**Exhibit      10.38**

|       1.   | The                Company and the Purchasers are parties to (i) a Securities Purchase                Agreement, dated as of June 1, 2004 (the “June 1st                Purchase Agreement”) pursuant to which the Company issued and sold to the                Purchasers shares of common stock, par value $0.001 (the “Common Stock”)                and certain warrants (the “June 1st                Warrants”), (ii) a Securities Purchase Agreement, dated as of June 14,                2004 (the “June 14th                Purchase Agreement”) pursuant to which the Company issued and sold to the                Purchasers shares of Common Stock and certain warrants (the “June 14th                Warrants”), and (iii) a Securities Purchase Agreement, dated as of March                29, 2006 (the “2006 Purchase Agreement”, and together with the June                1st                Purchase Agreement and the June 14th                Purchase Agreement, the “Purchase Agreements”) pursuant to which the                Company issued and sold to the Purchasers shares of Common Stock                and                certain warrants (the “2006 Warrants”, and together with the June                1st                Warrants and June 14th                Warrants, the “Warrants”). Capitalized terms used and not defined in this                Amendment shall have the respective meanings set forth in the Purchase                Agreements and Warrants. |
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|       2.   | The                Company and the Purchasers now wish to further modify certain terms                of the                Warrants. |
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|       1.   | Exercise                of Warrants.                Subject to the terms hereof, each Purchaser agrees to exercise the                June                1st                Warrants, June 14th                Warrants and the 2006 Warrants as set forth herein. |
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|           1.1   | The                Exercise Price on the 2006 Warrants shall be reduced from $6.805                to ____.                (the “Market Price”).1 |
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|           1.2   | Subject                to the terms hereof, each Purchaser agrees to exercise (i) 100% of                the                June 1st                Warrants and June 14th                Warrants issued to such Purchaser and (ii) 50% of the 2006 Warrants                issued                to such Purchaser, in each case as set forth on Schedule                A                hereto on the Business Day following the date of this Agreement (“Closing                Date”). In consideration for such exercise, the Company shall issue to                each Purchaser a warrant in the form of Exhibit                A                attached hereto (the “Additional Warrants”), registered in the name of                such Purchaser, pursuant to which such Purchaser shall have the right                to                acquire the number of shares of Common Stock indicated opposite such                Purchaser’s name on Schedule                A                hereto under the heading “Additional Warrant Shares” at an Exercise Price                equal to the Market Price per                share. |
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|           1.3   | Each                Purchaser shall have the option within 90 calendar days of the date                hereof                to exercise all or any portion of the remaining 2006 Warrants and                receive                an additional warrant, registered in the name of such Purchaser,                pursuant                to which such Purchaser shall have the right to acquire the number                of                shares of Common Stock that it exercises pursuant to this Section                1.3.                Such additional warrant shall be exercisable at the Market Price                and be in                the same form as the Additional Warrant. For the purposes of this                Amendment, the additional warrant issued under this Section 1.3 shall                be                deemed an “Additional Warrant” and the shares issuable upon exercise of                the additional warrant shall be included in the Additional Registration                Statement filed pursuant to Section 3 below. |
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|       2.   | Closing.                Subject to the terms hereof, each Purchaser and the Company agrees                that                the closing of the issuance of the Additional Warrants (the “Closing”)                shall occur on the Closing Date. |
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|           2.1.   | On                the Closing Date, the Company shall (i) issue to each Purchaser a                warrant                in the form of Exhibit                A                hereto, registered in the name of such Purchaser pursuant to which                such                Purchaser shall have the right to acquire the number of shares of                Common                Stock indicated opposite such Purchaser’s name on                Schedule A                hereto under the heading “Additional Warrant Shares”, and (ii) issue to                each Purchaser a certificate representing the number of Warrant Shares                exercised under the Warrants. |
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|           2.2.   | On                the Closing Date, each Purchaser shall deliver to the Company the                Exercise                Notice required under the Warrants and the Exercise Price in immediately                available funds. |
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|       3.   | Registration. |
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|           3.1   | The                Company will use commercially reasonable efforts to prepare and file                a                registration statement (the “Additional Registration Statement”) to cover                all shares of Common Stock issuable under the Additional Warrants                (the                “Additional Registrable Securities”) as soon as possible, but in no event                later than 90 days after the Closing Date (the “Filing Date”). |
