PYR Energy Reports Quarterly Financial Results and Provides Operational Update

PYR Energy Reports Quarterly Financial Results and Provides
Operational Update 


DENVER, April 14  /PRNewswire-FirstCall/ -- PYR Energy Corporation (AMEX:PYR)
today announced financial results for the three months ended February 28, 2005.
 The Company recorded increased production and revenues for the quarter, as
well as a net income of $30,205, or $0.00 per common share compared with a net
loss of $401,858, or 2 cents ($0.02) per common share for the three months
ended February 29, 2004.

During the quarter ended February 28, 2005, the Company recorded $1,195,671 in
total oil and gas revenues.  Of this amount, we recorded $553,457 from the sale
of 81,655 mcf of natural gas for an average price of $6.78 per mcf, and
$642,214 from the sale of 14,369 bbls of hydrocarbon liquids for an average
price of $44.69 per bbl.  During the quarter ended February 29, 2004, we
recorded $44,376 in total oil and gas revenues.  Of this amount, we recorded
$32,782 from the sale of 7,113 mcf of natural gas for an average price of $4.61
per mcf and $11,594 from the sale of 398 bbls of hydrocarbon liquids for an
average price of $29.13 per barrel.  Lease operating expenses during the
quarters ended February 28, 2005 and February 29, 2004, respectively, were
$230,153 and $21,681.  Resulting net revenues for oil and gas production were
$992,518 and $22,695 respectively for the quarters ended February, 2005 and
2004.

Net production for the quarter ended February 28, 2005 totaled 167,869 Mcfe
compared to 9,498 Mcfe for the corresponding quarter in 2004. The increase in
net production from 2004 to 2005 resulted primarily from producing assets
purchased and associated successful drilling during 2004. Comparing the
quarters ended February 28, 2005 and November 30, 2004, net production
increased by 14%, while net revenues, from oil and gas production, increased by
24%.  These increases are primarily a result of increased production related to
reaching payout status on the Sun Fee #1 well in Jefferson County, Texas
combined with a slight decrease in average product prices during the quarter. 
Lease operating expenses (LOE) per producing Mcfe averaged $1.21 for the
quarter.

At February 28, 2005, the Company had cash of $5,171,981, oil and gas
receivables of $1,365,116, current liabilities of $1,832,573, total assets of
$17,139,961, and stockholders equity of $8,201,669.  There were 31,564,870
common shares outstanding at February 28, 2005.

Operational Update:

At the Rogers Pass project in the Montana Foothills, the Flesher Pass #14603-12
well commenced drilling operations on March 11 and is currently drilling ahead.
 Projected total depth of the well is anticipated to be approximately 14,500
feet.  The well is an exploration test operated by Suncor Energy Natural Gas
America Inc., with PYR retaining a 12.5% overriding royalty interest in the
project.

At the Canadian River project in eastern Oklahoma, the Orbison #3-11 well, spud
on March 20, is currently drilling ahead toward total depth.  The well is a
Cromwell in-field development well being operated by Questar.  PYR is
participating in the well with 28.98% working interest.

Tight drilling rig availability in Texas has delayed a number of wells that
were anticipated to be drilled during the 2nd quarter.  It is now anticipated
that drilling will commence at Tortuga Grande and Madison within the next few
months.  At Tortuga Grande in east Texas, a new exploration well will be
drilled to test an expanded Cotton Valley Sand section.  PYR will participate
in the drilling of this well with a 20% working interest.  At the Madison
project in south Texas, an offset well to the producing Maness GU #1
(Constitution Field -- Upper Yegua) will be drilled with PYR participating at
12.5% working interest.

In the panhandle of north Texas, PYR has recently increased its working
interest in the Hansford Field from 5% to approximately 40% (2 producing wells
with associated un-developed acreage).  PYR has proposed the drilling of a
development well to test the Lower Morrow and Chester sections.  It is
anticipated that this well will be drilling in the coming months with PYR
participating at an approximate 45% working interest.

At the Nome Field in Jefferson County, Texas, the operator of the Sun Fee #1-ST
producing well has recently (mid-March) completed an enhancement of the surface
facilities on location.  As a result, production has been increased from an
average of 15 MMcfe per day to approximately 20 MMcfe per day.  Payout on the
well was reached in mid-October and PYR is participating in the increased
production from the Sun Fee #1-ST well.

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:  Scott Singdahlsen, President, or

Tucker Franciscus, VP, both of PYR Energy Corporation, [phone], or

fax, [phone]



Web site:  http://www.pyrenergy.com/ 

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