“Building Value By Adding Value” IPAA Oil & Gas Investment Symposium April 19-21, 2004

Except for historical information contained herein, statements in this presentation, including information regarding the business of the Company, may be “forward looking statements” within the meaning of the federal securities laws. Forward looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to differ materially from forecasted results. Factors that can affect the Company’s ability to achieve forecasted results are described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q. Such factors include, among others, uncertainties inherent in cash flow and reserves, the operating risks of oil and natural gas operations, the volatility of oil and natural gas prices, the need to replace reserves depleted by production, competition and the potential impact of government regulations, litigation and environmental matters. These factors may result in revisions of the Company’s operating plans as described herein and elsewhere. The Company has no obligation to update the information contained in nor the statements made during this presentation.

Founded 1908 Exceptional long-term return to shareholders 16% annual compounded return Strong Balance Sheet 20% net debt to capital Low / moderate risk core drilling Exposure to large potential ideas Solid Growth St. Mary Land & Exploration Company Years5 Years Finding Cost $1.05 $ 1.09 Replacement %293%298%274%

Core Areas of Operations

Reserve Base- 1/ BCFE 52% Gas 89% Developed

Competitive Advantages Proprietary ability to process / interpret 3D - Williston Stimulation techniques Quick, fast, disciplined We don’t make big mistakes

SM Source: John S. Herold Financial & Operational Database & JSH Analysts STOCK APPRECIATION – CAGR 6 YEARS

STOCK PERFORMANCE FROM DECEMBER 1992 THROUGH MARCH 8, 2003

Buyback of Flying J Stock – 2003 WOW Note: analysis excludes Asset Retirement Obligation and Def Taxes.

Buyback of Flying J Stock – 2003 WOW

2004 Capital Program: $273 MM

ArkLaTex Region ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

James Lime Horizontal Trend

WELLWIGAS (MCFED) USA 2-H 80%3,800 USA 3-H 80%5,500 USA 4-H 80%2,200 USA 5-H 80%3,200 USA 6-H 80%1,200 USA 7-H 80%1,900 USA 8-H 80%1,025 DeSoto Parish Sch. Bd.100%3,000

James Lime Horizontal Trend

u Grew out of King Ranch acquisition u Focus on exploitation u $18.4 MM budget - 29% at Judge Digby Gulf Coast / GOM ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

Gulf Coast / GOM ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

Judge Digby 10%-20% WI new well – 4 MMCFD 2001 and 2002 wells Wurtele #3 – 55 MMCFD Majors #4 – 36 MMCFD J. Wurtele #1 – 66 MMCFD Parlange #12 – 67 MMCFD J. Wurtele #2 – 45 MMCFD Parlange MMCFD Largest initial rate in history of Louisiana Gulf Coast / GOM ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

Judge Digby Nearing end of new development wells Recompletions will dominate activity in future years Gulf Coast / GOM ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

Judge Digby

Fee Property Seismic 14,969 acres optioned 25% Royalty w/ 25% participation option $ 898K option and permit payment in 1Q/2003 New Dataset over entire Fee property Data coverage over previously un-shot areas Processed data received 1Q/2004 Fee Property 3-D

Big Blue Fault Key upthrown position Bayou Sale Field Pays Bayou Sale Fault Deep Upthrown Targets MA and Rob Chambersi Objectives NorthSouth

Rockies Region ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

Hottest play in Williston at present time Drilling horizontally in silty dolomite under Bakken Shale BAKKEN Gets A New Life Rockies Region – Bakken Play

Permian Region ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

Permian Region ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

The Parkway Delaware Unit has seen tremendous waterflood response. SMLE W. I. = 32.4% The East Shugart Delaware Unit is anticipated to perform very similar to Parkway. SMLE W. I. = 72.7% Permian Region

u 47 wells (31 operated) u 5-7 operated drilling rigs Mid-Continent Region ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

NE Mayfield Working InterestLocation GAS (MCFED) John Patrick %27-11N-26W 5,700 Edwards %22-11N-25W 2,300 Brothers %20-11N-25W 11,800 Edgar 111%25-11N-26W 5,600 Heinsohn %36-11N-26W12,500 Bess %26-11N-26W14,300 Molly "C" # 145%35-11N-26W 4,200 Kathy # 110%08-10N-25W 6,300 Dean %19-11N-25W20,000 John B %30-11N-25W 9,000 Dykes %17-11N-25W20,600 Tipton 6-29APO04-11N-25W 1,600 Daniel %30-11N-25W 1,500 Neil1-2810%28-11N-25W 4,200 Mary Lou %18-11N-25W 1,400 Brothers %20-11N-25W 1, Completed Wells

NE Mayfield Working InterestLocation Status (MCFED) Betty %19-11N-25WCompleting Cynthia %21-11N-25W2,300 McEntire %27-11N-26WCompleting Robert %36-11N-26W3,100 Keathley 1-810%08-10N-25WCompleting Sites 1-839%08-11N-25WCompleting Haag # 1-244%02-10N-26WDrilling Tipton %17-11N-25WCompleting Brothers %20-11N-25WDrilling Robertson 1-689%06-10N-25WCompleting Juanita %30-11N-26WDrilling Carolyn %23-11N-26WCompleting Theresa %35-11N-26WDrilling Louella %33-11N-26WDrilling Coffey %16-11N-25WDrilling Dobson Ranch %31-11N-26WDrilling Atchley %34-11N-26WDrilling 2004 Well Status

NE Mayfield

139,000 net acres Pilot projects conducted since 2001 Evaluation limited to Wyoming acres Coal Seams Evaluated Anderson, Canyon, Brewster- Arnold, Nance, Roberts 2004 Begin development of 65,000 Wyoming acres Estimate 147 BCF of Probable Reserves from targeted coals Anticipate drilling ~100 wells Infrastructure Other - Hanging Woman Basin ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

Other - Hanging Woman Basin

2582 wells gross Assumptions >10’ thick >200’ depth >2 miles from outcrop Economic Model

100% Well Reserves / Well Coal Seam Cost (000’s) (160 acre spacing) Anderson $ mmcf Canyon $ mmcf Brewster-Arnold $ mmcf Nance $ mmcf Roberts $ mmcf Other - Hanging Woman Basin ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

Production - Daily (MCFE)

2003 Results

32% Q4 Production Growth

Financial Forecast

Track Record 16% Compounded Return Strong Balance Sheet Opportunistic Consistent and efficient Strong Technical Expertise Combined with Creativity and Financial Discipline Large inventory of prospects Why Consider St. Mary?