EXHIBIT 99.1


                             PYR ENERGY CORPORATION


                       CODE OF BUSINESS CONDUCT AND ETHICS
              (Adopted By Audit Committee of The Board Of Directors
                              On December 15, 2003)

Introduction

     This Code of Business Conduct and Ethics (the "Code") covers a wide range
of business practices and procedures. It does not cover every issue that may
arise, but it sets out basic principles to guide all employees of the Company.
The standards set forth in this Code are linked closely to our corporate vision,
strategies and values. All of our employees must conduct themselves accordingly
and seek to avoid even the appearance of improper behavior. The Code is intended
to provide guidance to persons functioning in managerial or administrative
capacities, as well as to all employees.

     If a law conflicts with a policy in this Code, you must comply with the
law. If you have any questions about these conflicts, you should ask your
supervisor how to handle the situation.

     The integrity, reputation and profitability of the Company ultimately
depend upon the individual actions of our employees, representatives, officers,
directors, agents and consultants. It is the policy of the Company and its
subsidiaries to comply with all applicable laws and to adhere to ethical
standards in the conduct of our business. Each employee is expected to read and
understand this Code, uphold these standards in daily activities and take
personal responsibility for compliance with all applicable policies and
procedures.

     Those who violate the standards in this Code will be subject to
disciplinary action, up to and including termination of employment. The
guidelines in this Code are neither exclusive nor comprehensive. Because the
business and legal environment in which the Company operates is complex, it
would be impossible to formulate a single policy that would govern all possible
situations. Employees are expected and required to comply with the letter and
the spirit of all applicable laws and policies, whether or not specifically
addressed within this Code. If you are in a situation which you believe may
violate or lead to a violation of this Code, follow the guidelines described in
Section 14 of this Code.

1. Compliance with Laws, Rules and Regulations

     Obeying the law, both in letter and in spirit, is the foundation on which
this Company's ethical standards are built. All employees must respect and obey
the laws of the cities, states and countries in which we operate. Although not
all employees are expected to know the details of these laws, it is important to
know enough to determine when to seek advice from supervisors, managers or other
appropriate personnel. Because individual violations may also subject the
Company to civil or criminal liability or the loss of business, the Company
takes legal compliance measures seriously and works diligently to enforce them.

<PAGE>


     If requested, the Company will hold information and training sessions to
promote compliance with laws, rules and regulations, including insider-trading
laws.

2. Conflicts of Interest

     A "conflict of interest" exists when a person's private interest interferes
in any way with the interests of the Company. A conflict situation can arise
when an employee, officer or director takes actions or has interests that may
make it difficult to perform his or her Company work objectively and
effectively. Conflicts of interest may also arise when an employee, officer or
director, or members of his or her family, receives improper personal benefits
as a result of his or her position in the Company.

     Some scenarios that may pose potential conflict of interest problems
include, but are not limited to, the following:

     1. Investing in any company that sells products or services similar to the
Company's, or any company doing or seeking to do business with the Company,
other than relatively small investments in securities widely held by the general
public;

     2. Working for, or on behalf of, any such company;

     3. Placing Company business with relatives or friends, or working on a
Company project that will have a direct impact on the financial interests of
relatives or friends;

     4. Encouraging companies dealing with the Company to buy supplies or
services from relatives or friends;

     5. Borrowing money from companies doing or seeking to do business with the
Company other than on generally available terms;

     6. Participating in the regulatory or other activities of a community or
governmental body that have a direct impact on the business of the Company or
its affiliates;

     7. Hiring or supervising a relative or friend;

     8. Engaging in a personal relationship with another employee or vendor that
affects one's ability to do one's job or disrupts the workplace;

     9. Serving as a director of any company that competes with the Company; and

     10. Accepting gifts or gratuities in any one-year period valued in excess
of five hundred dollars ($500) in the aggregate from any customer, vendor,
supplier, or other person doing business with the Company or its affiliates.

     The best policy is to avoid any direct or indirect business connection with
our customers, suppliers or competitors, except on our behalf. Conflicts of
interest are prohibited as a matter of Company policy, except under guidelines
approved by the Board of Directors. Conflicts of interest may not always be

                                       2

<PAGE>


clear-cut, so if you have a question, you should consult with higher levels of
management. Any employee, officer or director who becomes aware of a conflict or
potential conflict should bring it to the attention of a supervisor, manager or
other appropriate personnel or consult the procedures described in Section 14 of
this Code.

