EXHIBIT 99.1


On March 12, 2001, the Registrant issued the following press release:


             "PYR ENERGY RECEIVES $11.6 MILLION IN EQUITY FINANCING

            Additional Funding Primarily for Continuing Exploitation
            and Development of Deep California Natural Gas Discovery


     DENVER -- PYR Energy Corporation (AMEX:PYR) announced receipt of an
aggregate $11,600,000 in gross proceeds through the sale of 1,450,000 shares of
the Company's common stock. The common stock has been sold pursuant to a Shelf
Registration Statement and Prospectus Supplement. After costs and expenses, PYR
will net approximately $11,450,000. Investors comprise a total of ten separate
funds managed by four California based institutions.

     The Company will use the proceeds primarily to fund exploitation and
development of its East Lost Hills deep natural gas discovery in the San Joaquin
Basin of California. PYR owns a 12.12% working interest in this project
including the ELH #1 well, operated by Berkley Petroleum Inc. (TSE:BKP). This
well commenced first production on February 6, 2001.

     Production testing of the ELH#2 well is underway and drilling operations
continue on the ELH#3 exploration well and the ELH#4 development well.

     In addition to funding the ongoing operations at East Lost Hills, the
Company plans to use a portion of the capital received to fund additional
exploration opportunities in the San Joaquin Basin and in select areas of the
Rocky Mountains as well as for general and administrative purposes.

     Denver based PYR Energy is a natural gas and oil exploration company with
activities 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."