3 1 form3pyr.htm

SEC 1473

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange act of 1934,

Section 17(a) of the Public Utility Holding Company Act of 1935 or

Section 30(f) of the Investment Company Act of 1940

Form 3

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1 .Name and Address of Reporting Person*

Eastbourne Capital Management, L.L.C.

(See Note 1)

2. Date of Event

Requiring Statement

(Month/Day/Year)

May 24, 2002

_________________________

3. IRS Identification Number of Reporting Person, if an entity
(voluntary)

4. Issuer Name and Ticker or Trading Symbol

PYR Energy Corporation (PYR)

(Last) (First) (Middle)

1101 Fifth Avenue, Suite 160

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

______Director __XX_10% Owner

______Officer _XX__ Other (specify below)

Right to appoint Directors (See Note 3)

6. If Amendment, Date of
Original (month/Day/Year)

(Street)

San Rafael, CA 94901

7. Individual or Joint/Group
Filing (Check Applicable Line)

___Form filed by One Reporting Person
XXForm filed by More than One Reporting Person

(City) (State) (Zip)

 

 

 

Table I Non-Derivative Securities Beneficially Owned

1. Title of Security
(Instr. 4)

2. Amount of Securities Beneficially Owned (Instr. 4)

3. Ownership
Form: Direct
(D) or Indirect
(I) (Instr. 5)

4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Common Stock

3,634,000

I

See Note 2

Common Stock

2,317,019

D

See Note 3

Common Stock

7,150

D

See Note 5

 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of
Derivative Security
(Instr. 4)

2. Date Exer-
cisable and
Expiration
Date
(Month/Day/Year)

3. Title and Amount of Securities
Underlying
Derivative Security
(Inst. 4)

4. Conver-
sion or
Exercise
Price of
Deri-
vative
Security

5. Owner-
ship
Form of
Deriv-
ative
Securities:
Direct
(D) or
Indirect
(I)
(Inst. 5)

6. Nature of Indirect
Beneficial Ownership
(Instr.5)

Date
Exer-
cisable

Expira-
tion
Date

Title

Amount
or
Number
of
Shares

Convertible Notes

05/24/02

05/24/09

Common Stock

4,615,385

$1.30

I

See Notes 2 and 4

Convertible Notes

05/24/02

05/24/09

Common Stock

2,952,308

$1.30

D

See Notes 3 and 4

Warrants

08/04/00

07/31/03

Common Stock

1,430

$4.80

D

See Note 5

Explanation of Responses:

1. The reporting persons are Eastbourne Capital Management, L.L.C. ("Eastbourne"), a registered investment adviser, Richard Jon Barry, Manager of Eastbourne, Black Bear Offshore Master Fund Limited ("Black Bear Offshore"), a Cayman Islands exempted company to which Eastbourne is investment adviser, Eric M. Sippel, Chief Operating Officer of Eastbourne, and Borden Putnam, an employee of Eastbourne. Eastbourne is the general partner and investment adviser of investment limited partnerships, the manager and investment adviser of investment limited liability companies and the investment adviser to other accounts. Each reporting person disclaims membership in a group with any other person not included on this report within the meaning of Rule 13d-5(b)(i) and Rule 16a-1(a)(1) under the Exchange Act.

2. These securities are owned directly by an investment limited partnership of which Eastbourne is the general partner and investment adviser, an investment limited liability company of which Eastbourne is the manager and other accounts to which Eastbourne is investment adviser, including Black Bear Offshore. Eastbourne owns the securities indirectly in its capacities as general partner and investment adviser, and Mr. Barry owns them indirectly as the controlling owner of Eastbourne. Each reporting person disclaims beneficial ownership in the securities except to the extent of such reporting person's pecuniary interest therein.

3. These securities are owned directly by Black Bear Offshore.

4. On May 24, 2002, investment funds of which Eastbourne is the general partner and/or investment adviser, including Black Bear Offshore, purchased Convertible Notes (the "Notes") in the principal amount of $6,000,000 from the Issuer. The Note holders have the right to appoint two members of the Issuer's board of directors. The Note holders have appointed Mr. Sippel and Mr. Putnam to serve as directors of the Issuer.

5. These securities are owned directly by Mr. Putnam.

 

 

 

Dated: May 31, 2002

Eastbourne Capital Management, L.L.C.

 

By: Eric M. Sippel
Chief Operating Officer

 

 

 

Richard J. Barry

Black Bear Offshore Master Fund Limited

By: Eastbourne Capital Management, L.L.C.

Attorney-in-fact

 

By: Eric M. Sippel

Chief Operating Officer

 

 

 

Eric M. Sippel

 

 

 

Borden Putnam

 

 

 

Joint Filer Information

Dated: May 31, 2002

Name: Richard Jon Barry

Address: 1101 Fifth Avenue, Suite 1600, San Rafael, CA 94901

Designated Filer: Eastbourne Capital Management, L.L.C.

Issuer and Ticker Symbol: PYR Energy Corporation (PYR)

Statement for Month/Year: May 2002

Signature: Richard J Barry

Name: Eric M. Sippel

Address: 1101 Fifth Avenue, Suite 1600, San Rafael, CA 94901

Designated Filer: Eastbourne Capital Management, L.L.C.

Issuer and Ticker Symbol: PYR Energy Corporation (PYR)

Statement for Month/Year: May 2002

Signature: Eric M. Sippel

Name: Black Bear Offshore Master Fund Limited

Address: c/o CITCO Fund Services (Cayman Islands) Limited

Corporate Centre, West Bay Road, P.O. Box 31106-SMB

Grand Cayman, Cayman Islands

Designated Filer: Eastbourne Capital Management, L.L.C.

Issuer and Ticker Symbol: PYR Energy Corporation (PYR)

Statement for Month/Year: May 2002

By: Eastbourne Capital Management, L.L.C., Attorney-in-Fact

By: Eric M. Sippel, Chief Operating Officer

 

Name: Borden Putnam

Address: 1101 Fifth Avenue, Suite 1600, San Rafael, CA 94901

Designated Filer: Eastbourne Capital Management, L.L.C.

Issuer and Ticker Symbol: PYR Energy Corporation (PYR)

Statement for Month/Year: May 2002

Signature: Borden Putnam