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EXHIBIT 10.22 REMINGTON OIL AND GAS CORPORATION EXECUTIVE SEVERANCE PLAN




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I.DEFINITIONS AND CONSTRUCTION 1.1 Definitions. Where the following words and phrases appear in the Plan, they shall
have the respective meanings set forth below, unless their context clearly indicates to the
contrary. (a) Base Salaryshall mean the annual rate of base compensation paid by the Company
to a Covered Employee (including amounts which the Covered Employee could have received in
cash had he not elected to contribute to an employee benefit plan maintained by the
Company), excluding overtime pay, bonuses, employee benefits, automobile allowances, added
premiums, differentials, and all forms of incentive compensation. Base Salary shall be
determined effective as of the date of the Covered Employees termination of employment
date. (b) Change of Controlshall be deemed to have occurred upon any of the following
events: (1)A merger or consolidation to which the Company is a part if the individuals
and entities who were stockholders of the Company immediately prior to the effective
date of such a merger or consolidation have beneficial ownership (as defined in Rule
13d-3 under the Exchange Act) of less than 50% of the total combined voting power
for election of directors of the surviving corporation following the effective date
of such merger or consolidation; (2)The acquisition or holding of direct or indirect beneficial ownership (as
defined under Rule 13d-3 of the Exchange Act) of securities of the Company
representing the aggregate 30% or more of the total combined voting power of the
Companys then issued and outstanding voting securities by any person, entity or
group of associated persons or entities acting in concert, other than an employee
benefit plan of the Company or of any subsidiary of the Company, or any entity
holding such securities for or pursuant to the terms of any such plan. The
Directors may, by a majority vote, determine the acquisition of 30%-49.9% is not a
hostile action and therefore does not trigger a change of control. (3)The sale of all or substantially all of the assets of the Company to any
person or entity that is not a wholly owned subsidiary of the Company; or (4)The approval by the stockholders of the Company of any plan or proposal for
the liquidation of the Company or its material subsidiaries, other than into the
Company. (c) Codemeans the Internal Revenue Code of 1986 as amended. (d) Committeeshall mean the committee appointed by the Company to administer the
Plan.




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(e) Covered Employeeshall mean the Chairman and CEO of the Company and the President
and COO of the Company. (f) Effective Dateshall mean January 1, 2005. (g) Companyshall mean Remington Oil and Gas Corporation. (h) Directorsshall mean the Board of Directors of the Company. (i) Disabilityshall mean a physical or mental infirmity that impairs the Covered
Employees ability to substantially perform the Covered Employees duties, which continues
for a period of at least one hundred eighty (180) continuous days. (j) Good Reasonshall mean the occurrence of any of the following events or
conditions: (1) a reduction in the Covered Employees Base Salary or bonus opportunity (2)
a material reduction in benefits without substitution of benefits that are substantially
comparable in the aggregate or that is not applicable to employees generally; (3) any change
in the Covered Employees duties or responsibilities that results in the Covered Employee
not having duties and responsibilities substantially equivalent to or greater than those the
Covered Employee had immediately prior to such change; or (4) the permanent relocation of a
Covered Employees principal place of employment with the Company to a location that is more
than 40 miles from such Covered Employees prior principal place of employment.
Notwithstanding the foregoing, any change in the Covered Employees duties and
responsibilities that is required by applicable law or governmental regulation shall not
constitute Good Reason. (k) Involuntary Terminationshall mean any termination, on or after the Effective
Date, of a Covered Employees employment with the Company which does not result from a
voluntary resignation or retirement by the Covered Employee; provided, however, the term
Involuntary Termination shall not include: (1) a Termination for Cause; (2) a termination as a result of the Covered Employees death; (3) any termination as the result of the Covered
Employees Disability; or (4) a termination by the Covered Employee for Good Reason. (l) Planshall mean the Remington Oil and Gas Corporation Executive Severance Plan. (m) Termination for Causeshall mean any termination of a Covered Employees
employment with the Company by reason of the Covered Employees (1) conviction of any felony
or entering a plea of nolo contendreto a felony charge, (2) involvement in any act of
material fraud, theft, or other material misconduct detrimental to the best interests of the
Company, (3) engagement in gross negligence or willful 2




