St. Mary Land and Exploration Signs Haynesville Shale Agreement

St. Mary Land and Exploration Company (SM) issued an operational update on its activities in the Haynesville Shale, where the company entered into a carry and earning agreement with a third party on 32,000 net acres in East Texas.

The agreement allows the third party to earn 95% of St. Mary’s interest in 8,400 net acres in Shelby County, Texas, and 5% in 23,400 net acres in Shelby and San Augustine Counties. The third party will carry development costs up to $87 million to earn its interest in the Haynesville Shale properties.