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 30, 2003
PYR Energy Corporation
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(Exact name of registrant as specified in its charter)
Maryland 0-20879 95-4580642
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1675 Broadway, Suite 2450, Denver, Colorado 80202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 825-3748
Item 5. Other Events.
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Press Release. The press release of the Registrant dated January 30, 2003,
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 30, 2003.
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 31, 2003 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On January 30, 2003, the Registrant issued the following press release:
"PYR ENERGY UPDATES SAN JOAQUIN BASIN EXPLORATION ACTIVITY
DENVER -- PYR Energy Corporation (AMEX:PYR) today announced that the
operator of the Pyramid Power well, located in Kern County, California, has
recommended plugging and abandoning this exploration well. Production testing in
the Point of Rocks formation has resulted in non-commercial delivery of
hydrocarbons and, based on log analysis, the operator has determined that
production testing in the Temblor formation is not warranted. Other participants
in the well, including PYR Energy Corporation, have consented to the plugging
operations. PYR owns a carried working interest of 2.81% in the well and as a
result of the carry, PYR has not incurred and will not incur any costs in the
drilling or plugging of the well.
"While it is certainly disappointing that the Pyramid Power project was not
successful, we remain optimistic concerning our Temblor formation targeted
Bulldog and Wedge prospects," said Scott Singdahlsen, President of PYR. "These
new Temblor projects are considerably more shallow than the Pyramid Power and
East Lost Hills exploratory drilling that we have undertaken to the Temblor thus
far in the San Joaquin Basin. With shallower depths for the same Temblor
formation, we expect to encounter better reservoir quality." Singdahlsen
continued by stating, "we are optimistic that hydrocarbons exist at this depth
in the Temblor formation because of our experience in drilling to the deeper
Temblor at East Lost Hills and at Pyramid Power."
PYR owns approximately 12,100 gross and 11,600 net acres at its Wedge
prospect and approximately 15,600 gross and 15,100 net acres at its Bulldog
prospect.
Denver based PYR Energy is an independent oil and gas company primarily
engaged in the exploration for and the development and production of natural gas
and crude oil. PYR's activities are focused in the San Joaquin Basin of
California and in select areas of the Rocky Mountain region. Additional
information about PYR Energy Corporation can be accessed via the Company's web
site at www.pyrenergy.com.
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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. This press release includes the opinions of PYR Energy
and does not necessarily include the views of any other person or entity. This
release may not have been reviewed or approved by the operator and/or
participants in any of the projects discussed."