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): August 24, 2001
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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 August 23, 2001,
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 August 23, 2001.
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: August 24, 2001 PYR ENERGY CORPORATION
By:/s/ Andrew P. Calerich
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Andrew P. Calerich
Chief Financial Officer
EXHIBIT 99.1
On August 23, 2001, the Registrant issued the following press release:
" PYR ENERGY UPDATES DRILLING OPERATIONS AT EAST LOST HILLS
3D seismic data to be used to further evaluate structure.
DENVER -- PYR Energy Corporation (AMEX:PYR) today announced that a
determination has been made to undertake further analysis and evaluation of all
engineering, geological and geophysical data before proceeding with completion
operations on its ELH #4 well in the East Lost Hills area of the San Joaquin
Basin of California. The ELH #4 has been drilled to a depth of 20,800 feet. Log
analysis reflects the reservoir quality in the lower Temblor comparable to, but
slightly poorer than, the correlative interval in the currently producing ELH #1
well. However, the lack of strong indications of major fracturing has raised
concern as to the commercial viability of production from this well bore. Plugs
will be set to allow re-entry for casing and testing in the existing well bore
or to allow sidetrack drilling to test the lower Temblor in a more crestal
position. The participants are also considering drilling a horizontal lateral in
order to increase the probability of intersecting a major fracture system that
could increase the potential deliverability of this well. PYR owns a 12.12%
working interest in this well.
During the first half of 2001, the participants at East Lost Hills acquired
approximately 165 square miles of 3D seismic data over the East Lost Hills area.
Delivery of the final processed seismic data is expected to be received within
the next 60 days. The interpretation of this 3D seismic data volume will be
critical in gaining a more complete understanding of the complex structural
geometry at East Lost Hills and will assist in making design and location
decisions in the drilling of future wells and in the potential re-entry,
re-design or re-direction of wells currently suspended.
Scott Singdahlsen, President and CEO of PYR stated, "Given the high cost of
drilling these very deep wells, we desire to optimize our results by utilizing
all available information to analyze the status of our existing wells and to
move forward in a directed manner to optimize future drilling. We anticipate
that the 3D seismic data will greatly enhance our understanding of this very
complex project."
The ELH #9 well, located approximately 2 miles southeast of the #4 well, is
currently at a depth of 11,904 feet with 13-5/8" intermediate casing being set.
This well was spud in early August and has a target depth in the lower Temblor
formation of 21,000 feet. PYR Energy owns a 12.12% working interest in this
well. The ELH #9 well, located approximately 2 miles southeast of the #4 well,
is currently at a depth of 11,904 feet with 13-5/8" intermediate casing being
set. This well was spud in early August and has a target depth in the lower
Temblor formation of 21,000 feet. PYR Energy owns a 12.12% working interest in
this well.
The Aera Energy LLC NWLH 1-22 commenced drilling today in Section 22
T25S-R20E. This well is designed to test the Temblor formation to a projected
depth of 20,000 feet and is located approximately 3.5 miles northwest of the
currently producing ELH #1 well. PYR Energy is participating in this well at an
approximate 4% working interest.
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. 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. This press release includes the opinions of PYR Energy
and does not include the views of any other person or entity. This release not
been reviewed or approved by the operator or participants in any of the projects
discussed."