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EXHIBIT 4.2

                         EXECUTIVE EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT ("Agreement") dated [      ] and effective as of
[       ] is between Petsec Energy Inc, a Nevada corporation (the "Company"),
and [name of executive] (the "Executive").

                              W I T N E S S E T H:

      WHEREAS, the Executive and the Company wish to enter into an employment
agreement under the following terms and conditions.

      NOW, THEREFORE the parties agree as follows:

      1.    EMPLOYMENT. Executive agrees to accept employment with either (a)
            the Company directly or (b) any direct or indirect subsidiary of
            Petsec Energy Ltd ("PEL"). Subject to the terms and conditions set
            forth in this Agreement, the Executive agrees to provide the
            services described in Section 2 below to either the Company or to
            any direct or indirect subsidiary of PEL designated from time to
            time and one or more times in the Company's sole discretion.

            1.1.  APPOINTMENT. The Company initially appointed the Executive to
                  the position of [executive position].

            1.2.  ACCEPTANCE. The Executive accepts the appointment to the
                  positions set forth in Section 1.1 above.

      2.    NATURE OF SERVICE. During the Executive's employment, the Executive
            agrees to perform such services as are consistent with his position
            or as from time to time shall be assigned to him by the [__________
            or __________]. The Executive shall devote so much of his time,
            attention and skills to the business of the Company as is necessary
            to properly perform his duties and responsibilities exclusively for
            the Company on a full time basis. The Executive shall not, during
            the Executive's employment, be engaged in, or represent any party
            other than the Company in connection with, any sale or the provision
            of any services whatsoever without the prior written consent of the
            [__________ or _____________]. The Executive shall perform his
            duties under this Agreement diligently with fidelity and loyalty and
            in a competent manner consistent with the level of his
            responsibilities.

      3.    COMPENSATION.

            3.1.  BASE SALARY. During the Executive's employment, the Company
                  shall pay to the Executive a base salary in equal semi-monthly
                  instalments to be paid in accordance with the established
                  payroll practices of the Company. The executive's base salary
                  shall be [insert salary] per year. The Executive's base salary
                  shall be reviewed annually by the Remuneration Committee (the
                  "Committee") of the Petsec Energy Ltd Board of Directors (the
                  "Board"). The Committee may recommend increases to the
                  Executive's base salary, which if accepted by the Board, shall
                  be become effective in accordance with the Board's decision.
                  "Base Salary," as used hereinafter, shall mean the annualized
                  base salary being paid to the Executive at the relevant time
                  pursuant to this Section 3.1

            3.2   INCENTIVE COMPENSATION PLAN. The Executive shall be entitled
                  to participate in the Company's Incentive Compensation Plan,
                  according to that Plan's terms as they may be amended from
                  time to time.

            3.3   TAXES. All taxes and governmentally required withholdings
                  shall be deducted from any distributions in conformity with
                  applicable laws.

      4.    STOCK OPTIONS.

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            4.1   GRANT OF OPTION. As additional compensation to the Executive,
                  Petsec Energy Ltd has issued to the Executive as of the Start
                  Date incentive stock options to purchase [quantity] ordinary
                  shares of Petsec Energy Ltd (the "Options"). The Options are
                  governed by the Petsec Energy Ltd Employee Option Plan (the
                  "Option Plan"), and Executive agrees that the issue and
                  exercise of the Options are governed by the rules of the Plan,
                  as the same may be amended from time to time, and by the
                  additional terms and conditions set by the Committee and
                  described in the Options Certificates to be delivered to the
                  Executive with respect to the Options.

            4.2   TAX CONSEQUENCES. The Executive shall be responsible for the
                  payment of all income or alternative minimum taxes that may
                  accrue on account of the issuance, exercise or sale of the
                  Options or the acquisition or sale of PEL stock acquired as a
                  result of the exercise of the Options by the Executive. The
                  Executive should consult his own tax advisor regarding the
                  specific tax consequences of the Stock Options and
                  participation in the Plan, including the application of any
                  federal, state and local tax laws and the effect of other
                  state and local laws, including community property laws. The
                  Executive agrees to defend and indemnify the Company for any
                  claims made against the Company or the Executive by any taxing
                  authority for taxes owed by the Executive on account of the
                  issuance, exercise or sale of the Options or the acquisition
                  or sale of any PEL stock acquired pursuant to the exercise of
                  any Options.

