SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 22, 1998
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PYR Energy Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-20879 95-4580642
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1675 Broadway, Suite 1150, Denver, Colorado 80202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 825-3748
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Item 5. Other Events
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Press Release. The press release of the Registrant dated January 21, 1998,
which is filed as an exhibit hereto, is incorporated herein by reference.
Item 7. Financial Statements And Exhibits.
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(c) Exhibits.
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Exhibit Index
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Exhibit
Number Description
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99.1 Press release dated January 21, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: January 22, 1998 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On January 21, 1998, the Registrant issued the following press release:
"PYR ENERGY REPORTS FIRST QUARTER FINANCIAL RESULTS
DENVER -- PYR Energy Corporation (OTC EBB: PYRX) today reported that for
the first fiscal quarter ended November 30, 1997, the Company incurred a loss
from operations of ($166,000) or ($.018) per common share outstanding. The
Company had no revenues from oil and gas operations and generated $10,000 in oil
and gas consulting fee revenues. At November 30, 1997, the Company had
$1,063,000 in working capital, total assets of $1,610,000 and stockholders'
equity of $1,554,000. There were 9,154,804 common shares outstanding at November
30, 1997.
PYR Energy announced on January 19 that it signed a letter of intent to
issue up to 2,100,000 shares of its common stock in a private placement at $1.25
per share. The Company also reported that on January 15, 1998, its "A" warrants
to issue 2,047,500 shares of its common stock expired unexercised. The Company's
"B" warrants to issue 2,047,500 shares at $1.75 will expire on April 15, 1998.
OPERATIONS UPDATE
In California, PYR Energy is applying advanced geotechnical tools to image
and define large stratigraphic and structural traps. The Company is in the
process of interpreting and acquiring seismic data over its approximately 50,000
gross acres of leasehold in California's San Joaquin Valley.
D. Scott Singdahlsen, president of PYR said, "As a startup exploration
company, we are focused on finding, through the drill bit, significant
hydrocarbon reserves for our shareholders. As we continue to mature our
exploration activities in the San Joaquin Valley, we are increasingly excited
about the multiple opportunities that have been identified on seismic data. Our
strategy is to target high-gravity oil reserves in the basin. In 1998, the
Company plans to drill a minimum of three exploration wells to test these
opportunities. Our ability to internally generate opportunities and control the
exploration process allows PYR to retain a sizable working interest in each
project, thus leveraging our financial resources with significant reserve
potential."
At East Lost Hills, north of Bakersfield, PYR and an industry partner
generated a structural prospect in the western thrust-belt. Advanced pre-stack
depth migration processing and interpretation of modern 2-D seismic data over
the Company's approximately 17,000 acres has identified a large, untested deep
prospect. The Company's first test well here will be spud by mid-year 1998.
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The objective of the Company's "Stevens" exploration program, south of
Bakersfield, is to identify multiple-horizon stratigraphic targets from modern
3-D technology. Based on interpretation and analysis of 42 square miles of
existing 3-D seismic data, the Company is on track to spud its first well on its
School Road acreage before the end of April.
Pursuant to signing a contract to acquire 60 square miles of new 3-D
seismic, permitting and survey work has commenced over PYR's Southeast Maricopa
acreage. Weather permitting, data acquisition over PYR's leasehold will begin
before the end of February. PYR expects this new 3-D seismic data to enhance and
refine leads identified previously from analysis and interpretation of 2-D
seismic data. It is anticipated that the interpretation of the 3-D seismic data
will lead to the identification of the first drillable prospect to be spud
before year-end 1998.
Denver-based PYR Energy Corporation applies advanced 3-D seismic and
computer-aided exploration technologies to systematically explore for and
exploit onshore domestic oil and natural gas accumulations in the western United
States.
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This release contains forward-looking statements regarding PYR Energy
Corporation's future plans and expected performance based on assumptions the
Company believes to be reasonable. A number of risks and uncertainties could
cause actual results to differ materially from these statements, including,
without limitation, the success rate of exploration efforts and the timeliness
of development activities, fluctuations in oil and gas prices, and other risk
factors described from time to time in the Company's reports filed with the SEC.
In addition, the Company operates in an industry sector where securities values
are highly volatile and may be influenced by economic and other factors beyond
the Company's control."
