<SUBMISSION>
<ACCESSION-NUMBER>0000893538-01-500019
<TYPE>10-Q/A
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20010331
<FILING-DATE>20010622
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ST MARY LAND & EXPLORATION CO
<CIK>0000893538
<ASSIGNED-SIC>1311
<IRS-NUMBER>410518430
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q/A
<ACT>34
<FILE-NUMBER>000-20872
<FILM-NUMBER>1665443
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1776 LINCOLN ST STE 1100
<CITY>DENVER
<STATE>CO
<ZIP>80203
<PHONE>3038618140
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q/A
<SEQUENCE>1
<FILENAME>form10qa_0301.htm
<DESCRIPTION>3-31-01 FORM 10-Q/A
<TEXT>

<HTML>
<HEAD><TITLE>MARCH 31, 2001 10Q</TITLE></HEAD>
<BODY>
=======================================================================================================================================
<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES</B></FONT></TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
<TR><TD ALIGN=CENTER>Washington, D.C. 20549</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER><HR SIZE=1 NOSHADE WIDTH=20%></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=4><B>FORM 10Q/A</B></FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES<BR>
     EXCHANGE ACT OF 1934</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER>For the Quarterly Period Ended March 31, 2001</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER><HR SIZE=1 NOSHADE WIDTH=20%></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER>Commission File Number 0-20872</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=4><B>ST. MARY LAND &amp; EXPLORATION COMPANY</B></FONT></TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=2>(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</TABLE><BR>


<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD WIDTH=50% ALIGN=CENTER>Delaware</TD>
    <TD WIDTH=50% ALIGN=CENTER>41-0518430</TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=2>(State or other jurisdiction</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=2>of incorporation or organization)</FONT></TD></TR>
</TABLE><BR>


<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD ALIGN=CENTER>1776 Lincoln Street, Suite 1100, Denver, Colorado 80203</TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=2>(Address of principal executive offices)&nbsp; &nbsp; &nbsp; &nbsp;
     &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip Code)</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD ALIGN=CENTER>(303) 861-8140</TD></TR>
<TR><TD ALIGN=CENTER><FONT SIZE=2>(Registrant's telephone number, including area code)</FONT></TD></TR>
</TABLE>


<P>Indicate  by check mark  whether  the  registrant  (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.</P>
<P ALIGN=CENTER>Yes [ x ]&nbsp; &nbsp; No [ ]</P>
<P>Indicate the number of
shares outstanding of each of the registrant&#146;s classes of common stock as
of the latest practicable date.</P>

<P>As of May 9, 2001, the
registrant had 28,171,570 shares of common stock, $.01 par value, outstanding.</P>
<BR><BR><BR><BR><BR>
=======================================================================================================================================
<BR><BR><BR><BR>




EXPLANATORY  NOTE--THIS  AMENDMENT ON FORM 10-Q/A TO THE REGISTRANT'S  FORM 10-Q
FOR THE QUARTER  ENDED MARCH 31, 2001 IS BEING FILED TO CORRECT A  TYPOGRAPHICAL
ERROR IN THE UPPER END OF THE RANGE OF FORECASTED  PRODUCTION FOR 2001 DISCLOSED
UNDER THE  'OUTLOOK'  HEADING  OF PART I ITEM 2.,  MANAGEMENT'S  DISCUSSION  AND
ANALYSIS OF FINANCIAL  CONDITION AND RESULTS OF OPERTATIONS.  THE SOLE CHANGE IS
TO CORRECT THE  REGISTRANT'S  CORRESPONDING  DISCLOSURES IN THE ANNUAL REPORT ON
FORM 10-K FOR THE YEAR ENDED  DECEMBER 31, 2000 AND OTHER PUBLIC  DISCLOSURES IN
2001.  ALL  OTHER  INFORMATION  CONTAINED  IN THE  ORIGINAL  FORM  10-Q  REMAINS
UNCHANGED.


<P ALIGN=CENTER><U>ST. MARY LAND &amp; EXPLORATION COMPANY</U></P>
<P ALIGN=CENTER><U>INDEX</U></P>


<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD WIDTH=15%>Part I.</TD><TD COLSPAN=2>FINANCIAL INFORMATION</TD><TD WIDTH=5%><U>PAGE</U></TD></TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD><TD WIDTH=15%>Item 1.</TD><TD WIDTH=65%>Financial Statements (Unaudited)</TD></TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR><TD COLSPAN=2>&nbsp;</TD><TD COLSPAN=2>Consolidated Balance<BR>
                                 Sheets - March 31, 2001 and<BR>
                                 December 31, 2000..............................................................................3</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR><TD COLSPAN=2>&nbsp;</TD><TD COLSPAN=2>Consolidated Statements of<BR>
                                Operations - Three Months Ended<BR>
                                March 31, 2001 and 2000....................................................................4</TD></TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR><TD COLSPAN=2>&nbsp;</TD><TD COLSPAN=2>Consolidated Statements of<BR>
                                Cash Flows - Three Months Ended<BR>
                                March 31, 2001 and 2000....................................................................5</TD></TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR><TD COLSPAN=2>&nbsp;</TD><TD COLSPAN=2>Consolidated Statements of Stockholders'<BR>
                                Equity - March 31, 2001 and<BR>
                                December 31, 2000.............................................................................7</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR><TD COLSPAN=2>&nbsp;</TD><TD COLSPAN=2>Notes to Consolidated Financial<BR>
                                Statements - March 31, 2001...............................................................8</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</td><TD VALIGN=TOP>Item 2.</TD><TD COLSPAN=2>Management's Discussion and Analysis<BR>
                                of Financial Condition and Results<BR>
                                of Operations......................................................................................10</TD></TR>

<TR><TD COLSPAN=4>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD valign=top>Item 3.</TD><TD colspan=2>Quantitative and Qualitative Disclosures<BR>
                                  About Market Risk.............................................................................17</TD></TR>

<TR><TD COLSPAN=4>&nbsp;</TD></TR>

<TR><TD>Part II.</TD><TD COLSPAN=2>OTHER INFORMATION</TD></TR>

<TR><TD COLSPAN=4>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD>Item 2.</TD><TD colspan=2>Changes in Securities and Use of Proceeds.........................................18</TD></TR>

<TR><TD COLSPAN=4>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD>Item 6.</TD><TD COLSPAN=2>Exhibits and Reports on Form 8-K.....................................................18</TD></TR>


</TABLE>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>

<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=3%>&nbsp;</TD><TD width=70%>&nbsp;</TD><TD width=2%>&nbsp;</TD><TD width=8%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD><TD width=3%>&nbsp;</TD><TD width=2%>&nbsp;</TD><TD width=8%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD></TR>

<TR><TD colspan=2><font size=2><B>PART 1.  FINANCIAL INFORMATION</B></font></TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD colspan=2><font size=2><B>ITEM 1.  FINANCIAL STATEMENTS</B></font></TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD ALIGN=CENTER colspan=9><font size=2><B>ST. MARY LAND &amp; EXPLORATION COMPANY AND SUBSIDIARIES</B></font>
    </TD></TR>

<TR><TD ALIGN=CENTER COLSPAN=9><font size=2><B>CONSOLIDATED BALANCE SHEETS(UNAUDITED)</B></font></TD></TR>

<TR><TD ALIGN=CENTER COLSPAN=9><font size=2><B>(In thousands, except share amounts)</B></font></TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD align=center colspan=9><font size=2><B>ASSETS</B></font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD align=center colspan=3><font size=2>March 31,</font></TD><TD>&nbsp;</TD>
    <TD align=center colspan=3><font size=2>December 31,</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD align=center colspan=3><HR SIZE=1 NOSHADE><font size=2>2001</font></TD><TD>&nbsp;</TD>
    <TD align=center colspan=3><HR SIZE=1 NOSHADE><font size=2>2000</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=3><HR SIZE=1 NOSHADE></TD><TD>&nbsp;</TD>
    <TD colspan=3><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD colspan=2><font size=2>Current assets:</font></TD><TD colspan=7>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Cash and cash equivalents</font></TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>2,782</font></TD><TD colspan=2>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>6,619</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Accounts receivable</font></TD>
    <TD align=right colspan=2><font size=2>52,014</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>55,068</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Prepaid expenses and other</font></TD>
    <TD align=right colspan=2><font size=2>1,958</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>2,134</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Deferred income taxes</font></TD>
    <TD align=right colspan=2><font size=2>7,974</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>163</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total
    current assets</font></TD><TD align=right colspan=2><HR SIZE=1 NOSHADE><font size=2>64,728</font>
    </TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>63,984</font></TD><TD></TD>
    </TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=2><HR SIZE=1 NOSHADE></TD><TD colspan=2>&nbsp;</TD><TD colspan=2>
    <HR SIZE=1 NOSHADE></TD></TR>

<TR><TD colspan=9><font size=2>Property and equipment (successful efforts method), at cost:</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Proved oil and gas properties</font></TD>
    <TD align=right colspan=2><font size=2>414,458</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>385,076</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Less accumulated depletion, depreciation, amortization
     </font></TD><TD align=right colspan=2><font size=2>(182,396</font></TD><TD><font size=2>)</font></TD>
    <TD colspan=2>&nbsp;</TD><TD align=right><font size=2>(171,412</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=8><font size=2>Unproved oil and gas properties, net of impairment</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;allowance of $8,107 in 2001 and $7,956 in 2000
     </font></TD><TD align=right colspan=2><font size=2>39,887</font></TD><TD></TD>
    <TD colspan=2>&nbsp;</TD><TD align=right><font size=2>35,497</font></TD><TD></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=8><font size=2>Other property and equipment, net of accumulated
    depreciation of $3,782</font></TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2>in 2001 and $3,600 in
    2000</font></TD><TD colspan=2 align=right><font size=2>3,316</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>3,250</font></TD></TR>

<TR><TD>&nbsp;</TD><TD ><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total property
    and equipment</font></TD><TD align=right colspan=2><HR SIZE=1 NOSHADE><font size=2>275,265</font></TD>
    <TD colspan=2>&nbsp;</TD><TD align=right colspan=2><HR SIZE=1 NOSHADE><font size=2>252,411</font></TD>
    </TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=2><HR SIZE=1 NOSHADE></TD><TD colspan=2>&nbsp;</TD><TD colspan=2>
    <HR SIZE=1 NOSHADE></TD></TR>

<TR><TD colspan=2><font size=2>Other assets:</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Khanty Mansiysk Oil Corporation stock</font></TD>
    <TD align=right colspan=2><font size=2>1,651</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>1,651</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Other assets</font></TD>
    <TD align=right colspan=2><font size=2>3,989</font></TD><TD>&nbsp;</TD>
    <TD colspan=2>&nbsp;</TD><TD align=right><font size=2>3,849</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total other
      assets</font></TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>5,640</font></TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD colspan=2 align=right>
    <HR SIZE=1 NOSHADE><font size=2>5,500</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><HR SIZE=1 NOSHADE><font size=2>$</font></TD>
    <TD align=right><HR SIZE=1 NOSHADE><font size=2>345,633</font></TD><TD colspan=2>&nbsp;</TD>
    <TD><HR SIZE=1 NOSHADE><font size=2>$</font></TD>
    <TD align=right><HR SIZE=1 NOSHADE><font size=2>321,895</font></TD></TR>

