PYR Pyr Energy Corp

DENVER, Feb. 15 /PRNewswire-FirstCall/ -- PYR Energy Corporation (AMEX:PYR) announced today that it has issued a commitment for a new bank credit facility with Bank of the West, who will act as the sole bank and administrative agent in connection with the facility. The initial borrowing base is $1 million, with a $30 million umbrella to the extent that the Bank approves amounts in excess of $1 million. Bank of the West, founded in California in 1874, is the third largest commercial bank headquartered west of the Mississippi, with over $55 billion in total assets and 681 banking locations in 19 states. The Bank's Energy Lending group offers a complete range of treasury management, interest and commodity hedging, leasing, and credit services tailored to independent exploration and production companies, and companies in various sectors of the energy industry. In addition to energy lending, Bank of the West also specializes in lending to companies in the agricultural, church, health care, and real estate industries. Commenting on this agreement, Ken Berry, PYR's President and CEO, stated "The Company is very pleased to begin a relationship with such a strong commercial and financial entity as Bank of the West. This is another step towards PYR's financial flexibility and growing strength. We look forward to building a relationship together." 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. At the current time, PYR's activities are focused in select areas of the Rocky Mountain region 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 and the Company's website contain 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 and the Company's website include the opinions of PYR Energy and does not necessarily include the views of any other person or entity. DATASOURCE: PYR Energy Corporation CONTACT: Kenneth R. Berry, Jr., President, or Tucker Franciscus, VP, +1-303-825-3748, or fax, +1-303-825-3768, both of PYR Energy Corporation Web site: http://www.pyrenergy.com/

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