PYR Energy Reports Fiscal August 31, 2002 Financial Results; Updates East Lost Hills Status and Identifies 2003 Exploration Priorities.

Publication: PR Newswire

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COPYRIGHT 2002 PR Newswire Association LLC

PYR Energy Corporation today announced audited financial results for its fiscal year ended August 31, 2002 ("2002"). For fiscal 2002, the Company recorded an impairment to its capitalized oil and gas properties of $11,722,830. This non-cash accounting charge constituted most of PYR's net loss from operations, which was $13,129,828 or 55 cents ($.55) per common share. For the fiscal year ended August 31, 2001 ("2001"), the Company had a net loss of $13,142,291, or $.59 per common share, which included an impairment expense of $13,339,911 against its oil and gas properties.

For the fiscal year ended August 31, 2002, the Company's oil and natural gas production revenues were $132,569, which resulted in $41,185 in net oil and gas revenues after lease operating expenses and taxes of $91,384. During the fiscal year ended August 31, 2001, the Company recorded $1,201,979 in revenues from the sale of oil and natural gas production, and $1,099,961 in net oil and gas revenues after lease operating expenses and taxes of $102,018. The decrease in net income from oil and gas operations results primarily from a decrease in the volumes of hydrocarbons produced from PYR's sole producing well, the ELH #1 well in the San Joaquin basin of California.

Interest income was $145,645 and $422,117 for 2002 and 2001, respectively. The difference is attributable to additional cash on hand from the Company's sale of common stock in March of 2001. The Company incurred $82,894 in interest expense in 2002...

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