EXHIBIT 10.3
JACK L. WOODS
CONSULTING AGREEMENT
This Consulting Agreement (this "Agreement") is made as of May 1, 1997, by and between Toreador Royalty
Company, a Delaware corporation (the "Company"), and Jack L. Woods (the "Consultant").
WHEREAS, the Company desires to enter into a separate agreement to retain the services of the Consultant on a
current basis, and the Consultant desires to perform such services for the Company, subject to and upon the
terms and conditions contained herein;
NOW, THEREFORE, in consideration of the premises and the mutual terms and conditions hereto, the
Company and the Consultant agree as follows:
1. Employment and Duties. The Company agrees to retain the services of the Consultant to perform such
consulting and advisory services regarding the operations of the Company as the Company shall request from
time to time during the term of this Agreement. The Consultant shall make himself available to consult with the
directors, officers, employees and other consultants of the Company at reasonable times, concerning geological
and geophysical matters and, in general, any other issue concerning the business affairs of the Company on which
the Consultant's expertise may bear.
2. Amount of Service. It is anticipated that the Consultant will spend approximately one business day per week
performing his duties and functions under this Agreement during the term of this Agreement. It is understood that
the Consultant's time commitment to the Company may vary over time consistent with the needs of the Company
and the Consultant agrees to devote such time and attention to the performance and fulfillment of such duties,
functions and responsibilities as is necessary to fulfill such duties. Notwithstanding the foregoing, it is specifically
understood and agreed that the Consultant may act as a consultant or perform services for other parties other
than the Company and therefore will only be required to devote a portion of his time to his services under this
Agreement,