Exhibit 10.27
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 have
thereunder.
2.
Severance Payment and Termination .
Employer
