PYR Pyr Energy Corp

DENVER, Dec. 19 /PRNewswire-FirstCall/ -- PYR Energy Corporation (AMEX:PYR) today announces recent Company activities. PYR Energy Corporation announces today that it has joined in the drilling of a development well in the North Stockyard Creek Field located in Williams County, State of North Dakota. The Company has elected to participate for a twenty percent (20%) working interest in the drilling of the Harstad #1-15H well. It is anticipated that the well will be drilled to a depth of 9910' to evaluate the hydrocarbon potential of the Bluell formation. Upon the Company's determination that the Bluell zone is capable of commercial production the zone will then be horizontally drilled in a southeasterly direction to a maximum of 5,800'. With a successful completion of the Harstad #1-15H well the Company expects that additional development wells may be drilled on the 3116 gross acres in which the company has acquired an interest. The Company would also like to announce that it has acquired 11,000 net acres in the Canyon Creek Prospect and 4000 net acres in the Lucky Pierre Prospect, both of which are located in the State of Montana. These two prospect additions join the 1,800 net acres in the Pioneer Prospect which is located in the State of Wyoming where the company has initiated leasing. At the Mallard project in Uinta County, Wyoming, the Company was informed by the operator that the drilling rig the Company expected to use to drill the reentry of the UPRC #25-1 well has been released temporarily to drill an intervening well for another operator. The earliest the drilling rig could be available to drill the UPRC #25-1 well is in March 2007. The Duck Federal #1-30 well located in Uinta County, Wyoming continues to produce. Current production is approximately 5 MMCFD of gas, 75 barrels of associated condensate and 300 barrels of water per day. In the Constitution Field of Jefferson County, Texas at the Company's Madison Prospect, the Manus G.U. #1 well continues to improve and is currently producing approximately 2.4 MMCFE per day. The Wall #1 well, also located in the Madison Prospect, has been completed and is currently undergoing testing. In the Nome Field located in Jefferson County, Texas the testing of the Nome-Long #1 well has been delayed pending the construction of the Nome Central Facility by the operator. Once this facility is complete, the Company expects the Nome-Long #1 well will be tested. Current daily production remains over 5 MMCFE per day and we are 100% unhedged. Commenting on these announcements Ken Berry, PYR's CEO, stated, "The Company continues to look for opportunities to improve shareholder value and views the commencement of exploration activities in the Williston Basin of North Dakota as another step in that direction. The Company has aligned itself with a technical team with years of experience in this basin and we anticipate this relationship will lead to additional drilling opportunities for the shareholders of PYR. While the Company is constantly considering outside opportunities, we are also developing leasehold positions in prospects generated internally. The acreage positions the Company has taken in the Canyon Creek, Lucky Pierre and Pioneer Prospects are just an example of these early development, internally generated prospects." 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: Kenneth R. Berry Jr, CEO, or Tucker Franciscus, VP, both of PYR Energy Corporation, +1-303-825-3748 Web site: http://www.pyrenergy.com/

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