EXHIBIT 99.2

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


FOR IMMEDIATE RELEASE

               ST. MARY PROVIDES UPDATE OF DUCHESNE DEEP PROSPECT

DENVER, July 28, 2003 - St. Mary Land & Exploration Company (NYSE: SM) today
provided an update of the status of the well it has drilled in its Duchesne Deep
Prospect in the Uinta Basin in Utah.

Completion of the St. Mary Ute Tribal KMV #1 is proceeding. St. Mary is
responsible for 100% of the well costs through the completion of the well and
will own a 77.5% working interest thereafter. Testing of the lower Mesaverde
Blackhawk and Castlegate intervals has been completed. To date, two intervals in
the lowermost Blackhawk interval between 15,300 feet and 15,900 feet have been
tested. Two additional intervals were tested in the Castlegate interval between
14,400 feet and 15,250 feet. The zones tested have flowed gas and water at
sub-commercial rates. The Blackhawk and Castlegate intervals were secondary
targets in the test, but the failure to establish commercial production is a
disappointment.

Testing of the primary Mesaverde section between 11,700 feet and 14,380 feet
will begin the week of July 28, 2003 and is expected to take 60 to 90 days.
Since the remaining section involves multiple sand intervals and multiple
fracture stimulations are anticipated, the Company does not currently plan to
make additional announcements about the prospect until the completion of all
zones has been accomplished.

St. Mary controls approximately 16,400 acres (10,803 net) of leasehold in the
immediate prospect area.

This release contains forward looking statements within the meaning of
securities laws, including forecasts and projections for future periods. The
words "will," "believe," "anticipate," "intend," "estimate," "forecast" and
"expect" 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 factors as the
volatility and level of oil and natural gas prices, unexpected drilling
conditions and results, production rates and reserve replacement, reserve
estimates, drilling and operating service availability and uncertainties in cash
flow, the financial strength of hedge contract counterparties, the availability
of attractive exploration and development and property acquisition opportunities
and any necessary financing, expected acquisition benefits, competition,
litigation, environmental matters, the potential impact of government
regulations, and other 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-03-12
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