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): June 1, 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
<PAGE>
Item 5. Other Events.
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Press Release. The press release of the Registrant dated June 1, 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 June 1, 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: June 4, 1998 PYR ENERGY CORPORATION
By: /s/Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On June 1, 1998, the Registrant issued the following press release:
PYR Signs Agreement to Drill Second California Exploration Project
DENVER - PYR Energy Corporation (OTC EBB: PYRX) today announced that it has
executed a Participation Agreement with Seneca Resources Corporation for the
drilling of PYR's Rainbow 'Stevens' exploration prospect in the School Road area
of the southern San Joaquin Basin. Houston based Seneca Resources, which has
extensive oil and gas operations in California, is the oil and gas subsidiary of
National Fuel Gas Company (NYSE: NFG). PYR will retain a 40% working interest in
the project.
The Rainbow exploration well should be spud soon after issuance of the
drilling permit, anticipated to take approximately 60 days. This initial test
well is to be drilled to a total depth of approximately 12,500 feet to test
multiple Upper Miocene, 'Stevens' sands in a combination
structural/stratigraphic feature defined by 3-D seismic data. These 'Stevens'
sand reservoirs typically produce light oil (28 degrees - 42 degrees API
gravity) and associated natural gas. The Rainbow prospect is one of a series of
prospects identified and mapped by PYR from 3-D seismic data within the School
Road project.
The School Road project is the second in a series of three exploration
projects in the San Joaquin basin to be drilled by PYR in 1998. The first
project, East Lost Hills, is currently drilling toward an anticipated total
depth of 19,000 feet. In the third project at SE Maricopa, the 52-square-mile
3-D seismic acquisition program is anticipated to be complete by mid-June, with
an initial exploration well to be drilled near year-end 1998.
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.
