SM Energy Company

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In December, 2008, Denver, Colorado-based St. Mary Land & Exploration Company (NYSE: SM) announced that it had entered into an agreement wherein it could earn 43,000 net acres (50,000 gross acres) of land prospective for Marcellus shale in the central Pennsylvania counties of McKean and Potter.

By January, 2009 with a deteriorating economy, the company announced that it was cutting its Marcellus exploration and development budget by 54%.

A May, 2009 report indicated that St. Mary planned to drill two horizontal Marcellus wells during the third quarter of 2009 and begin testing activities. It is permissible under its agreement to drill anytime before the end of 2010, so the work could be deferred until the following year.

A further report at the end of June, 2009 qualified the above statement to say that that the company does plan to test part of its acreage during 2009. One of St. Mary's business partners in the Marcellus venture already has gas gathering and processing capability that should give the company a leg up in marketing the gas.

Tony Best is St. Mary's President and CEO.