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

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

3. Founded 1908 Exceptional long-term return to shareholders 16% annual compounded return Strong Balance Sheet 20% net debt to capital Low / moderate risk core drilling Exposure to large potential ideas Solid Growth St. Mary Land & Exploration Company 20032 Years5 Years Finding Cost $1.05 $ 1.09 Replacement %293%298%274%

4. Core Areas of Operations

5. Reserve Base- 1/2004 594 BCFE 52% Gas 89% Developed

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

7. SM Source: John S. Herold Financial & Operational Database & JSH Analysts STOCK APPRECIATION – CAGR 6 YEARS 1996-2002

8. STOCK PERFORMANCE FROM DECEMBER 1992 THROUGH MARCH 8, 2003

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

10. Buyback of Flying J Stock – 2003 WOW

12. 2004 Capital Program: $273 MM

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

14. James Lime Horizontal Trend

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

16. James Lime Horizontal Trend

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

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

19. Judge Digby 10%-20% WI 2003 1 new well – 4 MMCFD 2001 and 2002 wells Wurtele #3 – 55 MMCFD Majors #4 – 36 MMCFD J. Wurtele #1 – 66 MMCFD Parlange #12 – 67 MMCFD J. Wurtele #2 – 45 MMCFD Parlange 11 - 92 MMCFD Largest initial rate in history of Louisiana Gulf Coast / GOM ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

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

21. Judge Digby

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

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

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

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

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

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

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

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

31. NE Mayfield Working InterestLocation GAS (MCFED) John Patrick 1-2755%27-11N-26W 5,700 Edwards 1-2247%22-11N-25W 2,300 Brothers 2-2034%20-11N-25W 11,800 Edgar 111%25-11N-26W 5,600 Heinsohn 4-3631%36-11N-26W12,500 Bess 1-2658%26-11N-26W14,300 Molly "C" # 145%35-11N-26W 4,200 Kathy # 110%08-10N-25W 6,300 Dean 1-1953%19-11N-25W20,000 John B 1-3024%30-11N-25W 9,000 Dykes 1-1719%17-11N-25W20,600 Tipton 6-29APO04-11N-25W 1,600 Daniel 1-3015%30-11N-25W 1,500 Neil1-2810%28-11N-25W 4,200 Mary Lou 1-1816%18-11N-25W 1,400 Brothers 3-2017%20-11N-25W 1,600 2003 Completed Wells

32. NE Mayfield Working InterestLocation Status (MCFED) Betty 1-1955%19-11N-25WCompleting Cynthia 3-2130%21-11N-25W2,300 McEntire 1-2753%27-11N-26WCompleting Robert 5-3631%36-11N-26W3,100 Keathley 1-810%08-10N-25WCompleting Sites 1-839%08-11N-25WCompleting Haag # 1-244%02-10N-26WDrilling Tipton 1-1719%17-11N-25WCompleting Brothers 4-2017%20-11N-25WDrilling Robertson 1-689%06-10N-25WCompleting Juanita 1-3042%30-11N-26WDrilling Carolyn 1-2314%23-11N-26WCompleting Theresa 1-3546%35-11N-26WDrilling Louella 1-3331%33-11N-26WDrilling Coffey 1-1621%16-11N-25WDrilling Dobson Ranch 1-3128%31-11N-26WDrilling Atchley 1-3438%34-11N-26WDrilling 2004 Well Status

33. NE Mayfield

43. 139,000 net acres Pilot projects conducted since 2001 Evaluation limited to Wyoming acres Coal Seams Evaluated Anderson, Canyon, Brewster- Arnold, Nance, Roberts 2004 Begin development of 65,000 Wyoming acres Estimate 147 BCF of Probable Reserves from targeted coals Anticipate drilling ~100 wells Infrastructure Other - Hanging Woman Basin ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

44. Other - Hanging Woman Basin

45. 2582 wells gross Assumptions >10’ thick >200’ depth >2 miles from outcrop Economic Model

46. 100% Well Reserves / Well Coal Seam Cost (000’s) (160 acre spacing) Anderson $ 70 - 90 60 - 185 mmcf Canyon $ 75 - 90 105 - 160 mmcf Brewster-Arnold $ 85 - 110 155 - 285 mmcf Nance $ 110 - 120 165 - 375 mmcf Roberts $ 155 - 170 445 - 480 mmcf Other - Hanging Woman Basin ArkLaTex $22 Rockies $52 Mid-Con $59 Acq. $100 G. Coast $18 CBM $12 Permian $10

47. Production - Daily (MCFE)

48. 2003 Results

49. 32% Q4 Production Growth

50. Financial Forecast

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

52. www.stmaryland.com