An amended offer to purchase describing the terms and conditions of the amended offer, as provided in the merger agreement, and related letters of transmittal will be distributed to PYR stockholders as soon as practicable and PYR will file an amendment to its Schedule 14D-9 to reflect the board of directors' determination that the amended offer and the merger are in the best interests of the stockholders and that it recommends that the stockholders accept the amended offer and approve the merger. Stockholders who have previously tendered shares that have not been withdrawn, however, are not required to take any further action in order to receive the increased offer price under the amended tender offer.
The tender offer, which was scheduled to expire at midnight on April 24, 2007, is extended to midnight, New York City time, on Thursday, May 24, 2007, unless further extended in accordance with the terms of the merger agreement.
The $1.30 per share offer price values PYR at approximately $49.4 million, plus the assumption of PYR's debt, and represents a premium of approximately 38% over PYR's closing price on January 26, 2007, the last trading day prior to the public announcement of Samson's initial acquisition proposal, and a premium of approximately 16% over PYR's closing stock price on April 10, 2007, the last trading day prior to the announcement of the agreement in principle reached between PYR and Samson with respect to the amended offer.
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, Texas and the Gulf Coast.
Samson Investment Co., headquartered in Tulsa, Okla., is a large privately held corporation engaged in oil and gas exploration, acquisition and production operations in 18 states in the United States, Canada, and the North Sea.
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