3. Securities Laws and Insider Trading

     It is against Company policy for any individual to profit from material
undisclosed information relating to the Company or any company with which the
Company does business. If an officer, director or employee is in possession of
material inside information that the Company has not yet disclosed to the
public, he or she may not purchase or sell any of the securities of the Company
or "tip" others to trade in Company stock. Material inside information is
defined as facts that have not been disclosed to the public that would influence
a reasonable investor's decision to buy or sell a company's stock or other
securities. Also, if an officer, director or employee has inside or unpublished
knowledge about any of the Company's public-company suppliers, customers or any
other public company that the Company does business with, he or she may not
purchase or sell securities of those companies or tip others to do so.

     Insider trading is a crime, and in addition to criminal penalties, the SEC
may seek the imposition of a civil penalty of up to three times the profits made
or losses avoided from the trading. Insider traders must also disgorge any
profits made and are often subjected to an injunction against future violations.
Insider traders may further be subjected to civil liability in private law
suits.

     Moreover, U.S. securities laws provide for penalties not only for those who
engage in insider trading, but also for those controlling persons who fail to
take appropriate action when they either knew or should have known that persons
within their control were violating these rules. Therefore, it is essential that
employees be alert to those situations where others within the Company
(particularly those over whom the employee has some supervisory authority) may
not be observing the rules of insider trading. We urge you to contact the
Company's Chief Executive Officer or Chief Financial Officer if you are unsure
as to whether or not you are free to trade under a particular set of
circumstances.

4. Corporate Opportunities

     Employees, officers and directors are prohibited from taking for themselves
personally opportunities that are discovered through the use of corporate
property, information or position without the consent of the Board of Directors.
No employee may use corporate property, information, or position for improper
personal gain, and no employee may compete with the Company directly or
indirectly. Employees, officers and directors owe a duty to the Company to
advance its legitimate interests when the opportunity to do so arises.

5. Competition and Fair Dealing

     We seek to outperform our competition fairly and honestly. Stealing
proprietary information, possessing trade secret information that was obtained
without the owner's consent, or inducing such disclosures by past or present
employees of other companies is prohibited. Each employee should endeavor to
respect the rights of and deal fairly with the Company's customers, suppliers,
competitors and employees. No employee should take unfair advantage of anyone
through manipulation, concealment, abuse of privileged information,
misrepresentation of material facts, or any other intentional unfair-dealing
practice.

                                       3

<PAGE>


     The purpose of business entertainment and gifts in a commercial setting is
to create good will and sound working relationships, not to gain unfair
advantage with customers. No gift or entertainment should ever be offered,
given, provided or accepted by any Company employee, family member of an
employee or agent unless it: (1) is not a cash gift, (2) is consistent with
customary business practices, (3) is not excessive in value, (4) cannot be
construed as a bribe or payoff, and (5) does not violate any laws or
regulations. Please discuss with your supervisor any gifts or proposed gifts
which you are not certain are appropriate.

6. Discrimination and Harassment

     The diversity of the Company's employees is a tremendous asset. We are
firmly committed to providing equal opportunity in all aspects of employment and
will not tolerate any illegal discrimination or harassment of any kind. Examples
include derogatory comments based on racial or ethnic characteristics and
unwelcome sexual advances.

7. Health and Safety

     The Company strives to provide each employee with a safe and healthy work
environment. Each employee has responsibility for maintaining a safe and healthy
workplace for all employees by following safety and health rules and practices
and reporting accidents, injuries and unsafe equipment, practices or conditions.

     Violence and threatening behavior are not permitted. Employees should
report to work in condition to perform their duties, free from the influence of
illegal drugs or alcohol. The use of illegal drugs in the workplace will not be
tolerated.

8. Record-Keeping

     The Company requires honest and accurate recording and reporting of
information in order to make responsible business decisions. For example, only
the true and actual number of hours worked should be reported.

     Many employees regularly use business expense accounts, which must be
documented and recorded accurately. If you are not sure whether a certain
expense is legitimate, ask your supervisor or your controller.

     All of the Company's books, records, accounts and financial statements must
be maintained in reasonable detail, must appropriately reflect the Company's
transactions and must conform both to applicable legal requirements and to the
Company's system of internal controls. Unrecorded or "off the books" funds or
assets should not be maintained unless permitted by applicable law or
regulation.