<TR><TD colspan=2><font size=2>Total Assets</font></TD><TD colspan=2><HR SIZE=4 NOSHADE></TD><TD colspan=2>&nbsp;</TD><TD colspan=2>
    <HR SIZE=4 NOSHADE></TD></TR>

<TR><TD ALIGN=CENTER colspan=9><font size=2><B>LIABILITIES AND STOCKHOLDERS' EQUITY</B></font></TD></TR>

<TR><TD colspan=9><font size=2>Current liabilites:</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Accounts payable and accrued expenses</font></TD>
    <TD><font size=2>$</font></TD><TD align=right><font size=2>33,864</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>23,345</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Fair value of hedging contracts</font></TD>
    <TD align=right colspan=2><font size=2>22,794</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>-&nbsp; &nbsp;</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total curent liabilities
    </font></TD><TD align=right colspan=2><HR SIZE=1 NOSHADE><font size=2>56,658</font></TD>
    <TD colspan=2>&nbsp;</TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>23,345</font></TD>
    <TD>&nbsp;</TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=2><HR SIZE=1 NOSHADE></TD><TD colspan=2>&nbsp;</TD><TD colspan=2>
    <HR SIZE=1 NOSHADE></TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD colspan=9><font size=2>Long-term liabilities:</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Long-term debt</font></TD>
    <TD align=right colspan=2><font size=2>-&nbsp; &nbsp;</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>22,000</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Deferred income taxes</font></TD>
    <TD align=right colspan=2><font size=2>30,715</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>24,820</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Other noncurrent liabilities</font></TD>
    <TD align=right colspan=2><font size=2>1,369</font></TD>
    <TD colspan=3>&nbsp;</TD><TD align=right><font size=2>987</font></TD><TD>&nbsp;</TD></TR>

<TR><TD >&nbsp;</TD><TD><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total long-term
    liabilities</font></TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>32,084</font></TD>
    <TD colspan=2>&nbsp;</TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>47,807</font></TD>
    </TR>

<TR><TD colspan=2>&nbsp;</TD>
    <TD colspan=2><HR SIZE=1 NOSHADE></TD><TD colspan=2>&nbsp;</TD><TD colspan=2><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD colspan=2><font size=2>Commitments and contingencies</font></TD>
    <TD colspan=2></TD><TD colspan=2>&nbsp;</TD><TD colspan=2></TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD colspan=2><font size=2>Minority interest</font></TD><TD align=right colspan=2><HR SIZE=1 NOSHADE>
    <font size=2>596</font></TD><TD colspan=2>&nbsp;</TD><TD align=right colspan=2><HR SIZE=1 NOSHADE>
    <font size=2>607</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=2><HR SIZE=1 NOSHADE></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD colspan=9><font size=2>Stockholders' equity:</font></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=8><font size=2>Common stock, $.01 par value: authorized - 50,000,000
     shares: Issued and</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;outstanding
    - 28,672,575 shares in 2001 and 28,553,826 shares in 2000</font></TD>
    <TD colspan=2 align=right><font size=2>287</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>286</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Additional paid-in capital</font></TD>
    <TD colspan=2 align=right><font size=2>135,155</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>132,973</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Treasury stock - at cost: 475,900 shares in 2001 and 395,600 shares in 2000
    </font></TD><TD colspan=2 align=right><font size=2>(5,126</font></TD><TD><font size=2>)</font></TD>
    <TD>&nbsp;</TD><TD colspan=2 align=right><font size=2>(3,339</font></TD><TD><font size=2>)</font></TD><TD></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Retained earnings</font></TD>
    <TD colspan=2 align=right><font size=2>140,468</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>120,075</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Unrealized net gain on marketable equity securities-available for sale
    </font></TD><TD colspan=2 align=right><font size=2>196</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>141</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Unrealized hedge loss in accumulated other comprehensive loss
    </font></TD><TD colspan=2 align=right><font size=2>(14,685</font></TD><TD>)</TD><TD>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>-&nbsp; &nbsp;</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total stockholders'
    equity</font></TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>256,295</font></TD>
    <TD colspan=2>&nbsp;</TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>250,136</font></TD></TR>

<TR><TD colspan=2><font size=2>Total Liabilities and Stockholders' Equity</font></TD>
    <TD><HR SIZE=1 NOSHADE><font size=2>$</font></TD>
    <TD align=right><HR SIZE=1 NOSHADE><font size=2>345,633</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><HR SIZE=1 NOSHADE><font size=2>$</font></TD>
    <TD align=right><HR SIZE=1 NOSHADE><font size=2>321,895</font></TD></TR>


<TR><TD colspan=2>&nbsp;</TD><TD colspan=2><HR SIZE=4 NOSHADE></TD><TD colspan=2>&nbsp;</TD><TD colspan=2>
    <HR SIZE=4 NOSHADE></TD></TR>
</TABLE>
<P ALIGN=CENTER><font size=2>The accompanying notes are an integral part<BR>of these consolidated
 financial statements.</font></P>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
                                 <P ALIGN=CENTER>-3-</P>


<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=3%>&nbsp;</TD><TD width=70%>&nbsp;</TD><TD width=2%>&nbsp;</TD><TD width=8%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD><TD width=3%>&nbsp;</TD><TD width=2%>&nbsp;</TD><TD width=8%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD></TR>

<TR><TD align=center colspan=9><B><font size=2>ST. MARY LAND &amp; EXPLORATION COMPANY AND SUBSIDIARIES</font>
    </B></TD></TR>

<TR><TD align=center colspan=9><B><font size=2>CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)</font>
    </B></TD></TR>

<TR><TD align=center colspan=9><B><font size=2>(In thousands, except per share amounts)</font></B></TD>
    </TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=7 align=center><font size=2>For the Three Months Ended</font>
    </TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=7 align=center><font size=2>March 31,</font>
    </TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=3 align=center><HR SIZE=1 NOSHADE><font size=2>2001</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=center><HR SIZE=1 NOSHADE><font size=2>2000</font></TD></TR>

<TR><TD colspan=2><font size=2>Operating revenues:</font></TD><TD colspan=3><HR SIZE=1 NOSHADE></TD>
    <TD>&nbsp;</TD><TD colspan=3><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Oil and gas production</font></TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>67,915</font></TD><TD colspan=2>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>37,012</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Gain on sale of proved properties</font></TD>
    <TD colspan=2 align=right><font size=2>2</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>39</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Other oil and gas revenue</font></TD>
    <TD colspan=2 align=right><font size=2>362</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>280</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Other revenues</font></TD>
    <TD colspan=2 align=right><font size=2>68</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>80</font></TD><TD><font size=2></font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total operating
    revenues</font></TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>68,347</font></TD>
    <TD colspan=2>&nbsp;</TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>37,411</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=2><HR SIZE=1 NOSHADE></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD colspan=9><font size=2>Operating expenses:</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Oil and gas production</font></TD>
    <TD colspan=2 align=right><font size=2>12,057</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>8,426</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Depletion, depreciation and amortization</font></TD>
    <TD colspan=2 align=right><font size=2>11,288</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>8,857</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Impairment of proved properties</font></TD>
    <TD colspan=2 align=right><font size=2>171</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>1,087</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Exploration</font></TD>
    <TD colspan=2 align=right><font size=2>8,362</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>2,745</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Abandonment and impairment of unproved properties</font></TD>
    <TD colspan=2 align=right><font size=2>466</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>680</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>General and administrative</font></TD>
    <TD colspan=2 align=right><font size=2>4,021</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>2,764</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Minority interest and other</font></TD>
    <TD colspan=2 align=right><font size=2>261</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>642</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total operating
    expenses</font></TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>36,626</font></TD>
    <TD colspan=2>&nbsp;</TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>25,201</font></TD>
    </TR>

<TR><TD>&nbsp;</TD><TD><font size=2>&nbsp;</font></TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2></font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2></font></TD></TR>

<TR><TD colspan=2><font size=2>Income from operations</font></TD>
    <TD colspan=2 align=right><font size=2>31,721</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>12,210</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>&nbsp;</font></TD>
    <TD colspan=2 align=right><font size=2>&nbsp;</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>&nbsp;</font></TD></TR>

<TR><TD colspan=9><font size=2>Nonoperating income and (expense):</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Interest income</font></TD>
    <TD colspan=2 align=right><font size=2>188</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>226</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Interest expense</font></TD>
    <TD colspan=2 align=right><font size=2>(35</font></TD><TD><font size=2>)</font></TD><TD>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>(86</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom></TD>
    <TD><HR SIZE=1 NOSHADE></TD>
    <TD align=right><HR SIZE=1 NOSHADE></TD>
    <TD colspan=2>&nbsp;</TD><TD><HR SIZE=1 NOSHADE></TD>
    <TD align=right><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Income before income taxes</font></TD>
    <TD colspan=2 align=right><font size=2>31,874</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>12,350</font></TD></TR>

<TR><TD>&nbsp;</TD><TD><font size=2>Income tax expense</font></TD>
    <TD colspan=2 align=right><font size=2>11,481</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>4,464</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom></TD>
    <TD><HR SIZE=1 NOSHADE></TD>
    <TD align=right><HR SIZE=1 NOSHADE></TD>
    <TD colspan=2>&nbsp;</TD><TD><HR SIZE=1 NOSHADE></TD>
    <TD align=right><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>Net income</font></TD>
    <TD><font size=2>$</font></TD>
    <TD align=right><font size=2>20,393</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>7,886</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom></TD>
    <TD><HR SIZE=4 NOSHADE></TD>
    <TD align=right><HR SIZE=4 NOSHADE></TD>
    <TD colspan=2>&nbsp;</TD><TD><HR SIZE=4 NOSHADE></TD>
    <TD align=right><HR SIZE=4 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>Basic net income per common share</font></TD>
    <TD><font size=2>$</font></TD>
    <TD align=right><font size=2>.72</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>.29</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>Diluted net income per common share</font></TD>
    <TD><HR SIZE=4 NOSHADE><font size=2>$</font></TD>
    <TD align=right><HR SIZE=4 NOSHADE><font size=2>.71</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><HR SIZE=4 NOSHADE><font size=2>$</font></TD>
    <TD align=right><HR SIZE=4 NOSHADE><font size=2>.28</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom></TD>
    <TD><HR SIZE=4 NOSHADE></TD>
    <TD align=right><HR SIZE=4 NOSHADE></TD>
    <TD colspan=2>&nbsp;</TD><TD><HR SIZE=4 NOSHADE></TD>
    <TD align=right><HR SIZE=4 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>Basic weighted average common shares outstanding</font></TD>
    <TD><font size=2>&nbsp;</font></TD>
    <TD align=right><font size=2>28,236</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><font size=2>&nbsp;</font></TD>
    <TD align=right><font size=2>27,524</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>Diluted weighted average common shares outstanding</font></TD>
    <TD><HR SIZE=4 NOSHADE><font size=2>&nbsp;</font></TD>
    <TD align=right><HR SIZE=4 NOSHADE><font size=2>28,932</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><HR SIZE=4 NOSHADE><font size=2>&nbsp;</font></TD>
    <TD align=right><HR SIZE=4 NOSHADE><font size=2>27,841</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom></TD>
    <TD><HR SIZE=4 NOSHADE></TD>
    <TD align=right><HR SIZE=4 NOSHADE></TD>
    <TD colspan=2>&nbsp;</TD><TD><HR SIZE=4 NOSHADE></TD>
    <TD align=right><HR SIZE=4 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom><font size=2>Cash dividend declared per share</font></TD>
    <TD><font size=2>$</font></TD>
    <TD align=right><font size=2>-&nbsp; &nbsp;</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>0.025</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=2><HR SIZE=4 NOSHADE></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2><HR SIZE=4 NOSHADE></TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>
</TABLE>

