St Mary Land & Exploration Company has reported net income of $57.7 million, or $0.89 per diluted share, for the third quarter of 2007, compared to $55.9 million, or $0.88 per diluted share, for the same period in 2006.

The company reported third quarter earnings of $57.7 million, or $0.89 per diluted share, compared to $55.9 million, or $0.88 per diluted share, in the third quarter of 2006. Adjusted net income, which adjusts for significant non-cash and non-recurring items, was $57.8 million, or $0.89 per diluted share, for the third quarter of 2007 compared to $53 million, or $0.83 per diluted share, for the comparable period in 2006.

The company’s revenues for the third quarter of 2007 were $246.7 million compared to $198 million in the comparable period of 2006. The oil and gas production during the third quarter of 2007 averaged a quarterly record of 298.4 million cubic feet of gas equivalent per day (MMCFE/d), an increase of 19% from 251.7 MMCFE/d in the third quarter of 2006 period and 4% higher than the 286.1 MMCFE/d in the second quarter of 2007.

Tony Best, president and CEO of St Mary Land, said: The third quarter was a solid quarter for St Mary. We grew production for the seventh consecutive quarter and set a new quarterly production record for the company. The management team is focused on delivering solid results with an eye toward improving our capital efficiency and our operating cost structure. We continued to make progress in a number of key resource areas and expanded our presence in the Olmos shallow gas play with an acquisition in South Texas which we closed in early October. I am pleased with the company’s pace and direction.