Karin M. Writer (Attorney-in-Fact) 05/12/2006
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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