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|           3.2   | The                Company shall use commercially reasonable efforts to prepare and                file a                post-effective amendment to the registration statement (the “Registration                Statement”) covering the June 1st                Warrants and the June 14th                Warrants as soon as possible, but in no event later than 5 business                days                after the Company files the Form 10-K for the period ended December                31,                2006 (the “Post Effective Amendment Filing                Date”). |
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|           3.3   | The                Company hereby agrees to amend and restate the Company’s Form 10-Q for the                periods ending March 31, 2006, June 30, 2006 and September 30, 2006                within                15 days of the Closing Date (the “Restatement Filing                Date”). |
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|           3.4   | In                the event the Company does not file the Additional Registration Statement                by the Filing Date or the post effective amendment to the Registration                Statement by the Post Effective Amendment Filing Date (each, an “Event”),                each Purchaser shall be entitled to receive on the date of such Event                (the                “Event Date”) an amount in cash, as partial liquidated damages and not as                a penalty, equal to 1% of the aggregate Exercise Price paid by such                Purchaser pursuant to Section 2.2 of this Amendment; and on each                monthly                anniversary of the Event Date thereof (if the applicable Event has                not                been cured), the Company shall pay to each Purchaser an amount in                cash, as                partial liquidated damages and not as a penalty, equal to 1% of the                aggregate purchase price paid by such Purchaser pursuant to the Section                2.2 of this Amendment (the “Liquidated Damages”). The Liquidated Damages                shall not exceed 12% of the aggregate Exercise Price paid by each                respective Purchaser pursuant to Section 2.2 of this Amendment. |
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|       4.   | Continued                Validity of Transaction Documents under the Purchase Agreement; Waiver                of                Prior Defaults.                The parties hereto agree that the Purchase Agreements and the other                transaction documents (the “Transaction Documents”) entered into in                connection therewith (as amended by this Amendment), remain in full                force                and effect, modified to the extent and only to the extent necessary                to                give effect to this Amendment and the transactions herein contemplated.                The parties agree that any default or event of default that has occurred,                prior to the effective date hereof, under any of the Transaction                Documents                is waived by each of the                Purchasers. |
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|       5.   | Representations                and Warranties. |
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|           5.1.   | The                Company hereby represents and warrants to the Purchasers that each                of the                representations and warranties set forth in Section                3.1                of                the June 14th                Purchase Agreement are true and correct as of the date hereof with                the                exception of Sections 3.1(g), 3.1(h), 3.1(i), 3.1 (s), 3.1(w), 3.1(x),                3.1(y), and 3.1(z) for which the Company makes no representations                and                warranties. Schedule                B,                attached hereto, describes the status of current litigation of                *Mark                Neuhas v. Sulphco, Inc. and Rudolph W. Gunnerman*. |
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|           5.2.   | Each                Purchaser hereby, as to itself only and for no other Purchaser, represents                and warrants to the Company that each of the representations and                warrants                set forth in Section                3.2                of                the June 14th                Purchase Agreement are true and correct as of the date                hereof. |
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|       6.   | Miscellaneous. |
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|           6.1.   | Fees                and Expenses.                The Company has agreed to reimburse Iroquois Master Fund, Ltd.                (“Iroquois”) $15,000 for its legal fees and expenses in connection with                this Amendment. Accordingly, the amount Iroquois must pay to the                Company                upon exercise of the Warrants under Section 1 shall be reduced by                $15,000.                Except for the foregoing, each party hereto will bear the fees and                expenses of its own counsel and advisors in connection with the                negotiation and entering into of this Amendment. The Company shall                pay all                transfer agent fees, stamp taxes and other taxes and duties levied                in                connection with the issuance of any                Securities. |
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|           6.2.   | Entire                Agreement.                This Amendment and the Transaction Documents, together with the exhibits                and schedules thereto, contain the entire understanding of the parties                with respect to the subject matter hereof and supersede all prior                agreements and understandings, oral or written, with respect to such                matters, which the parties acknowledge have been merged into such                documents, exhibits and schedules. |
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|           6.3.   | Equal                Treatment of Purchasers.                No consideration shall be offered or paid to any person to amend                or                consent to a waiver or modification of any provision of any of the                Transaction Documents unless the same consideration is also offered                to all                of the parties to the Transaction                Documents. |
