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*
Hertzler Jerold M
(Last) (First) (Middle)
1776 LINCOLN ST.
SUITE 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)
VP- Business Development
3. Date of Earliest Transaction (Month/Day/Year)
06/24/2008
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 06/24/2008 M 4,058 A $12.03 14,333 D
Common Stock; $.01 Par Value 06/24/2008 M 3,634 A $11.95 17,967 D
Common Stock; $.01 Par Value 06/24/2008 M 4,058 A $7.965 22,025 D
Common Stock; $.01 Par Value 06/24/2008 M 3,634 A $12.5 25,659 D
Common Stock; $.01 Par Value 06/24/2008 M 3,634 A $12.525 29,293 D
Common Stock; $.01 Par Value 06/24/2008 M 3,632 A $13.35 32,925 D
Common Stock; $.01 Par Value 06/24/2008 M 2,902 A $12.66 35,827 D
Common Stock; $.01 Par Value 06/24/2008 M 544 A $13.39 36,371 D
Common Stock; $.01 Par Value 06/24/2008 M 3,082 A $14.25 39,453 D
Common Stock; $.01 Par Value 06/24/2008 S 29,178 D $62.3618 10,275 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) $12.03 06/24/2008 M 4,058 (1) 06/30/2012 Common Stock 4,058 $0 0 D
Stock Option(Right to Buy) $11.95 06/24/2008 M 3,634 (2) 09/30/2012 Common Stock 3,634 $0 0 D
Stock Option(Right to Buy) $7.965 06/24/2008 M 4,058 (3) 09/30/2011 Common Stock 4,058 $0 0 D
Stock Option(Right to Buy) $12.5 06/24/2008 M 3,634 (4) 12/31/2012 Common Stock 3,634 $0 0 D
Stock Option(Right to Buy) $12.525 06/24/2008 M 3,634 (5) 03/31/2013 Common Stock 3,634 $0 0 D
Stock Option(Right to Buy) $13.65 06/24/2008 M 3,632 (6) 06/30/2013 Common Stock 3,632 $0 0 D
Stock Option(Right to Buy) $12.66 06/24/2008 M 2,902 (7) 09/30/2013 Common Stock 2,902 $0 0 D
Stock Option(Right to Buy) $13.39 06/24/2008 M 544 (8) 10/22/2013 Common Stock 544 $0 0 D
Stock Option(Right to Buy) $14.25 06/24/2008 M 3,082 (9) 12/31/2013 Common Stock 3,082 $0 0 D
Explanation of Responses:
1. The total option vested as follows: 1,015 shares on June 30, 2002, 1,015 shares on September 30, 2002, 1,014 shares on September 30, 2003, and 1,014 shares on September 30, 2004
2. The total option grant vested as follows: 909 shares on September 30, 2002, 909 shares on September 30, 2003, 908 shares on September 30, 2004, and 908 shares on September 30, 2005.
3. The total option grant vested as follows: 1,015 shares on September 30, 2001, 1,015 shares on September 30, 2002, 1,014 shares on September 30, 2003, and 1,014 shares on September 30, 2004.
4. The total option grant vested as follows: 909 shares on December 31, 2002, 909 shares on September 30, 2003, 908 shares on September 30, 2004, and 908 shares on September 30, 2005.
5. The total option grant vested as follows: 909 shares on March 31, 2003, 909 shares on September 30, 2003, 908 shares on September 30, 2004, and 908 shares on September 30, 2005.
6. The total option grant vested as follows: 908 shares on June 30, 2003, 908 shares on September 30, 2003, 908 shares on September 30, 2004, and 908 shares on September 30, 2005.
7. The total option grant vested as follows: 726 shares on September 30, 2003, 726 shares on September 30, 2004, 725 shares on September 30, 2005, and 725 shares on September 30, 2006.
8. The total option grant vested as follows: 136 shares on October 22, 2003, 136 shares on September 30, 2004, 136 shares on September 30, 2005, and 136 shares on September 30, 2006.
9. The total option grant vested as follows: 496 shares on December 31, 2003, 862 shares on September 30, 2004, 862 shares on September 30, 2005, and 862 shares on September 30, 2006.
Remarks:
Karin M. Writer (Attorney-In-Fact) 06/26/2008
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.