SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Hart William D

(Last)

(First)

(Middle)

1776 LINCOLN STREET

SUITE 700

(Street)

DENVER

80203

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/23/2007

3. Issuer Name and Ticker or Trading Symbol
ST MARY LAND & EXPLORATION CO [ SM ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
VP-General Manager ArkLaTex

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	9,143	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Stock Units	⁽²⁾	⁽²⁾	Common Stock	4,286	⁽¹⁾	D
Restricted Stock Units	⁽³⁾	⁽³⁾	Common Stock	4,724	⁽¹⁾	D
Restricted Stock Units	⁽⁴⁾	⁽⁴⁾	Common Stock	1,398	⁽¹⁾	D
Stock Option (Right-to-Buy)	⁽⁵⁾	⁽⁵⁾	Common Stock	2,568⁽⁶⁾	8.75	D
Stock Option (Right-to-Buy)	⁽⁷⁾	⁽⁷⁾	Common Stock	17,108⁽⁸⁾	4.625	D
Stock Option (Right-to-Buy)	⁽⁹⁾	⁽⁹⁾	Common Stock	20,628	6.1875	D
Stock Option (Right-to-Buy)	⁽¹⁰⁾	⁽¹⁰⁾	Common Stock	18,806	16.6563	D
Stock Option (Right-to-Buy)	⁽¹¹⁾	⁽¹¹⁾	Common Stock	4,428	7.965	D
Stock Option (Right-to-Buy)	⁽¹²⁾	⁽¹²⁾	Common Stock	4,428	10.595	D
Stock Option (Right-to-Buy)	⁽¹³⁾	⁽¹³⁾	Common Stock	4,426	10.855	D
Stock Option (Right-to-Buy)	⁽¹⁴⁾	⁽¹⁴⁾	Common Stock	4,426	12.03	D
Stock Option (Right-to-Buy)	⁽¹⁵⁾	⁽¹⁵⁾	Common Stock	3,984	11.95	D
Stock Option (Right-to-Buy)	⁽¹⁶⁾	⁽¹⁶⁾	Common Stock	3,984	12.5	D
Stock Option (Right-to-Buy)	⁽¹⁷⁾	⁽¹⁷⁾	Common Stock	3,984	12.525	D
Stock Option (Right-to-Buy)	⁽¹⁸⁾	⁽¹⁸⁾	Common Stock	3,984	13.65	D
Stock Option (Right-to-Buy)	⁽¹⁹⁾	⁽¹⁹⁾	Common Stock	3,018	12.66	D
Stock Option (Right-to-Buy)	⁽²⁰⁾	⁽²⁰⁾	Common Stock	566	13.39	D
Stock Option (Right-to-Buy)	⁽²¹⁾	⁽²¹⁾	Common Stock	3,584	14.25	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

2. The restricted stock units vest in four equal annual installments beginning February 28, 2006. Vested shares will be issued to the reporting person on February 28, 2009, at which time all restrictions will lapse.

3. The restricted stock units vest in four equal annual installments beginning June 30, 2004. Vested shares will be issued to the reporting person on June 30, 2007, at which time all restrictions will lapse.

4. The restricted stock units vest in four equal annual installments beginning March 15, 2005. Vested shares will be issued to the reporting person on March 15, 2008, at which time all restrictions will lapse.

5. The option vests in four equal annual installments beginning on December 31, 1997.

6. This stock option grant was in the amount of 10,260 shares of which the reporting person has exercised 7,692 shares.

7. The option vests in four equal annual installments beginning on December 31, 1998.

8. This stock option grant was in the amount of 22,808 shares of which the reporting person has exercised 5,700 shares.

9. The option vests in four equal annual installments beginning on December 31, 1999.

10. The option vests in four equal annual installments beginning on December 31, 2000.

11. The option vests in four equal annual installments beginning on September 30, 2001.

12. The option vests as follows: 1,107 shares on December 31, 2001, and in three subsequent equal annual installments beginning on September 30, 2002.

13. The option vests as follows: 1,107 shares on March 31, 2002, and in three subsequent equal annual installments beginning on September 30, 2002.

14. The option vests as follows: 1,107 shares on June 30, 2002, and in three subsequent equal annual installments beginning on September 30, 2002.

15. The option vests in four equal annual installments beginning on September 30, 2002.

16. The option vests as follows: 996 shares on December 31, 2002, and in three subsequent equal annual installments beginning on September 30, 2003.

17. The option vests as follows: 996 shares on March 31, 2003, and in three subsequent equal annual installments beginning on September 30, 2003.

18. The option vests as follows: 996 shares on June 30, 2003, and in three subsequent equal annual installments beginning on September 30, 2003.

19. The option vests in four equal annual installments beginning on September 30, 2003.

20. The option vests as follows: 142 shares on October 22, 2003, and in three subsequent equal annual installments beginning on September 30, 2004.

21. The option vests as follows: 896 shares on December 31, 2003, and in three subsequent equal annual installments beginning on September 30, 2004.

	/s/ Karin M. Writer (Attorny-In-Fact)	03/01/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.