<P ALIGN=CENTER><font size=2>The accompanying notes are an integral part<BR>of these
   consolidated financial statements.</font></P>
<BR><BR><BR><BR><BR>
                                 <P ALIGN=CENTER>-4-</P>


<TABLE width=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=3%>&nbsp;</TD><TD width=3%>&nbsp;</TD><TD width=67%>&nbsp;</TD><TD width=2%>&nbsp;</TD>
    <TD width=8%>&nbsp;</TD><TD width=2%>&nbsp;</TD><TD width=3%>&nbsp;</TD><TD width=2%>&nbsp;</TD>
    <TD width=8%>&nbsp;</TD><TD width=2%>&nbsp;</TD></TR>

<TR><TD colspan=10 align=center><font size=2><B>ST. MARY LAND &amp; EXPLORATION COMPANY AND SUBSIDIARIES<BR>
                   CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)<BR>
                   (In thousands)</B></font></TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=3>&nbsp;</TD><TD align=center colspan=7><font size=2>For the Three Months Ended
    <BR>March 31,</font></TD></TR>

<TR><TD colspan=3>&nbsp;</TD><TD align=center colspan=3><HR SIZE=1 NOSHADE><font size=2>2001</font></TD>
    <TD></TD><TD align=center colspan=3><HR SIZE=1 NOSHADE><font size=2>2000</font></TD></TR>

<TR><TD colspan=3><font size=2>Reconciliation of net income to net cash provided by operating
    activitites:</font></TD><TD colspan=3><HR SIZE=1 NOSHADE></TD><TD>&nbsp;</TD>
    <TD colspan=3><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Net income</font></TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>20,393</font></TD><TD colspan=2>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>7,886</font></TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Adjustments to reconcile net income to net</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=2><font size=2>&nbsp; &nbsp; &nbsp; &nbsp;cash provided by operating activities:</font>
    </TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Unrealized hedge loss</font></TD>
    <TD colspan=2 align=right><font size=2>262</font></TD><TD><font size=2></font></TD>
    <TD colspan=3 align=right><font size=2>-&nbsp; &nbsp;</font></TD><TD><font size=2></font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Gain on sale of proved properties</font></TD>
    <TD colspan=2 align=right><font size=2>(2</font></TD><TD><font size=2>)</font></TD>
    <TD colspan=3 align=right><font size=2>(39</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Depletion, depreciation and amortization</font></TD>
    <TD colspan=2 align=right><font size=2>11,288</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>8,857</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Impairment of proved properties</font></TD>
    <TD colspan=2 align=right><font size=2>171</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>1,087</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Exploration, including exploratory dry hole expense
    </font></TD>
    <TD colspan=2 align=right><font size=2>4,845</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>699</font></TD><TD><font size=2></font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Abandonment and impairment of unproved properties</font>
    </TD><TD colspan=2 align=right><font size=2>466</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>680</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Deferred income taxes</font></TD>
    <TD colspan=2 align=right><font size=2>6,504</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>3,283</font></TD><TD><font size=2></font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Minority interest and other</font></TD>
    <TD colspan=2 align=right><font size=2>414</font></TD><TD><font size=2></font></TD>
    <TD colspan=3 align=right><font size=2>(333</font></TD><TD>)</TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>&nbsp;</font></TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>44,341</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>22,120</font></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Changes in current assets and liabilities:</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Accounts receivable</font></TD>
    <TD colspan=2 align=right><font size=2>(4,020</font></TD><TD><font size=2>)</font></TD>
    <TD colspan=3 align=right><font size=2>(7,981</font></TD><TD>)</TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Prepaid expenses and other</font></TD>
    <TD colspan=2 align=right><font size=2>(1,577</font></TD><TD>)</TD>
    <TD colspan=3 align=right><font size=2>762</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Accounts payable and accrued expenses</font></TD>
    <TD colspan=2 align=right><font size=2>9,836</font></TD><TD><font size=2></font></TD>
    <TD colspan=3 align=right><font size=2>(509</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Net cash provided by operating activitites</font></TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>48,580</font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>14,392</font></TD></TR>

<TR><TD colspan=3>&nbsp;</TD><TD colspan=2><HR SIZE=1 NOSHADE></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=8><font size=2>Cash flows from investing activities:</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Proceeds from sale of oil and gas properties</font></TD>
    <TD colspan=2 align=right><font size=2>201</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>40</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Capital expenditures</font></TD>
    <TD colspan=2 align=right><font size=2>(36,013</font></TD><TD><font size=2>)</font></TD>
    <TD colspan=3 align=right><font size=2>(18,841</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Acquisition of oil and gas properties</font></TD>
    <TD colspan=2 align=right><font size=2>(1,213</font></TD><TD><font size=2>)</font></TD>
    <TD colspan=3 align=right><font size=2>(1,192</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Proceeds from disposition of KMOC Stock</font></TD>
    <TD colspan=2 align=right><font size=2>7,009</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>-&nbsp; &nbsp;</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Other</font></TD>
    <TD colspan=2 align=right><font size=2>(19</font></TD><TD><font size=2>)</font></TD>
    <TD colspan=3 align=right><font size=2>(66</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom colspan=2><font size=2>Net cash used in investing activities</font></TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>(30,035</font></TD><TD valign=bottom>
    <font size=2>)</font></TD><TD></TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>(20,059</font>
    </TD><TD valign=bottom><font size=2>)</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>&nbsp;</font></TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2></font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2></font></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Cash flows from financing activities:</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Proceeds from long-term debt</font></TD>
    <TD colspan=2 align=right><font size=2>13,550</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>5,325</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Repayment of long-term debt</font></TD>
    <TD colspan=2 align=right><font size=2>(35,550</font></TD><TD><font size=2>)</font></TD>
    <TD colspan=3 align=right><font size=2>(4,325</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Proceeds from sale of common stock</font></TD>
    <TD colspan=2 align=right><font size=2>1,405</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>157</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Repurchase of common stock</font></TD>
    <TD colspan=2 align=right><font size=2>(1,787</font></TD><TD><font size=2>)</font></TD>
    <TD colspan=3 align=right><font size=2>(345</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>Dividends paid</font></TD>
    <TD colspan=2 align=right><font size=2>-&nbsp; &nbsp;</font></TD><TD><font size=2></font></TD>
    <TD colspan=3 align=right><font size=2>(689</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD>&nbsp;</TD><TD valign=bottom colspan=2><font size=2>Net cash provided by (used in) financing
    activities</font></TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2>(22,382</font></TD>
    <TD><font size=2>)</font></TD><TD>&nbsp;</TD><TD colspan=2 align=right><HR SIZE=1 NOSHADE>
    <font size=2>123</font></TD>
    <TD valign=bottom><font size=2></font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2></font></TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2></font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2></font></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Net decrease in cash and cash equivalents</font></TD>
    <TD colspan=2 align=right><font size=2>(3,837</font></TD><TD><font size=2>)</font></TD><TD>&nbsp;</TD>
    <TD colspan=2 align=right><font size=2>(5,544</font></TD><TD><font size=2>)</font></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2 ><font size=2>Cash and cash equivalents at beginning of period</font>
    </TD><TD colspan=2 align=right><font size=2>6,619</font></TD><TD>&nbsp;</TD>
    <TD colspan=3 align=right><font size=2>14,195</font></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD><font size=2>&nbsp;</font></TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2></font></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2 align=right><HR SIZE=1 NOSHADE><font size=2></font></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2 ><font size=2>Cash and cash equivalents at end of period</font>
    </TD><TD><font size=2>$</font></TD><TD align=right><font size=2>2,782</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>8,651</font></TD></TR>

<TR><TD colspan=3>&nbsp;</TD><TD colspan=2><HR SIZE=4 NOSHADE></TD><TD colspan=2>&nbsp;</TD>
    <TD colspan=2><HR SIZE=4 NOSHADE></TD></TR>
</TABLE>
<P ALIGN=CENTER><font size=2>The accompanying notes are an integral part<BR>of these consolidated
    financial statements.</font></P>
<BR><BR><BR>
                                 <P ALIGN=CENTER>-5-</P>


<TABLE width=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=3%>&nbsp;</TD><TD width=3%>&nbsp;</TD><TD width=67%>&nbsp;</TD><TD width=2%>&nbsp;</TD>
    <TD width=8%>&nbsp;</TD><TD width=2%>&nbsp;</TD><TD width=3%>&nbsp;</TD><TD width=2%>&nbsp;</TD>
    <TD width=8%>&nbsp;</TD><TD width=2%>&nbsp;</TD></TR>

<TR><TD colspan=10 align=center><font size=2><B>ST. MARY LAND &amp; EXPLORATION COMPANY AND SUBSIDIARIES<BR>
                   CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)<BR>
                   (Continued)</B></font></TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=7><font size=2>Supplemental schedule of additional cash flow information and
    noncash investing and financing activities:</font></TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=3>&nbsp;</TD><TD align=center colspan=7><font size=2>For the Three Months Ended
    <BR>March 31,</font></TD></TR>

<TR><TD colspan=3>&nbsp;</TD><TD align=center colspan=3><HR SIZE=1 NOSHADE><font size=2>2001</font></TD>
    <TD></TD><TD align=center colspan=3><HR SIZE=1 NOSHADE><font size=2>2000</font></TD></TR>

