Exhibit 10.25
 CONTRACT MODIFICATIONS TO THE SPECIFIC SERVICES CONTRACT TO
DEVELOP, PRODUCE, AND UPGRADE CRUDE OIL IN BLOCK 20, INVOLVING THE
PUNGARAYACU FIELD IN THE ECUADORIAN AMAZON REGION.
SIGNED BETWEEN:
THE ECUADORIAN STATE PETROLEUM COMPANY, PETROECUADOR, AND ITS
SUBSIDIARY, THE ECUADORIAN STATE COMPANY FOR PETROLEUM
EXPLORTATION AND PRODUCTION, PETROPRODUCCION, AND THE COMPANY
IVANHOE ENERGY ECUADOR INC.
(February 11, 2009)
 1. First: Appearing Parties:
  2. Second: Background:
 Two Point One (2.1)
 Two Point Two (2.2)
 Two Point Three (2.3)




---



##### 



Two Point Four (2.4)
 Two Point Five (2.5)
 Two Point Six (2.6)
 Two Point Seven (2.7)
 3. Modification:
 Three Point One (3.1) Twelve Point One, Tax Administration and Profit
Sharing, automatic, any readjustments will be made according to
clauses 9.1.2 and 12.9,
 The CONTRACTOR will pay income tax according to the regulations found in the Organic Law for the
Domestic Tax System, and all other regulations applicable to the subject matter. The CONTRACTOR
may deduct any investments, costs, and expenses made according to the legal framework valid in
Ecuador, and therefore, such amounts would not be subject to income tax payment. If, at some time
after the contract is signed, the tax system is modified in such a way that investments, costs, and
expenses may be deducted by the CONTRACTOR, the CONTRACTOR will have the right, from that day
forward, to include a correction factor in the form of a Contractual Payment that compensates the
economic effects any modifications to the tax regulations. Any readjustment of this kind will be done according to
clauses 9.1.2 and 12.9.




---



##### 



Three Point Two (3.2) Eighteen Regarding Assignment of Rights, with the authorization of
PETROPRODUCCION. If this requirement is not fulfilled, such assignment will be null and void, and
the CONTRACTOR will be responsible for any damages caused. The CONTRACTOR, under its exclusive
responsibility, may assign rights to receive amounts payable to the CONTRACTOR under this Contract
to agencies that grant financing for the operations of this Contract, according to the first and second paragraphs of Article 48 of the Hiring Regulations
for Specific Goods and Services of the State Petroleum Company PETROECUADOR and its Subsidiary
companies.
 The CONTRACTOR may assign or transfer its rights and obligations derived from this Contract
according to the first and second paragraphs of Article 48 of the Hiring Regulations for Specific
Goods and Services of the State Petroleum Company PETROECUADOR and its Subsidiary companies.
 Three Point Three (3.3) Nineteen Point One, to execute
this contract, objective this observing the laws and regulations written on that subject matter, when applicable.
 The CONTRACTOR may subcontract, under its own responsibility and risk, the work or services
necessary to execute the objective of this Contract, observing the laws and regulations written on
that subject matter, when applicable. Such work and services will be executed in the CONTRACTORS
name, and the CONTRACTOR will maintain direct responsibility over all of the obligations
established in this Contract and derived from it, which may not be waived on the grounds of
subcontracting. PETROPRODUCCION will not assume any responsibility for this concept, even for
reasons of solidarity.
 Three Point Four (3.4) Twenty four Point Two, Legal Frame of Reference, If there is any opposition from among the indicated documents, the
order or priority among them will be the following: this Contract, Laws, and Regulations, Interpretation will follow clause 3 of this contract.




---



##### 



The legal frame of reference that is applicable to this Contract includes but is not limited to
the instruments listed below: One  Law of Hydrocarbons, enacted through Official Record No. 711,
from November 15, 1978, and its reforms. Two  Special Law for the State Petroleum Company of
Ecuador (PETROECUADOR) and its Subsidiary Companies, enacted through the Official Record No. 283,
from September 26, 1989, and its pertinent reforms and regulations. Three  the Organic Law of Tax
Equality, enacted through Official Record No. 242 from December 29, 2007. Four  Law No. 122,
which creates the Development Fund for the Provinces in the Amazon Region, which was published in
the Official Record No. 676 from May 3, 1991, and its reforms and interpretative law. Five  the
Law of Arbitration and Mediation, which was published in the Official Record No. 145 from September
, 1997, and its reforms. Six  the General Insurance Law and its reforms. Seven  the Organic
Law for Customs and its Regulations. Eight  the Substitute Regulation for Hydrocarbon Operations.
Nine  the Substitute Regulation to the Environmental Regulation for Hydrocarbon Operations in
Ecuador, which was published in the Official Record No. 265, from February 13, 2001. Ten  the
Regulations for Contracting Goods, Work, and Services for PETROECUADOR and other laws that are
valid upon signing the Contract and that were applicable to Hydrocarbon activities. Its
interpretation will be according to clause 3 of this Contract.
 4. Ratification:




---



##### 



5. Appendices:
  CALM. Luís JARAMILLOAriasEXECUTIVE PRESIDENT 
OF PETROECUADOR
    
    CPNV-EMC Camilo DELGADOMontenegroVICEPRESIDENT
OF PETROPRODUCCIÓN
 Espinoza




---



##### 



Mr. Oscar Blake
Legal Counsel
IVANHOE ENERGY (USA)INC
Av. Suite 400
Bakersfield, California
U.S.A.
 Dear Sir:
 To
the Specific Services Contract To Develop, Produce, and Upgrade Crude Oil in Block 20, (Pungarayacu
Oil Field) in the Ecuadorean Amazon Region
 a.
    
    That the English translation to the CONTRACT MODIFICATION is accurate in form and
content and do not violate any Ecuadorean Law.