-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BQBbVyDGYuZ8Y2whFBEuL/Tq8oPURO/66gqfGxDIOSL5/ZMe4opNrt4xfNu8/qkZ r5YE2SOv0hY8dw0o+xOGdQ== 0001050502-05-000319.txt : 20050614 0001050502-05-000319.hdr.sgml : 20050613 20050614104144 ACCESSION NUMBER: 0001050502-05-000319 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050613 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Material Impairments ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050614 DATE AS OF CHANGE: 20050614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PYR ENERGY CORP CENTRAL INDEX KEY: 0001016289 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 954580642 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15511 FILM NUMBER: 05893852 BUSINESS ADDRESS: STREET 1: 1675 BROADWAY STREET 2: STE 2450 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3038253748 MAIL ADDRESS: STREET 1: 1675 BROADWAY STREET 2: SUITE 2450 CITY: DENVER STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: MAR VENTURES INC DATE OF NAME CHANGE: 19960606 8-K 1 pyr613.txt 8-K UNITED STATES 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): June 13, 2005 PYR Energy Corporation ---------------------------------------------------- (Exact name of registrant as specified in its charter) Maryland 001-15511 95-4580642 -------- --------- ---------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 1675 Broadway, Suite 2450, Denver, Colorado 80202 ------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (303) 825-3748 Not Applicable ----------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition To the extent applicable, the contents of Item 2.06 below are incorporated into this Item 2.02 by reference. Item 2.06 Material Impairments As part of its ongoing business strategy, PYR Energy Corporation (the "Company") has been attempting to consolidate and increase its working interest participation in core projects. As a result of these efforts, as of June 10, 2005, the Company has decided to limit capital expenditures on certain early stage projects, such as our two joint ventures in southern Alberta, Canada. These joint ventures were intended to employ certain production equipment to limit water production and increase shallow gas production rates. At this point, management has decided to limit future expenditures in Canada and apply the capital to our core projects in the Gulf Coast, East Texas, and the Rocky Mountains. In accordance with US GAAP, the Company will write down its initial investments in Canada as a non-cash charge to earnings of approximately $560,000 during its 3rd quarter, ended May 31, 2005. Item 7.01. Regulation FD Disclosure On June 13, 2005, the Company issued a press release that includes an operations update and that discusses, among other things, the information described in Item 2.06 above. A copy of the Company's press release is attached hereto as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits (c) Exhibits. Exhibit No. Description - ----------- ----------- 99.1 Press Release issued June 13, 2005. ***** The information in Section 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Section 7.01 of this Current Report shall not be incorporated by reference into any filing of the Company, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. SIGNATURES ---------- 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 thereunto duly authorized. Date: June 13, 2005 PYR ENERGY CORPORATION By: D. Scott Singdalsen ------------------------------------- D. Scott Singdahlsen Chief Executive Officer and President EX-99.1 2 pyr613-991.txt PRESS RELEASE Exhibit 99.1 Press Release NEWS RELEASE June 13, 2005 PYR ENERGY ANNOUNCES SPUD OF 2ND WELL AT TORTUGA GRANDE AND PROVIDES OPERATIONS UPDATE PYR FOCUSES CAPITAL INVESTMENT ON EXISTING US PORTFOLIO DENVER - PYR Energy Corporation (AMEX:PYR) today reported that drilling activities have begun on a second well at the Company's Tortuga Grande Project in East Texas. The Carrizo Oil and Gas, Inc. #1 Chisum well, located in Smith County, Texas, is the Company's second well to test the Cotton Valley Sand potential in the project. Anticipated target depth for the prospect is estimated to be approximately 14,000 feet. PYR exercised its rights to acquire additional working interest in the prospect, and has increased its participation in the well to 28.57% working interest. The Brady #1 well, recompleted last summer, tested a combination of gas and water during a re-entry and fracture stimulation of the Cotton Valley Sand section. The Chisum #1 well is designed to test a potentially thicker section of Cotton Valley Sand in a more favorable structural position to the Brady #1 well. At the Constitution field in Jefferson County, Texas, payout has been reached in the Maness GU #1 well, and PYR has been placed in pay status with a 12.5% working interest. The well has averaged in excess of 7.5 MMcfe per day of production over the past two weeks. It is anticipated that an offset well to the Maness GU #1 will be drilled this summer. At the Nome field, in Jefferson County, Texas, PYR has received revenue, for the production period from well payout in October through the end of March of this year, from Samson Lone Star LP. The received revenue payment was calculated at a working interest of 5.19%. PYR is still in dispute with the operator over the actual working interest owned in the well, and is actively pursuing remedies to the dispute. Acceptance of revenues for the 5.19% working interest has not waived nor altered PYR's claim to additional working interest and revenue in the well. PYR is continuing to participate in two projects along the Gulf Coast. At Bayou Duralde, in Evangeline Parish, Louisiana, an AFE (Authorization For Expenditure) has been issued for the drilling of the Fontenot #1 well to test the Cockfield (upper Yegua equivalent) zone in the prospect. PYR will participate in the exploration well with a 15% working interest. At the Nome field, in Jefferson County, Texas, a drilling AFE has been circulated for the drilling of a well (Tindall #1) offsetting the Sun Fee GU #1-ST. It is anticipated that both of these wells will be drilled this summer as drilling rigs become available. In the Canadian River Project, located in eastern Oklahoma, the Orbison #3-11, a Cromwell development well operated by Questar, has been drilled, completed and is currently being hooked up to a sales line for commingled production from the Cromwell and Wapanucka zones. PYR owns a 28.98% working interest in the well. At the Rogers Pass project in the foothills of west-central Montana, drilling continues at the SENGAI #14063-12 Flesher Pass well. Due to the frontier wildcat nature of this project, extensive drilling and evaluation of results will be required to determine the economic viability of the project. As such, the Company will not release nor comment on any preliminary drilling results until such a time as SENGAI, the project operator, reaches a conclusion on the viability of the project. The evaluation process for the project will take an undetermined amount of time to analyze and complete. PYR has retained a 12.5% overriding royalty interest, subject to amortized recovery of gas plant and certain transportation costs, covering all earned acreage within the Rogers Pass project area. As part of its ongoing business strategy, PYR has been attempting to consolidate and increase its working interest participation in core projects. As a result of these efforts, the Company has decided to limit capital expenditures on certain early stage projects, such as our two joint ventures in southern Alberta, Canada. These joint ventures were intended to employ certain production equipment to limit water production and increase shallow gas production rates. At this point, management has decided to limit future expenditures in Canada and apply the capital to our core projects in the Gulf Coast, East Texas, and the Rocky Mountains. In accordance with US GAAP, the Company will write down its initial investments in Canada as a non-cash charge to earnings of approximately $560,000 during its 3rd quarter, ended May 31, 2005. On Monday August 8, 2005, PYR will hold its Annual Meeting for stockholders at 10:00 a.m. MST at Wells Fargo Bank, 1740 Broadway, Denver, Colorado. 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. At the current time, PYR's activities are focused in select areas of the Rocky Mountain region, the San Joaquin Basin of California, East Texas, and the Gulf Coast. 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. Contacts: 1675 Broadway, Suite 2450 Scott Singdahlsen, President Denver, CO 80202 Tucker Franciscus, VP Fax:303.825.3768 303.825.3748 -----END PRIVACY-ENHANCED MESSAGE-----