SM Energy Co — Director's Dealing 2011

Mar 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Zubieta Dennis A. (VP-Engineering & Evaluation)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-03	Common Stock; $.01 Par Value	M	3524	$7.965	Acquired	17612	Direct
2011-03-03	Common Stock; $.01 Par Value	M	3524	$10.595	Acquired	21136	Direct
2011-03-03	Common Stock; $.01 Par Value	M	3522	$10.855	Acquired	24658	Direct
2011-03-03	Common Stock; $.01 Par Value	M	3522	$12.03	Acquired	28180	Direct
2011-03-03	Common Stock; $.01 Par Value	S	14092	$71.25	Disposed	14088	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-03	Stock Option (Right to Buy)	$7.965	M	3524	Disposed	2011-09-30	Common Stock (3524)	Direct
2011-03-03	Stock Option (Right to Buy)	$10.595	M	3524	Disposed	2011-12-31	Common Stock (3524)	Direct
2011-03-03	Stock Option (Right to Buy)	$10.855	M	3522	Disposed	2012-03-31	Common Stock (3522)	Direct
2011-03-03	Stock Option (Right to Buy)	$12.03	M	3522	Disposed	2012-06-30	Common Stock (3522)	Direct

Footnotes

F1: The stock option vested in four equal installments on September 30, 2001, 2002, 2003 and 2004.

F2: The stock option vested as follows: 881 shares on December 31, 2001 and 881 shares on September 30, 2002, 2003, and 2004.

F3: The stock option vested as follows: 881 shares on March 31, 2002, 881 shares on September 30, 2002, and 880 shares on September 30, 2003 and 2004.

F4: The stock option vested as follows: 881 shares on June 30, 2002, 881 shares on September 30, 2002, and 880 shares on September 30, 2003 and 2004.