QuickLinks -- Click here to rapidly navigate through this document


Exhibit 25.1

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE

o
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

WELLS FARGO BANK, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)

A National Banking Association   94-1347393
(Jurisdiction of incorporation or
organization if not a U.S. national bank)
  (I.R.S. Employer
Identification Number)

 

 

 
101 North Phillips Avenue
Sioux Falls, South Dakota
  57104
(Address of principal executive offices)   (Zip Code)

Wells Fargo & Company
Law Department, Trust Section
MAC N9305-175
Sixth Street and Marquette Avenue, 17th Floor
Minneapolis, Minnesota 55479
(612) 667-4608
(Name, address and telephone number of agent for service)

ST. MARY LAND & EXPLORATION COMPANY
(Exact name of obligor as specified in its charter)

Delaware   41-0518430
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification Number)

 

 

 
1776 Lincoln Street, Suite 700
Denver, Colorado
  80203
(Address of principal executive offices)   (Zip Code)

3.50% Senior Convertible Notes due 2027
(Title of indenture securities)


TABLE OF CONTENTS

  Item 1. General Information    
  Item 2. Affiliations with Obligor    
  Item 15. Foreign Trustee    
  Item 16. List of Exhibits    
SIGNATURE    

Item 1. General Information. Furnish the following information as to the trustee:

Item 2. Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.

        None with respect to the trustee.

        No responses are included for Items 3-14 of this form T-1 because the obligor is not in default as provided under Item 13.

Item 15. Foreign Trustee. Not applicable.

Item 16. List of Exhibits. List below all exhibits filed as a part of this Statement of Eligibility.

Exhibit 1.   A copy of the Articles of Association of the trustee as now in effect.*

Exhibit 2.

 

A copy of the Comptroller of the Currency Certificate of Corporate Existence and Fiduciary Powers for Wells Fargo Bank, National Association, dated November 8, 2005.**

Exhibit 3.

 

See Exhibit 2.

Exhibit 4.

 

A copy of By-laws of the trustee as now in effect.***

Exhibit 5.

 

Not applicable.

Exhibit 6.

 

The consent of the trustee required by Section 321(b) of the Act.

Exhibit 7.

 

A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.

Exhibit 8.

 

Not applicable.

Exhibit 9.

 

Not applicable.

*
Incorporated by reference to the exhibit of the same number to the trustee's Form T-1 filed as exhibit 25 to the Form S-4 dated December 30, 2005 of Hornbeck Offshore Services LLC file number 333-130784-06.

**
Incorporated by reference to the exhibit of the same number to the trustee's Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of Trans-Lux Corporation file number 022-28721.

***
Incorporated by reference to the exhibit of the same number to the trustee's Form T-1 filed as exhibit 25 to the Form S-4 dated May 26, 2005 of Penn National Gaming Inc. file number 333-125274.

SIGNATURE

        Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Denver and State of Colorado, on the 15th day of June, 2007.

    WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

/s/  
GRETCHEN L. MIDDENTS      
Gretchen L. Middents
Vice President

EXHIBIT 6

June 15, 2007

Securities and Exchange Commission
Washington, D.C. 20549

Gentlemen:

        In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal, State, Territorial or District authorities authorized to make such examinations may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

    WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

/s/  
GRETCHEN L. MIDDENTS      
Gretchen L. Middents
Vice President

Exhibit 7
Consolidated Report of Condition of
Wells Fargo Bank National Association
of 101 North Phillips Avenue, Sioux Falls, SD 57104
And Foreign and Domestic Subsidiaries,
at the close of business March 31, 2007, filed in accordance with 12 U.S.C. §161 for National Banks.

 
  Dollar Amounts
In Millions

ASSETS      
Cash and balances due from depository institutions:      
  Noninterest-bearing balances and currency and coin   $ 12,467
  Interest-bearing balances     1,280
Securities:      
  Held-to-maturity securities     0
  Available-for-sale securities     40,238
Federal funds sold and securities purchased under agreements to resell:      
  Federal funds sold in domestic offices     6,195
  Securities purchased under agreements to resell     1,187
Loans and lease financing receivables:      
  Loans and leases held for sale     33,093
  Loans and leases, net of unearned income     251,321
  LESS: Allowance for loan and lease losses     2,151
  Loans and leases, net of unearned income and allowance     249,170
Trading Assets     3,665
Premises and fixed assets (including capitalized leases)     4,173
Other real estate owned     657
Investments in unconsolidated subsidiaries and associated companies     392
Intangible assets      
  Goodwill     8,994
  Other intangible assets     18,668
Other assets     16,668
   
Total assets   $ 396,847
   
LIABILITIES      
Deposits:      
  In domestic offices   $ 269,773
    Noninterest-bearing     75,101
    Interest-bearing     194,672
  In foreign offices, Edge and Agreement subsidiaries, and IBFs     43,580
    Noninterest-bearing     6
    Interest-bearing     43,574
Federal funds purchased and securities sold under agreements to repurchase:      
  Federal funds purchased in domestic offices     3,911
  Securities sold under agreements to repurchase     6,114
Trading liabilities     2,328
Other borrowed money      
  (includes mortgage indebtedness and obligations under capitalized leases)     6,914
Subordinated notes and debentures     10,148
Other liabilities     14,055
   
Total liabilities   $ 356,823

Minority interest in consolidated subsidiaries

 

 

58
       


EQUITY CAPITAL

 

 

 
Perpetual preferred stock and related surplus     0
Common stock     520
Surplus (exclude all surplus related to preferred stock)     24,751
Retained earnings     14,239
Accumulated other comprehensive income     456
Other equity capital components     0
   
Total equity capital     39,966
   
Total liabilities, minority interest, and equity capital   $ 396,847
   

        I, Howard I. Atkins, EVP & CFO of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.

        Howard I. Atkins
EVP & CFO

        We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.

Michael Loughlin        
John Stumpf   Directors    
Carrie Tolstedt        



QuickLinks