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): April 20, 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 April 20, 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 April 20, 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: April 27, 1998 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On April 20, 1998, the Registrant issued the following press release:
" PYR ENERGY ANNOUNCES SECOND QUARTER FINANCIAL RESULTS,
REPORTS EXTENSION OF ITS CLASS B WARRANTS TO JUNE 30, 1998
DENVER -- PYR Energy Corporation (OTC EBB: PYRX) today reported that for
the second fiscal quarter ended February 28, 1998, the Company had net income of
$380,746 or $.042 per common share as compared with net income of $14,707 or
$.003 per common share for the second quarter ended February 28, 1997. For the
six month period ended February 28, 1998, the Company had net income of $215,235
or $.024 per common share as compared to net income of $19,338 or $.005 per
common share for the six month period ended February 28, 1997. For the three and
six months ended February 28, 1998, the Company recognized a gain on sale of a
portion of its Mastiff prospect at East Lost Hills in California of $556,197.
The company has had no revenues from the sale of oil and gas production.
At February 28, 1998, the Company had $1,452,859 in working capital, total
assets of $1,980,762 and stockholders' equity of $1,934,652. There were
9,154,804 common shares outstanding at February 28, 1998.
PYR Energy also announced that on April 14, 1998, the board of directors
approved extending the expiration date of its outstanding Class "B" $1.75
warrants that were due to expire on April 15, 1998, to June 30, 1998.
OPERATIONS UPDATE
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The Company anticipates its previously reported Mastiff prospect well at
East Lost Hills will spud within the next two to four weeks, subject to rig
availability and weather. This is a deep wildcat well to be drilled to a depth
of 18,500 feet and is projected to take three to four months to drill.
The Company has also previously reported commencement of 3D seismic
acquisition over its Southeast Maricopa project. To date, approximately 25% of
the data has been acquired. The Company has experienced delays in the
acquisition process due to substantial rain in the basin, and is expecting to
complete the 3D seismic acquisition late in May of 1998.
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.
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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"
