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 15, 1999


                             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 January 15,1999,
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 January 15, 1999.



                                    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:  January 18, 1999                     PYR ENERGY CORPORATION



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








                                  EXHIBIT 99.1

On January 15, 1999, the Registrant issued the following press release:

              "A PYR ENERGY REPORTS FIRST QUARTER FINANCIAL RESULTS

     DENVER -- PYR Energy  Corporation  (EBB: PYRX) today announced that for the
first fiscal quarter ended November 30, 1998 ("fiscal 1999"),  the Company had a
net loss of ($169,468)  or ($.018) per common share  compared with a net loss of
($165,511) or ($.018) per common share for the corresponding first quarter ended
November 30, 1997 ("fiscal 1998"). The Company has had no revenues from the sale
of oil or natural gas production. General and administrative expenses associated
with the  Company's  efforts  to pursue  primarily  its  California  exploration
projects  totaled $137,775 for fiscal 1999 and totaled $187,917 for fiscal 1998.
During fiscal 1999, the Company incurred $29,832 in interest expense  associated
primarily with the Company's convertible  debentures.  At November 30, 1998, the
Company had cash of $1,140,326, total assets of $4,245,927,  current liabilities
of $2,604,521  (which includes  $2,500,000 of convertible  debentures) and total
stockholders'   equity  of  $1,639,141.   There  were  9,421,470  common  shares
outstanding  at November 30, 1998.

     As previously  announced,  during the quarter ended  November 30, 1998, the
Company issued $2,500,000 of Convertible Promissory Notes in a private placement
to a limited group of investors.  These Notes are convertible into the Company's
convertible preferred stock, which is then convertible into the Company's common
stock.

CALIFORNIA OPERATIONS UPDATE
- ----------------------------

     As previously reported,  the Company's  exploration well east of Lost Hills
in  California  blew out and  ignited on  November  23,  1998.  The well flow is
currently  being  diverted  into surface  containment  facilities  consisting of
separators,  storage  tanks and burn pits.  Natural  gas is being  flared  while
liquid  hydrocarbons and water are being collected in the burn pits and in above
ground  storage  tanks for trucking to  processing  and disposal  facilities.  A
relief  well  commenced  drilling  on  December  18,  1998  with the  intent  of
intersecting  the original  well bore for  plugging.  The Company owns a 10.575%
working interest in this well and approximately  23,000 acres in the vicinity of
this  well.

     At Southeast Maricopa, the Company continues to interpret  approximately 52
square miles of proprietary 3D seismic data. The Company controls a 100% working
interest  in  approximately  23,000  gross  acres  here and  expects to drill an
exploration  well in the second  quarter of calendar  year 1999.

     The Company is also  interpreting  39 miles of 3D seismic data over its San
Emidio acreage.  As part of its recent private  placement,  the Company acquired
rights to this data  along  with a 70%  working  interest  in oil and gas leases
covering  approximately  5,400  gross  acres.  The  Company  expects to drill an
exploration/exploitation  well here in the  second  quarter  of  calendar  1999.

     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."