      5.    BENEFITS. The Executive shall receive the employee benefits as may
            be provided by the Company from time to time to other executives and
            employees of the Company, including 401(k), health, dental,
            accidental death and dismemberment, long term disability and life
            insurance benefits.

            5.1.  VACATION TIME. The Executive will be eligible for [___days]of
                  vacation time per year, together with all public holidays
                  recognized by the Company. The use and accrual of such
                  vacation time shall be governed by the Company's vacation
                  policy, as the same may be amended from time to time and one
                  or more times.

            5.2.  DEATH BENEFITS. The Company and PEL shall, subject to the
                  Executive satisfying the requirements of insurers, procure if
                  it has not already done so, life insurance coverage for the
                  Executive, all to a standard not less than that which the
                  Company maintains for its Executive personnel from time to
                  time. Any disability benefits shall be paid directly by the
                  Company's insurance company.

      6.    REIMBURSEMENT OF BUSINESS EXPENSES. The Company shall reimburse the
            Executive for all reasonable and proper travel and out-of-pocket
            expenses (including but not limited to motor vehicle expenses,
            industry association fees, and industry entertainment expenses)
            incurred by him for the purpose of and in connection with the
            performance of his duties pursuant to this Agreement during the
            Executive's employment, all in accordance with the policies relating
            to the allowable amount of such expenses and the provision of
            itemized reports and receipts with respect thereto that may from
            time to time be adopted by the Company.

      7.    TERMINATION.

            7.1.  TERMINATION BY THE COMPANY FOR CAUSE.

                  7.1.1. FOR CAUSE. The Company may terminate the Executive's
                        employment for cause at any time, effective immediately.
                        As used in this Agreement, "cause" means that the Board
                        in good faith either determines or has reasonable
                        suspicion that one or more of the following has
                        occurred: (1) the Executive has embezzled or
                        misappropriated funds of the Company; (2) the Executive
                        has committed a felony, has committed a misdemeanour
                        involving moral turpitude, has violated any statute,
                        rule or regulation under federal securities laws, or has
                        committed any other criminal act or unethical conduct
                        that would seriously impair the Executive's ability to
                        perform his duties hereunder or would impair the
                        business reputation of the Company; or (3) the Executive
                        has failed to fully and faithfully perform his
                        obligations under this Agreement in a material,
                        continuing fashion, after having first received written
                        notice from the [___________ or

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                        ___________] specifying in detail the reasons why the
                        Board believes that the Executive has not fully and
                        faithfully performed his duties or breached this
                        agreement and allowing the Executive 30 days to cure any
                        such default. If the Company terminates the Executive's
                        employment for cause under this Section 7.1.1, the
                        Executive shall be paid all compensation and other sums
                        due to him through the date of such termination,
                        including, without limitation, reimbursements for
                        allowable expenses incurred by the Executive.

                        7.1.2. WITHOUT CAUSE. The Company may terminate the
                              Executive's employment under this Agreement at any
                              time, in which case the Company shall pay to the
                              Executive all compensation and other sums due to
                              him through the date of such termination, and the
                              Company shall pay to the Executive a lump sum in
                              cash equal to [insert proportion] times the
                              Executive's annual Base Salary in effect on the
                              date immediately prior to the date of termination.

