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): January 30, 1998
                                                         ----------------
 

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



        Delaware                      0-20879                   95-4580642
        --------                      -------                   ----------
(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 30, 1998,
which is filed as an exhibit hereto, is incorporated herein by reference.

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

     (c) Exhibits.
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                                  Exhibit Index
                                  -------------

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

99.1              Press release dated January 30, 1998.



                                    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:  February 2, 1998                     PYR ENERGY CORPORATION



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

EX-99.1

                                  EXHIBIT 99.1


On January 30, 1998, the Registrant issued the following press release:


                 "PYR ENERGY REPORTS STATUS OF PRIVATE PLACEMENT


DENVER -- PYR  Energy  Corporation  (OTC EBB:  PYRX)  today  announced  that the
previously  reported letter of intent concerning a private placement to issue up
to 2,100,000 shares of its common stock at $1.25 per share has been indefinitely
suspended. The proposed investors have informed the Company that due exclusively
to  generally  negative  market  conditions  in the oil and gas industry and the
performance of a previous investment in another company,  they will be unable to
complete the private placement at this time.

D. Scott  Singdahlsen,  PYR  Energy  President  said,  "As a  development  stage
company,  we  are  constantly  seeking  sources  for  capital.  However,  we are
confident that even in the absence of outside equity investment, we will be able
to fund our  short-term  exploration  efforts  through a combination of existing
internal  funds and industry  joint  ventures.  PYR remains on schedule with its
ongoing  exploration  program in the San Joaquin  Basin of  California  where we
expect  to drill our  first  exploratory  test  well in the  second  quarter  of
calendar 1998."

PYR  Energy   Corporation   applies  advanced  3-D  seismic  and  computer-aided
exploration  technologies to systematically  explore for and exploit onshore oil
and natural gas accumulations in the western United States

                                      # # #

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."