<SUBMISSION>
<ACCESSION-NUMBER>0000893538-07-000017
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20060515
<FILING-DATE>20070119
<DATE-OF-FILING-DATE-CHANGE>20070119
<ISSUER>
<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>
<BUSINESS-ADDRESS>
<STREET1>1776 LINCOLN ST STE 700
<CITY>DENVER
<STATE>CO
<ZIP>80203
<PHONE>303-861-8140
</BUSINESS-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>NANCE ROBERT L
<CIK>0001195488
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-31539
<FILM-NUMBER>07540950
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>NANCE PETROLEUM CORPORATION
<STREET2>PO BOX 7168
<CITY>BILLINGS
<STATE>MT
<ZIP>59103-7168
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>nance31december06form4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-05-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000893538</issuerCik>
        <issuerName>ST MARY LAND &amp; EXPLORATION CO</issuerName>
        <issuerTradingSymbol>SM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001195488</rptOwnerCik>
            <rptOwnerName>NANCE ROBERT L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>NANCE PETROLEUM CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>PO BOX 7168</rptOwnerStreet2>
            <rptOwnerCity>BILLINGS</rptOwnerCity>
            <rptOwnerState>MT</rptOwnerState>
            <rptOwnerZipCode>59103-7168</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock; $.01 Par Value</value>
            </securityTitle>
            <transactionDate>
                <value>2006-05-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>114</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>39.23</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>84878</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Self as Trustee for Robert L. Nance TTEE for Robert S. Nance Financial Mgt Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock; $.01 Par Value</value>
            </securityTitle>
            <transactionDate>
                <value>2006-11-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>109</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>39.03</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>84987</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Self as Trustee for Robert L. Nance TTEE for Robert S. Nance Financial Mgt. Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock; $.01 Par Value</value>
            </securityTitle>
            <transactionDate>
                <value>2006-12-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5121</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>760113</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock; $.01 Par Value</value>
            </securityTitle>
            <transactionDate>
                <value>2006-12-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F5"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>192</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>31.314</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>760305</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock; $.01 Par Value</value>
            </securityTitle>
            <transactionDate>
                <value>2007-01-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F6"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1525</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>20093</value>
                    <footnoteId id="F7"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Self for Robert L. Nance and Penni W. Nance JT TEN</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares were acquired from reinvested cash dividends.</footnote>
        <footnote id="F2">Mr. Nance also owns 543,547 shares in his name and indirectly holds 4,000 shares held of record by Ronan, Inc., a corporation
 controlled by Mr. Nance, and 132,700 shares held of record by Mr. Nance's spouse.</footnote>
        <footnote id="F3">The 5,121 share disposition occured as a gift of stock on December 18, 2006 to a charitable organization in which Mr. Nance
 has no direct relationship.</footnote>
        <footnote id="F4">Total includes 4,000 shares held of record by Ronan, Inc. a corporation controlled by Mr. Nance, 84,987 shares held of
 record  by Robert L. Nance TTEE for Robert S. Nance Financial Mgt. Trust, of which Mr. Nance is the trustee, 132,700 shares
 held by Mr. Nance's spouse and 21,618 shares held in joint tenancy with Mr. Nance's spouse.</footnote>
        <footnote id="F5">Mr. Nance purchased 192 shares of the issuer's common stock on December 31, 2006, through the issuer's Employee Stock
 Purchase Plan.</footnote>
        <footnote id="F6">The 1,525 share disposition occured as a gift of stock on January 10, 2007 to a charitable organization in which Mr. Nance
 has no direct relationship.</footnote>
        <footnote id="F7">Mr. Nance also owns 517,000 shares in his name and indirectly holds 4,000 shares held of record by Ronan, Inc., a corporation
 controlled by Mr. Nance, 84,987 shares held of record  by Robert L. Nance TTEE for Robert S. Nance Financial Mgt. Trust,
 of which Mr. Nance is the trustee, and 132,700 shares held of record by Mr. Nance's spouse.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Karin M. Writer (Attorney-In-Fact)</signatureName>
        <signatureDate>2007-01-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