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misconduct with respect to his duties to the Company and as a result caused material
harm to the Company, (4) engagement in competitive behavior against the Company,
misappropriated or aided in misappropriating a material opportunity of the Company, secured
or attempted to secure a personal benefit not fully disclosed to and approved by a majority
of the Board of Directors of the Company in connection with any transition of or on behalf
of the Company, or (5) failure to substantially perform his duties. II.SEVERANCE BENEFITS 2.1 Severance Benefits. Subject to the provisions of Section 2.2 hereof, if a Covered
Employees employment by the Company is terminated and such Covered Employee is not entitled to
severance benefits under an individual contract, agreement or arrangement, or if such Covered
Employee waives his rights to any severance benefits to which he may be entitled under an
individual contract, agreement or arrangement, then the Covered Employee shall be entitled to
severance benefits as provided in this Section 2.1. A Covered Employees entitlement to severance
benefits under the Plan depends upon the circumstance of the Covered Employees termination of
employment. Upon termination of the Covered Employees employment, the Covered Employee shall be
entitled to severance benefits as follows: (1) If the Covered Employees employment with the Company is terminated by reason of the Covered
Employees death or Disability, the Company shall pay the Covered Employees accrued Base Salary
through the termination date and, in addition thereto, an amount equal to the Covered Employees
target bonus multiplied by a fraction, the numerator of which is the number of days in such plan
year through termination date and the denominator of which is 365. (2) If the Covered Employees employment with the Company is subject to an Involuntary Termination
or is terminated by the Covered Employee for Good Reason and termination is not in connection with
a Change of Control, the Covered Employee shall be entitled to the following: (a) the Company
shall pay the Covered Employee a lump sum cash payment, as soon as administratively feasible after
the Covered Employees termination, in an amount equal to 2 times the sum of (i) the Covered
Employees then current Base Salary and (ii) the Covered Employees average annual incentive bonus
paid during the last three years, (b) all stock options, restricted stock and other equity
compensation awards granted the Covered Employee shall be subject to the terms of the grant
agreement, other signed agreements and plan under which they were granted (c) for a term of two (2)
years following the termination date, or until the Covered Employee gains new employment with
substantially similar benefits, the Company, at its expense, shall provide the Covered Employee and
his or her immediate family substantially the same level of group medical and dental benefits as
provided to the Companys active employees during such period, (d) the Company shall provide the
Covered Employee twelve (12) months of out placement services at the Companys sole expense, and
(e) all non-qualified deferred compensation benefits of the Covered Employee shall become
immediately vested and subject to an immediate distribution; provided, however, that if the Covered
Employee is a key employee (as defined in section 416(i) of the Code without regard to paragraph
(5) thereof) of the Company and the Companys stock is publicly traded on an 3




