EXHIBIT 99.1


On July 16, 2002, the Registrant issued the following press release:


           "PYR ENERGY REPORTS FINANCIAL RESULTS FOR THE THIRD FISCAL
                           QUARTER ENDED MAY 31, 2002

     DENVER -- PYR Energy Corporation (AMEX:PYR) today announced a net loss of
$300,448, or $.01 per share, for its third fiscal quarter ended May 31, 2002 as
compared with net income of $459,201, or $.02 per share, for the comparable
quarter of the prior year. For the nine months ended May 31, 2002, the Company
reported a net loss of $937,986, or $.04 per share, compared with net income of
$203,921 or $.01 per share for the nine months ended May 31, 2001.

     The net loss recorded in the quarter and nine months ended May 31, 2002,
compared to net income recorded in the comparable prior year periods, results
primarily from decreases in both production volumes and commodity prices from
its ownership interest in its only currently producing property, the East Lost
Hills ELH #1 well located in the San Joaquin Basin of California. The oil and
gas production from the ELH #1 well continues to be limited by the amount of
production water that is accepted at water disposal facilities. Significant
operations continue at the East Lost Hills project, including evaluating
alternatives to the current water disposal facilities.

     There are two wells that are in the process of production testing and one
well drilling at the East Lost Hills project. The ELH #4 well, located
approximately four miles southeast of the ELH #1 well, was drilled to its total
depth of approximately 20,500 feet. Although formal production testing has not
yet begun, the well has been flowing on clean up. The ELH #9 well, located
approximately six miles southeast of the ELH #1 well was drilled to a total
depth of approximately 21,100 feet and production testing commenced during late
June 2002 below the Temblor in the Kreyenhagen. Continued production testing of
this well has been delayed pending arrival of appropriate equipment to perform
an acid stimulation procedure in order to fully evaluate this zone. A third well
at East Lost Hills, the Aera Energy LLC NWLH 1-22, located approximately three
and a half miles northwest of the ELH #1 well, is continuing drilling operations
at an approximate depth below 20,200 feet. The Company owns a 12.12% working
interest in the ELH #1, #4 and #9 wells and a 4.04% working interest in the Aera
NWLH 1-22 well.

     During the quarter ended May 31, 2002, the Company recorded $29,460 from
the sale of 10,696 mcf of natural gas for an average price of $2.75 per mcf and
$8,426 from the sale of 434 bbls of hydrocarbon liquids for an average price of
$19.41 per barrel. For the corresponding quarter ended May 31, 2001, the Company
recorded $738,004 from the sale of 57,376 mcf of natural gas for an average
price of $12.86 per mcf and $84,989 from the sale of 3,166 bbls of hydrocarbon
liquids for an average price of $26.84 per barrel.

     General and administrative expenses were $323,474, and $370,021 for the
quarters ended May 31, 2002 and 2001, respectively. For the nine months ended
May 31, 2002 and 2001, the Company's general and administrative expenses were
$975,759 and $955,068, respectively.

     At May 31, 2002, the Company had cash of $7,632,128, working capital of
$7,115,579, total assets of $25,448,168, current liabilities of $582,338,
long-term debt of $6,000,000, stockholders' equity of $18,865,830, and there
were 23,691,357 common shares outstanding. The long-term debt results from the
previously reported sale of convertible notes.




     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."