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): April 19, 2000
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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 April 19, 2000,
which is filed as an exhibit hereto, is incorporated herein by reference.
Item 7. Financial Statements And Exhibits.
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(c) Exhibits.
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Exhibit Index
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Exhibit
Number Description
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99.1 Press release dated April 19, 2000.
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: April 20, 2000 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On April 19, 2000, the Registrant issued the following press release:
"PYR ENERGY REPORTS SECOND QUARTER FINANCIAL RESULTS
DENVER -- PYR Energy Corporation (AMEX:PYR) today announced that for the
second fiscal quarter ended February 29, 2000, the Company had a net loss of
($241,300) or 1.5 cents ($.015) per common share, compared with a net loss of
($251,834) or 2.7 cents ($.027) per common share for the corresponding second
fiscal quarter ended February 28, 1999. In the six months ended February 29,
2000, the Company reported a net loss of ($406,927) or 2.7 cents ($.027) per
common share compared with a net loss of ($421,302) or 4.5 cents ($.045) for the
corresponding six month period ended February 28, 1999. The Company has had no
revenues from the sale of oil or natural gas production.
Interest income increased to $27,447 and $82,289 for the quarter and six
months ended February 29, 2000, respectively. This compares to $11,076 and
$15,601 for the quarter and six months ended February 28, 1999, respectively.
The increases are from additional cash and marketable securities on hand during
the quarter and six months ended February 29, 2000, resulting from the private
placement completed in May of 1999.
General and administrative expenses primarily associated with the Company's
efforts to pursue its California and Rocky Mountain exploration projects totaled
$263,993 and $481,838 for the quarter and six months ended February 29, 2000,
respectively. This compares to $174,299 and $312,074 for the quarter and six
months ended February 28, 1999, respectively. The increases reflected in the
quarter and six months ended February 29, 2000, are predominately from increases
in personnel and salaries to enable the Company to continue to pursue its
exploration activities and from increases in shareholder relations and business
promotion expenditures resulting from the Company's expanding shareholder base.
Interest expense was $55 and $121 for the quarter and six months ended
February 29, 2000, respectively. For the same periods, dividends paid on the
Company's outstanding Series A Convertible Preferred Stock ("Preferred Shares")
was approximately $107,000. This compares to $82,204 and $112,036 recorded in
interest expense for the quarter and six months ended February 28, 1999,
respectively. There were no dividends paid during those periods. The decrease in
interest expense and increase in dividends paid results from the conversion of
convertible debentures, outstanding through April 16, 1999, into Preferred
Shares. The Company is obligated to pay a 10% annual dividend on outstanding
Preferred Shares semi-annually on January 1 and July 1 of each year. As of
January 1, 2000, the Company paid the approximate $107,000 of dividends by
issuing 24,914 shares of common stock.
At February 29, 2000, the Company had cash and marketable securities of
$2,189,545 working capital of $2,132,757, total assets of $10,329,787, current
liabilities of $92,945 and total stockholders' equity of $10,236,842. There were
15,947,764 common shares outstanding at February 29, 2000.
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OPERATIONS:
At the Company's San Joaquin Basin, California-East Lost Hills exploration
project, the operator, Berkley Petroleum, Inc. (TSE:BKP), has started completion
operations on the Berkley ELH #1 well after reaching total depth of 19,724 feet.
Production testing of this well is expected to commence immediately after
completion. Additional drilling activity is planned in the East Lost Hills
exploration program. The Company owns a 10.575% working interest in the
approximate 30,000 acres at East Lost Hills.
In addition to East Lost Hills, the Company controls approximately 27,000
net acres in two additional San Joaquin basin exploration opportunities and is
presently in the process of presenting these opportunities to potential industry
participants. These prospects target the Temblor formation similar to the East
Lost Hills exploration program. The Company's intent is to bring in a
participant with operational expertise to drill the exploration wells and to
provide PYR with an up front cash consideration. The Company also expects to
retain a working interest in the prospects.
In the Rocky Mountains, the Company has started the process of presenting
one of its exploration projects to potential industry participants. The Company
intends to replicate the approach of bringing in operational expertise to drill
exploration wells and to provide PYR with an up front cash consideration. The
Company also expects to retain a working interest in this project. PYR currently
controls approximately 130,000 net acres in this particular project.
PYR continues to work on creating additional exploration opportunities both
in the San Joaquin Basin of California and in the Rocky Mountain region.
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 Mountains region. Additional information about PYR Energy Corporation
can be accessed via the Company's web site at www.pyrenergy.com.
# # #
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."
