Exhibit 99.1
For Information
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Mark A. Hellerstein
Robert T. Hanley
303-861-8140
FOR IMMEDIATE RELEASE
ST. MARY PROVIDES OPERATIONS UPDATE AND SCHEDULES THIRD
QUARTER 2003 CONFERENCE CALL FOR NOVEMBER 6, 2003
DENVER, October 6, 2003 - St. Mary Land & Exploration Company (NYSE: SM)
today provided an update of its operations for the third quarter of 2003.
During the third quarter of 2003, St. Mary participated in the drilling of 43
wells, of which 36 were completed as producers (84% success rate). Year-to-date
through September 30, the Company has completed 101 wells as producers out of
the 115 total wells drilled (88% success rate). Significant wells completed in
Northeast Mayfield in the Mid-Continent region were the John Patrick 1-27 (St.
Mary 55%) completed at an initial rate of 5,700 MCFED, the John B 1-30 (St. Mary
15%) completed at an initial rate of 9,100 MCFED and the Dean 1-19 (St. Mary
53%) currently testing at a rate of 17,000 MCFED. The James Lewis 6-12 (St. Mary
84%) in Cope field in the Arkoma Basin was completed at a rate of 1,100 MCFED.
In the ArkLaTex region, the McWhirter No.1 (St. Mary 50%) in the Manziel field
had initial rates of 3,000 MCFD and 225 BOPD, the Morris No. 1 (St. Mary 27%) in
Dexter 2121 had an initial production rate of 3,200 MCFED and in the Huxley
field the USA "S" No. 3-H and the USA "N" No. 4-H (St. Mary 81%) have tested at
rates of 5,500 MCFED and 2,700 MCFED, respectively. In the Williston Basin, the
Vaira 2-35H (St. Mary 84%) in the Spring Lake field is flowing at a rate of 400
BOPD, the Strand 22-27H (St. Mary 100%) is currently flow testing at a rate of
325 BOPD after fracture stimulation and the Dahl 1-14H (St. Mary 100%) is
pumping at a rate of 390 BOPD. Currently St. Mary is participating in the
drilling of 13 wells and 32 wells are being completed.
The Company updated its forecast for the third quarter and full year of 2003 as
follows:
3rd Quarter Year
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Oil and gas production 19.25 - 19.75 BCFE 75 - 80 BCFE
Lease operating expenses,
including production taxes and
transportation $1.20 - $1.30/MCFE $1.15 - $1.25/MCFE
General and administrative exp. $0.23 - $0.28/MCFE $0.27 - $0.32/MCFE
Depreciation, depletion & amort. $1.01 - $1.06/MCFE $1.01 - $1.06/MCFE
St. Mary is scheduled to release third quarter 2003 earnings after the close of
trading on the NYSE on November 5, 2003. The teleconference call to discuss
third quarter results is scheduled for November 6, 2003 at 8:00 am (MST). The
call participation number is 888-424-5231. A digital recording of the conference
call will be available two hours after the completion of the call, 24 hours per
day through November 17 at 800-642-1687, conference number 3172842.
International participants can dial 706-634-6088 to take part in the conference
call and can access a replay of the call at 706-645-9291, conference number
3172842. In addition, the call will be broadcast live online and can be accessed
by going directly to St. Mary's web site home page at www.stmaryland.com. An
audio recording of the conference call will be available at that site through
November 17.
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-03-16
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