     Business records and communications often become public, and we should
avoid exaggeration, derogatory remarks, guesswork, or inappropriate
characterizations of people and companies that can be misunderstood. This
applies equally to e-mail, internal memos, and formal reports. Records should

                                       4

<PAGE>


always be retained or destroyed according to the Company's record retention
policies. In accordance with those policies, in the event of litigation or
governmental investigation please consult the Company's Legal Department or, if
there is no Legal Department at that time, the Company's Chief Executive Officer
or Chief Financial Officer.

9. Confidentiality

     Employees must maintain the confidentiality of confidential information
entrusted to them by the Company or its customers, except when disclosure is
authorized by the Legal Department or, if there is no Legal Department at that
time, the Company's Chief Executive Officer or Chief Financial Officer or
required by laws or regulations. Confidential information includes all
non-public information that might be of use to competitors, or harmful to the
Company or its customers, if disclosed. It also includes information that
suppliers and customers have entrusted to us. The obligation to preserve
confidential information continues even after employment ends.

10. Protection and Proper Use of Company Assets

     All employees should endeavor to protect the Company's assets and ensure
their efficient use. Theft, carelessness, and waste have a direct impact on the
Company's profitability. Any suspected incident of fraud or theft should be
immediately reported for investigation. Company equipment should not be used for
non-Company business, though incidental personal use may be permitted.

     The obligation of employees to protect the Company's assets includes its
proprietary information. Proprietary information includes intellectual property
such as trade secrets, patents, trademarks, and copyrights, as well as business,
marketing and service plans, engineering and manufacturing ideas, designs,
databases, records, salary information and any unpublished financial data and
reports. Unauthorized use or distribution of this information would violate
Company policy. It could also be illegal and result in civil or even criminal
penalties.

11. Payments to Government Personnel

     The U.S. Foreign Corrupt Practices Act prohibits giving anything of value,
directly or indirectly, to officials of foreign governments or foreign political
candidates in order to obtain or retain business. It is strictly prohibited to
make illegal payments to government officials of any country.

     In addition, the U.S. government has a number of laws and regulations
regarding business gratuities which may be accepted by U.S. government
personnel. The promise, offer or delivery to an official or employee of the U.S.
government of a gift, favor or other gratuity in violation of these rules would
not only violate Company policy but could also be a criminal offense. State and
local governments, as well as foreign governments, may have similar rules. The
Company's Legal Department or, if there is no Legal Department at that time, the
Company's Chief Executive Officer or Chief Financial Officer can provide
guidance to you in this area.

                                       5

<PAGE>


12. Waivers of the Code of Business Conduct and Ethics

     Any waiver of this Code for executive officers or directors may be made
only by the Board or a Board committee and will be promptly disclosed as
required by law or stock exchange regulation.

13. Reporting any Illegal or Unethical Behavior

     Employees are encouraged to talk to supervisors, managers or other
appropriate personnel about observed illegal or unethical behavior and when in
doubt about the best course of action in a particular situation. It is the
policy of the Company not to allow retaliation for reports of misconduct by
others made in good faith by employees. Employees are expected to cooperate in
internal investigations of misconduct.

     Employees must read the Company's Employee Complaint Procedures for
Accounting and Auditing Matters attached as Exhibit A, which describes the
Company's procedures for the receipt, retention, and treatment of complaints
received by the Company regarding accounting, internal accounting controls, or
auditing matters. Any employee may submit a good faith concern regarding
questionable accounting or auditing matters without fear of dismissal or
retaliation of any kind.

14. Compliance Procedures

     We must all work to ensure prompt and consistent action against violations
of this Code. However, in some situations it is difficult to know if a violation
has occurred. Because we cannot anticipate every situation that will arise, it
is important that we have a way to approach a new question or problem. These are
the steps to keep in mind:

     o    Make sure you have all the facts. In order to reach the right
          solutions, we must be as fully informed as possible.

     o    Ask yourself: What specifically am I being asked to do? Does it seem
          unethical or improper? This will enable you to focus on the specific
          question you are faced with, and the alternatives you have. Use your
          judgment and common sense; if something seems unethical or improper,
          it probably is.

     o    Clarify your responsibility and role. In most situations, there is
          shared responsibility. Are your colleagues informed? It may help to
          get others involved and discuss the problem.

