PYR Pyr Energy Corp

DENVER, Aug. 16 /PRNewswire-FirstCall/ -- PYR Energy Corporation (AMEX:PYR) today announced a drilling update. At the Mallard project in Uinta County, Wyoming, the # 1-30 Duck Federal well, operations are underway to install 3.5 inch tubing in order to stabilize and increase the production flow in the well. As previously reported, the well had been producing 4.5 MMcf with 85 barrels of associated condensate. The Company is participating with 28.75% working interest. At the Nome Field, in Jefferson County, Texas, the Nome-Long #1 well has spud and is currently drilling. This is an exploration well to the south of the prolific Sun Fee #1 well. PYR is participating with a 8.33% working interest. This well is subject to the net profits interest with the Venus Exploration Trust. At the Madison project in Jefferson County, Texas, the Maness Gas Unit #1 well, which had undergone a workover to replace production tubing damaged by corrosion and scaling, is still flowing back fluids at this time. However, it is steadily building pressure and the well should return to sales by the end of the month. The Company is participating with 12.5% working interest. This well is subject to the net profits interest with the Venus Exploration Trust. The Wall #1 well, a PUD location offsetting the Maness GU #1 well, is drilling ahead below 11,500 feet. PYR is participating for 17.5% working interest in this development well. This well is subject to the net profits interest with the Venus Exploration Trust. In the Wilburton Field in Oklahoma, the Scharff #7-1 is undergoing completion and stimulation activities. Drilling has commenced on the Scharff #8-1. PYR owns a 2.42% working interests in these wells. PYR Energy will host a breakfast table at the 11th Annual Oil & Gas Conference to be held August 16, 2006 at 7:00 a.m. MDT at the Westin Tabor Center, Denver. Denver based PYR Energy is an independent oil and gas company primarily engaged in the exploration, 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, Texas and Oklahoma Panhandle, 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. DATASOURCE: PYR Energy Corporation CONTACT: Tucker Franciscus, VP of PYR Energy Corporation, +1-303-825-3748 Web site: http://www.pyrenergy.com/

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