EXHIBIT 99.1
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PYR ENERGY CORPORATION
Annual Meeting, June 11, 2004
Safe Harbor Statement
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.
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CORPORATE PROFILE
PYR Energy is uniquely situated for:
GROWTH THROUGH THE DRILL BIT
Unique Opportunity Portfolio
Large Reserve Potential
Geographic Diversity
Balanced Risk Profile
Balanced Approach
High Impact Exploration Projects
Low Risk Shallow Gas Projects
Established Production
Strong Management Team
Growth Focused
Technically Oriented Entrepreneurial
PYR Energy Stock Performance
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CORPORATE STRATEGY
Increase Net Asset Value per Share
• Aggressive ‘Organic’ Growth Potential
• High Impact Exploration Exposure
• High Impact Exploitation Exposure
• Shallow Gas Exploitation Opportunities
• Increase Production and Reserves from Drilling
• Identify Additional Low Risk Growth Opportunities
Increase Public Market Presence
• Generate High Profile Drilling Activity
• Renew Investor Relations Effort
• Expose Growth Potential to Investment Community
CORPORATE Highlights:
Portfolio Driven Exposure and Potential
Balanced Opportunity Set
Capital Funding For Execution of Plan
Venus Exploration Asset Purchase
• Gulf Coast Presence and Exposure
• Provides Current Production, Reserves, Exploration Potential
• Impact Exploration/Exploitation Portfolio
• San Antonio Technical office
Rocky Mountain Exploration Activity
Gulf Coast Exploration/Exploitation Activity
Technology Driven Shallow Gas Potential
PYR Energy Project Areas
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CORPORATE Highlights:
Venus Exploration Asset Purchase
• Provides Current Production and Reserves
• Exploration and Exploitation Potential
• Gulf Coast Presence and Exposure
• $3.2MM Acquisition Cost
• 4.784 Bcfe Total ‘Proved’ Reserves (Pv10=$6.941mm)
• 2.025 Bcfe ‘PDP’ Reserves (Pv10=$3.089mm)
• 1.761 Bcfe ‘PDNP’ Reserves (Pv10=$2.558mm)
• 0.998 Bcfe ‘PUD’ Reserves (Pv10=$1.294mm)
• Immediate PDNP Potential
NW Brahaney workover (pump installation)
• Impact Exploration/Exploitation Portfolio
• Gulf Coast Exploration/Exploitation Potential
• 2004 Drilling Inventory – Significant Reserve Potential
• Multiple Pre-funded Projects –3 prospects
• Tortuga Grande Prospect (Cotton Valley Sandstone)
• Re-entry and Frac Stimulation
• 10% Carried WI w/ 10% WI back-in after Well payout
• Prep to frac middle Cotton Valley sand section
• Nome Prospect (Expanded Yegua section)
• 3D seismic – multiple fault block targets
• ORRI with 8.33% WI after Project payout
• Testing Yegua section
• Madison Prospect (Expanded Yegua section)
• Up-dip sidetrack in producing field
• ORRI with 12.5% WI after Well payout
• Running pipe – prep to test Yegua section
Rocky Mountain Exploration Activity
• 2004 Drilling Inventory – Significant Upside Potential
• Wyoming Overthrust – 2 prospects
• Mallard Prospect (Mission Canyon Sour Gas)
• Spud expected mid to late July
• 5% WI with 23.75% carry to casing point
• Adjacent to WC-CC Field (1.982 Tcfe cum production)
• Cumberland Prospect (Nugget Gas and Condensate)
• Spud expected mid to late August
• 10% WI with 22.5% carry to completion
• On trend with previously discovered Nugget fields
• Montana Foothills (Multiple targets – Madison Gas)
• Large frontier exploration project – 230,000+ acres
• Initial test expected Fall 2004
• 12.5% ORRI in project with Canadian company
EXPLORATION IMPLEMENTATION
Potential For:
High Impact Reserve Exposure
Low Finding and Development Costs
Predominantly Gas and Liquids
Risk Profile:
Moderate Risk
Close Proximity to Analogs
Known Hydrocarbon Systems
Portfolio Approach
Marketing:
Leverage on Existing Infrastructure
Ready Market Demand
Available Transportation
Exploration and Exploitation Projects
Rocky Mountain Overthrust (* drilling planned for 2004)
• SW Wyoming – Fossil Basin
• Cumberland Prospect* (Nugget)
• Mallard Prospect* (Madison)
• Ryckman Creek* (Nugget and Thaynes)
• Montana Foothills
• Rogers Pass Project* (Madison)
Gulf Coast – Onshore (* currently drilling)
• Tortuga Grande Prospect* (Cotton Valley)
• Madison Prospect* (Yegua)
• Nome Field Prospect* (Yegua)
• Merganser Project (Cotton Valley)
• Cotton Creek (Yegua)
• South Wharton Prospect (Yegua)
• Evangeline Project (Yegua)
San Joaquin Basin, California
• Bulldog Prospect (Temblor)
• Wedge Prospect (Temblor)
• Blizzard Prospect (Stevens)
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WYOMING OVERTHRUST
Exploration Drivers:
Cum Production: >6.0 Tcfe
(Industry Production since 1975)
Structural Trends
Nugget
Paleozoic
Mature Production – Decline
Existing Infrastructure
Utilization
Leverage
Markets
Multiple Options
Pipeline Expansion
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Leverage on:
Existing Processing Facilities
Existing Pipelines/Infrastructure
Marketing Options
Kern River - CA
Northwest - CA
Overthrust - East
Questar - SJ/CA
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Wyoming Overthrust Fields
Shaded areas represent PYR’s exploration prospects
