Exhibit 99.2




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




            ST. MARY BOARD DECLARES REGULAR SEMI-ANNUAL CASH DIVIDEND

DENVER - October 20, 2004 - St. Mary Land & Exploration Company (NYSE: SM)
today announced that its Board of Directors has declared a regular semi-annual
cash dividend of $0.05 per share of common stock. The dividend will be paid
November 15, 2004 to stockholders of record as of the close of business November
5, 2004. St. Mary currently has approximately 28.4 million shares of common
stock outstanding.

St. Mary has paid cash dividends to stockholders every year since 1940. Company
management currently plans to continue making semi-annual dividend payments at
the rate of $0.05 per share for the foreseeable future, subject to future
earnings, capital requirements, financial condition, credit facility covenants
and other factors.

This release contains forward-looking statements within the meaning of
securities laws, including plans for future periods. The words "will" and
"plans" and similar expressions are intended to identify forward-looking
statements. These statements involve known and unknown risks, which may cause
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, production rates and reserve
replacement, reserve estimates, uncertainties in cash flow, the availability of
attractive exploration and development and property acquisition opportunities
and any necessary financing, competition, litigation, environmental matters, and
other such matters discussed in the "Risk Factors" section of St. Mary's 2003
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 04-15