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): December 7, 1998
PYR Energy Corporation
----------------------
(Exact name of registrant as specified in its charter)
Delaware 0-20879 95-4580642
-------- ------- ----------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1675 Broadway, Suite 1150, Denver, Colorado 80202
-------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 825-3748
<PAGE>
Item 5. Other Events.
-------------
Press Release. The press release of the Registrant dated December 7,1998,
which is filed as an exhibit hereto, is incorporated herein by reference.
Item 7. Financial Statements And Exhibits.
----------------------------------
(c) Exhibits.
Exhibit Index
-------------
Exhibit
Number Description
- ------ -----------
99.1 Press release dated December 7, 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: December 7, 1998 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
-------------------------------
Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On December 7, 1998, the Registrant issued the following press release:
"PYR ENERGY REPORTS FISCAL AUGUST 31, 1998 FINANCIAL RESULTS
DENVER -- PYR Energy Corporation (EBB: PYRX) today announced audited
financial results for the fiscal years ended August 31, 1998 and 1997. PYR
Energy reports that for the fiscal year ended August 31,1998, the Company had a
net loss of ($110,807) or ($.012) per common share compared with a net loss of
($16,905) or ($.009) per common share for the eight month fiscal year ended
August 31, 1997. The Company has had no revenues from the sale of oil or natural
gas production. Total revenues were $46,145 for the fiscal year ended August 31,
1998 and $85,596 for the fiscal year ended August 31, 1997. General and
administrative expenses associated with the Company's efforts to pursue
primarily its California exploration projects totaled $675,245 for fiscal 1998
and totaled $125,161 for fiscal 1997. In the fiscal year ended August 31, 1998,
the Company recorded a gain from the sale of undeveloped oil and gas properties
of $556,197. At August 31, 1998, the Company had cash of $373,100, total assets
of $2,939,602, current liabilities of $1,328,330 and stockholders' equity of
$1,608,611. There were 9,154,804 common shares outstanding at August 31, 1998.
As previously announced, subsequent to August 31, 1998, the Company issued
$2,500,000 of Convertible Promissory Notes in a private placement to a limited
group of investors. These Notes are convertible into the Company's convertible
preferred stock, which is then convertible into the Company's common stock.
CALIFORNIA OPERATIONS UPDATE
- ----------------------------
As previously reported, the Company's exploration well east of Lost Hills
in California blew out and ignited on November 23, 1998. The operator, Bellevue
Resources, Inc., along with an expert well control team, Boots and Coots, Inc.
from Houston, are continuing efforts to extinguish the flames and control the
well. Currently these efforts consist primarily of clearing debris from around
the well head to evaluate the potential of capping the well from the surface.
The Company owns a 10.575% working interest in this well and in approximately
20,000 acres in the vicinity of this well. The Company's cost bearing share of
this well is 4.1% with the remaining 6.475% of the costs being carried by other
participants through the tanks or commercial production facilities. The
Company's after payout working interest in this well is 9.253%
At Southeast Maricopa, the Company is interpreting approximately 52 square
miles of newly acquired 3D seismic data in an effort to further define prospect
leads generated with existing 2D seismic data. The Company controls a 100%
working interest in approximately 23,000 gross acres here and expects to drill
an exploration well in the second quarter of calendar year 1999.
The Company is also interpreting 39 miles of 3D seismic data over its San
Emidio acreage. The Company acquired rights to this data along with a 70%
working interest in oil and gas leases covering approximately 5,400 gross acres
in November of 1998. The Company expects to drill an exploration/exploitation
well here in the second quarter of calendar 1999.
Denver based PYR Energy applies 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.
# # #
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."
