UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June ~~January 30~~19, 2008

GALAXY ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

Colorado (State or other jurisdiction of incorporation) 01-~~32237~~32682 (Commission File Number) 98-0347827 (IRS Employer Identification No.)

1331 – 17th Street, Suite ~~730~~1050, Denver, Colorado 80202

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (303) 293-2300

Registrant's telephone number, including area code

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

~~¨ Written~~[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

~~¨ Soliciting~~[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 23.0301 ~~Creation~~Notice of aDelisting ~~Direct~~or ~~Financial~~Failure ~~Obligation~~to orSatisfy ana ~~Obligation~~Continued ~~under~~Listing anRule ~~Off-Balance~~or ~~Sheet~~Standard; ~~Arrangement~~Transfer of ~~a Registrant~~Listing

OnThe ~~January~~delisting ~~30, 2008, the registrant executed a subordinated unsecured promissory note for $580,000 in favor~~ of ~~Bruner~~Galaxy’s ~~Family~~common ~~Trust~~stock ~~UTD~~from ~~March 28, 2005. Interest accrues at~~ the ~~rate~~American ofStock 8%Exchange ~~per~~(“AMEX”) ~~annum and the note~~was ~~matures~~made oneffective ~~the~~as ~~later~~ of ~~May~~June 2919, 2008 orpursuant ~~the~~to ~~time~~a atForm ~~which~~25 ~~the~~filed ~~registrant’s senior~~by ~~indebtedness~~AMEX ~~has been paid in full. In connection~~ with ~~this~~the ~~loan,~~Securities ~~the registrant~~ and ~~the~~Exchange ~~lender have submitted a subordination agreement for execution by the holders of the senior indebtedness~~Commission.

~~One~~Galaxy’s ~~of the~~common ~~trustees~~stock ofcurrently ~~Bruner~~trades ~~Family~~on ~~Trust UTD March 28, 2005 is Marc E. Bruner,~~ the ~~president~~ ~~and~~pink asheets ~~director~~under of the ~~registrant~~symbol “GAXIQ”.

Proceeds of the loan will be used to support the registrant’s operations.

Item 9.01 Financial Statements and Exhibits

Regulation S-K Number	Document
10.1	Subordinated Unsecured Promissory Note dated January 30, 2008
10.2	Subordination Agreement dated January 30, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GALAXY ENERGY CORPORATION February 4, 2008 By: /s/ Christopher S. Hardesty Christopher S. Hardesty Senior Vice President and Chief Financial Officer

	GALAXY ENERGY CORPORATION
June 20, 2008	By: /s/ Christopher S. Hardesty
	Christopher S. Hardesty Chief Financial Officer

EXHIBIT INDEX

Regulation S-K Number	Document
10.1	Subordinated Unsecured Promissory Note dated January 30, 2008
10.2	Subordination Agreement dated January 30, 2008

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