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established securities market or otherwise, then any amounts described above which are deferred
compensation under section 409A of the Code shall not be paid or commence until the date that is
six (6) months after the termination date. The provision of group medical and dental benefits shall
start and run concurrently with any continuation coverage as may be elected by the Covered Employee
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA). (3) If the Covered Employees employment with Company is subject to an Involuntary Termination
within three months prior to or two (2) years after a Change of Control; or if the Covered Employee
terminates his employment with the Company for Good Reason within three months prior to or two
years after a Change of Control, the Covered Employee shall be entitled to the following: (a) the
Company shall pay the Covered Employee a lump sum cash payment, within a reasonable period of time
after the Covered Employees termination, in an amount equal to 2.99 times the sum of (i) the
Covered Employees then current Base Salary and (ii) the Covered Employees maximum annual
incentive opportunity, (b) all stock options, restricted stock and other equity compensation awards
granted the Covered Employee shall be subject to the terms of the grant agreement and plan under
which they were granted, (c) for a term of three (3) years following the termination date, or until
the Covered Employee gains new employment with substantially similar benefits, the Company, at its
expense, shall provide the Covered Employee and his or her immediate family the same level of group
medical and dental benefits as provided to the Companys active employees during such period, (d)
the Company shall provide the Covered Employee twelve (12) months of out placement services at the
Companys sole expense, and (e) all non-qualified deferred compensation benefits of the Covered
Employee shall be immediately vested and subject to an immediate distribution; provided, however,
that if the Covered Employee is a key employee (as defined in section 416(i) or the Code without
regard to paragraph (5) thereof) of the Company and the Companys stock is publicly traded on an
established securities market or otherwise, then any amounts described above which are deferred
compensation under section 409A of the Code shall not be paid or commence until the date that is
six (6) months after the termination date. The provision of group medical and dental benefits
shall start and run concurrently with any continuation coverage as may be elected by the Covered
Employee under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA). 2.2 Other Severance Arrangements. Severance payments provided herein shall be subject
to any required tax withholding. If a Covered Employee is entitled to severance benefits under an
individual contract, agreement or arrangement and does not waive such entitlement to severance
benefits under such contract, agreement or arrangement, such Covered Employee shall not be entitled
to any severance benefits pursuant to the Plan but shall instead be entitled to severance benefits
in such amount and form as are provided pursuant to the terms of such contract, agreement or
arrangement (which contract, agreement or arrangement is hereby incorporated by reference and made
a part of this Plan). 2.3 Release, Full Settlement and Resignation. As a condition to the receipt of any
severance benefits hereunder, the Company, in its sole discretion, may require a Covered Employee
whose employment by the Company has been terminated to first execute a release, in the form
established by the Company, releasing the Company, its shareholders, partners, officers, directors,
employees, attorneys and agents from any and all claims and from any and all causes 4




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of action of any kind or character, including but not limited to all claims or causes of
action arising out of such Covered Employees employment with the Company or the termination of
such employment, and the performance of the Companys obligations hereunder and the receipt of the
benefits provided hereunder by such Covered Employee shall constitute full settlement of all such
claims and causes of action. The Covered Employee shall resign from his position on the Board of
Directors, if any, effective as of his employment termination date. 2.4 Excise Tax Payments. In the event that any payment, award, benefit or distribution
(or any acceleration of any payment, award, benefit or distribution) made or provided to or for the
benefit of a Covered Employee in connection with this Agreement, or Covered Employees employment
with Company or the termination thereof (the Payments) are determined to be subject to the excise
tax imposed by Sections 409A or 4999 of the Code or any interest or penalties with respect to such
excise taxes (such excise taxes, together with any such interest and penalties, are collectively
referred to as the Excise Tax), then the Employee shall be entitled to receive an additional
payment (a Gross-Up Payment) from Company such that the net amount received by the Employee after
paying any applicable Excise Tax and any federal, state or local income or FICA taxes on such
Gross-Up Payment, shall be equal to the amount the Employee would have received if such Excise Tax
were not applicable to the Payments. All determinations of the Excise Tax and Gross-Up Payment, if
any, shall be made by tax counsel acceptable to the Employee. For purposes of determining the
amount of the Gross-Up Payment, if any, the Employee shall be deemed to pay federal income tax at
the highest marginal rate of federal income taxation in the calendar year in which the total
Payments are made and State and local income taxes at the highest marginal rate of taxation in the
State and locality of the Employees residence on the date the total Payments are made, net of the
maximum reduction in federal income taxes which could be obtained from deduction of such State and
local taxes. In the event that the Excise Tax is determined by the IRS, on audit or otherwise, to
exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by
reason of any payment the existence or amount of which cannot be determined at the time of the
Gross-Up Payment), the Company shall make another Gross-Up Payment in respect of such excess (plus
any interest, penalties or additions payable by the Employee with respect to such excess) within
the ten (10) business days immediately following the date that the amount of such excess is finally
determined. The Employee and the Company shall each reasonably cooperate with the other in
connection with any administrative or judicial proceedings concerning the existence or amount of
liability for Excise Tax with respect to the total Payments. The Gross-Up Payments provided to the
Employee shall be made not later than the tenth (10th) business day following the last
date the Payments are made. 2.5 Confidential Information. In consideration of the receipt of severance benefits
hereunder, the Covered Employee may not, without the prior written consent of the Company, for a
period of three (3) years following the Covered Employees termination date, except as may be
required by any competent legal authority, use or disclose to any person, firm or other legal
authority, any confidential record, secret or information related to the Company or any of its
subsidiaries. 2.6 Covenant Against Competition. In consideration of the receipt of severance
benefits hereunder, for a period of one (1) year following the Covered Employees termination date
where Involuntary Termination has occurred without a Change of Control, the Covered 5




