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 18, 2000
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 14, 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 January 14, 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: January 18, 2000 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On January 14, 2000, the Registrant issued the following press release:
" PYR ENERGY REPORTS FIRST QUARTER FINANCIAL RESULTS
DENVER -- PYR Energy Corporation (AMEX: PYR) today announced that for the
first fiscal quarter ended November 30, 1999, the Company had a net loss of
($165,627) or 1.1 cents ($.011) per common share, compared with a net loss of
$(169,468) or 1.8 cents ($.018) per common share for the corresponding first
fiscal quarter ended November 30, 1998.
The Company has not owned any producing or proved oil and gas properties.
Accordingly, no oil and gas revenues or expenses have been recorded by the
Company. The Company recorded $56,841 and $4,525 in interest income for the
quarters ended November 30, 1999 and 1998, respectively. The increase is
attributable to additional cash on hand from the Private Placement completed in
May of 1999.
The Company incurred $217,845 and $137,775 in general and administrative
expenses during the quarters ended November 30, 1999 and 1998, respectively. The
difference is primarily attributable to an increase in personnel to enable the
Company to continue to pursue its exploration activities. The Company recorded
nominal interest expense for the quarter ended November 30, 1999 and incurred
$29,832 in interest expense for the quarter ended November 30, 1998, primarily
associated with the Company's then outstanding convertible debentures. These
debentures were converted into the Company's Series A Convertible Preferred
Stock on April 16, 1999. The Company is obligated to pay a ten percent dividend
on outstanding shares of this preferred stock.
At February 28, 1999, the Company had cash and marketable securities of
$3,317,608, working capital of 3,340,427, total assets of $10,494,299, current
liabilities of $59,906 and total stockholders' equity of $10,434,393. There were
14,579,580 common shares outstanding at November 30, 1999.
PYR Energy Corporation is a natural gas and oil exploration company with
activities primarily focused on deep natural gas exploration in the San Joaquin
Basin of California and in select areas of the Rocky Mountains.
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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."
