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): December 9, 1999
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 December 9, 1999,
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 December 9, 1999.
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: December 13, 1999 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On December 9, 1999, the Registrant issued the following press release:
"PYR PROVIDES CALIFORNIA OPERATIONS UPDATE
AND REPEATS FISCAL AUGUST 31, 1999 FINANCIAL RESULTS
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DENVER, CO, - PYR Energy Corporation (AMEX: PYR), (Formerly EBB:PYRX) is
pleased to provide an operations update of its California exploration projects.
The operator of the projects, Berkley Petroleum Inc. (a U.S. subsidiary of
Berkley Petroleum Corporation, TSE: BKP) has released the following news:
"CAL CANAL
The Berkley Cal Canal No. 1 well is a potential gas well, and a production
liner is being run to total depth of 18,000 feet. Production testing of
potential pay zones in the Temblor formation will be conducted in the near
future, as the required personnel and equipment become available from the
Bellevue No. 1-17R completion.
Public Company partners with Berkley in the Cal Canal prospect are Elk
Point Resources Inc. (TSE:ELK news), Hilton Petroleum Ltd. (VSE:HTP - news),
Paramount Resources Ltd. (TSE:POU - news), PYR Energy Corporation (AMEX:PYR -
news), Trimark Oil & Gas Ltd. (VSE:TMK - news), and Westminster Resources Ltd.
(TSE:WML - news)
EAST LOST HILLS
The Bellevue No. 1-17R well production testing operation is continuing. A
large plug of drilling mud, perforating debris, and formation in the production
tubing is currently being removed. Approximately 1600 feet of this plug has been
recovered to date. Once the plug is eliminated, the evaluation of the Temblor
zone productivity will continue.
The Berkley East Lost Hills No. 1 step-out well is currently at a depth of
16,867 feet, immediately above the Temblor Formation. Drilling out of the
intermediate casing into the Temblor Formation is anticipated to occur this
week. A total depth of 20,000 feet is currently planned which is expected to be
reached in January.
Public Company partners with Berkley Petroleum in the East Lost Hills
development are Elk Point Resources Inc. (TSE:ELK - news), Hilton Petroleum Ltd.
(VSE:HTP - news), Kookaburra Resources Ltd. (TSE:KOB news), Paramount Resources
Ltd. (TSE:POU - news), PYR Energy Corporation (AMEX:PYR - news), Richland
Petroleum Corp. (TSE:RLP - news), Trimark Oil & Gas Ltd. (VSE:TMK - news), and
Westminster Resources Ltd. (TSE:WML news)."
FISCAL AUGUST 31,1999 FINANCIAL RESULTS
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On December 7, 1999, The Company issued the following news release:
PYR Energy Corporation (EBB: PYRX) today announced audited financial
results for the fiscal years ended August 31, 1999 ("1999") and the fiscal year
ended August 31, 1998 ("1998"). PYR Energy reports that for 1999, the Company
had a net loss of ($1,140,407) or 10.5 cents ($.105) per common share compared
with a net loss of ($110,807) or 1.2 cents ($.012) per common share for 1998.
The difference in results of operations is comprised of an increase in interest
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expense of $183,256 primarily associated with convertible debentures in 1999
(which were outstanding from October 26, 1998 to April 16, 1999) and from oil
and gas project abandonments and impairments recorded in 1999 of $306,369. In
addition, in 1998 the Company recognized a gain of $556,197 from the sale of a
portion of one of the Company's oil and gas prospects.
The Company has had no revenues from the sale of oil or natural gas
production. Total revenues for 1999 were comprised exclusively of interest
income of $116,713. Total revenues for 1998 were $46,145, consisting of $10,000
of consulting fee revenue and $36,145 of interest income. General and
administrative expenses associated with the Company's efforts to pursue
primarily its exploration projects totaled $743,115 for 1999 and $675,245 for
1998. At August 31, 1999, the Company had cash and marketable securities of
$5,228,967, working capital of $5,060,957, total assets of $10,762,521, current
liabilities of $181,439, and stockholders' equity of $10,580,020. There were
14,408,620 common shares outstanding at August 31, 1999.
PYR Energy Corporation is a natural gas and oil exploration company with
activities primarily focused in the San Joaquin Basin of California and also in
select areas of the Rocky Mountains. The Company currently controls in excess of
100,000 gross and 45,000 net acres over 8 separate projects in California
(including a 10.575% working interest in the East Lost Hills exploration project
and a 3.75% "carried through the tanks" (non cost bearing) working interest at
the Cal Canal initial exploration well). PYR also currently controls in excess
of 104,000 gross and 52,000 net acres over 3 separate projects in the Rocky
Mountains.
# # #
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."
