St. Mary Land & Exploration Co., Denver, (NYSE: SM) plans to acquire oil and gas properties in the Wind River and Powder River basins of Wyoming through its wholly owned subsidiary, Nance Petroleum Corp., for $39 million in cash. The acquired properties have an estimated 18.7 billion cubic feet of gas equivalent of proved risked reserves, (94% developed) with current production of an estimated 530 barrels of oil and 3.2 million cubic feet of gas per day. The acquisition will include approximately 7,200 net acres of undeveloped oil and gas leases. The acquisition is expected close Aug. 2, 2005. Payment for the properties will be made from cash on hand and funds available under St. Mary's existing credit facility.
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