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): November 24, 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 November 24, 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 November 24, 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: November 24, 1998 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On November 24, 1998, the Registrant issued the following press release:
PYR ENERGY REPORTS WELL BLOWOUT IN CALIFORNIA
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DENVER - PYR Energy Corporation (OTCBB-PYRX) reports a blow out to the
Bellevue No. 1 exploration well in Kern County California.
The operator, Elk Point Resources (TSE:ELK.) reports that the East Lost
Hills Bellevue No. 1 well blew out and ignited at about 8:30 p.m. PST on Monday,
November 23. All seventeen rig workers and crew were safely evacuated from the
well site which is located 45 miles northwest of Bakersfield, California.
An expert well control team, Boots and Coots Inc. from Houston, arrived on
the scene at about 3 a.m. PST this morning. Onsite personnel indicate that the
fire is contained to the rig site and does not threaten any residents. An
emergency response plan remains in effect.
PYR Energy owns an approximate 10.5% working interest in the well. Based on
information currently available, the Company believes they have adequate
insurance coverage for the blow out, well control, pollution, evacuation and
loss and removal of the rig, as well as for the drilling of any relief wells and
any re-drilling operations. The Company and the other working interest owners
are presently attempting to evaluate all direct and indirect damage caused by
the blowout.
The Bellevue #1 well was spud on May 15, 1998 to test prospective Miocene
sandstone reservoirs in the Temblor Formation. The well had been drilled to
approximately 17,600 feet toward a total depth of 19,000 feet.
Further news releases pertaining to the East Lost Hills Bellevue No. 1 Well
will be issued as new developments arise.
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."
