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 16, 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.
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Press Release. The press release of the Registrant dated July 16, 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 16, 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: July 20, 1998 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On July 16, 1998, the Registrant issued the following press release:
"PYR ENERGY REPORTS THIRD QUARTER FINANCIAL RESULTS
DENVER -- PYR Energy Corporation (OTC EBB: PYRX) today reported that for
the third fiscal quarter ended May 31, 1998, the Company had a net loss of
($164,392) or ($.018) per common share as compared with net income of $32,531 or
$.008 per common share for the third quarter ended May 31, 1997. The loss in the
quarter ended May 31, 1998 is primarily attributable to general and
administrative expenses associated with the Company's efforts to commence
drilling operations on its Mastiff prospect and to secure an industry partner
for drilling at its School Road project. For the nine month period ended May 31,
1998, the Company had net income of $50,843 or $.006 per common share as
compared to net income of $51,869 or $.013 per common share for the nine month
period ended May 31, 1997. During the nine months ended May 31, 1998, the
Company recorded a gain from the sale of a portion of its Mastiff project of
$556,197. The Company has had no revenues from the sale of oil or natural gas
production.
At May 31, 1998, the Company had cash of $303,829, a receivable of
$191,600, total assets of $2,507,919, current liabilities of $734,120 and
stockholders' equity of $1,770,261. There were 9,154,804 common shares
outstanding at May 31, 1998.
OPERATIONS UPDATE
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As previously reported the Company's Mastiff prospect well east of Lost
Hills in California was spud on May 14, 1998. This well continues to drill
toward its total depth of 19,000 feet. The well is on schedule to reach total
depth in early September.
The Company had also reported the signing of a joint venture agreement for
its School Road project in California. The Bureau of Land Management has granted
a drilling permit and an initial exploration well here is expected to spud this
month. This well is to be drilled to test multiple Upper Miocene 'Stevens' sands
in a combination structural/stratigraphic feature defined by 3-D seismic data.
This well is anticipated to take 30 to 45 days to reach its total depth of
12,500 feet.
At Southeast Maricopa, the Company previously reported completion of its
3-D seismic acquisition project. This seismic data is currently being processed
by the Company's seismic contractor.
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."