<TR><TD colspan=3>&nbsp;</TD><TD align=center colspan=3><HR SIZE=1 NOSHADE></TD>
    <TD></TD><TD align=center colspan=3><HR SIZE=1 NOSHADE></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Cash paid for interest</font></TD>
    <TD><font size=2>$</font></TD><TD align=right><font size=2>225</font></TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD><font size=2>$</font></TD>
    <TD align=right><font size=2>122</font></TD><TD>&nbsp;</TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Cash paid for income taxes</font></TD>
    <TD><font size=2></font></TD><TD align=right><font size=2>3,523</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><font size=2></font></TD><TD align=right><font size=2>153</font></TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2><font size=2>Cash paid for exploration expenses</font></TD>
    <TD><font size=2></font></TD><TD align=right><font size=2>8,479</font></TD>
    <TD colspan=2>&nbsp;</TD><TD><font size=2></font></TD><TD align=right><font size=2>2,689</font>
    </TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=4><font size=2>In January 2000 the Company issued 8,400 shares of common stock to
    its directors and recorded compensation expense of $88,368.</font></TD></TR>

<TR><TD colspan=10>&nbsp;</TD></TR>

<TR><TD colspan=4><font size=2>In January 2001 the Company issued 8,400 shares of common stock to
    its directors and recorded compensation expense of $237,852.</font></TD></TR>
</TABLE>

<P ALIGN=CENTER><font size=2>The accompanying notes are an integral part<BR>of these consolidated
    financial statements.</font></P>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>




                                 <P ALIGN=CENTER>-6-</P>




<PRE>                                ST. MARY LAND &amp; EXPLORATION COMPANY AND SUBSIDIARIES
                                    CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
                                                (In thousands, except share amounts)

                                                                                                          Accumulated
                                                                                                            Other
                                            Common Stock      Additional  Retained     Treasury Stock   Comprehensive   Total
                                        ---------------------  Paid-in               --------------------   Income   Stockholders'
                                          Shares     Amount    Capital    Earnings     Shares     Amount    (Loss)      Equity
                                        ----------- --------- ----------- ---------- ---------- --------- ----------  ----------

Balance, December 31, 1999              27,893,910     $ 279   $ 123,974   $ 67,230   (365,600) $ (2,995)     $ 284   $ 188,772

Comprehensive income:
    Net Income                                   -         -           -     55,620          -         -          -      55,620
    Unrealized net loss on marketable
       equity securities available for sale      -         -           -          -          -         -       (143)       (143)

Total comprehensive income                                                                                               55,477
                                                                                                                     -----------

Cash dividends, $ .10 per share                  -         -           -     (2,775)         -         -          -      (2,775)
Treasury stock purchases                         -         -           -          -    (30,000)     (344)         -        (344)
Issuance for Employee Stock Purchase Plan   32,296         -         311          -          -         -          -         311
ESPP disqualified distribution                   -         -           3          -          -         -          -           3
Sale of common stock, including income tax
       benefit of stock option exercises   619,220         6       8,597          -          -         -          -       8,603
Directors' stock compensation                8,400         1          88          -          -         -          -          89
                                        ----------- --------- ----------- ---------- ---------- --------- ----------- -----------
Balance, December 31, 2000              28,553,826     $ 286   $ 132,973  $ 120,075   (395,600) $ (3,339)     $ 141   $ 250,136

Comprehensive income:
    Net Income                                   -         -           -     20,393          -         -          -      20,393
    Unrealized gain (loss) on marketable equity
       securities available for sale             -         -           -          -          -         -         55          55
    Unrealized hedge loss                        -         -           -          -          -         -    (14,685)    (14,685)
                                                                                                                     -----------
Total comprehensive income                                                                                                5,763
                                                                                                                     -----------

Treasury stock purchases                         -         -           -          -    (80,300)   (1,787)         -      (1,787)
Issuance for Employee Stock Purchase Plan    8,333         -         149          -          -         -          -         149
Sale of common stock, including income
    tax benefit of stock option exercises  102,016         1       1,795          -          -         -          -       1,796
Directors' stock compensation                8,400         -         238          -          -         -          -         238
                                        ----------- --------- ----------- ---------- ---------- --------- ----------- -----------
Balance, March 31, 2001                 28,672,575     $ 287   $ 135,155  $ 140,468   (475,900) $ (5,126) $ (14,489)  $ 256,295
                                        =========== ========= =========== ========== ========== ========= ========== ===========

</PRE>
<BR><BR><BR><BR><BR><BR><BR><BR>
                                 <P ALIGN=CENTER>-7-</P>


<P ALIGN=CENTER><B>ST. MARY LAND &amp; EXPLORATION COMPANY AND SUBSIDIARIES<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
<U>&nbsp; &nbsp; &nbsp; &nbsp;(UNAUDITED)&nbsp; &nbsp; &nbsp; &nbsp;</U></b></P>



<P align=center><B>March 31, 2001</B></P>

Note 1 - Basis of Presentation

<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;The accompanying unaudited condensed
consolidated financial statements of St. Mary Land &amp; Exploration Company and
Subsidiaries  ("St. Mary" or the "Company" have been prepared in accordance with
accounting  principles  generally  accepted  in the United  States  for  interim
financial information. They do not include all information and notes required by
generally  accepted  accounting  principles for complete  financial  statements.
However,  except as disclosed  herein,  there has been no material change in the
information disclosed in the notes to consolidated financial statements included
in St. Mary's  Annual Report on Form 10-K for the year ended  December 31, 2000.
In the opinion of Management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating results for the period presented are not necessarily indicative of the
results that may be expected for the full year.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;The accounting policies followed by
the Company are set forth in Note 1 to the Company&#146;s consolidated financial
statements  in the  Form  10-K for the  year  ended  December  31,  2000.  It is
suggested that these unaudited condensed  consolidated  financial  statements be
read in  conjunction  with  the  consolidated  financial  statements  and  notes
included in the Form 10-K.</P>

<P>Note 2 - Capital Stock</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;In July 2000 St. Mary&#146;s board
of directors  approved a two-for-one stock split effected in the form of a stock
dividend  whereby one additional  common share of stock was distributed for each
common share outstanding.  The stock split was distributed on September 5, 2000,
to  shareholders  of record as of the close of business on August 21, 2000.  All
share and per share amounts for all periods  presented herein have been restated
to reflect this stock split.</P>

<P>&nbsp;  &nbsp; &nbsp;  &nbsp; &nbsp;  &nbsp;In August 1998 the Company&#146;s
board of directors  approved a stock repurchase  program whereby the Company may
purchase from time to time, in open market purchases or negotiated  sales, up to
two million  shares of its common  stock.  During the first  quarter of 2001 the
Company  repurchased  80,300  shares of its common  stock under the program at a
weighted average price of $22.25 per share,  bringing the total number of shares
repurchased  under the program to 475,900 at a weighted  average price of $10.77
per share.  Subsequent to March 31, 2001 the Company  repurchased and additional
34,000  shares of its  common  stock at a weighted  average  price of $22.25 per
share.  Additional  purchases  of  shares  by the  Company  may  occur as market
conditions  warrant.  Such purchases would be funded with internal cash flow and
borrowings under the Company&#146;s credit facility.</P>

<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;In  April 2001 the Company sold
100,000 put options on its own common stock for $99,000 in cash. The put options
give the holder  the right to require  the  Company  to  purchase  up to 100,000
shares of its  common  stock  from the  holder  at $20.22  per share on July 11,
2001.</p>
<BR><BR><BR>


                                 <P ALIGN=CENTER>-8-</P>


<P>Note 3 - Income Taxes</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;Federal income tax expense for the
three months ended March 31, 2001 and 2000 differ from the amounts that would be
provided by applying the statutory U.S. Federal income tax rate to income before
income taxes primarily due to Section 29 credits,  percentage depletion, and the
effect of state income taxes. During 2000 the Company utilized its net operating
loss carryover and resulting deferred tax asset from 1999. At March 31, 2001 the
Company's current portion of income tax expense was $4,814,000. Accounts Payable
and Other in the balance  sheet  includes  income tax  payable  that the Company
expects to pay in June 2001.</P>

<P>Note 4 - Long-term Debt</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;The aggregate borrowing base under
the Company's  current  long-term  revolving  credit  agreement was increased to
$170,000,000 in April 2001. The Company had no outstanding  borrowings under its
revolving  credit  agreement  as of March 31,  2001,  and the  weighted  average
interest paid for the first quarter of 2001 was 8.4%.</P>

<P>Note 5 - Financial Instruments</P>

<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;On  January 1, 2001 the Company
adopted Statement of Financial Accounting Standards  (&#147;SFAS&#148;) No. 133,
&#147;Accounting for Derivative  Instruments and Hedging  Activities.&#148;  The
adoption  of SFAS No. 133  resulted in the  Company  recording  a  liability  of
$45,699,000 for the fair value of the derivative instruments at January 1, 2001.
The Company's  adopiton  entry  resulted in deferral of the  recognition of this
liability to accumulated other  comprehensive  loss of $28,587,000 at January 1,
2001.  During  the first  quarter  of 2001 the  Company  recognized  a  $262,000
additional hedge loss from hedge ineffectiveness on derivative  instruments that
were designated and qualified as cash flow hedging instruments.  This hedge loss
reduced oil and gas production revenues.  The Company anticipates that all hedge
transactions will occur as expected.  Based on current prices we anticipate that
$14.6  million of the after tax loss amount  included in  accumulated  and other
comprehensive income will be included in earnings during the next 12 months.</P>

<P>&nbsp;  &nbsp; &nbsp;  &nbsp;  &nbsp;  &nbsp;The Company seeks to protect its
rate of return on acquisitions of producing properties by hedging cash flow when
the economic criteria from its acquisition evaluation and pricing model indicate
it would be  appropriate.  Management's  strategy  is to hedge  cash  flows from
investments requiring a gas price in excess of $3.25 per Mcf and an oil price in
excess of $22.50 per Bbl in order to meet minimum  rate-of-return  criteria. The
Company anticipates this strategy will result in the hedging of future cash flow
from  acquisitions.  St. Mary generally limits its's aggregate hedge position to
no more  than 35% of its  total  production  but  will  hedge up to 50% of total
production in certain  circumstances.  The Company seeks to minimize  basis risk
and index the  majority  of oil hedges to NYMEX  prices and the  majority of gas
hedges to various  regional index prices  associated with pipelines in proximity
to it's areas of gas production. </P>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>




                                 <P ALIGN=CENTER>-9-</P>


<P><B>ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;This Quarterly Report on Form 10-Q
includes  certain  statements  that may be  deemed  to be  &#147;forward-looking
statements&#148; within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities  Exchange Act of 1934. All  statements,  other
than  statements  of historical  facts,  included in this Form 10-Q that address
activities,  events or developments that St. Mary management forecasts, expects,
believes  or  anticipates  will or may occur in the future  are  forward-looking
statements.  Examples of  forward-looking  statements may include  discussion of
such matters as:</p>

<UL><LI>forecasted production, lease operating expenses, DD&amp;A, general and administrative expenses,
        and current income taxes for future periods,
    <LI>the amount and nature of future capital, development and exploration expenditures,
    <LI>the drilling of wells,
    <LI>reserve estimates and the estimates of both future net revenues and the present
        value of future net revenues that are included in their calculation,
    <LI>future oil and gas production estimates
    <LI>repayment of debt,
    <LI>business strategies,
    <LI>expansion and growth of operations, and
    <LI>other similar matters.

