U.S. Securities And Exchange Commission
                             Washington, D.C. 20549


                                   FORM 10-QSB



[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the quarterly period ended November 30, 1997

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934

     For the transition period from                 to
                                    ---------------     --------------

                           Commission File No. 0-20879



                             PYR ENERGY CORPORATION
         ----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)




           Delaware                                       95-4580642
 ------------------------------                       ------------------
   (State or jurisdiction of                           (I.R.S. Employer
 incorporation or organization)                       Identification No.)


  1675 Broadway, Suite 1150, Denver, CO                      80202
  -------------------------------------                      -----
(Address of principal executive offices)                   (Zip Code)


          Issuer's telephone number, including area code (303) 825-3748
                                                          --------------


     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the Securities  Exchange Act of 1934 during the preceding
12 months (or for such shorter  period that the  registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes     X      No
              -------       -------


                   (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

     The number of shares  outstanding of each of the issuer's classes of common
equity as of January 20, 1998 is as follows:

    $.001 Par Value Common Stock                      9,154,804
                                                      ---------



<PAGE>


                             PYR ENERGY CORPORATION

                                   FORM 10-QSB
                                      INDEX



PART I. FINANCIAL INFORMATION

  Item 1.  Financial Statements............................................  3

           Balance Sheet - November 30, 1997 and August 31, 1997...........  3

           Statement of Operations - Quarter Ended November 30, 1997
           and November 30, 1996...........................................  4

           Statement of Cash Flows - Quarter Ended  November 30, 1997
           and November 30, 1996...........................................  5

           Notes to Financial Statements...................................  6

           Summary of Significant Accounting Policies......................  6

  Item 2.  Management's Discussion and Analysis or Plan of Operation.......  7


PART II. OTHER INFORMATION

  Item 1.  Legal Proceedings............................................... 10

  Item 2.  Changes in Securities........................................... 10

  Item 3.  Defaults Upon Senior Securities................................. 10

  Item 4.  Submission of Matters to a Vote of Security Holders............. 10

  Item 5.  Other Information............................................... 10

  Item 6.  Exhibits and Reports on Form 8-K................................ 10

  Signatures .............................................................. 10




                                       2

<PAGE>



                                     PART I

ITEM 1. FINANCIAL STATEMENTS

                             PYR ENERGY CORPORATION
                          (A Development Stage Company)
                                 BALANCE SHEETS

                                     ASSETS

                                                     11/30/97         8/31/97
                                                   -----------      -----------
                                                   (UNAUDITED)
CURRENT ASSETS
  Cash                                             $ 1,102,796      $ 1,432,281
  Accounts receivable                                     --             10,000
  Deposits and prepaid expenses                         16,627            4,196
                                                   -----------      -----------
    Total Current Assets                             1,119,423        1,446,477
                                                   -----------      -----------

PROPERTY AND EQUIPMENT, at cost
  Furniture and equipment, net                          37,143           28,540
  Undeveloped oil and gas prospects                    450,031          311,007
                                                   -----------      -----------
                                                       487,174          339,547
                                                   -----------      -----------
OTHER ASSETS, net                                        3,642            3,642
                                                   -----------      -----------
                                                   $ 1,610,239      $ 1,789,666
                                                   ===========      ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts payable                                 $    51,832      $    60,064
  Accrued liabilities                                    4,500           10,184
                                                   -----------      -----------
    Total Current Liabilities                           56,332           70,248
                                                   -----------      -----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
  Common stock, $.001 par value
        Authorized 30,000,000 shares
        Issued and outstanding -                         
         9,154,804 shares                                9,155            9,155
  Capital in excess of par value                     1,768,088        1,768,088
  Deficit accumulated during the
   development stage                                  (223,336)         (57,825)
                                                   -----------      -----------
                                                     1,553,907        1,719,418
                                                   -----------      -----------

                                                   $ 1,610,239      $ 1,789,666
                                                   ===========      ===========


                                        3


<PAGE>
<TABLE>
<CAPTION>

                                                  PYR ENERGY CORPORATION
                                               (A Development Stage Company)
                                                 STATEMENTS OF OPERATIONS
                                                       (UNAUDITED)
                                                                                               
