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): July 28, 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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<PAGE>
Item 5. Other Events.
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Press Release. The press release of the Registrant dated July 28, 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.
Exhibit Index
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Exhibit
Number Description
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99.1 Press release dated July 28, 1998.
SIGNATURE
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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: July 31, 1998 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On July 28, 1998, the Registrant issued the following press release:
PYR ENERGY COMMENCES DRILLING SECOND CALIFORNIA EXPLORATION WELL
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DENVER - PYR Energy Corporation (OTC EBB: PYRX) today announced the start
of drilling operations on its Rainbow 'Stevens' Prospect in the School Road area
of the southern San Joaquin Basin of California. The Federal # 67X-30 well,
located in SE1/4, Sec 30, T32S, R25E, is 2.5 miles to the southeast of the Buena
Vista field, which has cumulative production of 836 million BOE, and 3 miles
directly east of the Midway-Sunset field, which has cumulative production in
excess of 2.5 billion BOE. PYR anticipates the well will take approximately 45
days to reach its estimated total depth of 12,500 feet.
PYR Energy has retained a 40% working interest in the prospect and
surrounding area of mutual interest. This initial test well is designed to test
multiple upper Miocene 'Stevens' sandstone reservoirs in a combination
structural/stratigraphic feature as defined by a 42-square-mile 3-D seismic
survey.
The School Road project is the second in a series of three exploration
projects to be drilled by PYR in 1998. The first project, East Lost Hills, was
spud on May 14, 1998 and is currently drilling ahead toward an anticipated total
depth of 19,000 feet. In the third project at SE Maricopa, a 52-square-mile 3-D
seismic survey has been acquired and is currently in processing.
PYR Energy Corporation applies advanced 3-D seismic and computer-aided
exploration technologies to systematically explore for and exploit onshore 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.
