ST MARY LAND & EXPLORATION CO
EXHIBIT10.1
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<p style=' margin-bottom:6pt; margin-top:0pt;text-align:right;'><u><b><font size=2>Exhibit 10.1</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECOND AMENDMENT</font></B></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>TO</font></B></p>

<p style=' margin-bottom:24pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SHAREHOLDER RIGHTS PLAN</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>This Second Amendment (the &#147;Second Amendment&#148;) to the Shareholder Rights Plan (the &#147;Plan&#148;) of St. Mary Land &amp; Exploration Company, a Delaware corporation (the &#147;Company&#148;), is executed effective as of April 24, 2006.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font SIZE=2>RECITALS</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>WHEREAS, the Plan was established effective as of August 1, 1999 and was previously amended by a First Amendment to the Plan effective as of July 19, 2001;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company&#146;s stockholders to further amend the Plan as set forth in this Second Amendment; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>WHEREAS, capitalized terms used but not defined in this Second Amendment shall have the meanings previously given to them in the Plan.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font SIZE=2>NOW, THEREFORE</font><b><font size=2>, </font></b><font size=2>the Plan is hereby amended as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font SIZE=2>AMENDMENT</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="601" style='border-collapse:collapse'>
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        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td width="505" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Section 1(k) of the Plan is hereby amended in its entirety to read as follows:</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&#147;Final Expiration Date&#148; shall mean December 31, 2011.</font></p>


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        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td width="503" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Section 1(r) of the Plan is hereby amended in its entirety to read as follows:</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&#147;Purchase Price&#148; shall mean, from and after April 24, 2006, $140.00 per share of Common Stock and shall be subject to adjustment thereafter from time to time as provided in this Plan.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The first sentence of Section 3(a) of the Plan is hereby amended in its entirety to read as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>At any time after the Distribution Date and prior to the Expiration Date, the registered holder of any Right may exercise such Right by written notice to the Company of such exercise together with payment of the Purchase Price for the Common Share as to which such Right is exercised.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The remainder of the Plan shall be unaffected by this Second Amendment.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:18pt; margin-top:0pt; text-indent:0.5in;text-align:left;'>
<font size=2>IN WITNESS WHEREOF, the Company has caused this Second Amendment to the Shareholder Rights Plan to be duly executed on its behalf on April 24, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>ST. MARY LAND &amp; EXPLORATION COMPANY,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>a Delaware corporation</font></p>


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            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:  </font></p> </td>
        <td width="203" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ MARK A. HELLERSTEIN</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.88in;text-align:left;'><font size=2>Mark A. Hellerstein</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.88in;text-align:left;'><font size=2>Chairman of the Board, President and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.88in;text-align:left;'><font size=2>Chief Executive Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>



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