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): July 16, 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
                -------------------------------------------------
              (Address of principal executive offices) (Zip Code)



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






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

     Press  Release.  The press release of the  Registrant  dated July 16, 1998,
which is filed as an exhibit hereto, is incorporated herein by reference.

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

     (c) Exhibits.

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

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

99.1       Press release dated July 16, 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:  July 20, 1998                          PYR ENERGY CORPORATION



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

EX-99.1

                                  EXHIBIT 99.1


On July 16, 1998, the Registrant issued the following press release:

               "PYR ENERGY REPORTS THIRD QUARTER FINANCIAL RESULTS

     DENVER -- PYR Energy  Corporation  (OTC EBB:  PYRX) today reported that for
the third  fiscal  quarter  ended May 31,  1998,  the  Company had a net loss of
($164,392) or ($.018) per common share as compared with net income of $32,531 or
$.008 per common share for the third quarter ended May 31, 1997. The loss in the
quarter   ended  May  31,  1998  is  primarily   attributable   to  general  and
administrative  expenses  associated  with the  Company's  efforts  to  commence
drilling  operations on its Mastiff  prospect and to secure an industry  partner
for drilling at its School Road project. For the nine month period ended May 31,
1998,  the  Company  had net  income of  $50,843  or $.006 per  common  share as
compared  to net income of $51,869 or $.013 per common  share for the nine month
period  ended May 31,  1997.  During the nine  months  ended May 31,  1998,  the
Company  recorded  a gain from the sale of a portion of its  Mastiff  project of
$556,197.  The Company  has had no revenues  from the sale of oil or natural gas
production.  

     At May 31,  1998,  the  Company  had  cash of  $303,829,  a  receivable  of
$191,600,  total  assets of  $2,507,919,  current  liabilities  of $734,120  and
stockholders'   equity  of  $1,770,261.   There  were  9,154,804  common  shares
outstanding at May 31, 1998.

OPERATIONS UPDATE
- -----------------

     As  previously  reported the Company's  Mastiff  prospect well east of Lost
Hills in  California  was spud on May 14,  1998.  This well  continues  to drill
toward its total  depth of 19,000  feet.  The well is on schedule to reach total
depth in early  September. 

     The Company had also reported the signing of a joint venture  agreement for
its School Road project in California. The Bureau of Land Management has granted
a drilling permit and an initial  exploration well here is expected to spud this
month. This well is to be drilled to test multiple Upper Miocene 'Stevens' sands
in a combination  structural/stratigraphic  feature defined by 3-D seismic data.
This  well is  anticipated  to take 30 to 45 days to reach  its  total  depth of
12,500 feet.

     At Southeast  Maricopa,  the Company previously  reported completion of its
3-D seismic acquisition project.  This seismic data is currently being processed
by the Company's seismic contractor.

     Denver based PYR Energy applies 3-D seismic and computer-aided  exploration
technologies to systematically  explore for and exploit onshore domestic 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."