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Synopsis Of St. Mary Land & Exploratory Company Presentation At Southeast Research Partners Fifth Annual Institutional Conference

FORT LAUDERDALE, Fla., Nov. 20 /PRNewswire/ -- Following is a synopsis of the presentation made today by Universal Health Services (Nasdaq: MARY), Denver, Co., at the Southeast Research Partners Fifth Annual Institutional Investors Conference at the Hyatt Regency Pier 66, Fort Lauderdale:

St. Mary focuses its domestic exploration and development in five core areas where the Company has specialized expertise: the on-shore Gulf Coast, the Anadarko and Williston Basins, the tri-state region of southern Arkansas, northern Louisiana and east Texas and the Permian Basin.

St. Mary's strategy is to grow its core oil and gas reserves at an economical finding cost and to add large, incremental growth in value through innovative higher risk ventures. This strategy is reflected in the Company's 1996 $45 million capital budget which allocates approximately $20 million for exploration and development, $20 million for property acquisitions and $5 million for investments in larger target projects.

In addition to continued growth and expansion programs in each of its core areas, St. Mary maintains a position of aggressively pursuing opportunities in five to seven large target projects -- each having the upside potential to significantly increase the Company's reserves and production. These projects include deep gas prospects in South Louisiana; over 10,000 gross acres in the Cotton Valley Reef Play of East Texas; and significant exploration opportunities in the complex Sherman Marietta Basin.

For the third quarter of 1996 the Company reported record production, revenues and earnings. "Excellent drilling results in our core areas during the first nine months of 1996 have added cost effective reserves while expanding our inventory of development opportunities. Our ongoing drilling program and recent acquisitions, combined with steady progress in developing our portfolio of larger target projects, position St. Mary for continued growth in 1997. Ongoing projects are expected to increase our production by at least 10 to 20 percent over the next three to six months," stated Mark Hellerstein, President and CEO.

The Company has signed a letter of intent to sell its 18 percent interest in the Chernogorskoye oil field to an affiliate of a London-based investment firm which operates one of the largest financial services organizations in Russia. The transaction is subject to certain conditions including the completion of due diligence by both parties, the execution of a purchase and sale agreement and the buyer's completion of financing. St. Mary will receive net consideration, comprised of cash, common stock and a note of the buyer, having a total face value of approximately $17 million. SOURCE St. Mary Land & Exploration Company
 -0- 11/22/96

/CONTACT: Adele A. Linneman, Investor Relations, St. Mary Land & Exploration Company, 303-863-4322/


CO: St. Mary Land & Exploration Company ST: Colorado, Florida IN: OIL SU:

MS-VP -- FLFCON5 -- 5758 11/22/96 10:25 EST
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Publication:PR Newswire
Date:Nov 22, 1996
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