                  7.2.  TERMINATION BY THE EXECUTIVE.

                        7.2.1. FOR CAUSE. The Executive may terminate his
                              employment under this Agreement if Company does
                              any one or more of the following: (1) Company
                              makes a material reduction in Executive's job
                              duties, authority or responsibilities with the
                              Company or a Controlled Subsidiary from that
                              exercised by him immediately prior to such change
                              (however, a reduction in the size of the Company
                              and/or in the number of employees working under
                              the supervision of Executive, shall not constitute
                              a material reduction hereunder); (2) a reduction
                              in Executive's Base Salary of more than [insert
                              percentage] in any [insert number] month period
                              from the highest Base Salary paid by the Company
                              or any Controlled Subsidiary to Executive during
                              the [insert number] months immediately preceding
                              such Base Salary reduction; (3) a change in
                              location of Executive's primary place of
                              employment by the Company by more than [insert
                              number] miles from the location where he was
                              primarily employed prior to such change; or (4)
                              Company otherwise fails to comply with any
                              material provision of this Agreement. Before
                              terminating his employment for cause under this
                              Section 7.2.1, the Executive shall first provide
                              the Company with written notice specifying in
                              detail the reasons why the Executive believes he
                              has the right to terminate his employment for
                              cause and allowing the Company thirty (30) days to
                              cure any such default. If the Executive provides
                              such a notice to the Company and then fails to
                              terminate his employment for cause within five
                              days after the expiration of the thirty (30) days
                              cure period, this Agreement shall continue in full
                              force and effect, but the Executive shall not be
                              deemed to have waived his right to terminate this
                              Agreement for the reasons specified in the notice,
                              except to the extent the same were cured or
                              specifically waived by the Executive in writing.
                              If Executive does terminate his employment for
                              cause under this Section 7.2.1, Executive will be
                              entitled to receive only the compensation provided
                              for in Section 7.1.2.

                        7.2.2. WITHOUT CAUSE. The Executive may terminate his
                              employment under this Agreement without cause by
                              giving the Company at least thirty (30) days prior
                              written notice of the effective date of his
                              termination of employment. If the Executive
                              terminates his employment under this Section
                              7.2.2, the Executive shall be paid all
                              compensation and other sums due to him through the
                              date of termination including, without limitation,
                              reimbursements for allowable expenses incurred by
                              the Executive.

            7.3.  TERMINATION UPON DEATH OR DISABILITY.

                  7.3.1. If the Executive becomes "disabled" to the extent that
                        he is unable to perform his duties under this Agreement,
                        at such time as he is determined to be disabled, his
                        employment shall be deemed terminated at the end of a
                        waiting period. For purposes of this Agreement, the term
                        "disabled" means the Executive's inability to perform
                        services by reason of illness or incapacity for the
                        waiting period

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                        specified in the long term disability policy that must
                        be satisfied before long-term disability benefits begin
                        for an employee who meets the definition of disability
                        under that policy. The Executive shall be paid all
                        compensation and other sums due to him through the date
                        of termination under this Section 7.3.1 including,
                        without limitation, reimbursements for allowable
                        expenses incurred by the Executive.

                  7.3.2. If the Executive dies, his employment shall be deemed
                        to be terminated as of the date of his death and the
                        Executive and his heirs or successors shall receive all
                        compensation and other sums due to him through the date
                        of such termination as set out in Section 5.2,
                        including, without limitation, reimbursements for
                        allowable expenses incurred by the Executive.

            7.4.  PAYMENTS TO THE EXECUTIVE IN THE EVENT OF A CHANGE IN CONTROL
                  OR A SALE OF ASSETS.

                  7.4.1. AMOUNTS. If within [ ] months after a change in control
                        or sale of all assets (a) the Company terminates
                        Executive's employment or (b) Executive resigns his
                        employment with the Company for Cause (as defined in
                        Section 7.2.1), then the Company shall pay to Executive
                        in a lump sum: (1) [insert amount] times the base salary
                        Executive was receiving on the effective date of the
                        change in control, and (2) payment in respect of the
                        year in which the Executive was terminated of annual
                        incentive compensation (to the extent that incentive
                        compensation has not previously been paid for the year
                        to the Executive ) based on the plan that was in effect
                        on the effective date of the change in control applying
                        the same award pool computation and awarding Executive
                        the same percentage of the award pool as Executive was
                        awarded in the most recent incentive compensation
                        payment that was made before the change in control or
                        sale of all assets.

                  7.4.2. LIMITATION. Notwithstanding Section 7.4.1, the amount
                        payable to Executive under this Section 7.4 shall be
                        reduced to the lesser of (1) the amount payable under
                        Section 7.4.1 or (2) $1 below the amount that would
                        cause Executive to become liable for the excise tax in
                        section 4999 of the Internal Revenue Code (the "Code")
                        as a result of all parachute payments (as defined in
                        Code Section 280G(b)(2)) to Executive in connection with
                        the change in control or a sale of all assets.