                                                                                               Cumulative from   
                                                        Three Months        Three Months        Inception to
                                                       Ended 11/30/97      Ended 11/30/96         11/30/97
                                                       --------------      --------------      --------------
REVENUES
<S>                                                     <C>                 <C>                 <C>        
  Consulting fees                                       $    10,000         $    15,000         $   127,528
  Interest                                                   15,739                --                21,335
                                                        -----------         -----------         -----------

                                                             25,739              15,000             148,863
                                                        -----------         -----------         -----------

OPERATING EXPENSES
  General and administrative                                187,917               1,369             295,596
  Interest                                                     --                  --                   351
  Depreciation and amortization                               3,333                --                 4,384
                                                        -----------         -----------         -----------

                                                            191,250               1,369             300,331
                                                        -----------         -----------         -----------

                                                           (165,511)             13,631            (151,468)

INCOME APPLICABLE TO PREDECESSOR LLC                           --               (13,631)            (71,868)
                                                        -----------         -----------         -----------

NET (LOSS)                                              $  (165,511)        $      --           $  (223,336)
                                                        ===========         ===========         ===========

NET INCOME (LOSS) PER
   COMMON SHARE                                         $     (.018)        $      .003         $     (.029)
                                                        ===========         ===========         ===========

WEIGHTED AVERAGE NUMBER OF COMMON
   SHARES OUTSTANDING                                     9,154,804           4,000,000           5,145,512
                                                        ===========         ===========         ===========

                                                       4
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                                 PYR ENERGY CORPORATION
                                              (A Development Stage Company)
                                                STATEMENTS OF CASH FLOWS
                                                      (UNAUDITED)

                                                                                                         Cumulative from
                                                                Three Months        Three Months          Inception to
                                                               Ended 11/30/97      Ended 11/30/96            11/30/97
                                                               --------------      --------------       -----------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                            <C>                  <C>                  <C>         
  Net income (loss)                                            $  (165,511)         $    13,631          $  (151,468)
  Adjustments to reconcile net income (loss) to net
      cash provided by operating activities
    Depreciation and amortization                                    3,333                 --                  4,384
    Changes in assets and liabilities
      (Increase)/decrease in accounts receivable                    10,000                 --                   --
      (Increase)/decrease in deposits and prepaids                 (12,432)                --                (16,628)
      Increase/(decrease) in accounts payable                       (8,232)                --                 51,832
      Increase/(decrease) in accrued liabilities                    (5,684)                --                  4,500
      Other                                                           --                   (474)              (3,750)
                                                               -----------          -----------          -----------

  Net cash provided/(used) by operating activities                (178,526)              13,157             (111,130)
                                                               -----------          -----------          -----------

CASH FLOWS FROM INVESTING ACTIVITIES
  Cash paid for furniture and equipment                            (11,935)                --                (41,418)
  Cash paid for undeveloped oil and gas properties                (139,024)                --               (450,031)
                                                               -----------          -----------          -----------

  Net cash (used) in investing activities                         (150,959)                --               (491,449)
                                                               -----------          -----------          -----------

CASH FLOWS FROM FINANCING ACTIVITIES
  Members capital contributions                                       --                  5,000               28,000
  Distributions to members                                            --                 (8,000)             (66,000)
  Cash from short-term borrowings                                     --                   --                285,000
  Repayments of short-term borrowings                                 --                   --               (285,000)
  Proceeds from sale of common stock                                  --                   --              2,023,750
  Cash paid for offering costs                                        --                   --               (280,711)
  Cash received upon recapitalization and merger                      --                   --                    336
                                                               -----------          -----------          -----------

  Net cash (used) provided by financing activities                    --                 (3,000)           1,705,375
                                                               -----------          -----------          -----------

NET INCREASE/(DECREASE) IN CASH                                   (329,485)              10,157            1,102,796

CASH, BEGINNING OF PERIODS                                       1,432,281                 --                   --
                                                               -----------          -----------          -----------

CASH, END OF PERIODS                                           $ 1,102,796          $    10,157          $ 1,102,796
                                                               ===========          ===========          ===========


                                                           5
</TABLE>

<PAGE>


                             PYR ENERGY CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                November 30, 1997


The accompanying  interim  financial  statements of PYR Energy  Corporation (the
"Company")  are  unaudited.  In the  opinion of  management,  the  interim  data
includes  all  adjustments,  consisting  only of normal  recurring  adjustments,
necessary for a fair presentation of the results for the interim period.

