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 7, 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 Releases. The press releases of the Registrant dated December 7,
1999, which are filed as an exhibit hereto, are 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 releases dated December 7, 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 7, 1999, the Registrant issued the following press releases:
" PYR ENERGY TO BEGIN TRADING ON THE AMERICAN STOCK EXCHANGE
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DENVER, CO, - PYR Energy Corporation (OTC EBB: PYRX) announced today that
the company's common stock will begin trading on the American Stock Exchange
under the ticker symbol "PYR" effective December 8, 1999.
"We are very excited to have the opportunity for listing on the American
Stock Exchange" said D. Scott Singdahlsen, President and Chief Executive Officer
of PYR Energy. "AMEX has a long tradition of business with natural resource
companies. We view our listing on the American Stock Exchange as another step in
expanding the Company's exposure to the investment community. In turn, we
believe that this will increase the liquidity of our stock for our
shareholders."
PYR's common stock is currently traded on the OTC Bulletin Board under the
ticker symbol "PYRX"
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."
AND
"PYR ENERGY REPORTS FISCAL AUGUST 31, 1999 FINANCIAL RESULTS
DENVER -- 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 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.
<PAGE>
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."