</UL>
<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;These  statements  are based on
certain  assumptions  and analyses made by us in light of our experience and our
perception  of  historical   trends,   current   conditions,   expected   future
developments and other factors we believe are appropriate in the  circumstances.
Such statements are subject to a number of assumptions, risks and uncertainties,
including  such  factors  as the  volatility  and level of oil and  natural  gas
prices,  uncertainties in cash flow, expected acquisition  benefits,  production
rates and reserve replacement,  reserve estimates, drilling and operating risks,
competition,   litigation,   environmental  matters,  the  potential  impact  of
government  regulations,  and other matters such as those discussed in the "Risk
Factors"  section of St. Mary's 2000 Annual  Report on Form 10-K,  many of which
are beyond our control.  Readers are cautioned that  forward-looking  statements
are not guarantees of future performance and that actual results or developments
may differ  materially  from those  expressed or implied in the  forward-looking
statements.</P>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>




                                 <P ALIGN=CENTER>-10-</P>

<B>Results of Operations</B><BR>

<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;The following table sets forth selected operating data for
the periods indicated:</P>

<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD>&nbsp;</TD><TD COLSPAN=5 ALIGN=CENTER><U>Three Months Ended March 31,</U></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2 align=center><U>&nbsp; &nbsp; &nbsp; &nbsp;2001&nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
    <TD>&nbsp;</TD><TD colspan=2 align=center><U>&nbsp; &nbsp; &nbsp; &nbsp;2000&nbsp; &nbsp; &nbsp; &nbsp;</U></TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=5 align=center>(In thousands, except per volume data)</TD></TR>


<TR><TD>Oil and gas production revenues:</TD></TR>

<TR><TD width=50%>&nbsp; &nbsp;Gas production</TD><TD width=2%>$</TD><TD width=15% align=right>52,380</TD>
    <TD width=6%>&nbsp;</TD><TD width=2%>$</TD><TD width=15% align=right>24,018</TD>
    <TD width=10%>&nbsp;</TD></TR>

<TR><TD>&nbsp; &nbsp;Oil production</TD><TD colspan=2 align=right>15,535</TD><TD>&nbsp;</TD>
    <TD colspan=2 align=right>12,954</TD></TR>

<TR><TD>&nbsp; &nbsp; &nbsp; &nbsp;Total</TD><TD>$</TD><TD align=right>
    <HR SIZE=1 NOSHADE>67,915</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD align=right><HR SIZE=1 NOSHADE>37,012</TD></TR>

<TR><TD>&nbsp;</TD><TD></TD><TD><HR SIZE=5 NOSHADE>&nbsp;</TD><TD>&nbsp;</TD>
    <TD></TD><TD><HR SIZE=5 NOSHADE>&nbsp;</TD></TR>

<TR><TD>Net production:</TD></TR>

<TR><TD>&nbsp; &nbsp;Oil (MBbls)</TD><TD colspan=2 align=right>608</TD><TD colspan=3 align=right>541</TD></TR>

<TR><TD>&nbsp; &nbsp;Gas (MMcf)</TD><TD colspan=2 align=right>9,609</TD><TD colspan=3 align=right>9,246</TD></TR>

<TR><TD>&nbsp; &nbsp;MMCFE</TD><TD></TD><TD align=right><HR SIZE=1 NOSHADE>13,257</TD>
    <TD colspan=2>&nbsp;</TD><TD align=right><HR SIZE=1 NOSHADE>12,491</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD><HR SIZE=5 NOSHADE>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><HR SIZE=5 NOSHADE>&nbsp;</TD></TR>

<TR><TD>Average sales price (1):</TD></TR>

<TR><TD>&nbsp; &nbsp;Oil (per Bbl)</TD><TD>$</TD><TD align=right>25.54</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD align=right>23.95</TD></TR>

<TR><TD>&nbsp; &nbsp;Gas (per Mcf)</TD><TD>$</TD><TD ALIGN=RIGHT>5.45</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD ALIGN=RIGHT>2.56</TD></TR>

<TR><TD COLSPAN=6>&nbsp;</TD></TR>

<TR><TD colspan=6>Oil and gas production costs:</TD></TR>

<TR><TD>&nbsp; &nbsp;Lease operating expense</TD><TD>$</TD><TD ALIGN=RIGHT>7,538</TD><TD>&nbsp;</TD>
    <TD>$</TD><TD ALIGN=RIGHT>5,915</TD></TR>

<TR><TD>&nbsp; &nbsp;Transportation costs</TD><TD></TD><TD ALIGN=RIGHT>597</TD><TD>&nbsp;</TD>
    <TD></TD><TD ALIGN=RIGHT>343</TD></TR>

<TR><TD>&nbsp; &nbsp;Production taxes</TD><TD COLSPAN=2 ALIGN=RIGHT>3,922</TD><TD COLSPAN=3 ALIGN=RIGHT>2,168</TD></TR>

<TR><TD>&nbsp; &nbsp; &nbsp; &nbsp;Total</TD><TD>$</TD><TD ALIGN=RIGHT><HR SIZE=1 NOSHADE>12,057</TD>
    <TD>&nbsp;</TD><TD>$</TD><TD ALIGN=RIGHT><HR SIZE=1 NOSHADE>8,426</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD><HR SIZE=5 NOSHADE>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><HR SIZE=5 NOSHADE>&nbsp;</TD></TR>

<TR><TD>Additional per MCFE data:</TD></TR>

<TR><TD>&nbsp; &nbsp;Sales price</TD><TD>$</TD><TD ALIGN=RIGHT>5.12</TD><TD>&nbsp;</TD><TD>$</TD>
    <TD ALIGN=RIGHT>2.96</TD></TR>

<TR><TD>&nbsp; &nbsp;Lease operating expense</TD><TD COLSPAN=2 ALIGN=RIGHT>0.56</TD><TD COLSPAN=3 ALIGN=RIGHT>0.48</TD></TR>

<TR><TD>&nbsp; &nbsp;Transportation costs</TD><TD COLSPAN=2 ALIGN=RIGHT>0.05</TD><TD COLSPAN=3 ALIGN=RIGHT>0.02</TD></TR>

<TR><TD>&nbsp; &nbsp;Production taxes</TD><TD COLSPAN=2 ALIGN=RIGHT>0.30</TD><TD COLSPAN=3 ALIGN=RIGHT>0.17</TD></TR>

<TR><TD>&nbsp; &nbsp; &nbsp; &nbsp;Operating margin</TD><TD>$</TD><TD ALIGN=RIGHT>
    <HR SIZE=1 NOSHADE>4.21</TD><TD>&nbsp;</TD><TD>$</TD><TD ALIGN=RIGHT><HR SIZE=1 NOSHADE>2.29</TD></TR>

<TR><TD>&nbsp; &nbsp; &nbsp; &nbsp;</TD><TD></TD><TD ALIGN=RIGHT><HR SIZE=4 NOSHADE></TD>
    <TD>&nbsp;</TD><TD></TD><TD ALIGN=RIGHT><HR SIZE=4 NOSHADE></TD></TR>

<TR><TD COLSPAN=6>&nbsp;</TD></TR>


<TR><TD>&nbsp; &nbsp;Depletion, depreciation and amortization</TD><TD>$</TD><TD ALIGN=RIGHT>0.85</TD>
    <TD>&nbsp;</TD><TD>$</TD><TD ALIGN=RIGHT>0.71</TD></TR>


<TR><TD>&nbsp; &nbsp;Impairment of proved properties</TD><TD>$</TD><TD ALIGN=RIGHT>0.01</TD>
    <TD>&nbsp;</TD><TD>$</TD><TD ALIGN=RIGHT>0.09</TD></TR>

<TR><TD>&nbsp; &nbsp;General and administrative</TD><TD>$</TD><TD ALIGN=RIGHT>0.30</TD>
    <TD>&nbsp;</TD><TD>$</TD><TD ALIGN=RIGHT>0.22</TD></TR>

<TR><TD>&nbsp; &nbsp; &nbsp; &nbsp;_______________</TD></TR>

<TR><TD COLSPAN=3>&nbsp; &nbsp; &nbsp; &nbsp;(1)Includes the effects of St. Mary's hedging activities.</TD></TR>
</TABLE>

<P>&nbsp;   &nbsp;  &nbsp;   &nbsp;  &nbsp;   &nbsp;<I>Oil  and  Gas  Production
Revenues</I>.  St. Mary  continues to  experience  record  quarterly oil and gas
production  revenues as  reflected  by an increase of $30.9  million,  or 83% to
$67.9  million for the three months ended March 31,  2001,  compared  with $37.0
million  for the same  period in 2000.  The  increase  was the  result of an oil
production volume increase of 12%, a gas production increase of 4% and increases
in the average price  received for both oil and gas in the first quarter of 2001
compared to 2000.  The average  realized gas price  increased  113% to $5.45 per
Mcf,  while the  average  realized  oil price  increased  7% to $25.54  per Bbl.
Average net daily production  increased to a first quarter record of 147.3 MMCFE
for 2001 compared  with 137.3 MMCFE in the first  quarter of 2000.  Our December
2000  acquisition  of JN  Exploration  et al  properties  added $4.9  million of
revenue and average net daily  production  of 7.9 MMCFE to the first  quarter of
2001.<BR>&nbsp;  &nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; -11-</P>








<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;St. Mary hedged approximately 32% or
193 MBbls of its oil  production  for the three months ended March 31, 2001, and
realized a $1.1 million decrease in oil revenue attributable to hedging compared
with a $2.2  million  decrease in 2000.  Without  these  contracts we would have
received  an  average  price of  $27.34  per Bbl in the  first  quarter  of 2001
compared  to $29.37 per Bbl in 2000.  St. Mary also hedged 44% of its 2001 first
quarter  gas  production  or 4.6  million  MMBtu and  realized  a $15.3  million
decrease  in gas  revenue  compared  with a $410,000  increase in gas revenue in
2000.  Without these  contracts we would have received an average price of $7.04
per Mcf for the three months ended March 31, 2001, compared to $2.52 per Mcf for
the same period in 2000.</P>

<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I>Oil and Gas Production Costs</I>.
Oil and gas  production  costs consist of lease  operating  expense,  production
taxes and transportation expenses. Total production costs increased $3.6 million
or 43% to $12.1  million for the three months  ended March 31,  2001,  from $8.4
million in 2000.  Higher  production  taxes  resulting  from  higher oil and gas
revenues  account for 48% of this  increase.  We have  experienced  higher lease
operating costs as a result of increased competition for limited availibility of
services. Total oil and gas production costs per MCFE increased 36% to $0.91 for
the first  quarter of 2001  compared with $0.67 for the first quarter of 2000. A
$0.13 per MCFE increase was due to increased  production taxes. A $0.09 per MCFE
increase this quarter over the first quarter of 2000 was due to lease  operating
expenses in the higher-cost Williston and Permian Basins.</P>

