Ownership Submission
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Veatch Paul M
 2. Date of Event Requiring Statement (Month/Day/Year)
02/23/2006		 3. Issuer Name and Ticker or Trading Symbol
ST MARY LAND & EXPLORATION CO [SM]
(Last)
(First)
(Middle)
1776 LINCOLN STREET, SUITE 700		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

DENVER, CO 80203		 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 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; $.01 Par Value 391
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right-To-Buy)   (1) 09/30/2012 Common Stock 3,124 $ 11.95 D  
Stock Option (Right-To-Buy)   (2) 12/31/2012 Common Stock 3,124 $ 12.5 D  
Stock Option (Right-To-Buy)   (3) 03/31/2013 Common Stock 3,124 $ 12.525 D  
Stock Option (Right-To-Buy)   (4) 06/30/2013 Common Stock 3,380 $ 13.65 D  
Stock Option (Right-To-Buy)   (5) 09/30/2013 Common Stock 2,786 $ 12.66 D  
Stock Option (Right-To-Buy)   (6) 10/22/2013 Common Stock 522 $ 13.39 D  
Stock Option (Right-To-Buy)   (7) 12/31/2013 Common Stock 3,308 $ 14.25 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Veatch Paul M
1776 LINCOLN STREET
SUITE 700
DENVER, CO 80203		       Vice President  

Signatures

Karin M. Writer (Attorney-In-Fact) 02/24/2006
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) The option vests in four equal installments on September 30, 2002, September 30, 2003, September 30, 2004 and September 30, 2005.
(2) The option vests in four equal installments on December 31, 2002, December 31, 2003, December 31, 2004 and December 31, 2005.
(3) The option vests in four equal installments on March 31, 2003, September 30, 2003, September 30, 2004 and September 30, 2005.
(4) The option vests in four equal installments on June 30, 2003, September 30, 2003, September 30, 2004 and September 30, 2005.
(5) The option vests in four equal installments on September 30, 2003, September 30, 2004, September 30, 2005 and September 30, 2006.
(6) The option vests in four equal installments on October 22, 2003, September 30, 2004, September 30, 2005 and September 30, 2006.
(7) The option vests in four equal installments on December 31, 2003, September 30, 2004, September 30, 2005 and September 30, 2006.

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