St. Mary Land & Exploration engages in the exploration and
production of natural gas and oil in the Rockies; the
Mid-Continent; Arkansas, Louisiana, and Texas; the Permian Basin;
and the Gulf Coast. However, recent asset sales will diminish the
firm's presence in the Gulf and the Rockies. At year-end 2008, the
firm had proven reserves of 866 billion cubic feet of natural gas
equivalent, weighted about 64% to natural gas.