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Employee shall not have any interest in or be engaged by any business or enterprise
that is in the business of exploring for, developing, or producing hydrocarbons in specific areas
where the Company has interest at the time of the Covered Employees termination. Company interest
shall be deemed an area within a two (2) mile radius from the current owned acreage, offshore
block, concession or active prospect area. For purposes of this Section, the Covered Employee
shall be deemed to have an interest in or be engaged by a business or enterprise if the Covered
Employee acts (a) individually, (b) as a partner, officer, director, shareholder, employee,
associate, agent or owner of an entity, or (c) as an advisor, consultant, leader or other person
related directly or indirectly, to any business or entity that is engaging in, or is planning to
engage in, exploring for, developing, or producing hydrocarbon in specific areas where the Company
has interests (the Prohibited Activity). Ownership of less than five percent (5%) of the
outstanding capital stock of a publicly traded entity that engages in any Prohibited Activity shall
not be in violation of this Section. 2.7 Non-Solicitation. In consideration of receipt of any severance benefits hereunder,
for a period of one (1) year following the Covered Employees termination date, the Covered
Employee may not, directly or indirectly, in any manner or capacity induce any person, to
discontinue his or her employment in the Company or the Companys successor or to interfere with
the business of the Company or the Companys successor. 2.8 Liquidated Damages. If a Covered Employee who has received severance benefits
pursuant to Section 2.1 above is found by the Committee to be in violation of the confidentiality,
non-competition, and/or non-solicitation provisions as described in Sections 2.5, 2.6, and 2.7
above, then the Covered Employee shall be required to pay to the Company as liquidated damages the
full amount of severance received by the Covered Employee pursuant to Section 2.1. Any payment
required pursuant to this Section shall be due and payable in a single lump sum within 30 days of
written notice to such Covered Employee of such Committees finding. 2.9 Mitigation. A Covered Employee shall not be required to mitigate the amount of any
payment provided for in this Article II by seeking other employment or otherwise, nor shall the
amount of any payment provided for in this Article II be reduced by any compensation or benefit
earned by the Covered Employee as the result of employment by another employer or by retirement
benefits. III.ADMINISTRATION OF PLAN 3.1 Plan Administration. For the purposes of the Plan and the Employee Retirement
Income Security Act of 1974, as amended, the plan administrator and named fiduciary of the Plan is
the Committee. The Committee shall hold such meetings and establish such rules and procedures as
may be necessary to enable it to discharge its duties hereunder. All actions of the Committee
shall be recorded by a secretary who need not be a Committee member. The Committee shall have all
powers necessary or proper to administer the Plan and to discharge its duties under the Plan,
including, but not limited to, the following powers: 6




