EXHIBIT 2.7 SEVENTH AMENDMENT TO PURCHASE AND SALE AGREEMENT DATED JULY 31, 2007 SEVENTH AMENDMENT TO PURCHASE AND SALE AGREEMENT

EX-2.7 2 exh2-7_psaagmt.htm EXH 2-7 AMD AGREEMENT exh2-7_psaagmt.htm
 
 


 
 
 
 
 
EXHIBIT 2.7
 
SEVENTH AMENDMENT TO PURCHASE AND SALE AGREEMENT DATED JULY 31, 2007
 
 
 
 
 

 

SEVENTH AMENDMENT TO PURCHASE
AND SALE AGREEMENT

This SEVENTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “Amendment”) is dated the 31st day of July, 2007, by and between Galaxy Energy Corporation (“Galaxy”), Dolphin Energy Corporation (hereinafter jointly referred to as “Seller” or “Party”) and PetroHunter Operating Company (“Buyer” or “Party”) and PetroHunter Energy Corporation.  Buyer, Seller and PetroHunter Energy Corporation may be referred to herein collectively as “Parties”.

In connection with PetroHunter Energy Corporation’s efforts to obtain financing, the Parties agree to amend the Purchase and Sale Agreement between the Parties dated December 29, 2006, as previously amended by the First, Second, Third, Fourth, Fifth and Sixth Amendments to the Purchase and Sale Agreement dated February 6, 2007, February 28, 2007, March 30, 2007, April 30, 2007, May 31, 2007, and June 30, 2007, respectively, and including all such amendments herein, (the “Purchase and Sale Agreement”) as follows.  Defined terms used in the Purchase and Sale Agreement are incorporated herein by reference.

1.           The first sentence of Section 2.7 of the Purchase and Sale Agreement, as amended, shall be deleted in its entirety, and replaced with the following: “The Closing shall take place on a mutually agreeable date on or before August 31, 2007 (with the actual date of Closing being the “Closing Date”).”
 
2.           The fifth sentence of Section 2.3 of the Purchase and Sale Agreement, as amended, shall be deleted in its entirety, and replaced with the following sentence: “Any Party may terminate this Agreement, effective upon written notice to the other Parties, in the event the Closing has not occurred by August 31, 2007.”
 
Except as set forth in this Amendment, all terms and conditions of the Purchase and Sale Agreement, are to remain in full force and effect.
 
THIS SEVENTH AMENDMENT TO PURCHASE AND SALE AGREEMENT is executed by each Party to be effective as of the date first captioned above.

 DOLPHIN ENERGY CORPORATION      PETROHUNTER OPERATING COMPANY  
         
By:  /s/ Richard E. Kurtenbach
   
By:  /s/ David E. Brody
 
       Richard E. Kurtenbach, Secretary
   
       David E. Brody, Vice President and
 
 
   
       General Counsel
 
 
 

GALAXY ENERGY CORPORATION      PETROHUNTER ENERGY CORPORATION  
         
By:  /s/ Christopher S. Hardesty
   
By:  /s/ David E. Brody
 
       Christopher S. Hardesty
   
       David E. Brody, Vice President and
 
       Senior Vice President and
   
       General Counsel
 
           Chief Financial Officer