EXHIBIT 99.1


On November 29, 2002, the Registrant issued the following press release:

          "PYR ENERGY REPORTS FISCAL AUGUST 31, 2002 FINANCIAL RESULTS

    Updates East Lost Hills Status and Identifies 2003 Exploration Priorities

     DENVER -- PYR Energy Corporation (AMEX:PYR) 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 associated with $6 million of convertible notes issued May 24,
2002. The Company did not incur interest expense during 2001. General and
administrative expenses associated primarily with the Company's efforts to
pursue its exploration projects totaled $1,496,329 for 2002 and $1,306,635 for
2001. $178,665 of this difference is a non-cash charge for warrants with an
exercise price of $1.49 issued in connection with a financial advisory services
and agent agreement in connection with structuring project financing for
exploration and development of certain oil and gas projects the Company owns in
California and in the Rocky Mountains.

     At August 31, 2002, the Company had cash of $6,516,086, working capital of
$6,030,854, total assets of $13,400,250, current liabilities of $532,597,
long-term debt of $6,000,000, stockholders' equity of $6,867,653, and 23,701,357
common shares outstanding.

OPERATIONS:

     Operations on two of the East Lost Hills wells in California, the ELH #4
and ELH #9, have been suspended. The operator, Berkley Petroleum Inc., a wholly
owned subsidiary of Anadarko Petroleum Corporation, has announced to the
participant group that it will not propose nor participate in any additional
operations at East Lost Hills. No other participant has made proposals for
continued operations on the #4 and #9 wells. As a result of continued
operational problems and inactivity, certain leaseholds in the project have
expired or will expire in the near future. Although the participant group has
not approved or consented, the operator has formally proposed to plug and
abandon the two wells.



     "The lack of meaningful progress at the East Lost Hills project has been
incredibly frustrating for PYR and its stockholders," stated Scott Singdahlsen,
President and CEO of the Company. "We have continued to evaluate our ongoing
participation at East Lost Hills. Although we do not feel that we have
adequately evaluated the Temblor potential at East Lost Hills, the extremely
high cost of operations and the ongoing uncertainties make it very difficult to
continue to participate at current levels. Our Board of Directors and management
team have determined that we will strictly limit our capital expenditures at
East Lost Hills until such a point in time that the ongoing problems associated
with the project are mitigated," said Singdahlsen. "We are in a position where
we feel that we need to focus our financial and human resources in areas where
we have better exploration economics, lower mechanical risk, higher working
interest and control, and similar, significant reserve potential. Over the past
few years, we have developed an exploration portfolio of new projects that we
believe meets our corporate goals, and our mandate is to aggressively pursue the
testing of these exploration projects in the coming year."

     The AERA Energy LLC #1-22 NWLH well has been drilled to a total depth of
20,457 feet, and casing has been installed in preparation for production
testing. The drilling rig is currently on location on standby rate in
anticipation of the commencement of completion operations. Because we have
determined to prioritize our financial resources on other prospects, we have
notified the operator of our non-consent election in the completion of this
well. We participated in the drilling of this well through a pooling arrangement
at a 4.04% working interest.

     At the Pyramid Power Prospect, located in the San Joaquin Basin of
California, the initial well reached total depth of 20,465 feet on July 17,
2002. After running final casing, Oxy Lost Hills Inc. ("Oxy") replaced Berkley
Petroleum Inc. as operator, and Oxy will operate the completion and production
testing of this well. We originally owned a 3.75% working interest in this
project, but have committed to assign one-quarter of that interest to Oxy. Our
working interest of 2.81% will continue to be carried through the tanks in this
initial test well. The participants at Pyramid Power jointly control
approximately 16,100 gross and 14,700 net acres over the prospect.

     PYR's new exploration projects target significant potential natural gas
reserves in the San Joaquin Basin of California as well as selective areas in
the Rocky Mountains. "We have an inventory of exploration projects to drill over
the next 12 to 18 months, and will be focusing our attention and energies to
getting these projects drilled," said Singdahlsen. "The upside potential of each
of these projects is significant to a company of our size, and the effect on PYR
of success from any of the projects could be a real company maker. We intend to
participate in these projects at working interests of between 20% and 50%." PYR
is currently seeking industry support and alternative investment funding for its
drilling opportunities. PYR does not, at this time, intend to sell additional
equity to fund the drilling program.

     PYR's 2003 exploration portfolio is focused on the growing demand for
natural gas and light liquid hydrocarbons into the expanding California market.
"We have two additional Temblor gas projects in the San Joaquin Basin that have
large reserve potential and are significantly more shallow and therefore less
expensive to drill and test than East Lost Hills," said Singdahlsen. "While
California's gas production remains static, its demand for clean energy is
growing rapidly. If successful, our Bulldog and Wedge exploration projects,
located adjacent to the giant Kettleman North Dome field with historical
cumulative production of 5.69 Tcfe, can have an impact on this expanding gap
between internal supply and demand." PYR controls approximately 27,000 gross and
net acres of leasehold at Bulldog and Wedge, and has initiated the permit
process for drilling of the initial test wells at both projects.



     In southwestern Wyoming, PYR has two exploration projects at Cumberland and
Mallard. Both projects, which are located within the productive overthrust
region of Wyoming, target significant potential reserves of gas and associated
condensate. "Our Wyoming projects are located in close proximity to the Kern
River transportation system, offer tremendous gas reserve potential in a known
productive trend, and will be able to access the adjacent, extensive processing
and operational infrastructure already in place," stated Singdahlsen. "With the
expansion to the Kern River pipeline system, our timely testing of the gas
potential at Cumberland and Mallard could benefit from increased transportation
capacity to the California marketplace, and have significant impact to our
investors." PYR controls approximately 9,500 gross and net acres of leasehold at
Cumberland and Mallard. A drilling permit for Cumberland has recently been
issued, and the permit process is being initiated for Mallard.

     In Montana, PYR continues to refine prospects within its Rogers Pass
foothills project area where PYR controls approximately 262,000 gross and
224,000 net acres in the southern extension of the historically productive
Alberta Foothills trend. The Company plans to acquire additional seismic data
during 2003 and to commence drilling in 2004. PYR is currently involved in
technical review and negotiation with potential industry participants concerning
the Rogers Pass exploration project

     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. PYR's activities are focused in the San Joaquin Basin of
California and in select areas of the Rocky Mountain region. Additional
information about PYR Energy Corporation can be accessed via the Company's web
site at 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 has not been reviewed or approved by the operator and/or participants in
any of the projects discussed."