EXECUTIVE SEPARATION AGREEMENT
This Executive Separation Agreement (this “Agreement”) is entered into as of the 1 st day of October,
2002, by and between Beta Oil & Gas, Inc., a Nevada corporation (“Employer”), and Steve Antry, a resident of
Tulsa County, Oklahoma (“Employee”).
W I T N E S S E T H:
WHEREAS, Employer and Employee are parties to that certain Employment Agreement dated June 23,
1997 (the “Employment Agreement”), pursuant to which Employee is employed by Employer in the capacity of
President of Employer;
WHEREAS, the parties have agreed to mutually terminate the Employment Agreement on the terms and
conditions set forth herein.
NOW, THEREFORE, in consideration of the premises, and mutual and dependent promises contained
herein, the parties hereto agree as follows:
1. Resignation . Employee does hereby resign as an officer and employee of Employer effective
as of October 21, 2002. Employee’s usual monthly salary for services rendered in October of 2002 shall be
paid on a pro-rated basis, through the effective date of termination. The parties agree that the Employment
Agreement is hereby terminated and both parties release, waive and relinquish any rights or remedies they may
2. Severance Payment and Termination . Employer shall pay to Employee a total amount
equal to $150,000, payable in twenty-four (24) equal semi-monthly installment s , payable on the 15 th and last
day of each calendar month, commencing November 15, 2002. Such payments and the health insurance
coverage provided in paragraph 3 below shall be in lieu of any other compensation or benefits otherwise
provided for in the Employment Agreement.
3. Health Insurance . The parties agree that Employee and his family shall continue to be
covered by Employer’s health and hospitalization insurance policy at Employer’s cost for a period of twelve (12)
months, uninterrupted from date of termination until