PYR Energy Gets Credit Facility From Bank of the West, Hires Advisor to Evaluate Takeover Bids
PYR Energy Corp., an independent oil and gas company, said Thursday it arranged a line of credit with California-based Bank of the West.
The facility has an initial borrowing base of $1 million with a $30 million umbrella, to the extent the bank approves amounts in excess of $1 million.
On Wednesday, PYR said it hired C.K. Cooper & Co. Inc. as a financial advisor to help evaluate unsolicited acquisition offers it recently received. It will also consider other strategic alternatives designed to enhance shareholder value, PYR said.
Shares fell 8 cents, or 6.7 percent, to $1.11 during afternoon trading on the American Stock Exchange. The stock has traded between 80 cents and $1.57 during the past 52 weeks.