<P>&nbsp;   &nbsp;  &nbsp;  &nbsp;  &nbsp;   &nbsp;<I>Depreciation,   Depletion,
Amortization  and  Impairment</I>.   Depreciation,  depletion  and  amortization
expense  (&#147;DD&amp;A&#148;)  increased  $2.4 million or 27% to $11.3 million
for the three months ended March 31, 2001,  from $8.9 million in 2000.  DD&amp;A
expense  per  MCFE  increased  by 20% to $0.85  for the  first  quarter  of 2001
compared with $0.71 in 2000. This increase  reflects  acquisitions  and drilling
results in 2000 and early 2001 that added  costs at a higher per unit rate.  The
unit rate was  further  affected  by downward  adjustments  to  reserves  due to
pricing adjustments at March 31, 2001.</P>








<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;St.  Mary reviews its producing
properties for impairments when events or changes in circumstances indicate that
an  impairment  in value may have  occurred.  The  impairment  test compares the
expected  undiscounted  future net revenues on a  field-by-field  basis with the
related  net  capitalized  costs  at the  end  of  each  period.  When  the  net
capitalized costs exceed the undiscounted  future net revenues,  the cost of the
property is written  down to fair value,  which is  determined  using future net
revenues for the producing  property  discounted at 15%. Future net revenues are
estimated  using prices based on a NYMEX strip that are then  excalated for each
of the next 5 years and include the  estimated  effects of hedging  contracts in
place at December 31, 2000. We recorded a $171,000  impairment of proved oil and
gas properties in the first quarter of 2001 compared with $1.1 million in 2000.
</P>

<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;Abandonment  and  impairment of
unproved  properties  decreased $214,000 or 31% to $466,000 for the three months
ended March 31, 2001,  compared with $680,000 in 2000. This decrease is due to a
reduction in abandonment of expired leases in 2001.</P>

<P>&nbsp;  &nbsp;  &nbsp; &nbsp;  &nbsp;  &nbsp;<I>Exploration</I>.  Exploration
expense  increased  $5.6  million or 205% to $8.4  million for the three  months
ended March 31, 2001,  compared with $2.7 million in 2000. The increase resulted
from a $4.0 million  increase in exploratory  dry holes, a $648,000  increase in
geological and geophysical expense and an increase in personnel costs associated
with exploration activity of $731,000.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;<I>General and Administrative</I>.
General  and  administrative  expenses  increased  $1.3  million  or 45% to $4.0
million for the three months ended March 31, 2001, compared with $2.8 million in
2000. Increases in compensation expense associated with increased personnel, our
incentive  plans and general cost inflation were partially  offset by a $310,000
increase in COPAS overhead reimbursement from operations.</P>


                                 <P ALIGN=CENTER>-12-</P>


<P>&nbsp;  &nbsp;  &nbsp; &nbsp; &nbsp;  &nbsp;<I>Income  Taxes</I>.  Income tax
expense  totaled  $11.5  million for the three months ended March 31, 2001,  and
$4.5  million  in  2000,  resulting  in  effective  tax  rates  of 36% for  both
periods.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;<I>Net  Income.</I> Net income for
the three months ended March 31, 2001  increased  $12.5 million or 159% to $20.4
million  compared with $7.9 million in 2000. A 113% increase in gas prices and a
7% increase in oil prices  combined with an 12% increase in oil production and a
4% increase in gas production resulted in a record $30.9 million increase in oil
and gas production revenue. This increase was offset by corresponding  increases
in oil and gas production  costs and DD&amp;A as well as a $5.6 million increase
in exploration expense and a $7.0 million increase in income tax expense.</P>








<P><B>Liquidity and Capital Resources</B></P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;St.  Mary&#146;s primary sources of
liquidity are the cash provided by operating activities,  debt financing,  sales
of non-strategic  properties and access to the capital  markets.  Our cash needs
are for the  acquisition,  exploration and development of oil and gas properties
and  for the  payment  of  debt  obligations,  trade  payables  and  stockholder
dividends.  Exploration  and  development  programs are generally  financed from
internally generated cash flow, bank debt and cash and cash equivalents on hand.
The capital expenditure budget is continually  reviewed based on changes in cash
flow and other factors.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;<I>Cash  Flow.</I> St. Mary&#146;s
net cash  provided by operating  activities  increased  $34.2 million or 238% to
$48.6  million for the three  months  ended March 31, 2001  compared  with $14.4
million in 2000. The increase reflects the effect of the increase in oil and gas
production  revenues  and  accounts  payable  offset by an  increase in accounts
receivable.</P>

<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;Exploratory  dry hole costs are
included in cash flows from  investing  activities  even though  these costs are
expensed  as  incurred.  If  exploratory  dry hole  costs had been  included  in
operating cash flows,  the net cash provided by operating  activities would have
been $43.8 million and $13.7 million in 2001 and 2000, respectively.</P>

<P>&nbsp;   &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;Net  cash  used  in  investing
activities  increased $10.0 million or 50% to $30.0 million for the three months
ended March 31, 2001,  compared with $20.1 million in 2000. This increase is due
to  capital  expenditures  that are  offset by the  receipt  of $7.0  million of
proceeds from the December 2000 sale of KMOC stock. Total capital  expenditures,
including  acquisitions of oil and gas properties,  in the first three months of
2001 increased $17.2 million or 86% to $37.2 million compared with $20.0 million
in the first three months of 2000.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;If  exploratory dry hole costs had
been included in operating cash flows rather than in investing  cash flows,  net
cash used in  investing  activities  would  have been  $25.2  million  and $19.4
million in 2001 and 2000, respectively.</P>

<P>&nbsp;   &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;Net  cash  used  in  financing
activities  increased  $22.5 million to $22.4 million for the three months ended
March 31,  2001,  compared  with net cash  provided by financing  activities  of
$123,000 in 2000.  This increase is due to a $22.0 million  repayment of debt in
2001 compared to a $1.0 million debt  increase in 2000 and a net change  between
2000 and 2001 in repurchases of common stock of $1.4 million.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;St.  Mary had $2.8 million in cash
and cash  equivalents  and had working  capital of $8.1  million as of March 31,
2001,  compared  with $6.6  million  in cash and cash  equivalents  and  working
capital of $40.6  million at December 31, 2000.  The  reduction in cash and cash
equivalents  reflects increased capital  expenditures and repayment of long-term
debt during the first quarter of 2001.</P>


                                 <P ALIGN=CENTER>-13-</P>


<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I>Credit Facility</I>.  The maximum
loan amount under St.  Mary's  long-term  revolving  credit  agreement is $200.0
million.  The lender may periodically  re-determine the aggregate borrowing base
depending  upon the value of St. Mary's oil and gas properties and other assets.
As of March 31, 2001 the  borrowing  base as  determined  by the lender was $170
million and the accepted  borrowing base was $40 million.  The credit  agreement
has a maturity date of December 31, 2006,  and includes a revolving  period that
matures  on June 30,  2003.  We can  elect to  allocate  up to 50% of  available
borrowings to a short-term  tranche due June 25, 2003. St. Mary must comply with
certain  covenants  including  maintenance  of  stockholders&#146;  equity  at a
specified level and limitations on additional indebtedness. As of March 31, 2001
and December 31, 2000, $0 and $22.0 million, respectively, was outstanding under
this credit  agreement.  These  outstanding  balances  accrue  interest at rates
determined  by the St.  Mary's debt to total  capitalization  ratio.  During the
revolving period of the loan, loan balances accrue interest at the our option of
either (1) the higher of the federal  funds rate plus 1/2% or the prime rate, or
(2) LIBOR plus 3/4% when the our debt to total  capitalization is less than 30%,
up to a maximum of either (a) the higher of the federal  funds rate plus 3/4% or
the prime rate plus 1/4%,  or (b) LIBOR plus  1-3/8%  when the our debt to total
capitalization is equal to or greater than 50%.</P>








<P>&nbsp;  &nbsp; &nbsp; &nbsp;  &nbsp;  &nbsp;<I>Common  Stock.</I> St. Mary is
authorized to issue up to 50,000,000  shares of its common stock.  A proposal to
increase this amount to 100,000,000  shares has been submitted for a shareholder
vote at the 2001 annual shareholder meeting to be held on May 23, 2001.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;In July 2000 St. Mary&#146;s Board
of Directors  approved a two-for-one stock split effected in the form of a stock
dividend  whereby one additional  common share of stock was distributed for each
common share outstanding.  The stock split was distributed on September 5, 2000,
to  shareholders  of record as of the close of business on August 21, 2000.  All
share and per share amounts for all periods  presented herein have been restated
to reflect this stock split.</P>

<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;In August 1998 St. Mary&#146;s Board
of Directors  authorized a stock repurchase program whereby we may purchase from
time-to-time, in open market transactions or negotiated sales, up to two million
of our common shares.  Through  December 31, 2000 we have repurchased a total of
395,600  shares of St. Mary's common stock under the program for $3.3 million at
a weighted average price of $8.44 per share. To date in 2001 we have repurchased
an additional  114,300 shares for a weighted  average price of $22.25 per share.
We anticipate that additional purchases of shares may occur as market conditions
warrant.  As part of this  program we sold put options in April 2001 whereby the
holder has the right to require St. Mary to purchase up to 100,000 shares of St.
Mary's  common  stock from the holder at $20.22 per share on July 11,  2001.  We
received  a  $99,000  premium  from this  sale.  Purchases  will be funded  with
internal cash flow and borrowings under St. Mary's credit facility.</P>

<P>&nbsp;   &nbsp;  &nbsp;  &nbsp;  &nbsp;   &nbsp;<I>Capital   and  Exploration
Expenditures   Incurred.</I>   St.  Mary's   expenditures  for  exploration  and
development of oil and gas properties  and  acquisitions  are the primary use of
its  capital  resources.  The  following  table sets forth  certain  information
regarding the costs  incurred by St. Mary in its oil and gas  activities  during
the periods indicated.</P>

<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD WIDTH=12%>&nbsp;</TD><TD WIDTH=32%>&nbsp;</TD><TD WIDTH=5%>&nbsp;</TD><TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=12%>&nbsp;</TD><TD WIDTH=5%>&nbsp;</TD><TD WIDTH=5%>&nbsp;</TD><TD WIDTH=12%>&nbsp;</TD>
    <TD WIDTH=12%>&nbsp;</TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD COLSPAN=6 align=center><U>Capital and Exploration Expenditures</U></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=6 align=center><U>For the Three Months Ended March 31,</U></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=3 align=center><U>2001</U></TD><TD>&nbsp;</TD>
    <TD colspan=2 align=center><U>2000</U></TD></TR>

<TR><TD colspan=2>&nbsp;</TD><TD colspan=6 align=center>(In thousands)</TD></TR>

<TR><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD>Development</TD><TD>&nbsp;</TD><TD>$</TD><TD align=right>24,730</TD><TD>&nbsp;</TD>
    <TD>$</TD><TD align=right>7,514</TD></TR>