The  financial  statements  included  herein  have been  prepared by the Company
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain  information  and  footnote  disclosure  normally  included in financial
statements prepared in accordance with generally accepted accounting  principles
have  been  condensed  or  omitted  pursuant  to  such  rules  and  regulations.
Management  believes the  disclosures  made are adequate to make the information
not misleading and recommends that these condensed financial  statements be read
in conjunction with the financial statements and notes included in the Company's
Form 10-KSB as of August 31, 1997.

PYR  Energy  Corporation  (formerly  known  as Mar  Ventures  Inc.  ("Mar")) was
incorporated  under the laws of the State of Delaware on March 27, 1996. Mar had
been a public company which had no  significant  operations as of July 31, 1997.
On August 6, 1997 Mar acquired  all the  interests in PYR Energy LLC ("PYR LLC")
(a Colorado Limited  Liability Company organized on May 31, 1996), a development
stage company as defined by Statement of Financial  Accounting  Standards (SFAS)
No. 7. PYR LLC, an  independent  exploration  company,  had been  engaged in the
acquisition of oil and gas properties for  exploration  and  exploitation in the
Rocky Mountain region and California.  As of August 6, 1997 PYR LLC had acquired
only  non-producing  leases and acreage and no exploration had been commenced on
the  properties.  Upon  completion of the acquisition of PYR LLC by Mar, PYR LLC
ceased to exist as a separate entity. Mar remained as the legal surviving entity
and,   effective  November  12,  1997,  Mar  changed  its  name  to  PYR  Energy
Corporation.


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     USE OF ESTIMATES - The  preparation  of financial  statements in conformity
     with generally accepted  accounting  principles requires management to make
     estimates and  assumptions  that affect the reported  amounts of assets and
     liabilities and disclosure of contingent assets and liabilities at the date
     of the financial  statements and reported  amounts of revenues and expenses
     during  the  reporting  period.  Actual  results  could  differ  from those
     estimates.

     CASH  EQUIVALENTS  - For  purposes of  reporting  cash  flows,  the Company
     considers as cash equivalents all highly liquid investments with a maturity
     of three  months or less at the time of  purchase.  At November  30,  1997,
     there were no cash equivalents.

     PROPERTY  AND  EQUIPMENT -  Furniture  and  equipment  is recorded at cost.
     Depreciation  is  provided  by use of the  straight-line  method  over  the
     estimated  useful  lives of the  related  assets  of  three to five  years.
    
          Expenditures   for   replacements,   renewals,   and  betterments  are
     capitalized. Maintenance and repairs are charged to operations as incurred.

                                       6

<PAGE>

          Undeveloped  oil and gas  properties  consists  of leases and  acreage
     acquired by the Company for its exploration and development activities. The
     cost of these nonproducing  leases is recorded at the lower of cost or fair
     market value.

          The Company has adopted SFAS No. 121 "Accounting for the Impairment of
     Long-Lived  Assets  and for  Long-Lived  Assets  to Be  Disposed  of" which
     requires  that  long-lived  assets  to be held  and  used be  reviewed  for
     impairment  whenever events or changes in  circumstances  indicate that the
     carrying  amount of an asset may not be  recoverable.  The adoption of SFAS
     121 has not had an impact on the  Company's  financial  statements,  as the
     Company has determined  that no impairment  loss through  November 30, 1997
     need to be recognized for applicable assets of continuing operations.

     ORGANIZATION  COSTS - Costs related to the organization of the Company have
     been capitalized and are being amortized over a period of five years.

     INCOME  TAXES - The Company has  adopted  the  provisions  of SFAS No. 109,
     "Accounting  for Income Taxes".  SFAS 109 requires  recognition of deferred
     tax  liabilities  and assets for the expected  future tax  consequences  of
     events that have been included in the financial  statements or tax returns.
     Under this method, deferred tax liabilities and assets are determined based
     on the difference  between the financial  statement and tax basis of assets
     and liabilities using enacted tax rates in effect for the year in which the
     differences are expected to reverse.
          