                  7.4.3 CHANGE IN CONTROL. A "change in control" occurs when any
                        Person, other than (i) an Affiliate or (ii) a trustee or
                        other fiduciary holding securities under an employee
                        benefit plan of the Company or an Affiliate, becomes the
                        Beneficial Owner, directly or indirectly, of       more
                        than 50% fifty percent (50%) of the combined voting
                        power of the ownership interests in the Company.

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                  7.4.4. SALE OF ALL ASSETS. A "sale of all assets"occurs when
                        the Company sells or disposes of more than 98% of the
                        assets of the Company, other than exclusively to an
                        Affiliate or Affiliates of the Company, unless within
                        six months of such sale the Company takes material steps
                        to use the sale proceeds to purchase new assets for
                        exploration or to develop new production.

                  7.4.5. DEFINITIONS. For purpose of this Section 7.4, "Person"
                        has the same meaning as when that term is used in
                        Section 13(d) and 14(d) of the Securities Exchange Act
                        of 1934, as amended (the "Exchange Act")). "Affiliate"
                        means any corporation or other entity that is a member
                        of the Company's controlled group within the meaning of
                        Sections 414(b) and 414(c) of the Internal Revenue Code
                        of 1986, as amended (the "Code"), including any entities
                        that would be part of that controlled group if they were
                        United States entities or were not excluded under Code
                        Section 1563(b)(2), except that "50%" shall be
                        substituted in place of "80%" in each place "80%" is
                        used. The term "Affiliate" shall also include those
                        entities that are, at the date of this Agreement or
                        thereafter, associated with the CEO, Mr. Terrence N.
                        Fern. "Beneficial Owner" has the same meaning as when
                        that term is used in Rule 13d-3 under the Exchange Act.

            7.5.  PAYMENTS TO THE EXECUTIVE IN THE EVENT OF TERMINATION.

                  7.5.1. BASE SALARY. Upon the termination of the Executive's
                        employment with the Company under circumstances set
                        forth in Sections 7.1.1, 7.2.1, 7.3, or 7.4.1, the
                        Company shall be obligated only to pay to the Executive
                        the compensation set forth in those Sections.

                  7.5.2. OPTIONS. Upon the Executive's termination of employment
                        for any reason, the Executive's rights and the Company's
                        obligations with respect to the Options shall be
                        governed by the Employee Option Plan.

      8.    CERTAIN COVENANTS OF THE EXECUTIVE.

            8.1.  The Executive agrees that during his employment, he will not
                  (i) directly or indirectly engage or invest in any business
                  other than the Company's business without the prior approval
                  of the [___________ or _________] or (ii) otherwise act as a
                  director, officer, employee, agent, owner, partner or
                  consultant to any such business. It is understood and agreed
                  that the Executive shall not be deemed to be in default with
                  respect to this Section 8 solely as a result of any investment
                  he may make in not more than (a) five percent of the
                  outstanding shares or other units of any security registered
                  pursuant to Section 12 of the Securities Exchange Act of 1934,
                  as amended (the "1934 Act"), (b) fifty percent (50%) of the
                  outstanding shares or other units of any security not
                  registered pursuant to Section 12 or the 1934 Act, provided
                  (I) such unregistered shares or other units are not of an
                  entity whose business is in competition with the business of
                  the Company and (II) the Committee determines that Executive's
                  holding of the investment is not detrimental to the Company or
                  (c) any investments approved on the signing of this Agreement.

