EXHIBIT 99.1


On December 14, 2001, the Registrant issued the following press release:


          "PYR ENERGY REPORTS FISCAL AUGUST 31, 2001 FINANCIAL RESULTS

     DENVER -- PYR Energy Corporation (AMEX:PYR) today announced audited
financial results for its fiscal year ended August 31, 2001 ("2001"). For fiscal
2001, the Company recorded a ceiling test write down of $13,339,911. This
non-cash accounting charge to reduce the carrying value of its oil and gas
properties, significantly contributed to the net loss from operations of
$13,142,291 or 59 cents ($.59) per common share compared with a net loss of
$982,547 or .07 cents ($.07) per common share for the Company's fiscal year
ended August 31, 2000 ("2000"). The Company previously recorded an impairment
expense of $200,000 against its oil and gas properties during its fiscal year
ended August 31, 2000.

     During the fiscal year ended August 31, 2001, the Company recorded
$1,201,979 in revenues from the sale of oil and natural gas production. Net of
lease operating expenses and taxes of $102,018, the Company reflected $1,099,961
in net revenues from oil and gas operations. The Company commenced its first
production on February 6, 2001 from its East Lost Hills - ELH #1 well in the San
Joaquin basin of California. The Company had recorded no revenues or lease
operating expenses associated with oil and gas operations for its fiscal year
ended August 31, 2000.

     Interest income was $442,117 and $165,411 for 2001 and 2000, respectively.
The increase is attributable to the Company's receipt of proceeds from the sale
of common stock in March of 2001. General and administrative expenses associated
primarily with the Company's efforts to pursue its exploration projects totaled
$1,306,635 for 2001 and $929,420 for 2000. This difference results primarily
from increases in personnel, increases in salaries, and from a charge related to
unrecoverable financing costs.

     At August 31, 2001, the Company had cash of $9,800,842, working capital of
$8,785,861, total assets of $22,067,184, current liabilities of $2,263,368, and
stockholders' equity of $19,803,816. There were 23,691,357 common shares
outstanding at August 31, 2001.

OPERATIONAL HIGHLIGHTS:

PYR is participating in three wells currently drilling at East Lost Hills:

     The ELH #4 well is at a depth of 19,450 feet where 7" casing has been
installed. Drilling operations are expected re-commence shortly to drill to the
anticipated total depth of 20,500 feet. The well is currently in shale directly
above the lower Temblor sands. This well was sidetracked in October and
correlative analysis indicate that this sidetracked well bore is as much as 400
feet higher than the original ELH #4 well bore.

     The ELH #9 well is currently at a depth of approximately 17,600 feet,
approximately 100 feet into the top of the Temblor formation. Preparations to
run an intermediate string of casing to the current depth are underway. After
installation of the casing, it is expected this well will continue to drill to
the anticipated total depth of 21,000 feet.




     PYR owns a 12.12% working interest in each of the ELH #4 and ELH #9 wells,
both operated by Anadarko Petroleum Corporation.

     The third well currently drilling at East Lost Hills is the Aera Energy
NWLH 1-22 well. This well continues to drill and has begun to enter zones of
interest. PYR owns a 4.04% working interest in this well.

     An exploration well began drilling in the Pyramid Power prospect on
November 22, 2001. This well, located in Section 9, T25S-R18E, Kings County,
California and operated by Anadarko Petroleum Corporation, is designed to test
the Temblor and the Point of Rocks formations to a total depth of approximately
18,500 feet. This well is expected to test a new prospect, not connected or
directly related to the East Lost Hills project. PYR owns a 3.75% working
interest in this prospect and will not be required to pay for any drilling or
completion costs, as its interest in this initial test well is carried through
the tanks. Currently, this well is drilling at an approximate depth of 8,600
feet.

     Denver based PYR Energy is an independent oil and gas company primarily
engaged in the exploration for and the development and production of natural gas
and crude oil. PYR's activities are 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. This press release includes the opinions of PYR Energy
and does not necessarily include the views of any other person or entity. This
release may not have been reviewed or approved by the operator and/ or
participants in any of the projects discussed."