BETA OIL & GAS INC
EX-10.27
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<TYPE>EX-10.27
<SEQUENCE>7
<FILENAME>a04-3759_1ex10d27.htm
<DESCRIPTION>EX-10.27
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.27</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXECUTIVE SEPARATION AGREEMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Executive
Separation Agreement (this &#147;Agreement&#148;) is entered into as of the 1<sup>st</sup>
day of October, 2002, by and between Beta Oil &amp; Gas, Inc., a Nevada
corporation (&#147;Employer&#148;), and Steve Antry, a resident of Tulsa County, Oklahoma
(&#147;Employee&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">W I T N E S S E T H:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
Employer and Employee are parties to that certain Employment Agreement dated
June 23, 1997 (the &#147;Employment Agreement&#148;), pursuant to which Employee is
employed by Employer in the capacity of President of Employer;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
parties have agreed to mutually terminate the Employment Agreement on the terms
and conditions set forth herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, in consideration of the premises, and mutual and dependent promises
contained herein, the parties hereto agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Resignation</font></i>.&#160; Employee does hereby resign as an officer
and employee of Employer effective as of October 21, 2002.&#160; Employee&#146;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.&#160; 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.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:37.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Severance
Payment and Termination</font></i>.&#160;
Employer shall pay to Employee a total amount equal to $150,000, payable
in twenty-four (24) equal semi-monthly installment<i><font style="font-style:italic;">s</font></i>, payable on the 15</font><sup><font size="1" style="font-size:8.0pt;">th</font></sup> and
last day of each calendar month, commencing November 15, 2002.&#160; 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.</p>

<p style="margin:0in 0in .0001pt;text-indent:37.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Health
Insurance</font></i>.&#160; The parties agree
that Employee and his family shall continue to be covered by Employer&#146;s health
and hospitalization insurance policy at Employer&#146;s cost for a period of twelve
(12) months, uninterrupted from date of termination until October&nbsp;21,
2003.&#160; This shall not abrogate any
rights Employee may have under COBRA.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:37.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Board
Seat</font></i>.&#160; It is understood and
agreed that Employee is not resigning his membership on Employer&#146;s Board of
Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:37.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Binding
Effect; Assignability</font></i>.&#160; This
Agreement shall insure to the benefit of, bind and be enforceable by the
parties hereto, Employer&#146;s successors and assigns and Employee&#146;s heirs,
devisees, legatees, executors, administrators and personal and legal
representatives.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Applicable
Law</font></i>.&#160; All questions
concerning the construction, validity and interpretation of this Agreement
shall be governed by the internal laws, and not the law of conflicts, of the
State of Oklahoma.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:37.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Counterparts</font></i>.&#160; The parties may execute this Agreement in
any number of counterparts, each of which is an original, but all of which
together constitute one and the same instrument.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IN WITNESS WHEREOF</font></i>,
the parties hereto have caused this Agreement to be signed in their respective
names and Employer by a duly authorized representative on the day and year
first above written.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYER:</font></p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beta Oil &amp; Gas, Inc.</font></p>
  </td>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <h1 align="left" style="font-size:1.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;">&nbsp;</h1>
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  <h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></h1>
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  <td width="16%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.56%;">
  <h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Joseph L. Burnett</font></h1>
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  <td width="29%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:29.28%;">
  <h1 align="left" style="font-size:1.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;">&nbsp;</h1>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
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  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
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  <td width="18%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert E. Davis, Jr.</font></p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board of Directors</font></p>
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  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steve Antry</font></p>
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  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.6%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee</font></p>
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