          At August 31, 1997, the Company had a net operating loss  carryforward
     of  approximately  $33,000 that may be offset against future taxable income
     through  2012.  The Company has fully  reserved  the tax  benefits of these
     operating  losses because the likelihood of realization of the tax benefits
     cannot be  determined.  The  approximate  $6,300  tax  benefit  of the loss
     carryforward  has been offset by a valuation  allowance of the same amount.
     Temporary  differences  between  the time of  reporting  certain  items for
     financial  and tax reporting  purposes are not  considered  significant  by
     management of the Company.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

     The  Company  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.  The
Company  attempts to leverage its technical  experience  and expertise  with 3-D
seismic to identify  exploration  and  exploitation  projects  with  significant
potential  economic  return.  The  Company  intends to  participate  in selected
exploration  projects as a non-operating,  working interest owner,  sharing both
risk and rewards with its partners.  The Company has and will continue to pursue
exploration  opportunities  in regions  where the Company  believes  significant
opportunity  for  discovery  of oil and gas exists.  By reducing  drilling  risk
through 3-D seismic technology, the Company seeks to improve the expected return
on investment in its oil and gas exploration projects.

     During  the  3  months  ended  November  30,  1997,  the  Company  incurred
approximately  $139,000 for various  direct  costs and expenses  relating to its
identified  exploration  and  exploitation  projects.  The Company  undertook no
drilling and had no revenues from oil and gas production during this period.

     The Company currently  anticipates that it will participate in the drilling
of one to four gross exploratory  wells during the next twelve months,  although
the  number  of wells  may  increase  as  additional  projects  are added to the
Company's portfolio. However, there can be no assurance that any such wells will
be drilled and if drilled that any of these wells will be successful.

                                       7

<PAGE>

     The Company currently has three active projects in the Southern San Joaquin
Basin of California:

          School  Road - The  Company  expects to  commence  drilling  its first
     exploratory  well on its  School  Road  project  in the  second  quarter of
     calendar 1998. The total 100% dry hole cost of this well is projected to be
     about $850,000.  Completion costs are projected at an additional  $500,000.
     It is anticipated  that this well will take  approximately 45 to 60 days to
     drill. The Company currently holds a 100% working interest and will present
     this project to potential  industry partners in order to sell a significant
     portion  of its  working  interest  and  thereby  limit  or  eliminate  its
     financial  expenditures  for the cost of the well.  The Company may drill a
     second  exploratory  well on this project late in calendar  1998. The costs
     for this well should be similar to the first exploratory well.

          Southeast  Maricopa - The Company expects to undertake  acquisition of
     3-D seismic data in its Southeast  Maricopa  project  starting in the first
     quarter of calendar 1998. Cash commitments of as much as $2,000,000 will be
     required to fund the 3-D seismic permitting,  data acquisition and location
     damages.  The Company also currently holds a 100% working  interest in this
     project and will present this  project to  potential  industry  partners in
     order to sell a  significant  portion of the working  interest  and thereby
     limit  or  eliminate  its  financial  expenditures  for the cost of the 3-D
     seismic project.  The Company projects drilling an initial exploratory test
     well in late calendar 1998.

          East Lost Hills - The Company holds a 30% working interest in the East
     Lost Hills project and jointly with  Armstrong Oil and Gas, Inc. (a private
     Denver based independent  exploration  company) is actively  marketing this
     prospect  to  industry  partners.  The Company  anticipates  that  industry
     partners will fund 100% of the drilling and completion costs of the initial
     test  well  and  also  will  pay a cash  consideration  for  the  right  to
     participate in this project.  The initial test well is projected to spud in
     the second or third quarter of calendar 1998. The Company expects to retain
     a working interest of between 7.5% and 10%

     The Company has other  projects  identified in the Denver Basin of Colorado
and  Nebraska  and in the Big  Horn  Basin  of  Wyoming  and  Montana.  There is
currently  no plan  for  drilling  activity  in these  projects  for the next 12
months. In addition,  the Company continues to identify and evaluate acquisition
opportunities for exploration and exploitation opportunities.