<TR><TD>&nbsp;</TD><TD>Domestic Exploration</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD align=right>10,470</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD align=right>3,156</TD></TR>

<TR><TD>&nbsp;</TD><TD>Acquisitions:</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp; &nbsp;Proved</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD align=right>445</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD align=right>3,624</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp; &nbsp;Unproved</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD align=right>6,810</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD align=right>206</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD colspan=2><hr size=1 noshade></TD><TD>&nbsp;</TD>
    <TD colspan=2><hr size=1 noshade></TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp; &nbsp; &nbsp; Total</TD><TD>&nbsp;</TD><TD>$</TD><TD align=right>42,455</TD>
    <TD>&nbsp;</TD><TD>$</TD><TD align=right>14,501</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD colspan=2><hr size=5 noshade></TD><TD>&nbsp;</TD>
    <TD colspan=2><hr size=5 noshade></TD></TR>
</TABLE>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<BR><BR><BR><BR><BR><BR>
                                  <P ALIGN=CENTER>-14-</P>


<P>&nbsp;   &nbsp;   &nbsp;  &nbsp;  &nbsp;   &nbsp;We   continuously   evaluate
opportunities  in the marketplace  for oil and gas properties and,  accordingly,
may be a buyer or a seller of properties at various  times.  We will continue to
emphasize smaller niche acquisitions  utilizing St. Mary's technical  expertise,
financial  flexibility  and  structuring  experience.  In addition,  we are also
actively  seeking larger  acquisitions  of assets or companies that would afford
opportunities  to  expand  our  existing  core  areas,  to  acquire   additional
geoscientists or to gain a significant  acreage and production foothold in a new
basin.</P>






<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;St.  Mary's total costs incurred in
the first quarter of 2001 increased  $28.0 million or 193% compared to the first
quarter of 2001. Unproved property  acquisitions  increased by $6.6 million as a
result of an increase in general  leasing  activity and our acquistion of leases
in  the  Hanging  Woman  Basin  of  Montana  and  Wyoming  for  coalbed  methane
development.  We spenct $42.0  million in the first quarter of 2001 for unproved
property acquisitions and domestic exploration and development compared to $10.9
million for the  comparable  quarter in 2000 as a result of  increased  drilling
activity.</P>

<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;<I>Outlook.</I> Management believes
that St. Mary's  existing  capital  resources,  cash flows from  operations  and
available  borrowings  are  sufficient  to  meet  its  anticipated  capital  and
operating requirements for the remainder of 2001.</P>

<P>&nbsp;   &nbsp;  &nbsp;  &nbsp;  &nbsp;   &nbsp;We  now  anticipate  spending
approximately  $165.0 million for capital and  exploration  expenditures in 2001
with $98 million  allocated for ongoing  exploration  and  development and $67.0
million for acquisitions of producing and non-producing properties.  Anticipated
ongoing  exploration  and development  expenditures  for each of St. Mary's core
areas is as follows:</P>

<TABLE width=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=5%>&nbsp;</TD><TD width=1%>&#149;</TD><TD width=58%>Mid-Continent region</TD>
    <TD width=16% align=right>$30.0 million</TD><TD width=20%>&nbsp;</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=1%>&#149;</TD><TD width=58%>Gulf Coast and Gulf of Mexico region</TD>
    <TD width=16% align=right>$37.5 million</TD><TD width=20%>&nbsp;</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=1%>&#149;</TD><TD width=58%>ArkLaTex region</TD>
    <TD width=16% align=right>$11.0 million</TD><TD width=20%>&nbsp;</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=1%>&#149;</TD><TD width=58%>Williston Basin</TD>
    <TD width=16% align=right>$12.0 million</TD><TD width=20%>&nbsp;</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=1%>&#149;</TD><TD width=58%>Permian Basin and other</TD>
    <TD width=16% align=right>$&nbsp; 7.5 million</TD><TD width=20%>&nbsp;</TD></TR>

</TABLE>
<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;The  amount not funded from our
internally  generated cash flow in 2001 can be funded from our credit  facility.
The amount and allocation of future capital and  exploration  expenditures  will
depend upon a number of factors  including  the number of available  acquisition
opportunities and our ability to assimilate these acquisitions. Also, the impact
of oil and gas prices on investment  opportunities,  the availability of capital
and borrowing  capability  and the success of our  development  and  exploratory
activity could lead to funding requirements for further development.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;Natural gas prices have stabilized
at a  historically  high level and oil prices  remain good.  We continue to have
both a strong  production base and a strong balance sheet.  We are  experiencing
competition for drilling,  workover and completion rigs and drilling and service
related  costs have been  increasing.  We expect  continued  competition  but it
appears that the increase in drilling and service  related costs is slowing.  We
are currently forecasting the following information for St. Mary for 2001:

<TABLE width=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>

<TR><TD colspan=3>&nbsp;</TD></TR>

<TR><TD width=5%>&#149;</TD><TD width=60%>Production</TD><TD width=35%>56-58 BCFE</TD></TR>

<TR><TD width=5%>&#149;</TD><TD width=60%>Lease operating expense, including</TD><TD width=35%>&nbsp;</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=60%>production taxes and transportation</TD>
    <TD width=35%>$0.82-0.90/MCFE</TD></TR>

<TR><TD width=5%>&#149;</TD><TD width=60%>Depreciation, depletion and amortization</TD>
    <TD width=35%>$0.85-0.90/MCFE</TD></TR>

<TR><TD width=5%>&#149;</TD><TD width=60%>General and admisistrative expense</TD>
    <TD width=35%>$0.28-0.32/MCFE</TD></TR>

<TR><TD width=5%>&#149;</TD><TD width=60%>Current income taxes paid are expected to approximate</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=60%>between 40% and 50% of total tax expense and will</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=60%>depend upon prices we receive and actual expenditures</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=60%>for intangible drilling costs</TD></TR>
</TABLE>

                                 <P ALIGN=CENTER>-15-</P>


<TABLE width=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD colspan=3>&nbsp;</TD></TR>

<TR><TD width=5%>&#149;</TD><TD width=60%>Discretionary cash flows-a common industry financial</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD colspan=2 width=60%>measure computed as net income using a NYMEX gas</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD colspan=2 width=60%>price of $5.31 and a NYMEX oil price of $28.16 plus</TD></TR>

<TR><TD width=5%>&nbsp;</TD><TD width=60%>depreciation, depletion, amortization, impairments,</TD>
    <TD width=35%></TD></TR>
<TR><TD width=5%>&nbsp;</TD><TD width=60%>deferred taxes and exploration expense</TD>
    <TD width=35%>$6.00-$6.50/common share</TD></TR>
</TABLE>
<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;St.  Mary seeks to protect its rate
of return on acquisitions of producing  properties by hedging cash flow when the
economic criteria from its acquisition  evaluation and pricing model indicate it
would  be  appropriate.  Management's  strategy  is to  hedge  cash  flows  from
investments requiring a gas price in excess of $3.25 per Mcf and an oil price in
excess of $22.50 per Bbl in order to meet minimum  rate-of-return  criteria.  We
anticipate  this  strategy  will  result in the hedging of future cash flow from
acquisitions.  We generally limit St. Mary's aggregate hedge position to no more
than 35% of its total production but will hedge up to 50% of total production in
certain circumstances.  We seek to minimize basis risk and index the majority of
oil hedges to NYMEX  prices and the  majority of gas hedges to various  regional
index prices  associated  with pipelines in proximity to St. Mary's areas of gas
production.  Please see the discussion in Accounting  Matters  below.  Including
hedges entered into since March 31, 2001, we have hedged as follows:</P>






<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=12%><U>Swaps:</U></TD><TD width=17%>&nbsp;</TD><TD WIDTH=16%>&nbsp;</TD>
    <TD WIDTH=9%>&nbsp;</TD><TD WIDTH=11%>&nbsp;</TD><TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=10%>&nbsp;</TD><TD WIDTH=2%>&nbsp;</TD><TD WIDTH=18%>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN=2 ALIGN=CENTER>Average</TD><TD align=right>Quantity</TD>
    <TD>&nbsp;</TD><TD colspan=2 align=center>Average</TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center><U>Product</U></TD><TD colspan=2 align=center><U>Volumes/month</U></TD>
    <TD align=right><U>Type</U>&nbsp; &nbsp;</TD><TD>&nbsp;</TD><TD colspan=2 align=center><U>Fixed price</U></TD>
    <TD align=right><U>Duration</U>&nbsp; &nbsp; &nbsp;</TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Natural Gas</TD><TD align=right>113,000</TD><TD>&nbsp;</TD>
    <TD align=right>MMBtu</TD><TD>&nbsp;</TD><TD align=right>$4.51</TD><TD>&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Natural Gas</TD><TD align=right>84,000</TD><TD>&nbsp;</TD>
    <TD align=right>MMBtu</TD><TD>&nbsp;</TD><TD align=right>$4.16</TD><TD>&nbsp;</TD>
    <TD align=right>01/02 - 12/02</TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Oil</TD><TD align=right>15,100</TD><TD>&nbsp;</TD>
    <TD align=center>&nbsp; &nbsp;Bbls</TD><TD>&nbsp;</TD><TD align=right>$23.15</TD><TD>&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Oil</TD><TD align=right>4,600</TD><TD>&nbsp;</TD>
    <TD align=center>&nbsp; &nbsp;Bbls</TD><TD>&nbsp;</TD><TD align=right>$23.23</TD><TD>&nbsp;</TD>
    <TD align=right>01/02 - 12/02</TD></TR>
</TABLE>


