Edgar Filing: ST MARY LAND & EXPLORATION CO

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:

3235-0287

Expires:

January 31, 2005

Estimated average burden hours per response...

0.5

(Print or Type Responses)

1. Name and Address of Reporting Person ^*

HANLEY ROBERT T

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

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

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Vice President

(Last)

(First)

(Middle)

1776 LINCOLN ST, STE 700

3. Date of Earliest Transaction (Month/Day/Year)
04/17/2006

(Street)

DENVER, CO 80203

4. If Amendment, Date 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

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock; $.01 Par Value	04/17/2006		M		24,592	A	$ 6.1875	154,611	D
Common Stock; $.01 Par Value	04/17/2006		M		5,408	A	$ 16.6563	160,019	D
Common Stock; $.01 Par Value	04/17/2006		S⁽¹⁾		30,000	D	$ 43	130,019	D
Common Stock; $.01 Par Value	04/18/2006		M		16,818	A	$ 16.6563	146,837	D
Common Stock; $.01 Par Value	04/18/2006		M		5,036	A	$ 7.965	151,873	D
Common Stock; $.01 Par Value	04/18/2006		M		5,036	A	$ 10.595	156,909	D
Common Stock; $.01 Par Value	04/18/2006		M		3,110	A	$ 10.855	160,019	D
Common Stock; $.01 Par Value	04/18/2006		S⁽¹⁾		30,000	D	$ 44	130,019	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	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 control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (Right to Buy)

$ 6.1875

04/17/2006

24,592

⁽²⁾

12/31/2009

Common Stock

24,592

$ 0

Stock Option (Right to Buy)

$ 16.6563

04/17/2006

5,408

⁽³⁾

12/31/2010

Common Stock

5,408

$ 0

5,592

Stock Option (Right to Buy)

$ 16.6563

04/18/2006

16,818

⁽³⁾

12/31/2010

Common Stock

16,818

$ 0

Stock Option (Right to Buy)

$ 7.965

04/18/2006

5,036

⁽⁴⁾

09/30/2011

Common Stock

5,036

$ 0

Stock Option (Right to Buy)

$ 10.595

04/18/2006

5,036

⁽⁵⁾

12/31/2011

Common Stock

5,036

$ 0

Stock Option (Right to Buy)

$ 10.855

04/18/2006

3,110

⁽⁶⁾

03/31/2012

Common Stock

3,110

$ 0

1,926

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
HANLEY ROBERT T 1776 LINCOLN ST STE 700 DENVER, CO 80203			Vice President

Signatures

/s/ Karin M. Writer (Attorney-in-Fact)		04/19/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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).
(1)	The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Hanley on February 3, 2006.
(2)	The option vested in four equal installments on December 31, 1999, 2000, 2001 and 2002.
(3)	The option vested in four equal installments on December 31, 2000, 2001, 2002 and 2003.
(4)	The option vested in four equal installments on September 30, 2001, 2002, 2003 and 2004.
(5)	The option vested in four equal installments on December 31, 2001, 2002, 2003 and 2004.
(6)	The option vested in four equal installments on March 31, 2002, 2003, 2004 and 2005.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.