St. Mary convertibles to pay contingent interest

By Laura Lutz

Des Moines, Sept. 13 - St. Mary Land & Exploration Co. said its $100 million of 5.75% senior convertible notes due 2022 will pay an additional 50 basis points of contingent interest for the period Sept. 15, 2006 to March 14, 2007.

The extra payment is required under the terms of the note indenture. Contingent interest is payable for six-month periods of March 15 to Sept. 14 and Sept. 15 to March 14 if the average trading price of the notes for the five trading days ending two trading days before the six-month period is 120% or more of the principal amount.

St. Mary is a Denver-based oil and gas exploration and production company.

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