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): January 15, 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 January 15,1999,
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 January 15, 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: January 18, 1999 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
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EXHIBIT 99.1
On January 15, 1999, the Registrant issued the following press release:
"A PYR ENERGY REPORTS FIRST QUARTER FINANCIAL RESULTS
DENVER -- PYR Energy Corporation (EBB: PYRX) today announced that for the
first fiscal quarter ended November 30, 1998 ("fiscal 1999"), the Company had a
net loss of ($169,468) or ($.018) per common share compared with a net loss of
($165,511) or ($.018) per common share for the corresponding first quarter ended
November 30, 1997 ("fiscal 1998"). The Company has had no revenues from the sale
of oil or natural gas production. General and administrative expenses associated
with the Company's efforts to pursue primarily its California exploration
projects totaled $137,775 for fiscal 1999 and totaled $187,917 for fiscal 1998.
During fiscal 1999, the Company incurred $29,832 in interest expense associated
primarily with the Company's convertible debentures. At November 30, 1998, the
Company had cash of $1,140,326, total assets of $4,245,927, current liabilities
of $2,604,521 (which includes $2,500,000 of convertible debentures) and total
stockholders' equity of $1,639,141. There were 9,421,470 common shares
outstanding at November 30, 1998.
As previously announced, during the quarter ended November 30, 1998, the
Company issued $2,500,000 of Convertible Promissory Notes in a private placement
to a limited group of investors. These Notes are convertible into the Company's
convertible preferred stock, which is then convertible into the Company's common
stock.
CALIFORNIA OPERATIONS UPDATE
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As previously reported, the Company's exploration well east of Lost Hills
in California blew out and ignited on November 23, 1998. The well flow is
currently being diverted into surface containment facilities consisting of
separators, storage tanks and burn pits. Natural gas is being flared while
liquid hydrocarbons and water are being collected in the burn pits and in above
ground storage tanks for trucking to processing and disposal facilities. A
relief well commenced drilling on December 18, 1998 with the intent of
intersecting the original well bore for plugging. The Company owns a 10.575%
working interest in this well and approximately 23,000 acres in the vicinity of
this well.
At Southeast Maricopa, the Company continues to interpret approximately 52
square miles of proprietary 3D seismic data. The Company controls a 100% working
interest in approximately 23,000 gross acres here and expects to drill an
exploration well in the second quarter of calendar year 1999.
The Company is also interpreting 39 miles of 3D seismic data over its San
Emidio acreage. As part of its recent private placement, the Company acquired
rights to this data along with a 70% working interest in oil and gas leases
covering approximately 5,400 gross acres. The Company expects to drill an
exploration/exploitation well here in the second quarter of calendar 1999.
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."
