In March 1996, we incorporated in the state of Delaware under the name Mar Ventures Inc. Effective as of August 6, 1997, we purchased all the ownership interests of PYR Energy, LLC, an oil and gas exploration company. Also on that date, we issued units of our common stock and common stock purchase warrants for approximately $1,700,000, net of fees and commissions. Effective as of November 12, 1997, we changed our name to PYR Energy Corporation.
PYR Energy Corporation is an independent oil and gas exploration company whose strategic focus is the application of advanced seismic imaging and computer-aided exploration technologies in the systematic search for commercial hydrocarbon reserves, primarily in the onshore western United States. We attempt to leverage our technical experience and expertise with seismic data to identify exploration and exploitation projects with significant potential economic return. We currently intend to participate in exploration projects as a non-operating, working interest owner, sharing both risks and rewards with our joint venture partners. We have and will continue to pursue exploration opportunities in regions where we believe significant opportunity for discovery of oil and gas exists. By reducing drilling risk through seismic technology, we seek to improve the expected return on investment in our oil and gas exploration projects.
Drawing upon PYR's founders, two geoscientists with extensive seismic and geological experience in the western United States, we have employees with extensive experience in exploration, exploitation and the application of advanced geophysical technologies. Our business plan involves the following strategy:
