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Gold/Mining/Energy : denison mines

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To: violet peterson who wrote (255)	12/13/2001 8:52:16 AM
From: MrsNose	Read Replies (1) of 301

Denison Announces Successful Drilling Program At Countess TORONTO, ONTARIO--Denison Mines Limited is pleased to announce the results of the three well drilling program in the 100% owned Countess area of Alberta. The Company has drilled and completed two successful oil wells. The third well was dry and has been abandoned but has provided important information on the geological structures in the area. Preliminary tests indicate production rates for each of the two successful wells in excess of 300 barrels of oil equivalent per day (``boepd'') (gas to boe ratio of 6:1) with gas production at 1100 standard cubic feet per barrel of oil and water production at less than 2%. The wells are being connected to the recently constructed, Company owned, oil treating and gas compression facility at Countess. Once the 30-day production test of the two new wells is completed in January, production from the new wells will be reduced to about 160 boepd pending regulatory approval to increase the production rate. At the reduced rate, Denison's production from the Countess area is expected to exceed 500 boepd. Denison's total production at year-end excluding any production from the Knappen gas well will exceed 900 boepd. The completion, within the next 5 weeks, of the Knappen well will add an expected production of 2,000 mcf of gas per day or the equivalent of 333 boepd, more than offsetting the cut back in production from the new Countess wells following completion of the production test and increasing Denison's total production to over 975 boepd. At an Edmonton light crude price of $30.00 per barrel and a gas price of $4.00 per mcf, the net back of the Countess production exceeds $17.00 per barrel and the net back of the Knappen gas will exceed $20.00 per boe. Further drilling in the Countess and Knappen areas is currently being assessed. The news release contains forward-looking information with respect to Denison's operations and future financial results. Actual results may differ from expected results for a variety of reasons including factors discussed in the Company's Management Discussion and Analysis section of its 2000 Annual Report.

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