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): July 16, 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.
Press Release. The press release of the Registrant dated July 16, 1999,
which is filed as an exhibit hereto, is incorporated herein by reference.
Item 7. Financial Statements And Exhibits.
(c) Exhibits.
Exhibit Index
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Exhibit
Number Description
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99.1 Press release dated July 16, 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: July 19, 1999 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On July 16, 1999, the Registrant issued the following press release:
" PYR ENERGY REPORTS THIRD QUARTER FINANCIAL RESULTS
DENVER -- PYR Energy Corporation (EBB: PYRX) today announced that for its
third quarter ended May 31, 1999, the Company had a net loss of ($237,891) or
($.023) per common share, compared with a net loss of ($164,392) or ($.018) per
common share for the corresponding third quarter ended May 31, 1998. In the nine
months ended May 31, 1999, the Company reported a net loss of ($659,192) or
($.068) per common share compared with net income of $50,843 or $.006 per common
share for the corresponding nine month period ended May 31, 1998.
The difference in the 1999 and 1998 third quarters results primarily from
interest expense recorded in 1999 associated with convertible debentures that
were issued during fiscal 1999. The difference between the nine month periods
ended May 31, 1999 and 1998 results from interest on the convertible notes
recorded in the nine months ended May 31, 1999 and from a $556,000 gain on the
sale of partial interests in an undeveloped oil and gas prospect that was
recorded during the nine months ended May 31, 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 $216,359 and
$528,433 for the quarter and nine months ended May 31, 1999, respectively. This
compares to $163,343 and $524,633 for the third quarter and nine months ended
May 31, 1998, respectively.
At May 31, 1999, the Company had cash of $6,517,262, total assets of
$11,179,781, current liabilities of $138,001 and total stockholders' equity of
$11,040,302. Other than a $1,478 obligation under capital lease for office
equipment, the Company has no outstanding long-term debt. There were 14,068,670
common shares outstanding at May 31, 1999.
During the quarter ended May 31, 1999, the Company received $7,000,000
(less commissions, fees and related expenses of approximately $92,000) of
private placement funding through the sale of 4,375,000 shares of its common
stock and 437,500 5-year warrants to purchase an additional share of the
Company's common stock at an exercise price of $2.50. These funds will be used
primarily for additional costs associated with the Company's East Lost Hills
project, costs for additional projects in the San Joaquin Basin of California
and in certain areas of 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.
# # #
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."
