Summary of ST MARY LAND & EXPLORATION CO

Item 8.01 Other Events.

On January 6, 2009, St. Mary Land & Exploration Company ("St. Mary" or the "Company") announced that it closed a transaction whereby it received an increased net revenue interest in its operated tight oil assets at Sweetie Peck in West Texas and approximately $18 million in exchange for the Company's interests in the Judge Digby Field in Pointe Coupee Parish, Louisiana. The exchange was effective as of December 31, 2008. The production impact from this exchange is anticipated to be a net reduction of approximately 2.0 BCFE for 2009. A copy of this press release is filed as Exhibit 99.1 to this report.

This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "will," "believe," "budget," "anticipate," "plan," "intend," "estimate," "forecast," and "expect" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, which may cause St. Mary's actual results to differ materially from results expressed or implied by the forward looking statements. These risks include such factors as the pending nature of the reported acquisition agreement as well as the ability to complete the transaction, the uncertain nature of the expected benefits from the acquisition of oil and gas properties, and the ability to successfully integrate acquisitions, the imprecise nature of oil and gas reserve estimates, and other such matters discussed in the "Risk Factors" section of St. Mary's 2007 Annual Report on Form 10-K/A and subsequent Quarterly Reports on Form 10-Q filed with the SEC. Although St. Mary may from time to time voluntarily update its prior forward looking statements, it disclaims any commitment to do so except as required by securities laws.