EXHIBIT
99.1
For
Information
Brent A. Collins
303-861-8140
FOR
IMMEDIATE RELEASE
ST.
MARY PROVIDES UPDATE ON HAYNESVILLE SHALE PROGRAM
DENVER, April 6, 2009 – St.
Mary Land & Exploration Company (NYSE: SM) announces that the Company’s
first operated Haynesville shale well, the Johnson Trust 1-2 (SM 90% WI),
was recently completed and turned to sales. The well,
located
in the
Spider Field in central De Soto Parish, Louisiana, had a total measured depth of
15,100 feet, and was completed with a 10 stage hydraulic fracture treatment over
the 3,400 foot lateral.
The 24
hour production rate from the well reported to the State of Louisiana was 4.1
MMcf of gas and 525 Bbls of load water at a flowing casing pressure of 3,150 psi
on an 18/64th inch
choke. Although this outcome is within the range of reported
Haynesville results, the tested gas rate was lower than other wells in the
vicinity. The Company believes that the well may have been damaged
during drilling or completion and is working with its service providers to
better understand the well’s performance.
St. Mary
has 10,000 net acres with potential for the Haynesville Shale in Louisiana,
4,200 of which are located in the Spider Field. The remaining 40,000
net acres of the Company’s total 50,000 net acres are located in East
Texas. St. Mary’s second Haynesville well has commenced drilling in
northern San Augustine County, Texas. After coring the Haynesville
section, this well will be drilled down to the deeper Cotton Valley Lime
formation for evaluation purposes. St. Mary currently expects
to complete the well as a vertical Haynesville test.
INFORMATION
ABOUT FORWARD LOOKING STATEMENTS
This
release contains forward looking statements within the meaning of securities
laws. The words “believes” and “expects” 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, uncertainties inherent in projecting future
rates of production from drilling activities, unexpected drilling conditions and
results, unsuccessful exploration and development drilling, drilling and
operating service availability, and other such matters discussed in the “Risk
Factors” section of St. Mary’s 2008 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.