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): October 27, 1998
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.
Press Release. The press release of the Registrant dated October 27, 1998,
which is filed as an exhibit hereto, is incorporated herein by reference.
Item 7. Financial Statements And Exhibits.
(c) Exhibits.
Exhibit Index
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Exhibit
Number Description
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99.1 Press release dated October 27, 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: October 28, 1998 PYR ENERGY CORPORATION
By: /s/Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On October 27, 1998, the Registrant issued the following press release:
"PYR ENERGY RAISES CAPITAL THROUGH PRIVATE PLACEMENT
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DENVER - PYR Energy Corporation (EBB-PYRX) today announced a $2.3 million
private placement to a group of investors including Victory Oil Company and
Whittier Energy Company (affiliated with the M.H. Whittier Corporation). The
private placement securities issued are 10% convertible debentures that will
automatically convert to 10% convertible preferred stock as soon as PYR has
obtained stockholder approval for, and issued, the convertible preferred shares.
The preferred stock is ultimately convertible into common stock at a conversion
price of $.60 per common share. The Company expects to close on an additional
$200,000 of the same securities within 30 days.
The Company has also agreed to exchange 266,666 shares of its common stock
for 39 square miles of 3-D seismic data and oil and gas leases covering
approximately 5,400 acres from the Victory - Whittier group. This acreage and
data is adjacent to the Company's Southeast Maricopa 'Stevens' exploration
project. PYR expects to close on this transaction during the next week.
PYR Energy also announces that Mr. S.L. Hutchison, Vice-President and Chief
Financial Officer for Victory Oil Company and Mr. Bryce W. Rhodes,
Vice-President of Whittier Energy Company are expected to become members of the
Board of Directors
Scott Singdahlsen, president of PYR Energy said, "This funding not only
provides the Company with the working capital it needs to continue development
of our exciting southern San Joaquin basin exploration activities, but also
establishes a formal relationship with the Victory and Whittier organizations.
PYR's strategic alliance with these respected names in the California petroleum
industry is an important step in moving the Company forward. We are also
extremely pleased that Mr. Hutchison and Mr. Rhodes will be joining our board of
directors."
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.
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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."