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|           6.4.   | Notices.                Any and all notices or other communications or deliveries required                or                permitted to be provided hereunder shall be in writing and shall                be deemed                given and effective as specified in the Purchase Agreement. The address                for such notices and communications shall be as set forth on the                signature                pages attached to the Purchase                Agreement. |
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|           6.5.   | Amendments;                Waivers.                No provision of this Amendment may be waived or amended except in                a                written instrument signed, in the case of an amendment, by the Company                and                each Purchaser or, in the case of a waiver, by the party against                whom                enforcement of any such waiver is sought. No waiver of any default                with                respect to any provision, condition or requirement of this Amendment                shall                be deemed to be a continuing waiver in the future or a waiver of                any                subsequent default or a waiver of any other provision, condition                or                requirement hereof, nor shall any delay or omission of either party                to                exercise any right hereunder in any manner impair the exercise of                any such                right. |
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|           6.6.   | Amendment                Controls.                If any topic is addressed both in the Purchase Agreement (or any                document                related thereto) and in this Amendment, this Amendment shall                control. |
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|           6.7.   | Construction.                The headings herein are for convenience only, do not constitute a                part of                this Amendment and shall not be deemed to limit or affect any of                the                provisions hereof. The language used in this Amendment will be deemed                to                be the language chosen by the parties to express their mutual intent,                and                no rules of strict construction will be applied against any                party. |
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|           6.8.   | Governing                Law.                All questions concerning the construction, validity, enforcement                and                interpretation of this Amendment shall be governed by and construed                and                enforced in accordance with the internal laws of the State of New                York,                without regard to the principles of conflicts of law thereof. The                parties                agree that Section                7.9                of                the June 14th                Purchase Agreement shall apply to this Amendment as if set forth                in its                entirety herein. |
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|           6.9.   | Survival.                The representations and warranties contained herein shall survive                the                delivery, exercise and/or conversion of the securities, as applicable                for                the applicable statute of                limitations. |
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|           6.10.     | Execution.                This Amendment may be executed in two or more counterparts, all of                which                when taken together shall be considered one and the same document                and                shall become effective when counterparts have been signed by each                party                and delivered to the other party, it being understood that both parties                need not sign the same counterpart. |
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|           6.11.     | Severability.                If any provision of this Amendment is held to be invalid or unenforceable                in any respect, the validity and enforceability of the remaining                terms and                provisions of this Amendment shall not in any way be affected or                impaired                thereby and the parties will attempt to agree upon a valid and enforceable                provision that is a reasonable substitute therefor, and upon so agreeing,                shall incorporate such substitute provision in this                Amendment. |
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|           6.12.     | Independent                Nature of Purchasers’ Obligations and Rights.                The obligations of each Purchaser hereunder are several and not joint                with                the obligations of any other Purchaser, and no Purchaser shall be                responsible in any way for the performance of the obligations of                any other                Purchaser. Nothing contained herein, and no action taken by any Purchaser                pursuant hereto, shall be deemed to constitute the Purchasers as                a                partnership, an association, a joint venture or any other kind of                entity,                or create a presumption that the Purchasers are in any way acting                in                concert or as a group with respect to such obligations or the transactions                contemplated hereby. Each Purchaser shall be entitled to independently                protect and enforce its rights, including, without limitation, the                rights                arising out of this Amendment and it shall not be necessary for any                other                Purchaser to be joined as an additional party in any proceeding for                such                purpose. The Purchasers have not relied upon the same legal counsel                in                their review and negotiation of this Amendment. The Company has elected                to                provide all Purchasers with the same terms and form of Amendment                for the                convenience of the Company and not because it was required or requested                to                do so by the Purchasers. Each Purchaser represents that it has been                represented by its own separate legal counsel in its review and                negotiations of this Amendment and each party represents and confirms                that                Malhotra & Associates LLP represents only Iroquois in connection with                this Amendment. |
