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 28, 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 27, 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.
Exhibit Index
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Exhibit
Number Description
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99.1 Press release dated January 27, 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 28, 2000 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On January 27, 2000, the Registrant issued the following press release:
" PYR ENERGY REPORTS OPERATIONS UPDATE ON ACTIVITIES IN THE SAN JOAQUIN BASIN
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DENVER -- PYR Energy Corporation (AMEX:PYR) reports the following news has
been released by Berkley Petroleum Corporation (BKP.T) of Calgary:
"Cal Canal
The Berkley Cal Canal #1 well penetrated 1,230 feet of Temblor formation with
775 feet of net sand, and was drilled to a total depth of 18,100 feet. The well
completion commenced on January 20, 2000. Non commercial hydrocarbon flow rates
were obtained from the initial perforated 10 foot zone in the lower McDonald.
Several additional zones remain to be tested in the Temblor, McDonald and upper
McDonald. Partners have decided to defer further completion or deepening of the
existing well bore until information regarding reservoir quality and performance
is obtained from on-going drilling efforts in the San Joaquin basin."
"Regional San Joaquin Venture
The partnership has recently completed two 2D seismic programs of 120 miles as
well as acquired considerable additional trade seismic data. Current plans are
to spud the next regional San Joaquin Joint Venture exploration well by third
quarter 2000."
"East Lost Hills
The Bellevue 1-17R well was production tested in December and flowed gas at
rates ranging between 1.3 and 5.0 MMCFPD. Condensate and water was also obtained
during the test. Pressure build-up analysis indicated that only the uppermost
sand unit encountered in 1-17R was contributing to the flow. The uncemented
production liner in 1-17R makes stimulation efforts very difficult, hence the
partners have decided to review the options of either a sidetrack of 1-17R to
redrill the Temblor section, or drill a new well from surface."
"The East Lost Hills Berkley #1 well is currently at a depth of 18,237 feet,
approximately 1,000 feet into the Temblor formation. Four separate sand units
with approximately 720 feet of net sand have been penetrated. Steadily
increasing gas shows have been encountered to date in Berkley #1. Total depth
remains at 20,000 feet, and is expected to be reached in approximately 30 days.
It is expected that an intermediate casing string will be run prior to
completion to total depth. Plans are currently being put in place to drill an
additional 2 wells at East Lost Hills with both wells spudding prior to
mid-year."
In addition, PYR adds the following information with respect to its
interests' in their San Joaquin Basin projects:
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PYR Energy owns a 3.75% `carried through the tanks' working interest in the
Cal Canal exploration well. As such, PYR has no capital costs associated with
the drilling and ongoing completion of the well. "While we are disappointed in
the initial evaluation at Cal Canal, we remain focused on the potential and
current drilling activity at East Lost Hills", said Scott Singdahlsen, president
of PYR. "We do not feel that the initial results at Cal Canal impact our other
deep Temblor activities nor change the potential of the East Lost Hills trend."
PYR owns a 10.575% working interest in the East Lost Hills Area of Mutual
Interest ("ELH-AMI") with all of the interest being capital cost bearing in the
currently drilling Berkley #1 well. In addition, PYR has a 10.575% working
interest in Bellevue 1-17R well with a 4.1% capital cost bearing interest and a
6.475% interest that is carried through the tanks. PYR has additional San
Joaquin Basin projects that are based upon on-going geological and geophysical
analysis. PYR controls 100% of approximately 25,000 additional acres and
controls 30% of approximately 3,800 acres on trend with the East Lost Hills
feature outside of the existing ELH AMI.
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.
# # #
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."