            8.2.  During the Executive's employment and for a period
                  ("Prohibited Period") of (a) 15 months thereafter for
                  Proprietary Information (as defined below) and (b) perpetuity
                  thereafter for Trade Secrets (as defined below),and except in
                  the course of performing the duties of his employment, the
                  Executive shall not disclose or permit or cause to be
                  disclosed, either directly or indirectly, to any person any
                  Trade Secrets (as defined below) without first obtaining the
                  written consent of the Board. During the Prohibited Period,
                  the Executive shall not disclose or permit or cause to be
                  disclosed, either directly or indirectly, to any person any
                  Proprietary Information. Notwithstanding the foregoing, (i) if
                  any such Trade Secret or Proprietary Information is or becomes
                  generally available to the public (other than as a result of
                  unauthorized disclosure directly or indirectly by the
                  Executive), or (ii) if any such Trade Secret or Proprietary
                  Information is required to be disclosed by any federal or
                  state law, rule or regulation or by any applicable judgment,
                  order or decree or any court or governmental body or agency
                  having competent

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                  jurisdiction, the Executive shall be under no obligation of
                  confidentiality with respect to such information (however,
                  Executive shall give Petsec written notice at least 30 days
                  before making such disclosure so that Petsec may seek a
                  protective order.) On termination of this Agreement, the
                  Executive promptly shall return all originals and copies of
                  such papers, lists, documents and records of the Company and
                  PEL that are in his possession, custody or control and shall
                  delete all such information from any computer owned by
                  Executive or his family). As used herein "Trade Secrets" means
                  the whole or any portion or phase of technical information,
                  design, process, procedure, formula or improvement known or
                  used by the Company, PEL or any of their affiliates that is
                  valuable and secret (in the sense that it is not generally
                  known to competitors of the Company). To the extent consistent
                  with the foregoing, Trade Secrets include (without limitation)
                  the specialized information and technology that provide the
                  Company, PEL or any of their affiliates with an advantage over
                  competitors or potential competitors in its industry. As used
                  herein, "Proprietary Information" means any and all general
                  and specific knowledge, experience and information and rights
                  with respect thereto, other than Trade Secrets, including,
                  without limitation, technical data, geological plays, data
                  bases, discoveries, plans, specifications and technical
                  information (patentable or unpatentable), that is confidential
                  or proprietary of the Company, PEL or any of their affiliates.

            8.3.  If the provisions contained in this Section 8 are more
                  restrictive than permitted by applicable law, the parties
                  agree that the covenants contained in this Section 8 shall be
                  enforceable and in force to the extent permitted by law.

      9.    AMENDMENT. This Agreement may not be modified or amended except by a
            written instrument executed by or on behalf of each of the parties.

      10.   WAIVERS. Any term of this Agreement may be waived (either generally
            or in a particular instance and either retroactively or
            prospectively) by the party entitled to enforce such term, but such
            waiver shall be effective only if in a writing signed by the party
            or parties against which such waiver is to be asserted. Unless
            otherwise expressly provided herein, no delay or omission on the
            part of any party in exercising any right, power or privilege
            hereunder shall operate as a waiver thereof, nor shall any waiver on
            the part of any party of any right, power or privilege hereunder
            operate as a waiver of any other right, power or privilege hereunder
            nor shall any single or partial exercise of any right, power or
            privilege hereunder preclude any other or further exercise thereof
            or the exercise of any other right, power or privilege hereunder.
            All remedies, either under this Agreement or by law or otherwise
            afforded to any party, shall be cumulative and not alternative.

      11.   ENTIRE AGREEMENT. This Agreement and the documents expressly
            referred to herein constitute the entire agreement between the
            parties with respect to the matters covered hereby, and any other
            prior or contemporaneous oral or written understandings or
            agreements with respect to the matters covered hereby are expressly
            superseded by this Agreement. There are no unwritten or oral
            agreements between the parties.

      12.   SEVERABILITY. If any provision of this Agreement, or the application
            of such provision to any person or circumstance, shall be declared
            judicially to be invalid, unenforceable or void, such decision will
            not have the effect of invalidating or voiding the remainder of this
            Agreement or affect the application of such provision to other
            persons or circumstances, and the parties agree that the part or
            parts of this Agreement so held to be invalid, unenforceable or void
            will be deemed to have been stricken here from and the remainder of
            this Agreement will have the same force and effect as if such part
            or parts had never been included herein. Any such finding of
            invalidity or unenforceability shall not prevent the enforcement of
            such provision in any other jurisdiction to the maximum extent
            permitted by applicable law.

