FYI - Jan 15 press release from PYR
Nothing new is mentioned on the ELH play.
PYR Energy Reports First Quarter Financial Results
DENVER, Jan. 15 /PRNewswire/ -- PYR Energy Corporation (OTC Bulletin Board: PYRX - news) today announced that for the first fiscal quarter ended November 30, 1998 (''fiscal 1999''), the Company had a net loss of ($169,468) or ($.018) per common share compared with a net loss of ($165,511) or ($.018) per common share for the corresponding first quarter ended November 30, 1997 (''fiscal 1998''). The Company has had no revenues from the sale of oil or natural gas production. General and administrative expenses associated with the Company's efforts to pursue primarily its California exploration projects totaled $137,775 for fiscal 1999 and totaled $187,917 for fiscal 1998. During fiscal 1999, the Company incurred $29,832 in interest expense associated primarily with the Company's convertible debentures. At November 30, 1998, the Company had cash of $1,140,326, total assets of $4,245,927, current liabilities of $2,604,521 (which includes $2,500,000 of convertible debentures) and total stockholders' equity of $1,639,141. There were 9,421,470 common shares outstanding at November 30, 1998.
As previously announced, during the quarter ended November 30, 1998, the Company issued $2,500,000 of Convertible Promissory Notes in a private placement to a limited group of investors. These Notes are convertible into the Company's convertible preferred stock, which is then convertible into the Company's common stock.
CALIFORNIA OPERATIONS UPDATE
As previously reported, the Company's exploration well east of Lost Hills in California blew out and ignited on November 23, 1998. The well flow is currently being diverted into surface containment facilities consisting of separators, storage tanks and burn pits. Natural gas is being flared while liquid hydrocarbons and water are being collected in the burn pits and in above ground storage tanks for trucking to processing and disposal facilities. A relief well commenced drilling on December 18, 1998 with the intent of intersecting the original well bore for plugging. The Company owns a 10.575% working interest in this well and approximately 23,000 acres in the vicinity of this well.
At Southeast Maricopa, the Company continues to interpret approximately 52 square miles of proprietary 3D seismic data. The Company controls a 100% working interest in approximately 23,000 gross acres here and expects to drill an exploration well in the second quarter of calendar year 1999.
The Company is also interpreting 39 miles of 3D seismic data over its San Emidio acreage. As part of its recent private placement, the Company acquired rights to this data along with a 70% working interest in oil and gas leases covering approximately 5,400 gross acres. The Company expects to drill an exploration/exploitation well here in the second quarter of calendar 1999.
Denver based PYR Energy applies 3-D seismic and computer-aided exploration technologies to systematically explore for and exploit onshore domestic oil and natural gas accumulations in the western United States.
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