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MALLARD PROSPECT
Location: | Uinta County, Wyoming |
Geologic Province: | Wyoming Overthrust |
Trap Type: | Leading Edge - Thrust Culmination |
Source: | Sub-thrust Cretaceous |
Primary Target: | Mississippian Madison Group |
| Mission Canyon Formation (79% of OGIP) |
| Type - Carbonate Ramp System |
| Thickness - Average 750 feet |
| Main Porosity Zone (ave net pay - 261 ft) |
| Porosity - Ave 6-8% (max of 16%) |
| Perm - Ave 0.7-1.5 md (fx enhanced) |
Secondary Targets: | Triassic Thaynes (WC Cum: 5.481 Bcfe) |
| Permian Phosphoria (WC Cum: 8.420 Bcfe) |
| Pennsylvanian Weber (WC Cum: 7.921 Bcfe) |
| Ordovician Big Horn (WC Cum: 29.817 Bcfe) |
Analog Field: | Whitney Canyon - Carter Creek (1978) |
| Cum Production: 1982.2 Bcfe |
Closure Area: | approx 1380 acres |
Closure Height: | approximately 750 feet |
Target Depth: | 15,500 feet |
PYR Acreage: | 3,840 net acres |
Drilling Cost: | Drill and Case: $4.250MM |
| Total drill and complete: $5.725MM |
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CUMBERLAND PROSPECT
Location: | Uinta County, Wyoming |
Geologic Province: | Wyoming Overthrust |
Trap Type: | Leading Edge - Thrust Culmination |
Source: | Sub-thrust Cretaceous |
Primary Target: | Jurassic Nugget Sandstone |
| Type - Eolian - complex erg setting |
| Thickness - 900 to 1200 ft (70% N:G) |
| Porosity - 8 to 21% (mean: 13%) |
| Perm - 0.04 to 1450md (mean: 14.6md) |
Secondary Target: | Jurassic Twin Creek |
| Type - fractured limestone/dolomite |
Analog Fields: | East Painter Reservoir (1979) - 945 Bcfe |
| Ryckman Creek (1975) - 255 Bcfe |
Closure Area: | approx 1900 acres |
Closure Height: | up to 1000 feet |
Target Depth: | 10,500 feet |
PYR Acreage: | 5,393 net acres |
Drilling Cost: | Drill and Case: $1.624MM |
| Total drill and complete: $1.955MM |
Rogers Pass Project Locaton Map
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Rogers Pass Project
Location: | Lewis and Clark County, Montana |
Geologic Province: | Montana - Alberta Foothills |
Trap Type: | Leading Edge - Thrust Culminations Individual and Stacked |
Source: | Intra-thrust Bakken and Devonian |
Primary Target: | Mississippian Madison Group |
| Type - Shallow water - carbonates |
| Thickness - 300 to 500 feet |
| Porosity - 2 to 8% with macro and micro-fracture enhancement |
Secondary Target: | Devonian Carbonates |
| Type - fractured limestone/dolomite |
Analog Fields: | Various southern Alberta foothills fields |
| Waterton (3.8 Tcfe) |
| Wyoming Overthrust |
| WC-CC (1.9 Tcfe) |
Closure Area: | 17 structural culminations identified |
Closure Height: | 1000s of feet |
Target Depth: | 12,500 feet to 15,000 feet |
PYR Acreage: | approximately 230,000 net acres |
Drilling Cost: | Dry Hole (10,500 ft): $3.543 MM |
| Dry Hole (15,000+ ft): $5.971 MM |
Shallow Gas Exploitation Program
Key Drivers: | High Gas Prices |
| Production Technology Downhole Water Disposal |
| Opportunity Profile |
| Strategic Partnerships |
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Rational: | Low Risk Reserve Growth |
| Significant Production Potential |
| Leverage on Learning Curve |
| Low Cost Entry |
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Projects: | Atlas JV - SE Alberta |
| Blue River JV - SE Alberta |
Shallow Gas Exploitation Projects
Down Hole Water Disposal Technology:
| Technology: | Reverse Flow Injection (RFI) | |
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| Down Hole Gas-Water Seperation (DGWS) | |
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| Exclusive Supply Agreement for application and use of ‘Simultaneous Gas Production and Water Injection’ Production Tools in shallow gas wells. | ||
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| Eliminates lifting and surface disposal of produced water | ||
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| Potential Application Areas: | ||
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| SE Alberta | |
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| Rocky Mountain basins | |
SE Alberta:
Atlas JV
5% Working Interest
4MM acre Area of Mutual Interest (AMI)
Steep Technical Learning Curve
Common Production Profile
1st Well hooked up – production testing
2 wells to be drilled/recompleted
Blue River JV
25% Working Interest
16MM acre Area of Mutual Interest (AMI)
Based on Atlas Model
Identified Multiple Opportunities
Opportunity Driven Tests of Technology
Project AMI Areas – SE Alberta
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Atlas JV Project Area – SE Alberta
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CONCLUSION
PYR Energy is uniquely situated for:
GROWTH THROUGH THE DRILL BIT
Based on the following:
Unique Opportunity Portfolio
Aggressive ‘Organic’ Growth Potential
High Impact Exploration Exposure
High Impact Exploitation Exposure
Shallow Gas Exploitation Opportunities
Balanced Risk Profile Approach
Develop and Identify Opportunities
Find Value and Build NAV per Share
Strong Management Team
Motivated to Execute Strategy
Focused on Implementation
Dedicated to Growth
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