Exhibit 99.1



                                                             For Information
                                                             ---------------
                                                             Mark A. Hellerstein
                                                             Richard C. Norris
                                                             303-861-8140

FOR IMMEDIATE RELEASE

              ST. MARY ANNOUNCES ACCRUAL OF CONTINGENT INTEREST ON
                         5.75% SENIOR CONVERTIBLE NOTES

DENVER, March 14, 2003 - St. Mary Land & Exploration Company (NYSE: SM)
today announced that for the period from March 15, 2003 to September 14, 2003
its $100 million in 5.75% senior convertible notes due 2022 will, subject to the
terms of the indenture under which they were issued, accrue contingent interest
at a rate of 0.50% per annum, in addition to the 5.75% annual rate of interest
that the notes are currently accruing.

This release contains forward looking statements within the meaning of
securities laws. The word "will" and similar expressions are intended to
identify forward looking statements. These statements involve known and unknown
risks, which may cause St. Mary's actual results to differ materially from
results expressed or implied by the forward looking statements. These risks
include such matters discussed in the "Risk Factors" section of St. Mary's 2002
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-03-05
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