SM Energy Co — Director's Dealing 2011

Jan 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SM Energy Co (SM)
CIK: 0000893538
Period of Report: 2011-01-03

Reporting Person: Knott Kenneth J. (VP- Bus Dev & Land & Ass Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-03	Common Stock: $.01 Par Value	M	442	$13.39	Acquired	11037	Direct
2011-01-03	Common Stock: $.01 Par Value	S	442	$60.00	Disposed	10595	Direct
2011-01-03	Common Stock: $.01 Par Value	M	2806	$14.25	Acquired	13401	Direct
2011-01-03	Common Stock: $.01 Par Value	S	2806	$60.00	Disposed	10595	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-03	Stock Option (Right-To-Buy)	$13.39	M	442	Disposed	2013-10-22	Common Stock: $.01 Par Value (442)	Direct
2011-01-03	Stock Option (Right-To-Buy)	$14.25	M	2806	Disposed	2013-12-31	Common Stock: $.01 Par Value (2806)	Direct

Footnotes

F1: The sale reported in this Form 4 was affected pursuant to a Rule 10b5-1 Sales Plan adopted by Kenneth Knott on June 15, 2010.

F2: The stock option (right-to-buy) vested as follows: 111 shares on 10-22-03, 111 shares on 9-30-04, 110 shares on 9-30-05, and 110 shares on 9-30-06.

F3: The stock option (right-to-buy) vested as follows: 702 shares on 12-31-03, 702 shares on 9-30-04, 701 shares on 9-30-05, and 701 shares on 9-30-06.