     o    Discuss the problem with your supervisor. This is the basic guidance
          for all situations. In many cases, your supervisor will be more
          knowledgeable about the question, and will appreciate being brought
          into the decision-making process. Remember that it is your
          supervisor's responsibility to help solve problems.

     o    Seek help from Company resources. In the rare case where it may not be
          appropriate to discuss an issue with your supervisor, or where you do

                                       6

<PAGE>


          not feel comfortable approaching your supervisor with your question,
          discuss it locally with your office manager or another member of
          management.

     o    You may report ethical violations in confidence and without fear of
          retaliation. If your situation requires that your identity be kept
          secret, your anonymity will be protected. The Company does not permit
          retaliation of any kind against employees for good faith reports of
          ethical violations.

     o    Always ask first, act later: If you are unsure of what to do in any
          situation, seek guidance before you act.



                                    * * * * *


                                       7


<PAGE>

                                                                       Exhibit A


                             PYR ENERGY CORPORATION

                 Procedures for Complaints Regarding Accounting,
                Internal Accounting Controls or Auditing Matters

     Any employee of the Company may submit a good faith complaint regarding
accounting or auditing matters to the management of the Company without fear of
dismissal or retaliation of any kind. The Company is committed to achieving
compliance with all applicable securities laws and regulations, accounting
standards, accounting controls and audit practices. The Company's Audit
Committee will oversee treatment of employee concerns in this area.

     In order to facilitate the reporting of employee complaints, the Company's
Audit Committee has established the following procedures for (1) the receipt,
content, retention and treatment of complaints regarding accounting, internal
accounting controls, or auditing matters ("Accounting Matters"), (2) the
confidential, anonymous submission by employees of concerns regarding
questionable accounting or auditing matters, and (3) the role, rights and
responsibilities of employees who make complaints.

Receipt of Employee Complaints
------------------------------

     o    Employees with concerns regarding Accounting Matters may report their
          concerns to the Company's Legal Department, or if there is no Legal
          Department at that time, to the Company's Chief Executive Officer or
          Chief Financial Officer, or to any member of the Company's Audit
          Committee. Employees may forward any complaints in person, by
          telephone, by regular mail or by e-mail.

     o    The Company, including all persons receiving employee complaints,
          shall maintain the confidentiality or, if the employee requests, the
          anonymity of the person making the complaint to the fullest extent
          reasonably practicable within the legitimate needs of law and any
          ensuing evaluation or investigation. Legal or business requirements
          may not allow for complete anonymity. Also, in some cases, it may not
          be possible to proceed with or properly conduct an investigation if
          the person making a compliant does not identify herself or himself. In
          addition, persons making complaints should be cautioned that their
          identity might become known for reasons outside of the control of the
          Company.

Scope of Matters Covered by These Procedures
--------------------------------------------

     These procedures relate to employee complaints relating to any questionable
accounting or auditing matters, including, without limitation, the following:

                                       8

<PAGE>


     o    fraud or deliberate error in the preparation, evaluation, review or
          audit of any financial statement of the Company;

     o    fraud or deliberate error in the recording and maintaining of
          financial records of the Company;

     o    deficiencies in or noncompliance with the Company's internal
          accounting controls;

     o    misrepresentation or false statement to or by a senior officer or
          accountant regarding a matter contained in the financial records,
          financial reports or audit reports of the Company; or

     o    deviation from full and fair reporting of the Company's financial
          condition.

Content of Complaints
---------------------

     To assist the Company in the response to or investigation of a complaint,
the complaint should be factual rather than speculative, and contain as much
specific information as possible to allow for proper assessment of the nature,
extent and urgency of the matter that is the subject of the complaint. Without
limiting the foregoing, the complaint should, to the extent possible, contain
the following information:

     o    the alleged event, matter or issue that is the subject of the
          complaint;

     o    the name of each person involved;

     o    if the complaint involves a specific event or events, the approximate
          date and location of each event; and

     o    any additional information, documentation or other evidence available
          to support the complaint.

     It is less likely that the Company will be able to initiate an
investigation based on a complaint that contains unspecified wrongdoing or broad
allegations without verifiable evidentiary support.

Treatment of Complaints
-----------------------

     o    Upon receipt of a complaint, the Company's Legal Department, or if
          there is no Legal Department at that time, the Company's Chief
          Executive Officer or Chief Financial Officer will (i) determine
          whether the complaint actually pertains to Accounting Matters and (ii)
          when possible, acknowledge receipt of the complaint to the sender.

