Assess Success

For us, success comes when we can grow the Net Asset Value per share. This is the driver. Net Asset Value is a measure of the present value of estimated future net revenues from current properties (net of other assets and liabilities) and can be measured with acceptable accuracy. NAV growth reflects success in accomplishing three things: (1) return on investment; (2) growth which is usually denoted as replacement percentage; and (3) rate, the speed at which you make your product, which has a dramatic impact on the final rate of return. Each company must determine the one denominator that drives its economic success. This will vary by industry, but because it will be used to motivate employees , if it is not the right driver, people will not maximize the creation of value.

Mark A. Hellerstein is Chairman, President and Chief Executive Officer of St. Mary Land & Exploration Company. Mr. Hellerstein joined the Company in September 1991 as Executive Vice President and Chief Financial Officer. He has served as President of the Company since May 1992, as Chief Executive Officer since May 1994 and as a Director since September 1992. He was named Chairman in 2002. St. Mary went public in 1992 and currently trades on the NYSE. Since going public in 1992, St. Mary has provided its shareholders a 16% compounded return. In 2003 and 2002, Fortune Magazine named St. Mary as one of the fastest growing companies in America and in 2002, the Denver Business Journal recognized St. Mary as the Fastest Growing Company in Colorado.

Prior to joining St. Mary, Mr. Hellerstein held CFO positions with CoCa Mines, Inc., American Golf Corporation and Worldwide Energy Corporation.

Mr. Hellerstein graduated magna cum laude from the University of Colorado in 1974 with a degree in accounting and is a certified public accountant (inactive). He received the Elijah Watts Sells Award for the highest grade in the nation on the November 1974 CPA exam.