TETON ENERGY CORPORATION
ANDREW M. SCHULTZ
This agreement, dated as of April 1, 2006 (the “Agreement”), is entered into by and between Teton
Energy Corporation, a Delaware corporation (the “Company”), and Andrew M. Schultz (“Executive”)
(collectively, the “Parties,” individually, a “Party”).
Whereas, the Executive has been providing services for the Company under a consulting agreement as a
contract petroleum engineer; and
Whereas, the Parties desire to establish the rights, duties and obligations of each, which shall be generally
stated herein and which may be more fully stated in other agreements between the parties, including performance
share agreements, restricted stock award agreements, and other employment or incentive related agreements as
the Company or its Board of Directors may adopt from time to time;
Now, Therefore, in consideration of the promises, and for other good and valuable consideration, the
Company and Executive agree as follows:
Teton Energy Corporation • 410 17 th Street, Suite 1850 • Denver, CO 80202 • Tel: 303-565-4600
1.1 Title and Duties .
(i) Executive shall serve as Vice President, Production of the Company.
(ii) Executive’s employment shall be for an initial term of one (1) year, commencing from
April 1, 2006. The term of this Agreement shall be automatically extended on the day after the first year
anniversary of the date of this Agreement, and on each second anniversary thereof, for an additional two (2)-year
periods unless, with respect to any such extension, either party notifies the other in writing, not less than 60 days
prior to any anniversary hereof, that he or it, as the case may be, desires to terminate this Agreement as of the
end of its term.
(iii) Executive shall r