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): January 19, 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 January 19, 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 January 19, 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: January 20, 1998 PYR ENERGY CORPORATION
By: /s/ D. Scott Singdahlsen
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D. Scott Singdahlsen
President
EXHIBIT 99.1
On January 19, 1998, the Registrant issued the following press release:
"PYR ENERGY SIGNS LETTER OF INTENT FOR ADDITIONAL CAPITAL
DENVER -- PYR Energy Corporation (OTC EBB: PYRX) today announced that it
has signed a letter of intent to issue up to 2,100,000 shares of its common
stock in a private placement with a small group of investors at a price of $1.25
per share. The Company expects to receive up to $2,625,000 on or before January
30, 1998. Consummation of the private placement is subject to due diligence and
the signing of a definitive purchase and sale agreement. The letter of intent
provides that the Company will file a registration statement covering the
potential resale of the shares by the purchasers. Subsequent to this offering,
PYR will have 11.255 million common shares outstanding.
"This offering will help to fund our ongoing exploration efforts, primarily
in California," said D. Scott Singdahlsen, president of PYR. "The capital adds a
new base of financial support for our long-term business plan and strategies."
The Company also announced that on January 15, 1998, its "A" warrants to
issue 2,047,500 shares of common stock expired unexercised. The Company's "B"
warrants to issue 2,047,500 shares at $1.75 will expire on April 15, 1998.
Operationally, PYR has signed a 3-D seismic acquisition contract with
Western Geophysical, a division of Western Atlas International, Inc., to acquire
approximately 60 square miles of 3-D seismic data over the Company's acreage in
the southern San Joaquin Basin of California. Acquisition of the data is
expected to commence in the first quarter of calendar 1998. Regarding the new
seismic, Singdahlsen said, "We are excited to have one of the best 3-D
acquisition companies in the world working for us. We believe advanced 3-D
technology plays a key part in our team of geoscientists unraveling the
stratigraphic complexities inherent in this basin."
PYR Energy Corporation currently has active exploration projects in the San
Joaquin Basin of California and in the Rocky Mountains.
Statements in this press release involve known and unknown risks and
uncertainties, which may cause the Company's actual results in future periods to
be materially different from any future performance suggested in this press
release. Further, 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. In the context of forward-looking information
provided for in this press release, please refer to the discussion of risk
factors detailed in the Company's filings with the Securities and Exchange
Commission during the past 12 months
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