      13.   NOTICES. Unless otherwise expressly provided herein, all notices and
            required copies, requests, demands, consents, waivers, instructions,
            approvals and other communications hereunder shall be in writing and
            if given by the Company may be given by the [___________ or
            _____________] or the Board and shall be deemed to have been duly
            given if personally delivered to or mailed, certified mail, return
            receipt requested, first-class postage paid, or delivered by
            messenger service with receipt acknowledged, addressed as follows:

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                                If to the Company:

                                3861 Ambassador Caffery, Suite 500
                                Lafayette, Louisiana 70503
                                [Name]

                                With a copy to:

                                Level 13, 1 Alfred Street
                                Sydney, NSW 1225, Australia
                                Attn: [Name]

                                If to the Executive:

                                [name of executive]
                                [address of executive]

            or to such other address or to such other individuals as any party
            shall have last designated by notice to the other party. All notices
            and other communications given to any party in accordance with the
            provisions of this Agreement shall be deemed to have been given when
            delivered to the intended recipient thereof in accordance with the
            provisions of this Section 13.

      14.   GOVERNING LAW; FORUM: CONSENT TO JURISDICTION. This Agreement shall
            be construed in accordance with, and the rights of the parties
            governed by Louisiana law without regard to the principles of
            conflict of laws.

      15.   SUCCESSORS AND ASSIGNS.

            15.1  Except as otherwise expressly provided herein, the Executive
                  agrees on behalf of himself and his executors and
                  administrators, heirs, legatees, distributees and any other
                  person or persons claiming any benefits under him by virtue of
                  this Agreement, that this Agreement and the rights, interests
                  and benefits hereunder shall not be assigned, transferred,
                  pledged or hypothecated in any way by the Executive or any
                  executor, administrator, heir, legatee, distributee or person
                  claiming under the Executive by virtue of this Agreement and
                  shall not be subject to execution, attachment or similar
                  process. Any attempt at assignment, transfer, pledge or
                  hypothecation or other disposition of this Agreement or of
                  such rights, interest and benefits contrary to the foregoing
                  provision, or the levy of any attachment or similar process
                  thereupon, shall be null and void and without effect.

            15.2  The Company shall be permitted to assign this Agreement to its
                  successors and assigns and all covenants and agreements
                  hereunder shall inure to the benefit of and be enforceable by
                  or against such successors or assigns. The terms "successors"
                  and "assigns" shall include any person that buys all or
                  substantially all of the Company's assets, or at least fifty
                  percent (50%) of its voting equity, or with which the Company
                  merges or consolidates. If there is a successor to the
                  Company's rights under this Agreement or if the Company
                  assigns this Agreement, all references to the "Company" shall
                  be deemed to refer to the successor or assignee.

      16.   THIRD PARTY BENEFICIARIES. This Agreement does not create, and shall
            not be construed as creating, any rights enforceable by any person
            or entity not a party to this Agreement (except as otherwise
            provided in Section 7.3.2).

      17.   HEADINGS. The section headings in this Agreement are for convenience
            of reference only and shall not be deemed to alter or affect the
            meaning or interpretation of any provisions hereof.

      18.   ARBITRATION. Any controversy or claim arising out of or relating to
            this contract, or the breach thereof, shall be settled by
            arbitration in Lafayette, Louisiana, in accordance with the
            applicable Rules of the American Arbitration Association ("AAA")
            using one (1) impartial arbitrator and

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            judgment upon the award rendered by the arbitrators may be entered
            in any court having jurisdiction thereof. If unable to agree to an
            arbitrator using the AAA's procedures, the presiding judge in the
            15th Judicial District Court shall be asked to designate an
            arbitrator.

      19.   COUNTERPARTS. This Agreement may be executed in two or more
            counterparts, each of which shall be deemed to be an original and
            all of which together shall be deemed to be one and the same
            instrument.

      20.   CURRENCY REFERENCES. All references to "$" are to United States
            currency unless otherwise specifically stated in the Agreement.
            References to "A$" are to Australian currency.

      IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to
be effective as of the date first above written.

WITNESSES:

__________________________________
Signature

__________________________________
Print Name

WITNESSES:

__________________________________
Signature

__________________________________
Print Name
COMPANY:

__________________________________
[Name}

EXECUTIVE:

__________________________________
[Name]