Published: February 18, 2010
St. Mary Announces Closing of Wyoming Oil Property Divestiture
DENVER - (BUSINESS WIRE) - St. Mary Land & Exploration Company (NYSE: SM) today announces that it
has closed the previously announced divestiture of non-core properties
in Wyoming to Legacy Reserves Operating LP, a wholly owned subsidiary of
Legacy Reserves LP (NASDAQ: LGCY). The cash received, before commission
costs, at closing was $118.7 million which reflects customary closing
adjustments to account for activity between the effective and closing
dates. The transaction had an effective date of November 1, 2009.
St. Mary intends to use the proceeds to pay down outstanding bank
borrowings under its revolving credit facility.
INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of
securities laws, including forecasts and projections. The word "intend"
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 are
discussed in the "Risk Factors" section of St. Mary's 2008 Annual Report
on Form 10-K and subsequent quarterly reports filed on Form 10-Q.
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.
ABOUT THE COMPANY
St. Mary Land & Exploration Company is an independent energy company
engaged in the exploration, exploitation, development, acquisition, and
production of natural gas and crude oil. St. Mary routinely posts
important information about the Company on its website. For more
information about St. Mary, please visit its website at stmaryland.com.
PR-10-3
St. Mary Land & Exploration Company
Brent A. Collins,
303-861-8140
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