FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT DATED MAY 31, 2007 FOURTH AMENDMENT TO PURCHASE AND SALE AGREEMENT

EXHIBIT 2.5

FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT DATED MAY 31, 0000

XXXXXX XXXXXXXXX TO PURCHASE

AND SALE AGREEMENT

This FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “Amendment”) is dated the 31st day of May, 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 and Fourth Amendments to the Purchase and Sale Agreement dated February 6, 2007, February 28, 2007, March 30, 2007 and April 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 June 30, 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 June 30, 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 FIFTH 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/ Xxxxxxx X. Xxxxxxxxxx By: /s/ Xxxxx X. Xxxxx

Xxxxxxx X. Xxxxxxxxxx, Secretary Xxxxx X. Xxxxx, Vice President and General Counsel

GALAXY ENERGY CORPORATION PETROHUNTER ENERGY CORPORATION

By: /s/ Xxxxxxxxxxx X. Xxxxxxxx By: /s/ Xxxxx X. Xxxxx

Xxxxxxxxxxx X. Xxxxxxxx Xxxxx X. Xxxxx, Vice President

Senior Vice President and and General Counsel

Chief Financial Officer

254597.02