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): March 2, 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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Item 5. Other Events.
Press Release. The press release of the Registrant dated March 2, 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
99.1 Press release dated March 2, 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: March 4, 1998 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On March 2, 1998, the Registrant issued the following press release:
"PYR Energy Reports Signing Of Drilling Partners In California
DENVER: PYR Energy Corporation (OTC EBB: PYRX) today announced that it has
completed the signing of a Joint Operating Agreement with seven established US
and Canadian oil and gas exploration companies to participate in the drilling of
a deep wildcat well to evaluate PYR's Mastiff prospect in the western San
Joaquin Basin foldbelt of California.
As part of the agreement, the seven companies will provide PYR a cash
consideration for acreage and a 7.03% carried working interest through
completion in an initial well. In addition to the carried interest, PYR also
retains a 1.875% working interest in the drilling of this test well. One-half of
the cash consideration has been received and the final one-half is due 2 weeks
prior to spud of the well. Drilling and completion expenditures net to PYR's
1.875% working interest are estimated to be approximately $75,000.
The Mastiff exploration well should be spud early in the second quarter of
1998. This initial test well is to be drilled to approximately 18,500 feet to
test Miocene sands in a large seismically defined structure. PYR's management
believes that if successful, the prospect has the potential to contain
recoverable reserves in the hundreds of millions of barrels of light oil and
associated natural gas. Upon drilling, this well should be the deepest onshore
California wildcat in the last decade. Anticipated drilling time for the well is
from 100 to 120 days.
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."
