EXHIBIT 99.1


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


FOR IMMEDIATE RELEASE

         ST. MARY ANNOUNCES UNSUCCESSFUL WELL IN DUCHESNE DEEP PROSPECT

DENVER, September 3, 2003 - St. Mary Land & Exploration Company (NYSE: SM)
today announced that the exploratory well drilled at its Duchesne Deep Prospect
in the Uinta Basin of Utah was unsuccessful.

St. Mary has completed the testing of its Ute Tribal KMV #1 well and was unable
to establish gas production at commercial rates. St. Mary is abandoning the
prospect and will be taking a charge to exploration expense of approximately
$6.0 million in the third quarter of 2003. In addition, approximately $1.4
million of unproved leasehold costs will be impaired in the third quarter. There
is no impact on previously reported reserves or forecasted production
information, which information is not otherwise being updated by this release.

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-03-14
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