Waiver and First Amendment to 2004 Notes and Warrants Sample Contracts

WAIVER AND FIRST AMENDMENT TO 2004 NOTES AND WARRANTS WAIVER AND FIRST AMENDMENT TO 2004 NOTES AND WARRANTS
Waiver and First Amendment to 2004 Notes and Warrants • June 2nd, 2005 • Galaxy Energy Corp • Mining & quarrying of nonmetallic minerals (no fuels) • New York

THIS WAIVER AND FIRST AMENDMENT TO 2004 NOTES AND WARRANTS (this “Amendment”) is entered into as of May 31, 2005, by and among Galaxy Energy Corporation, a Colorado corporation (the “Company”), and the investors listed on the Schedule of Securities Holders attached hereto (collectively, the “Securities Holders”).