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Exhibit 10.20
 EMPLOYMENT AGREEMENT
 BETWEEN
 TETON ENERGY CORPORATION
 And
 WILLIAM P. BRAND, JR.
 (Employee)
 THIS
EMPLOYMENT AGREEMENT




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DEFINITIONS
 Definitions
 of




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POSITION & DUTIES
 Employment.
 Title
 Term
 Duties and Responsibilities
 Performance of Duties
 Representations and Warranties of the Employees with Respect to Conflicts, Past Employers
and Corporate Opportunities




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provided, further
 Activities and Interests with Companies Doing Business with the Company Schedule A
 Other Business Opportunities
 Reporting Location




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COMPENSATION
 Compensation
 Base Salary
 Cash Bonus
 Equity-Based Compensation
   Participation In Benefit Plans.
 Retirement Plans.
 Taxes.




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Life Insurance
 Employee Benefit Plans and Insurance
 Vacation
   Paid Holidays
 Business-related Expenses
 Severance Benefit




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Payroll Procedures and Policies
  TERMINATION OF EMPLOYMENT
 Death
 Disability th provided, that,
 Termination by Company




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Termination by Employee




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Termination without Prejudice
 Notice of Termination provided,
however,
 Date of Termination provided, however,
 Obligations of the Company upon Termination.
 Good Reason or During the Window Period; Other Than for Cause, Death or
Disability




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sum of and
      Death
 Disability
 Cause; Other than for Good Reason or During the Window Period




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Continuation of Payments During Disputes
   The Wall Street Journal Exhibit A
  INDEMNIFICATION
 Indemnification Exhibit A
  CONFIDENTIALITY
 Confidentially; Non-Competition; and Non-Solicitation.
 Confidentiality




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Non-Competition provided, however,
 Non-Solicitation
  CHANGE OF CONTROL
 Certain
Definitions
 Change of Control Effective Date




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Change of Control Period provided, however,
 Change of Control
 provided, however,
 provided, however,




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MISCELLANEOUS
 Miscellaneous.
 Benefit
 Governing Law provided, however,
 Counterparts
 Headings
 Severability
 Construction
 Equitable Remedies




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Attorneys Fees
 No Waiver
 Remedies Cumulative
 Amendment
 Entire Contract
 Survival
 Savings Clause Exhibit A
 Modifications and Waivers Exhibit A
 Notices




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If to Employee:
 
 If to the Company:
 th
  No Limitation
 IN WITNESS WHEREOF
 Teton Energy Corporation
    
    EMPLOYEEBy:
/s/ Bill I. Pennington
    
    By: /s/ William P. Brand, Jr.Name: Bill I. Pennington
Title: Employee Vice President & CFO
    
    Name: William P. Brand, Jr.




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Schedule A
 Outside Activities
William P. Brand, Jr.
 Date Hiredor
    
    
    
    
    
    
    
    
    
    
    Annual TimeCompany or
    
    Nature of
    
    
    Commenced
    
    
    
    
    
    
    
    
    
    
    Commitment, (timeProject Name
    
    Business
    
    
    Involvement
    
    
    Position
    
    
    Compensation
    
    
    away from office)
 December 1, 2006
 Initials: Employee:
    
    
    
    Company:




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Exhibit A
 Indemnification Agreement




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Exhibit B
 Form of Restricted Stock Agreement