     In connection with the implementation of its exploration,  exploitation and
potential  development  program,  the Company may use a portion of its  existing
cash  resources to expand its  technical  and support  staff.  As a result,  the
Company  anticipates that its general and  administrative  expenses may increase
during the next 12 months. Further, the Company anticipates incurring additional
legal,  administrative  and  accounting  costs in future  periods as a result of
being a public company.

     The Company's cash balance at November 30, 1997 was $1,102,800. The Company
had outstanding  warrants to issue 2,047,500 shares of its common stock at $1.25
per share (the "A Warrants")  and has  outstanding  warrants to issue  2,047,500
shares of its common stock at $1.75 per share (the "B Warrants"). The A Warrants
expired  on January  15,  1998 with none of the  warrants  being  exercised.  On


                                       8

<PAGE>

January 16, 1998, the Company signed a letter of intent to issue up to 2,100,000
shares  of its  common  shares in a  private  placement  at a price of $1.25 per
share.  The  Company  expects  to  receive up to  $2,625,000  from this  private
placement  by the end of January 1998, although there is no assurance  that this
will  occur.  The  Company's  B Warrants  expire on April 15,  1998.  If all the
outstanding  B Warrants  are  exercised,  of which  there is no  assurance,  the
Company would  receive  approximately  $3,261,000,  net of  commissions.  To the
extent that these warrants  expire without being  exercised,  the Company may be
limited in its  ability to  continue to fund its  exploration  and  exploitation
activities until  additional  financing is available.  To the extent  sufficient
funding  is  available   and   depending  on  the  level  of  industry   partner
participation in the Company's  exploration  projects,  capital expenditures for
the next 12 months could be as much as $5,000,000.

     The  Company  has no  outstanding  long-term  debt and  although  it has no
current  plan to do so, it may incur  long-term  debt in the  future in order to
fund development of oil and gas producing properties.

Results of Operations

     The quarter  ended  November  30,  1997  compared  with the  quarter  ended
November 30, 1996

     Oil and Gas Revenues and Expenses.  The Company has not owned any producing
or  proved  oil and gas  properties.  Accordingly,  no oil and gas  revenues  or
expenses have been recorded by the Company.

     Depreciation, Depletion and Amortization. The Company recorded no depletion
expense from oil and gas  properties for the quarters ended November 30, 1997 or
1996.  The  Company  has not owned  any  proved  reserves  and had no oil or gas
production.  The Company recorded nominal  depreciation  expense associated with
capitalized office furniture and equipment during the quarter ended November 30,
1997.

     General and  Administrative  Expense.  The Company  incurred  $188,000  and
$1,000 in general and administrative expenses during the quarters ended November
30, 1997 and 1996,  respectively.  The  increase  results from  incurring  costs
associated with the hiring of technical personnel,  leasing of office space, and
legal and accounting and other costs associated with  administering and pursuing
the development of the Company's exploration and exploitation plan.

     Consulting  Fee  Revenue.  The Company  generated  $10,000 and $15,000 from
consulting   fees  during  the  quarters  ended  November  30,  1997  and  1996,
respectively.  These  revenues are  considered  to be ancillary to the Company's
focus of generating  revenues from oil and gas  production.  These  revenues are
expected to decrease or cease completely in the future.

                                       9

<PAGE>


                                    PART II.
                                OTHER INFORMATION


Item 1. Legal Proceedings

None.

Item 2. Changes in Securities

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Submission of Matters to a Vote of Security Holders

None

Item 5. Other Information

None

Item 6. Exhibits and Reports on Form 8-K

During the quarter ended November 30, 1997, the Registrant  filed two reports on
Form 8-K reporting events occurring on October 27, 1997, and November 12, 1997.




                                   SIGNATURES
                                   ----------

     In accordance with the requirements of the Exchange Act, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


   PYR ENERGY CORPORATION


         Signatures                         Title                   Date


 /s/ D. Scott Singdahlsen           Chief Executive Officer;    January 20, 1998
-----------------------------       President and Chairman
D. Scott Singdahlsen                Of The Board



 /s/ Andrew P. Calerich          Chief Financial Officer        January 20, 1998
-----------------------------
Andrew P. Calerich

                                       10