893538--2/23/2007--ST_MARY_LAND_&_EXPLORATION_CO

related topics
{gas, price, oil}
{stock, price, share}
{stock, price, operating}
{cost, regulation, environmental}
{loss, insurance, financial}
{competitive, industry, competition}
{debt, indebtedness, cash}
{provision, law, control}
Oil and natural gas prices are volatile, and a decline in prices could hurt our profitability, financial condition, and ability to grow. If we are not able to replace reserves, we will not be able to sustain production. Competition in our industry is intense, and many of our competitors have greater financial and technical resources than we do. The actual quantities and present values of our proved oil and gas reserves may be less than we have estimated. Our producing property acquisitions may not be worth what we paid due to uncertainties in evaluating recoverable reserves and other expected benefits, as well as potential liabilities. Exploration and development drilling may not result in commercially productive reserves. Our hedging transactions may limit the prices that we receive for oil and gas sales and involve other risks. Future oil and gas price declines or unsuccessful exploration efforts may result in write-downs of our asset carrying values. Substantial capital is required to replace our reserves. A decrease in oil or gas prices could limit our ability to borrow under our credit facility. We could incur substantial additional debt, which could limit our financial flexibility. We are subject to operating and environmental risks and hazards that could result in substantial losses. Our operations are subject to complex laws and regulations, including environmental regulations that result in substantial costs and other risks. We depend on transportation facilities owned by others. The price of our common stock may fluctuate significantly, which may result in losses for investors. Our certificate of incorporation and bylaws have provisions that discourage corporate takeovers and could prevent stockholders from receiving a takeover premium on their investment. Our shares that are eligible for future sale may have an adverse effect on the price of our common stock. We may not always pay dividends on our common stock. A director and his extended family may be able to exert influence over us.

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