St. Mary Land to pay contingent interest on convertibles

New York, Sept. 16 - St. Mary Land & Exploration Co. said the contingent interest provision on its $100 million of 5.75% senior convertible notes due 2022 has been triggered for the period Sept. 15 to March 14, 2004.

Noteholders will receive interest at an extra 50 basis points rate.

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.

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