PYR Pyr Energy Corp

PYR Energy Reports Increased Revenues and Profitable Quarterly Financial Results DENVER, Jan. 14 /PRNewswire-FirstCall/ -- PYR Energy Corporation (AMEX:PYR) today announced unaudited financial results for the three months ended November 30, 2004. The Company recorded increased production and revenues for the quarter, as well as a net income of $61,032, or $0.00 per common share compared with a net loss of $361,802, or 2 cents ($0.02) per common share for the three months ended November 30, 2003. During the quarter ended November 30, 2004, the Company recorded $1,082,510 in total oil and gas revenues. Of this amount, we recorded $445,986 from the sale of 63,057 mcf of natural gas for an average price of $7.07 per mcf, and $636,523 from the sale of 13,978 bbls of hydrocarbon liquids for an average price of $45.54 per bbl. During the quarter ended November 30, 2003, we recorded $40,018 in total oil and gas revenues. Of this amount, we recorded $30,717 from the sale of 7,487 mcf of natural gas for an average price of $4.10 per mcf and $9,301 from the sale of 402 bbls of hydrocarbon liquids for an average price of $23.13 per barrel. Lease operating expenses during the quarters ended November 30, 2004 and 2003, respectively, were $280,576 and $15,271. Resulting net revenues for oil and gas production were $801,934 and $24,747 respectively for the quarters ended November 30, 2004 and 2003. Net production for the quarter ended November 30, 2004 totaled 146,925 Mcfe compared to 9,899 Mcfe for the corresponding quarter in 2003. This represents a 1384% increase in net production from 2003 to 2004 resulting primarily from producing assets purchased and associated successful drilling during 2004. Comparing the quarters ended August 31, 2004 and November 30, 2004, net production increased by 58%, while net revenues, from oil and gas production, increased by 120%. These increases are primarily a result of increased production related to reaching payout status on the Sun Fee #1 well in Jefferson County, Texas as well as increased average product prices during the quarter. General and administrative expenses associated primarily with the Company's efforts to pursue its exploration and production projects totaled $511,387 for the quarter ended November 30, 2004 and $251,490 for the quarter ended November 30, 2003. The increase in general and administrative expenses principally reflects an increase in salaries as a result of hiring additional personnel and an increase in audit and legal fees, both of which resulted from the acquisition of properties from Venus Exploration Inc. in May 2004. At November 30, 2004, the Company had cash of $5,978,834, oil and gas receivable of $1,067,912, current liabilities of $1,812,866, total assets of $17,064,902, and stockholders equity of $8,153,316. There were 31,564,426 common shares outstanding at November 30, 2004. 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, 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 and the Company's website contain 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 and the Company's website include the opinions of PYR Energy and does not necessarily include the views of any other person or entity. DATASOURCE: PYR Energy Corporation CONTACT: Tucker Franciscus, VP, or Scott Singdahlsen, President, both of PYR Energy Corporation, +1-303-825-3748, or fax, +1-303-825-3768 Web site: http://www.pyrenergy.com/

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