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*(Signature      Pages Follow)*

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|   | **SULPHCO,                INC.**  By:                __________________________________________Name:Title:  |
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*Signature      of Authorized Signatory of Investing Entity*

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**Schedule      A**

|                                        |   | June                1st       |      | June                14th      |   | 2006     |   | Additional                    |      |
|---------------------------------------------|--------|-------------------------------|-----------|-------------------------------|--------|----------|--------|-------------------------------|-----------|
| Purchaser                                   |   | Warrant                Shares |      | Warrant                Shares |   | Warrants |   | Warrant                Shares |      |
|                                        |   |                          |      |                          |   |     |   |                          |      |
| Nancy                Abbe Trust             |   |                          | 58,335    |                          |   | 36,960   |   |                          |      |   |   | 95,295 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Merav                Abbe Irrevocable Trust |   |                          | 116,667   |                          |   | 73,920   |   |                          |      |   |   | 190,587 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Coleman                Abbe                 |   |                          | 29,168    |                          |   | 18,480   |   |                          |      |   |   | 47,648 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Bruce                Bernstein              |   |                          | 43,750    |                          |   | 27,720   |   |                          |      |   |   | 71,470 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Romana                Ltd                   |   |                          | 116,667   |                          |   | 73,920   |   |                          |      |   |   | 190,587 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Ellis                International Ltd Inc. |   |                          | 262,500   |                          |   | 170,520  |   |                          | 150,000   |   |   | 583,020 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Hardip                K Sethi               |   |                          | 15,556    |                          |   | 9,856    |   |                          |      |   |   | 25,412 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Scot                J. Cohen                |   |                          | 350,000   |                          |   | 332,640  |   |                          |      |   |   | 682,640 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Cranshire                Capital LP         |   |                          | 175,000   |                          |   |     |   |                          |      |   |   | 175,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Michael                Gantcher             |   |                          |      |                          |   | 21,000   |   |                          |      |   |   | 21,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Joshua                Silverman             |   |                          |      |                          |   | 21,000   |   |                          |      |   |   | 21,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Brian                Daly                   |   |                          | 14,581    |                          |   | 9,240    |   |                          |      |   |   | 23,821 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Northfield                Advisors Inc.     |   |                          |           |                          |   |          |   |                          | 250,000   |   |   | 250,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Iroquois                Master Fund, Ltd.   |   |                          |           |                          |   |          |   |                          | 350,000   |   |   | 350,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Eli                Levitin                  |   |                          |           |                          |   |          |   |                          | 10,000    |   |   | 10,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Morris                Wolfson               |   |                          |           |                          |   |          |   |                          | 25,000    |   |   | 25,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Aaron                Wolfson                |   |                          |           |                          |   |          |   |                          | 50,000    |   |   | 50,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Abraham                Wolfson              |   |                          |           |                          |   |          |   |                          | 15,000    |   |   | 15,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| South                Ferry #2               |   |                          |           |                          |   |          |   |                          | 100,000   |   |   | 100,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Sonia                Corp.                  |   |                          |           |                          |   |          |   |                          | 50,000    |   |   | 50,000 |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Blizzard                Capital Ltd.        |   |                          |           |                          |   |          |   |                          | 1,000,000 |   |   | 1,000,000 |   |
|                                        |   |                          |           |                          |   |          |   |                          |           |   |   |  |   |
|                                        |   |                          |      |                          |   |     |   |                          |      |   |   |   |   |
| Total                                       |   |                          | 1,182,224 |                          |   | 795,256  |   |                          | 2,000,000 |   |   | 3,977,480 |   |

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**Schedule      B**