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

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

HELLERSTEIN MARK A

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)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
President, CEO, and Chairman

(Last)

(First)

(Middle)

1776 LINCOLN ST, STE 700

3. Date of Earliest Transaction (Month/Day/Year)
05/31/2006

(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	05/31/2006		M		36,180	A	$ 16.6563	127,649	D
Common Stock; $.01 Par Value	05/31/2006		M		21,766	A	$ 7.965	149,415	D
Common Stock; $.01 Par Value	05/31/2006		M		21,766	A	$ 10.595	171,181	D
Common Stock; $.01 Par Value	05/31/2006		M		21,764	A	$ 10.855	192,945	D
Common Stock; $.01 Par Value	05/31/2006		M		15,024	A	$ 11.58	207,969	D
Common Stock; $.01 Par Value	05/31/2006		S⁽¹⁾		116,500	D	$ 39	91,469	D
Common Stock; $.01 Par Value	06/01/2006		M		2,000	A	$ 12.5	93,469	D
Common Stock; $.01 Par Value	06/01/2006		M		22,628	A	$ 12.525	116,097	D
Common Stock; $.01 Par Value	06/01/2006		M		22,628	A	$ 13.65	138,725	D
Common Stock; $.01 Par Value	06/01/2006		M		15,173	A	$ 13.39	153,898	D
Common Stock; $.01 Par Value	06/01/2006		M		15,173	A	$ 14.25	169,071	D
Common Stock; $.01 Par Value	06/01/2006		M		22,398	A	$ 11.58	191,469	D
Common Stock; $.01 Par Value	06/01/2006		S⁽¹⁾		100,000	D	$ 38.6689	91,469	D
Common Stock; $.01 Par Value	06/01/2006		M		90,102	A	$ 11.58	181,571	D
Common Stock; $.01 Par Value	06/01/2006		S⁽¹⁾		90,102	D	$ 39.001	91,469	D
Common Stock; $.01 Par Value	06/02/2006		M		12,500	A	$ 11.58	103,969	D
Common Stock; $.01 Par Value	06/02/2006		S⁽¹⁾		12,500	D	$ 39.2462	91,469	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)

$ 16.6563

05/31/2006

36,180

⁽²⁾

12/31/2010

Common Stock

36,180

$ 0

Stock Option (Right-to-Buy)

$ 7.965

05/31/2006

21,766

⁽³⁾

09/30/2011

Common Stock

21,766

$ 0

Stock Option (Right-to-Buy)

$ 10.595

05/31/2006

21,766

⁽⁴⁾

12/31/2011

Common Stock

21,766

$ 0

Stock Option (Right-to-Buy)

$ 10.855

05/31/2006

21,764

⁽⁵⁾

03/31/2012

Common Stock

21,764

$ 0

Stock Option (Right-to-Buy)

$ 11.58

05/31/2006

15,024

⁽⁶⁾

06/01/2012

Common Stock

15,024

$ 0

Stock Option (Right-to-Buy)

$ 12.5

06/01/2006

2,000

⁽⁷⁾

12/31/2012

Common Stock

2,000

$ 0

Stock Option (Right-to-Buy)

$ 12.525

06/01/2006

22,628

⁽⁸⁾

03/31/2013

Common Stock

22,628

$ 0

Stock Option (Right-to-Buy)

$ 13.65

06/01/2006

22,628

⁽⁹⁾

06/30/2013

Common Stock

22,628

$ 0

Stock Option (Right-to-Buy)

$ 13.39

06/01/2006

15,173

⁽¹⁰⁾

10/22/2013

Common Stock

15,173

$ 0

Stock Option (Right-to-Buy)

$ 14.25

06/01/2006

15,173

⁽¹¹⁾

12/31/2013

Common Stock

15,173

$ 0

Stock Option (Right-to-Buy)

$ 11.58

06/01/2006

22,398

⁽⁶⁾

06/01/2012

Common Stock

22,398

$ 0

102,602

Stock Option (Right-to-Buy)

$ 11.58

06/01/2006

90,102

⁽⁶⁾

06/01/2012

Common Stock

90,102

$ 0

12,500

Stock Option (Right-to-Buy)

$ 11.58

06/02/2006

12,500

⁽⁶⁾

06/01/2012

Common Stock

12,500

$ 0

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
HELLERSTEIN MARK A 1776 LINCOLN ST STE 700 DENVER, CO 80203	X		President, CEO, and Chairman

Signatures

/s/ Karin M. Writer (Attorney-in-Fact)		06/02/2006
^**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. Hellerstein on May 8, 2006.
(2)	The stock option vested in four equal installments on December 31, 2000, 2001, 2002, and 2003.
(3)	The stock option vested in four equal installments on September 30, 2001, 2002, 2003, and 2004.
(4)	The stock option vested in four equal installments on December 31, 2001, 2002, 2003, and 2004.
(5)	The stock option vested in four equal installments on March 31, 2002, 2003, 2004, and 2005.
(6)	The total option grant vests as follows: 50,000 shares on June 1, 2002, 50,000 shares on June 1, 2003, 75,000 shares on June 1, 2004, 75,000 shares on June 1, 2005, 125,000 shares on June 1, 2006, and 125,000 shares on June 1, 2007.
(7)	The stock option vested in four equal installments on December 31, 2002, 2003, 2004, and 2005.
(8)	The stock option vested in four equal installments on March 31, 2003, 2004, 2005, and 2006.
(9)	The stock option vested in four equal installments on June 30, 2003, 2004, 2005, and 2006.
(10)	The stock option vested in four equal installments on October 22, 2003, 2004, 2005, and 2006.
(11)	The stock option vested in four equal installments on December 31, 2003, 2004, 2005, and 2006.

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