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): June 1, 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
<PAGE>
Item 5. Other Events.
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Press Release. The press release of the Registrant dated June 1, 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 June 1, 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: June 4, 1999 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Chief Financial Officer
EXHIBIT 99.1
On June 1, 1999, the Registrant issued the following press release:
"PYR REPORTS EAST LOST HILLS EXPLORATION WELL CONTROLLED
DENVER -- PYR Energy Corporation (EBB: PYRX) today announced that the San
Joaquin Basin deep exploration well that blew out on November 23, 1998, has been
successfully controlled. The Operator of the well, Elk Point Resources Inc.
(ELK.TO), issued the following news release:
'East Lost Hills: Bellevue #1-17 Well Control Efforts Successful
CALGARY, ALBERTA--The Bellevue #1-17 well at East Lost Hills was confirmed
killed on Saturday, May 29, 1999. Heavy mud and cement were pumped through
perforations into the #1-17 wellbore from a relief well which had been drilled
to a depth of 16,668 feet. The Bellevue #1-17 well blew out on November 23, 1998
and had been flowing natural gas, liquid hydrocarbons and water into containment
facilities since December 1998.
The Bellevue #1-17 wellbore will be plugged back and abandoned. The relief
well #1-17R will be used to sidetrack a replacement well into the targeted
Temblor zone. It is estimated that drilling of the replacement well, which will
be sidetracked from the relief wellbore at approximately 10,800 feet, will take
approximately 75 days.'
Other participants in the project include Berkley Petroleum Corp (BKP.TO),
Hilton Petroleum Ltd (HTP.V), Kookaburra Resources Ltd (KOB.TO), Paramount
Resources Ltd (POU.TO), Richland Petroleum Corp (RLP.TO) and Westminster
Resources Ltd (WML.TO)
PYR also reports that, as of May 14, 1999, the Company has completed its
previously reported private placement. In addition to the $5,468,000 already
received, the Company has received an additional $1,532,000 under the same terms
and conditions. This final component results in a total of $7,000,000 raised
through this private placement.
The purpose of the placement is to fund additional exploitation and
development costs related to its East Lost Hills project, to fund the previously
reported acquisition of carried working interests in each of three additional
deep San Joaquin Basin exploration prospects purchased from Armstrong Resources
LLC of Denver, for additional exploration activities in the San Joaquin Basin
and in the Rocky Mountains and for general and administrative expenses.
Denver based PYR Energy is a natural gas and oil exploration company with
activities focused in the San Joaquin Basin of California and in select areas of
the Rocky Mountain region.
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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."
