0001104659-04-008576 Sample Contracts

WARRANT AGREEMENT
Warrant Agreement • March 26th, 2004 • Beta Oil & Gas Inc • Crude petroleum & natural gas • Oklahoma

THIS WARRANT AGREEMENT (this “Agreement”) is made and entered into as of , between BETA OIL & GAS, INC., a Nevada corporation (the “Company”) and , (“Holder”).

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BETA OIL & GAS, INC. STOCK OPTION AGREEMENT
Stock Option Agreement • March 26th, 2004 • Beta Oil & Gas Inc • Crude petroleum & natural gas • Nevada

THIS STOCK OPTION AGREEMENT (this “Agreement”), is made and entered into as of the 1st day of October, 2002, by and between BETA OIL & GAS, INC., a Nevada corporation (the “Corporation”), and David A. Wilkins, a future employee (employee, future employee, consultant, director) of the Corporation (“Optionee”).

EXECUTIVE SEPARATION AGREEMENT
Executive Separation Agreement • March 26th, 2004 • Beta Oil & Gas Inc • Crude petroleum & natural gas • Oklahoma

This Executive Separation Agreement (this “Agreement”) is entered into as of the 1st 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”).

WARRANT AGREEMENT
Warrant Agreement • March 26th, 2004 • Beta Oil & Gas Inc • Crude petroleum & natural gas • California

THIS WARRANT AGREEMENT (this “Agreement”) is made and entered into as of , between BETA OIL & GAS, INC., a Nevada corporation (the “Company”) and , an individual (“Holder”).

SELECTED DEALER WARRANT AGREEMENT
Selected Dealer Warrant Agreement • March 26th, 2004 • Beta Oil & Gas Inc • Crude petroleum & natural gas • California

THIS SELECTED DEALER WARRANT AGREEMENT (the “Agreement”), dated as of July 30, 1999 is made and entered into by and between BETA OIL & GAS, INC., a Nevada corporation (the “Company”), and BROOKSTREET SECURITIES (“Warrantholder”).

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