8-K

                       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): May 24, 2002
                                                           ------------



                             PYR Energy Corporation
                             -----------------------
             (Exact name of registrant as specified in its charter)



         Maryland                      0-20879                   95-4580642
 ----------------------------      ---------------           ------------------
 (State or other jurisdiction     (Commission File              (IRS Employer
      of incorporation)                Number)               Identification No.)



                1675 Broadway, Suite 2450, Denver, Colorado 80202
                -------------------------------------------------
               (Address of principal executive offices) (Zip Code)



        Registrant's telephone number, including area code (303) 825-3748
                                                           --------------






Item 5. Other Events.
        ------------

     Press Release. On May 24, 2002, the Registrant completed the sale of $6
million of principal amounts of convertible promissory notes to three investors.
Certain terms of this transaction are described in the press release of the
Registrant dated May 28, 2002, which is filed as an exhibit hereto and is
incorporated herein by reference. In connection with this transaction, the
investors were entitled to designate two directors to the Registrant's board of
directors. Eric Sippel, Chief Operating Officer, and Borden Putnam, analyst, of
Eastbourne Capital Management, L.L.C. were designated by the investors and
elected as directors pursuant to this right.


Item 7.  Financial Statements And Exhibits.
         ---------------------------------

         (c) Exhibits.
             --------

                                  Exhibit Index
                                  -------------

Exhibit
Number   Description
- ------   -----------

99.1     Press release dated May 28, 2002.



                                    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:  May 29, 2002           PYR ENERGY CORPORATION



                              By: /s/ Andrew P. Calerich
                                  ----------------------------------------------
                                      Andrew P. Calerich
                                      Vice President and Chief Financial Officer

EX-99.1

                                                                    EXHIBIT 99.1


On May 28, 2002, the Registrant issued the following press release:


       "PYR ENERGY RECEIVES $6 MILLION FROM THE SALE OF CONVERTIBLE NOTES

     DENVER -- PYR Energy Corporation (AMEX:PYR) announced receipt of $6,000,000
in gross proceeds from the sale of Convertible Notes due May 24, 2009. The notes
call for semi-annual interest payments at an annual interest rate of 4.99% and
are convertible into 4,615,385 shares of the Company's common stock. Purchasers
of the Notes comprise three separate funds managed by Eastbourne Capital
Management, LLC.

     Eric Sippel, Chief Operating Officer of Eastbourne Capital commented on the
funding by saying, "We are excited about the potential of the East Lost Hills
field and are impressed with the additional exploration opportunities of PYR.
Our additional investment in the Company, through the purchase of these notes,
is an opportunity for our funds to benefit from what we perceive as the
potential for significant growth." As part of the transaction, the holders of
the Notes have the right to designate two members to PYR's Board of Directors.
Mr. Sippel has agreed to be one of these designees.

     The Company will use the proceeds primarily to fund its 12.12% working
interest share of continuing exploitation and development costs at its East Lost
Hills deep natural gas discovery in the San Joaquin Basin of California. In
addition to funding the ongoing operations at East Lost Hills, the Company plans
to use a portion of the capital received to fund lease obligations in the San
Joaquin Basin and in select areas of the Rocky Mountains as well as for general
and administrative purposes.

     D. Scott Singdahlsen, President of PYR, stated, "Our East Lost Hills
project has been both operationally and financially challenging. This funding
gives us the financial resources to fund our ongoing activities at East Lost
Hills, and will allow us to focus our human resources on expanding exploration
drilling to our other areas."

     Neither the Convertible Notes nor the shares of common stock into which the
Notes are convertible have been registered under the Securities Act of 1933.
They may not be offered or sold in the U.S. without registration or an exemption
from the registration requirements of the applicable U.S. securities laws. As
part of the transaction, the Purchasers have received registration rights with
respect to the shares of common stock to be received upon conversion of the
Notes.

     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

Contacts:                                         1675 Broadway, Suite 2450
Scott Singdahlsen, President                      Denver, CO  80202
Andrew Calerich, Chief Financial Officer          303.825.3748 Fax:303.825.3768"