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

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(Print or Type Responses)

1. Name and Address of Reporting Person * PHARO MILAM RANDOLPH   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) VP-Land & Legal & Ass. Sec. (Last) (First) (Middle) 1776 LINCOLN ST., SUITE 700 3. Date of Earliest Transaction (Month/Day/Year) 05/30/2008 (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) Code V Amount (A) or (D) Price Common Stock; $.01 Par Value 05/30/2008   M   23,508 A $ 16.6563 50,683 D   Common Stock; $.01 Par Value 05/30/2008   M   5,350 A $ 7.965 56,033 D   Common Stock; $.01 Par Value 05/30/2008   M   5,350 A $ 10.595 61,383 D   Common Stock; $.01 Par Value 05/30/2008   M   5,348 A $ 10.855 66,731 D   Common Stock; $.01 Par Value 05/30/2008   M   5,348 A $ 12.03 72,079 D   Common Stock; $.01 Par Value 05/30/2008   M   4,844 A $ 11.95 76,923 D   Common Stock; $.01 Par Value 05/30/2008   M   4,846 A $ 12.5 81,769 D   Common Stock; $.01 Par Value 05/30/2008   M   4,844 A $ 12.525 86,613 D   Common Stock; $.01 Par Value 05/30/2008   M   4,844 A $ 13.65 91,457 D   Common Stock; $.01 Par Value 05/30/2008   M   4,382 A $ 13.39 95,839 D   Common Stock; $.01 Par Value 05/30/2008   M   4,382 A $ 14.25 100,221 D   Common Stock; $.01 Par Value 05/30/2008   S   73,046 D $ 50 27,175 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right To Buy)	$ 16.6563	05/30/2008		M			23,508	(1)	12/31/2010	Common Stock	23,508	$ 0	0	D
Stock Option (Right To Buy)	$ 7.965	05/30/2008		M			5,350	(2)	09/30/2011	Common Stock	5,350	$ 0	0	D
Stock Option (Right To Buy)	$ 10.595	05/30/2008		M			5,350	(3)	12/31/2011	Common Stock	5,350	$ 0	0	D
Stock Option (Right To Buy)	$ 10.855	05/30/2008		M			5,348	(4)	03/31/2012	Common Stock	5,348	$ 0	0	D
Stock Option (Right to Buy)	$ 12.03	05/30/2008		M			5,348	(5)	06/30/2012	Common Stock	5,348	$ 0	0	D
Stock Option (Right To Buy)	$ 11.95	05/30/2008		M			4,844	(6)	09/30/2012	Common Stock	4,844	$ 0	0	D
Stock Option (Right To Buy)	$ 12.5	05/30/2008		M			4,846	(7)	12/31/2012	Common Stock	4,846	$ 0	0	D
Stock Option (Right To Buy)	$ 12.525	05/30/2008		M			4,844	(8)	03/31/2013	Common Stock	4,844	$ 0	0	D
Stock Option (Right To Buy)	$ 13.65	06/30/2013		M			4,844	(9)	06/30/2013	Common Stock	4,844	$ 0	0	D
Stock Option (Right To Buy)	$ 13.39	05/30/2008		M			4,382	(10)	10/22/2013	Common Stock	4,382	$ 0	0	D
Stock Option (Right To Buy)	$ 14.25	05/30/2008		M			4,382	(11)	12/31/2013	Common Stock	4,382	$ 0	0	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
PHARO MILAM RANDOLPH 1776 LINCOLN ST. SUITE 700 DENVER, CO 80203			VP-Land & Legal & Ass. Sec.

Signatures

Karin M. Writer (Attorney-In-fact)		06/02/2008
**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 option vested in four equal installments on December 31, 2000, 2001, 2002, and 2003.
(2)	The option vested in four equal installments on September 30, 2001, 2002, 2003 and 2004.
(3)	The total option grant vested as follows: 1,338 shares on December 31, 2001, 1,338 shares on September 30, 2002, 1,337 shares on September 30, 2003, and 1,337 shares on September 30, 2004
(4)	The total option grant vested as follows: 1,337 shares on March 31, 2002, 1,337 shares on September 30, 2002, 1,337 shares on September 30, 2003, and 1,337 shares on September 30, 2004.
(5)	The total option grant vested as follows: 1,337 shares on June 30, 2002, 1,337 shares on September 30, 2002, 1,337 shares on September 30, 2003, and 1,337 shares on September 30, 2004.
(6)	The option vested in four equal installments on September 30, 2002, 2003, 2004, and 2005.
(7)	The total option grant vested as follows: 1,212 shares on December 31, 2002, 1,212 shares on September 30, 2003, 1,211 shares on September 30, 2004, and 1,211 shares on September 30, 2005.
(8)	The total option grant vested as follows: 1,211 shares on March 31, 2003, 1,211 shares on September 30, 2003, 1,211 shares on September 30, 2004, and 1,211 shares on September 30, 2005.
(9)	The total option grant vested as follows: 1,211 shares on June 30, 2003, 1,211 shares on September 30, 2003, 1,211 shares on September 30, 2004, and 1,211 shares on September 30, 2005,
(10)	The total option grant vested as follows: 1,096 shares on October 22, 2003, 1,096 shares on September 30, 2004, 1,095 shares on September 30, 2005, and 1,095 shares on September 30, 2006.
(11)	The total option grant vested as follows: 1,096 shares on December 31, 2003, 1,096 shares on September 30, 2004, 1,095 shares on September 30, 2005, and 1,095 shares on September 30, 2006.

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