<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=12%><U>Collar:</U></TD><TD width=17%>&nbsp;</TD><TD WIDTH=17%>&nbsp;</TD>
    <TD WIDTH=8%>&nbsp;</TD><TD WIDTH=11%>&nbsp;</TD><TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=12%>&nbsp;</TD><TD WIDTH=18%>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD colspan=2 align=center>Average</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center><U>Product</U></TD><TD colspan=2 align=center><U>Volumes/month</U></TD>
    <TD colspan=2 align=center><U>Ceiling Price</U></TD><TD align=center><U>Floor Price</U></TD>
    <TD align=right><U>Duration</U>&nbsp; &nbsp; &nbsp;</TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Natural Gas</TD><TD align=right>150,000 MM</TD><TD>Btu</TD>
    <TD align=right>$2.9400</TD><TD>&nbsp;</TD><TD align=right>$2.3000&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Natural Gas</TD><TD align=right>150,000 MM</TD><TD>Btu</TD>
    <TD align=right>$2.9000</TD><TD>&nbsp;</TD><TD align=right>$2.3000&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Natural Gas</TD><TD align=right>250,000 MM</TD><TD>Btu</TD>
    <TD align=right>$2.8775</TD><TD>&nbsp;</TD><TD align=right>$2.3540&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Natural Gas</TD><TD align=right>250,000 MM</TD><TD>Btu</TD>
    <TD align=right>$2.8192</TD><TD>&nbsp;</TD><TD align=right>$2.3540&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Natural Gas</TD><TD align=right>250,000 MM</TD><TD>Btu</TD>
    <TD align=right>$3.5000</TD><TD>&nbsp;</TD><TD align=right>$2.4000&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Natural Gas</TD><TD align=right>350,000 MM</TD><TD>Btu</TD>
    <TD align=right>$5.8000</TD><TD>&nbsp;</TD><TD align=right>$3.0000&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD colspan=9>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Oil</TD><TD align=right>7,500 Bbls</TD><TD>&nbsp;</TD>
    <TD align=right>$20.6400</TD><TD>&nbsp;</TD><TD align=right>$16.4400&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Oil</TD><TD align=right>7,500 Bbls</TD><TD>&nbsp;</TD>
    <TD align=right>$20.9000</TD><TD>&nbsp;</TD><TD align=right>$16.7000&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Oil</TD><TD align=right>15,000 Bbls</TD><TD>&nbsp;</TD>
    <TD align=right>$27.2200</TD><TD>&nbsp;</TD><TD align=right>$19.0000&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Oil</TD><TD align=right>7,000 Bbls</TD><TD>&nbsp;</TD>
    <TD align=right>$21.0000</TD><TD>&nbsp;</TD><TD align=right>$18.0000&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>

<TR><TD>&nbsp;</TD><TD align=center>Oil</TD><TD align=right>10,000 Bbls</TD><TD>&nbsp;</TD>
    <TD align=right>$25.1000</TD><TD>&nbsp;</TD><TD align=right>$19.5000&nbsp;</TD>
    <TD align=right>03/01 - 12/01</TD></TR>
</TABLE>

<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;If these commodity hedging contracts
had  closed on March  31,  2001,  St.  Mary  would  have  been  required  to pay
approximately $22.7 million based on quarter-end pricing. As of that date we had
$276,000 in margin deposits outstanding to a counterparty. These margin deposits
are included in accounts receivable.</P>

<P>&nbsp;  &nbsp; &nbsp;  &nbsp;  &nbsp;  &nbsp;On March 31, 2001 St. Mary owned
6,921 shares of KMOC stock that  Management  believes had a current market value
in excess of its carrying value.</P>






                                 <P ALIGN=CENTER>-16-</P>


<P><B>Accounting Matters</B></P>

<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;On  January 1, 2001 the Company
adopted Statement of Financial Accounting Standards  (&#147;SFAS&#148;) No. 133,
&#147;Accounting for Derivative  Instruments and Hedging  Activities.&#148;  The
adoption  of SFAS No. 133  resulted in the  Company  recording  a  liability  of
$45,699,000 for the fair value of the derivative instruments at January 1, 2001.
The Company's  adopiton  entry  resulted in deferral of the  recognition of this
liability to accumulated other  comprehensive  loss of $28,587,000 at January 1,
2001.  During  the first  quarter  of 2001 the  Company  recognized  a  $262,000
additional hedge loss from hedge ineffectiveness on derivative  instruments that
were designated and qualified as cash flow hedging instruments.  This hedge loss
reduced oil and gas production revenues.  The Company anticipates that all hedge
transactions will occur as expected.  Based on current prices we anticipate that
$14.6  million of the after tax loss amount  included in  accumulated  and other
comprehensive income will be included in earnings during the next 12 months.</P>

<P><B>ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;St. Mary holds derivative contracts
and financial instruments that have cash flow and net income exposure to changes
in commodity prices or interest rates. Financial and commodity-based  derivative
contracts are used to limit the risks inherent in some crude oil and natural gas
price  changes  that have an effect on us. In prior  years we have  occasionally
hedged  interest  rates,  and  may  do so in  the  future  should  circumstances
warrant.</P>

<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Our board of directors has adopted a
policy regarding the use of derivative  instruments.  This policy requires every
derivative  used by St.  Mary to  relate  to  underlying  offsetting  positions,
anticipated   transactions  or  firm  commitments.   It  prohibits  the  use  of
speculative,  highly  complex or leveraged  derivatives.  Under the policy,  the
Chief  Executive  Officer and Vice  President of Finance must review and approve
all risk  management  programs  that use  derivatives.  The  board of  directors
periodically reviews these programs.</P>

<P>&nbsp;  &nbsp; &nbsp; &nbsp;  &nbsp;  &nbsp;<I>Commodity  Price Risk.</I> St.
Mary uses various hedging arrangements to manage its exposure to price risk from
its natural gas and crude oil production.  These hedging  arrangements  have the
effect of locking in for specified periods, at predetermined prices or ranges of
prices,  the prices we will receive for the volumes to which the hedge  relates.
Consequently,  while these  hedging  arrangements  are  structured to reduce our
exposure to decreases in prices associated with the hedged commodity,  they also
limit the benefit we might otherwise receive from any price increases associated
with the hedged commodity.  The derivative gain or loss effectively  offsets the
loss or gain on the underlying  commodity  exposures that have been hedged.  The
fair  values  of the  swaps  are  estimated  based on  quoted  market  prices of
comparable  contracts  and  approximate  the net gains or losses that would have
been  realized if the  contracts  had been closed out at  quarter-end.  The fair
values of the futures are based on quoted  market  prices  obtained from the New
York Mercantile Exchange.</P>








<P>&nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;  &nbsp;A  hypothetical $0.10 per MMBtu
change in St. Mary's quarter-end market prices for natural gas swaps and futures
contracts  on a notional  amount of 14.6  million  MMBtu would cause a potential
$846,000  change in net income  before  income  taxes for  contracts in place on
March 31, 2001. A hypothetical  $1.00 per Bbl change in our  quarter-end  market
prices for crude oil swaps and  future  contracts  on a  notional  amount of 664
MBbls would cause a potential  $417,000 change in net income before income taxes
for oil contracts in place on March 31, 2001.  These  hypothetical  changes were
discounted to present value using a 7.5% discount rate since the latest expected
maturity  date of certain  swaps and futures  contracts is greater than one year
from the reporting date.</P>


                                 <P ALIGN=CENTER>-17-</P>


<P>&nbsp;  &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;<I>Interest  Rate Risk.</I> Market
risk is  estimated  as the  potential  change in fair  value  resulting  from an
immediate hypothetical one percentage point parallel shift in the yield curve. A
sensitivity  analysis  presents the  hypothetical  change in fair value of those
financial instruments held by St. Mary at March 31, 2001, which are sensitive to
changes in interest rates. For fixed-rate debt, interest rate changes affect the
fair  market  value but do not  impact  results  of  operations  or cash  flows.
Conversely for floating rate debt, interest rate changes generally do not affect
the fair market value but do impact future results of operations and cash flows,
assuming  other factors are held constant.  The carrying  amount of our floating
rate debt  approximates  its fair value.  At March 31, 2001,  we had no floating
rate or  fixed  rate  debt.  Assuming  constant  debt  levels,  the  results  of
operations  and cash flows  would not be  impacted  by a one  percent  change in
interest rates.</P>





<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=13%>&nbsp;</TD><TD width=6%>&nbsp;</TD><TD width=4%>&nbsp;</TD><TD width=11%>&nbsp;</TD>
    <TD width=66%>&nbsp;</TD></TR>

<TR><TD COLSPAN=5><B>PART II. OTHER INFORMATION</B></TD></TR>

<TR><TD COLSPAN=5>&nbsp;</TD></TR>

<TR><TD>Item 2.</TD><TD COLSPAN=4><B><U>CHANGES IN SECURITIES  AND USE OF PROCEEDS</U></B></TD></TR>

<TR><TD COLSPAN=5>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD  valign=top>(c)</TD><TD  colspan=3>On January 1, 2001 St.
     Mary  issued a total of 8,400  restricted  shares  of  common  stock to its
     directors  as  compensation  recorded in the amount of  $237,852  for their
     services  as  members  of the board of  directors.  These  shares  were not
     registered  under the  Securities  Act of 1933 in  reliance  on Rule 506 of
     Regulation D promulgated  under the  Securities Act since the directors are
     accredited investors and certificates representing the shares bear a legend
     restricting the transfer of those shares.</TD></TR>

<TR><TD COLSPAN=5>&nbsp;</TD></TR>

<TR><TD>Item 6.</TD><TD COLSPAN=4><B><U>EXHIBITS AND REPORTS ON FORM 8-K</U></B></TD></TR>

<TR><TD COLSPAN=5>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD>(a)</TD><TD COLSPAN=3><U>Exhibits</U></TD></TR>

<TR><TD COLSPAN=5>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN=3>None.</TD></TR>

<TR><TD COLSPAN=5>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD  valign=top>(b)</TD><TD  colspan=3>One report on Form 8-K
     dated January 5, 2001  reporting  under Item 2 the  acquisition  of certain
     producing and  nonproducing oil and gas properties in the Anadarko Basin in
     Oklahoma and Texas from JN Exploration and Production  Limited  Partnership
     and  its   affiliates   was  filed  during  the  quarter  ended  March  31,
     2001.</TD></TR>
</TABLE>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
                                 <P ALIGN=CENTER>-18-</P>

<P ALIGN=CENTER><B><U>SIGNATURES</U></B></P>



<P>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp;Pursuant to the requirements of the
Securities  Exchange Act of 1934,  the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.</P>


<TABLE WIDTH=650 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR><TD width=46%>&nbsp;</TD><TD width=3%>&nbsp;</TD><TD width=51%>&nbsp;</TD></TR>

<TR><TD>&nbsp;</TD><TD colspan=2>ST. MARY LAND &amp; EXPLORATION COMPANY</TD></TR>

<TR><TD COLSPAN=3>&nbsp;</TD></TR>

<TR><TD COLSPAN=3>&nbsp;</TD></TR>

<TR><TD>May 14, 2001</TD><TD>By</TD><TD><U>/S/ MARK A. HELLERSTEIN</U></TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD>Mark A. Hellerstein</TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD>President and Chief Executive Officer</TD></TR>

<TR><TD COLSPAN=3>&nbsp;</TD></TR>

<TR><TD COLSPAN=3>&nbsp;</TD></TR>

<TR><TD>May 14, 2001</TD><TD>By</TD><TD><U>/S/ RICHARD C. NORRIS</U></TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD>Richard C. Norris</TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD>Vice President - Finance, Secretary</TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD>and Treasurer</TD></TR>

<TR><TD COLSPAN=3>&nbsp;</TD></TR>

<TR><TD COLSPAN=3>&nbsp;</TD></TR>

<TR><TD>May 14, 2001</TD><TD>By</TD><TD><U>/S/GARRY A. WILKENING</U></TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD>Garry A. Wilkening</TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD>Vice President - Administration and</TD></TR>

<TR><TD COLSPAN=2>&nbsp;</TD><TD>Controller</TD></TR>
</TABLE>

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