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(a) To make and enforce such rules and regulations as it may deem necessary or proper
for the orderly and efficient administration of the Plan; (b) To interpret the Plan, its interpretation thereof in good faith to be final and
conclusive on all persons claiming benefits under the Plan; (c) To authorize the payment of benefits under the Plan; (d) To prepare and distribute information explaining the Plan; (e) To appoint or employ persons to assist in the administration of the Plan; and (f) To obtain such information as is necessary for the proper administration of the
Plan. The Committee may allocate to others certain aspects of the management, operation and
responsibilities of the Plan, including the employment of advisors and the delegation of any
ministerial duties or functions to qualified individuals. The Company agrees to indemnify the
members of the Committee against all liabilities, damages, costs and expenses (including attorneys
fees and amounts paid in settlement of any claims approved by the Company) occasioned by any act or
omission to act in connection with the Plan if such act or omission was in good faith. 3.2 Claims Review. For claims arising after a Change of Control, the Covered Employee
shall not be required to follow the Plans claim procedures as set forth in this Section, instead
the Covered Employee shall be deemed to have satisfied his administrative remedies if the Covered
Employee pursues any claim in court. For all other claims, the following claims procedures will
apply. The Committee will advise each Covered Employee of any Plan benefits to which the Covered
Employee is entitled. If the Covered Employee believes that the Committee has failed to advise him
or her of any Plan benefits to which he or she is entitled, then the Covered Employee may file a
written claim with the Committee. The Committee shall review such claim and respond thereto within
a reasonable time after receiving the claim. In any case in which a Covered Employees claim for
Plan benefits is denied or modified, the Committee shall: (a) state the specific reason for the denial or modification; (b) provide specific reference to pertinent Plan provisions on which the denial or
modification is based; (c) provide a description of any additional material or information necessary for the
Covered Employee or his representative to perfect the claim and an explanation of why such
material or information is necessary; and (d) explain the Plans claim review procedure as contained herein. 7




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In the event the request is denied or modified, if the Covered Employee or his representative
desires to have such denial or modification reviewed, he must, within sixty days following receipt
of the notice of such denial or modification, submit a written request for review by the Committee
of its initial decision. Within sixty days following such request for review the Committee shall
render its final decision in writing to the Covered Employee or his representative stating specific
reasons for such decision. If special circumstances require an extension of such sixty-day period,
the Committees decision shall be rendered as soon as possible, but not later than 120 days after
receipt of the request for review. If an extension of time for review is required, written notice
of the extension shall be furnished to the Covered Employee or representative prior to the
commencement of the extension period. IV.GENERAL PROVISIONS 4.1 Funding. The benefits provided herein shall be unfunded and shall be provided from
the Companys general assets. 4.2 Cost of Plan. The entire cost of the Plan shall be borne by the Company and no
contributions shall be required of the Covered Employees. 4.3 Amendment and Termination. The Plan may be amended from time to time, or
terminated and discontinued, at any time, in each case at the discretion of the Directors;
provided, however, that the Plan may not be amended or terminated within two years after a Change
of Control or in any manner that would negatively affect a Covered Employees rights under the Plan
without the consent of such Covered Employee so affected. Notwithstanding the foregoing, the Plan
may amended at any time as may be necessary to avoid adverse tax consequences under section 409A of
the Code to any Covered Employee. 4.4 Not Contract of Employment. The adoption and maintenance of the Plan shall not be
deemed to be a contract of employment between the Company and any person or to be consideration for
the employment of any person. Nothing herein contained shall be deemed to give any person the
right to be retained in the employ of the Company or to restrict the right of the Company to
discharge any person at any time nor shall the Plan be deemed to give the Company the right to
require any person to remain in the employ of the Company or to restrict any persons right to
terminate his employment at any time. 4.5 Severability. Any provision in the Plan that is prohibited or unenforceable in any
jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the
extent of such prohibition or unenforceability without invalidating or affecting the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 4.6 Nonalienation. Covered Employees shall not have any right to pledge, hypothecate,
anticipate or assign benefits or rights under the Plan, except by will or the laws of descent and
distribution, or as may be required pursuant to a domestic relations order. 8




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4.7 Governing Law. The Plan shall be interpreted and construed in accordance with the
laws of the State of Texas except to the extent preempted by federal law. IN WITNESS WHEREOF, the Company has executed this Plan this ___day of
___, 2005. REMINGTON OIL AND GAS CORPORATION
By 9