                                       9

<PAGE>


     o    Complaints relating to Accounting Matters will be reviewed under Audit
          Committee direction and oversight by the Legal Department or such
          other persons as the Audit Committee determines to be appropriate.
          Confidentiality will be maintained to the fullest extent possible,
          consistent with the need to conduct an adequate review.

     o    Prompt and appropriate corrective action will be taken when and as
          warranted in the judgment of the Audit Committee.

Reporting and Retention of Complaints and Investigations
--------------------------------------------------------

     o    The Legal Department, or if there is no Legal Department at that time,
          the Company's Chief Executive Officer or Chief Financial Officer, will
          maintain a log of all complaints, tracking their receipt,
          investigation and resolution and shall prepare a periodic summary
          report thereof for the Audit Committee. Copies of complaints and such
          log will be maintained in accordance with the Company's document
          retention policy.

Roles, Rights and Responsibilities of Employee Complainants and Investigation
Participants
-----------------------------------------------------------------------------

     Employee Complainants
     ---------------------

     Company employees who submit complaints ("Employee Complainants") have a
responsibility to provide initial information that is grounded in a reasonable
belief regarding the validity of a complaint. The motivation of an Employee
Complainant is irrelevant to the consideration of the validity of the complaint.
However, the intentional filing of a false complaint, whether orally or in
writing, may itself be an improper activity and one that may result in
disciplinary action.

     An Employee Complainant has a responsibility to be candid and set forth all
known information regarding a complaint. An employee making a complaint
acknowledges that an investigation may not proceed if the employee does not
agree to be interviewed or provide further information regarding the complaint.

     Employee Complainants are not to act on their own in conducting any
investigative activities, nor do they have a right to participate in any
investigative activities other than as requested by the Audit Committee. An
Employee Complainant shall refrain from obtaining evidence relating to a
complaint for which he or she does not have a right of access. Such improper
access may itself be an illegal or improper activity and one that may result in
disciplinary action.

     The Company will use reasonable efforts to provide each Employee
Complainant with a response to his or her complaint and a summary of the outcome
of any investigation based upon the complaint unless Legal Department or the
Audit Committee determines that there are overriding legal or company/public
interest reasons not to do so.

                                       10

<PAGE>


     Employee Complainants are entitled to protection from retaliation for
having made a complaint or disclosed information relating to a complaint in good
faith. The Company shall not discharge, demote, suspend, threaten, harass or in
any manner discriminate against an Employee Complainant in the terms and
conditions of employment based upon any lawful actions of such Employee
Complainant with respect to good faith reporting of complaints or otherwise as
specified in Section 806 of the Sarbanes-Oxley Act of 2002. An Employee
Complainant's right to protection from retaliation does not extend immunity for
any complicity in the matters that are the subject of the complaint or an
ensuing investigation.

     These procedures are in no way intended to limit employee reporting of
alleged violations relating to accounting or auditing matters to proper
governmental and regulatory authorities.

     Investigation Participants
     --------------------------

     Company employees who are interviewed, asked to provide information or
otherwise participate in an investigation of a complaint, including employees
who are the subject of the investigation ("Investigation Participants"), have a
duty to cooperate fully with the Audit Committee and assist in the
investigation.

     Investigation Participants should refrain from discussing the investigation
or their testimony with those not connected to the investigation. If the
Investigation Participant knows the identity of the Employee Complainant, the
Investigation Participant should not discuss with the Employee Complainant the
nature of evidence requested or provided, or testimony given to the Audit
Committee unless authorized by the Audit Committee.

     Requests for confidentiality by Investigation Participants will be honored
to the fullest extent reasonably practicable within the legitimate needs of law
and the investigation.

     Investigation Participants are entitled to protection from retaliation for
having participated in an investigation. The Company shall not discharge,
demote, suspend, threaten, harass or in any manner discriminate against an
Investigation Participant in the terms and conditions of employment based upon
any lawful actions of such Investigation Participant with respect to good faith
participation in an investigation or otherwise as specified in Section 806 of
the Sarbanes-Oxley Act of 2002. An Investigation Participant's right to
protection from retaliation does not extend immunity for any complicity in the
matters that are the subject of the complaint or an ensuing investigation.



                                    * * * * *

                                       11