DENVER, May 6 /PRNewswire-FirstCall/ -- PYR Energy Corporation (Amex: PYR)
today announced that the Company has received subscriptions for $8.175 million
in gross proceeds from a Private Equity Placement.  The Private Placement
consists of the sale of 7.5 million shares of common stock, priced at
$1.09 per share, to a group of twelve institutional and accredited individual
investors.  The first tranche of the Placement, consisting of 4,500,000 shares
and $4,905,000 in gross proceeds, has been received and accepted.  The second
tranche of the Placement, consisting of 3,000,000 shares and gross proceeds of
$3,270,000, can occur only after stockholder approval, required under American
Stock Exchange regulations, which will be voted upon by the Company's
stockholders at the Company's Annual Meeting of Stockholders in mid June.
Proceeds from the Placement will be used for general corporate purposes,
partial funding of the pending Venus Exploration asset acquisition, and
project development and drilling costs associated with PYR's exploration and
exploitation portfolio.  The shares purchased in the Private Placement have
not been registered under the Securities Act of 1933, and the Company intends
to file a registration statement covering the resale of these shares.
    Scott Singdahlsen, President and CEO, stated, "We are extremely pleased
with the exploration and exploitation portfolio that the Company has
assembled.  The Private Placement puts in place the equity financing necessary
to carry the Company through the current drilling phase on our existing
projects, and to develop additional opportunities to add value to the
stockholders."
    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 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 http://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.

Link to this page: