Document:

<PAGE>   1

                                  EXHIBIT 10.29
                                  -------------

                              CONSULTING AGREEMENT
                              --------------------

         This Consulting Agreement is hereby made and entered into the 7th day
of May, 2001, by and between Benton Oil and Gas Company, a Delaware corporation
("Benton"), whose business address is 6267 Carpinteria Avenue, Suite 200,
Carpinteria, California 93013 and Michael B. Wray ("Consultant"), a resident of
Montecito, Santa Barbara County, California whose address is 1385 E. Mountain
Drive, Montecito, California 93108;

         WHEREAS, Benton desires to consult with and utilize the services of
Consultant from time to time on certain projects; and

         WHEREAS, Consultant is willing to accept such engagements, upon the
terms and conditions hereinafter set forth;

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants hereinafter set forth, it is hereby agreed by and between Benton and
Consultant as follows:

         1. TERM. Except as otherwise provided for herein, this Agreement shall
be and commence May 7, 2001 and end December 31, 2001 (such period being
hereinafter referred to as the "Term of this Agreement").

         2. DUTIES.

         (a) Benton hereby retains Consultant for the Term of this Agreement to
act as Consultant to Benton on matters pertaining to business by Benton and its
affiliates. The duties and services to be performed by Consultant shall be such
as may be requested of him by the President of Benton from time to time during
the Term of this Agreement.

         (b) Consultant's services shall be available to Benton for no less than
twenty (20) hours per week each calendar month during the Term of this
Agreement.

         3. COMPENSATION AND EXPENSES. As compensation for the services to be
rendered by Consultant pursuant to this Agreement, Benton shall pay to
Consultant, the sum of one hundred thousand ($100,000) dollars payable upon
execution of this Agreement. Benton shall reimburse Consultant for any
reasonable expenses incurred in connection with his services rendered pursuant
to this Agreement; provided, however, that Consultant shall furnish receipts
and/or other documentation concerning such expenses to Benton and expenses will
not be reimbursed unless they are approved in writing by Benton prior to
incurrance of such expenses.

         4. AUTHORITY. Notwithstanding anything contained herein to the
contrary, Consultant shall have no authority to obligate Benton in any manner
whatsoever in the absence of specific prior written authority from an officer of
Benton permitting him to do so, including, without limitation, the incurrance of
expenses or entering into contracts. Furthermore, Consultant shall

                                       1
<PAGE>   2

not hold himself out to the public as a Benton consultant, but shall only
provide services to Benton through its officers.

         5. CONFIDENTIAL INFORMATION AND OWNERSHIP. Except as required in the
performance of Consultant's obligations hereunder, or otherwise specifically
required by law, or with the prior consent of Benton on a case-by-case basis,
the Consultant shall forever hold confidential and shall not in any manner
disclose, use for personal benefit, or directly or indirectly use for the
benefit of any other person, Confidential Information (defined below) that has
come or shall hereafter come into his possession. Consultant recognizes the
importance to Benton of protecting its Confidential Information without regard
to the passage of time, and further recognizes that this restriction shall
continue in full force and effect during and following the Term of this
Agreement. No later than the end of the Term of this Agreement, Consultant shall
return to Benton, without making and retaining copies thereof, all documents,
records, computer information, maps and charts and other repositories containing
Confidential Information. To the extent that the Confidential Information
subsequently comes into his hand in connection with the performance of his
consulting services, the Consultant shall return such Confidential Information
to Benton promptly following its usefulness in performing his consulting
services. As used in this Agreement, the term "Confidential Information" shall
mean all information of a confidential or non-public nature concerning Benton's
existing or proposed business activities, including without limitation,
geological, geophysical and seismic data and interpretations, computer analysis,
maps, charts, reports, results of operations, proposed methods of operation,
financial information, information with respect to parties with whom Benton has
or intends to have business relationships and similar information. The parties
agree and acknowledge that the foregoing shall not prevent Consultant from
engaging in transactions in the securities of Benton in any manner that is
consistent with the requirements of the federal securities laws of the United
States.

         Consultant agrees that all processes, technologies, computer analysis,
discoveries and inventions whether new or enhanced and expanded, whether
patentable or not, conceived, developed, invented or made by Consultant during
the Term of the Agreement which grow directly out of Consultant's work with
Benton shall belong to Benton and not to Consultant.

         6. RELATIONSHIP OF THE PARTIES. Consultant is and shall in all events
be an independent contractor, and nothing contained herein shall be construed as
constituting Consultant as an agent, partner, employee or legal representative
of Benton for any purpose whatsoever. Consultant shall be solely responsible for
the payment of all foreign country, federal, state, local taxes, social security
taxes and other taxes which may be claimed by any sovereign. CONSULTANT AGREES
TO INDEMNIFY AND HOLD BENTON, ITS OFFICERS, DIRECTORS AND EMPLOYEES HARMLESS,
WITHOUT LIMITATION AS TO AMOUNT, FROM AND AGAINST ALL COSTS, EXPENSES, DAMAGES,
CLAIMS, SUITS, JUDGMENTS OR LIABILITY (INCLUDING REASONABLE ATTORNEYS' FEES AND
COURT COSTS) IN ANY MANNER ARISING OUT OF OR IN CONNECTION WITH ANY SUCH TAXES.

         7. MODIFICATION. No amendment, addition to, nor waiver of any of the
provisions of this Agreement shall be valid or enforceable unless in writing and
signed by both parties hereto.

                                       2
<PAGE>   3

         8. ENTIRE AGREEMENt. This document sets forth the entire agreement
between the parties and replaces any and all prior agreements between the
parties hereto whether oral or written concerning the parties' consulting
relationship and compensation for consulting services rendered by Consultant.

         9. ASSIGNMENT. The respective rights and obligations of any party
hereto shall not be assignable without the prior written consent of the parties
thereto.

         10. GOVERNING LAW. This Agreement shall be governed by the laws of the
State of California, without regard to rules concerning conflicts of law.

         IN WITNESS WHEREOF, the parties hereto have executed the Agreement in
the presence of the undersigned witnesses, this 7th day of May, 2001.

                                       BENTON OIL AND GAS COMPANY

                                       By: /s/Peter J. Hill
                                          -------------------------------------
                                             Peter J. Hill

                                       Its:   President

                                       CONSULTANT

                                       /s/Michael B. Wray
                                       ----------------------------------------
                                       Michael B. Wray

                                       3<PAGE>   1

                                  EXHIBIT 10.30
                                  -------------

                           BENTON OIL AND GAS COMPANY

                  RELOCATION/REDUCTION IN FORCE SEVERANCE PLAN

<PAGE>   2

                           BENTON OIL AND GAS COMPANY
                  RELOCATION/REDUCTION IN FORCE SEVERANCE PLAN

         WHEREAS, Benton Oil and Gas Company, a corporation organized and
existing under the laws of the State of Delaware (the "Company") recognizes that
one of the Company's most valuable assets and an undeniable contributor to the
success of the Company is its outstanding staff;

         WHEREAS, the Company further recognizes that the loss of a significant
portion of its staff would seriously impact the service quality and ultimate
value of the Company;

         WHEREAS, the Company has determined that it is advisable to establish a
severance benefit program to mitigate the possibility of a loss of valuable
personnel due to uncertainties faced in the prospect of a reduction in force, or
a relocation of the Company's headquarters, and to deal fairly with the
contributions of the Company's staff;

         NOW, THEREFORE, the Company adopts the Benton Oil and Gas Company
Relocation/Reduction in Force Severance Plan, effective June 5, 2001, the terms
of which are as follows:

                                   ARTICLE 1
                                   DEFINITIONS

         1.1 "AFFILIATE" means Benton-Vinccler, C.A., Geoilbent or Arctic Gas
Company.

         1.2 "BENEFITS" means the severance benefits a Participant is entitled
to receive pursuant to Article 3 hereof.

         1.3 "BOARD" means the Board of Directors of the Company.

         1.4 "CAUSE" means the failure of the Participant to perform his or her
job duties with the Company or an Affiliate or observe any of the material terms
or provisions of his or her employment agreement, if any; willful misconduct;
conviction of a crime involving moral turpitude; substance abuse;
misappropriation of funds; or disparagement of the Company, or any Affiliates or
subsidiaries of the Company (or its or their management or employees). In the
case of a Participant who was an officer of the Company immediately prior to his
or her Employment Termination Date, the Board shall determine by a majority vote
whether the Participant has been discharged by the Company for Cause. In the
case of a Participant who was not an officer of the Company immediately prior to
his Employment Termination Date, the executive management of the Company shall
determine whether the Participant has been discharged by the Company for Cause.

         1.5 "COMPENSATION" means the Participant's wages from the Company and
the Affiliates as defined in section 3401(a) of the Code for purposes of federal
income tax withholding, modified by including elective contributions under a
cafeteria plan described in section 125 and elective contributions to a
qualified cash or deferred arrangement described in section 401(k) of the Code,
and modified further by excluding reimbursements or other expense

<PAGE>   3

allowances, fringe benefits (cash and noncash), moving expenses, deferred
compensation (other than election contributions to the Company's qualified cash
or deferred arrangement described in section 401(k) of the Code), welfare
benefits as defined in the ERISA, overtime pay and special performance
compensation amounts.

         1.6 "EFFECTIVE DATE" means June 5, 2001.

         1.7 "EMPLOYMENT TERMINATION DATE" means the date on which the
employment relationship between the Participant and the Company and all
Affiliates is terminated due to an Involuntary Termination.

         1.8 "EMPLOYMENT EXTENSION PERIOD" means, with respect to a given
Regular Full-Time Employee, the period of time, if any, specified by the Company
following a Relocation or the Company's written announcement to the Regular
Full-Time Employee that he or she will be affected by a Reduction in Force. The
Employment Extension Period may not exceed 365 days.

         1.9 "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended.

         1.10 "INVOLUNTARY TERMINATION" means the termination of a Participant's
employment relationship with the Company and all Affiliates (1) by the
Participant due to a Relocation if the Participant gives written notice to the
Chief Executive Officer of the Company of his resignation due to the Relocation
prior to June 30, 2001, and the Participant's Employment Termination Date occurs
prior to June 30, 2002, or (2) by the Company or an Affiliate due to a Reduction
in Force. The Plan Administrator shall determine whether an Employee has been
terminated due to a Reduction in Force.

         1.11 "MONTH OF COMPENSATION" or "MONTHS OF COMPENSATION" means the
monthly Compensation in effect for the Participant for services performed for
the Company or its Affiliate as of the Employment Termination Date.

         1.12 "NONRESIDENT ALIEN" means a nonresident alien (within the meaning
of section 7701(b) of the Code) who either (1) receives no earned income (within
the meaning of section 911(d)(2) of the Code) from the Company or any Affiliate
that constitutes income from sources within the United States (within the
meaning of section 861(a)(3) of the Code) or (2) receives earned income (within
the meaning of section 911(d)(2) of the Code) from the Company or any Affiliate
that constitutes income from sources within the United States (within the
meaning of section 861(a)(3) of the Code) all of which is exempt from United
States federal income tax under an applicable tax convention or treaty.

         1.13 "PARTICIPANT" means a Regular Full-Time Employee who is employed
by the Company on the Effective Date.

         1.14 "PLAN" means the Benton Oil and Gas Company Relocation/Reduction
in Force Severance Plan, as set forth in this Agreement as amended from time to
time.

<PAGE>   4

         1.15 "PLAN ADMINISTRATOR" means the Company. However, the Company may
designate any person or a committee to administer the Plan in accordance with
the provisions of Article 7.

         1.16 "REDUCTION IN FORCE" means a mass layoff of such Regular Full-Time
Employees as are identified to the Board by the Chief Executive Officer of the
Company, during a period of time specified by the Board, and which is announced
in writing to the affected Regular Full-Time Employees by the Company or an
Affiliate.

         1.17 "REGULAR FULL-TIME EMPLOYEE" means a common law employee of the
Company or a common law employee of the Company and an Affiliate who is
regularly scheduled to perform at least 40 hours of service for the Company or
an Affiliate per week.

         1.18 "RELOCATION" means a change of the headquarters of the Company
from California, to another headquarters where the Company will conduct its
consolidated business. The Board shall determine whether a Relocation has
occurred.

         1.19 "YEAR OF SERVICE" means 365 days of employment with the Company or
an Affiliate and any entities aggregated with the Company or an Affiliate under
sections 414(b), (c), (m) and (o) of the Code, whether or not completed
consecutively, in which the Participant is paid or is entitled to payment for
performance of services with the Company and any affiliated entities described
in this sentence.

                                   ARTICLE 2
                                   ELIGIBILITY

         Except as specified below, a Regular Full-Time Employee who (1) is a
Regular Full-Time Employee on the Effective Date, (2) incurs an Involuntary
Termination, (3) executes and delivers to the Company a release provided to the
Participant by the Company (which release shall be substantially in the form
attached hereto as Exhibit A), and (4) in the case of a Regular Full-Time
Employee who is employed by or seconded to Benton-Vinccler, C.A. or is resident
in Venezuela, executes a labor settlement (transaccion laboral) before the
Venezuelan Labor Inspector (Inspectoria del Trabajo) pursuant to Article 3
Unique Paragraph of the Venezuelan Organic Labor Law which shall have the same
effect as the release agreement set forth in Exhibit A, shall be entitled to the
Benefits described in Article 3 hereof. An individual who is classified by the
Company as an independent contractor is not eligible to participate in the Plan
(even if he is subsequently reclassified by the Internal Revenue Service or a
court as a common law employee of the Company and the Company acquiesces to the
reclassification). A Participant who receives or has received benefits under the
Benton Oil and Gas Company Change of Control Severance Plan is not eligible to
receive Benefits hereunder.

         Notwithstanding any other provision of the Plan, a Regular Full-Time
Employee is not eligible to receive Benefits unless he or she continues to
perform his or her regular functions and duties (including Relocation transition
duties assigned by the Company) for the Company or an Affiliate during his or
her Employment Extension Period; provided, however, that the Regular Full-Time
Employee shall not be required to relocate (1) his residence or (2) his primary
work

<PAGE>   5

location (determined as of the Effective Date) more than 50 miles without his
consent as a condition of receiving Benefits.

         Notwithstanding any other provision of the Plan, an officer of the
Company is not entitled to receive the Benefits described in paragraphs (a) and
(d) of Article 3 as a result of his or her termination of his or her employment
relationship with the Company and all Affiliates due to a Relocation unless the
Board determines, in its sole discretion, that such officer shall be entitled to
receive the Benefits described in paragraphs (a) and (d) of Article 3.

                                   ARTICLE 3
                                    BENEFITS

         Subject to Article 5, the Company shall pay or provide a Participant
who has satisfied the requirements of Article 2 hereof the following Benefits:

                  (a) the Company shall pay the Participant a single sum cash
payment in an amount equal to the sum of (A) and (B) where (A) is one Month of
Compensation and (B) is two weeks of Compensation for each completed Year of
Service.

                  (b) if the Participant moved all or part of his or her
household, automobiles or personal belongings to California within the 24-month
period immediately prior to the Relocation in order to commence or continue
employment with the Company or an Affiliate, the Company shall pay the
Participant an amount equal to the reasonable expenses (including expenses for
packing and moving household goods, automobiles or personal belongings) to
relocate the Participant back to the city from which he or she originally moved
that are incurred no later than six months after the Relocation;

                  (c) if the Participant moved all or part of his or her
household, automobiles or personal belongings to Russia or Venezuela in order to
commence or continue employment with the Company or an Affiliate, the Company
shall pay the Participant an amount equal to the reasonable expenses (including
expenses for packing and moving household goods, automobiles or personal
belongings, coach class expenses for flying the Participant and the
Participant's family back to the city from which they originally moved, and
reasonable expenses for hotel accommodations in either or both (1) Russia or
Venezuela and (2) the city from which the Participant moved , not to exceed 30
days in the aggregate ) to relocate the Participant back to the city from which
he or she originally moved that are incurred no later than six months after the
Participant's Termination Date; and

                  (d) any outstanding stock option(s) granted by the Company to
the Participant shall become fully vested and shall remain exercisable until the
tenth anniversary of the date(s) of the grant(s) specified in the relevant
option agreement(s).

         The Benefits payable hereunder shall be reduced by the amount of any
other severance or termination benefits the Participant may otherwise be
entitled to receive under any other plan, agreement, program or arrangement
maintained by the Company or an Affiliate or that are mandated by foreign or
domestic applicable laws (for example, Venezuelan Prestaciones Sociales y demas
Beneficios Laborales and payments mandated by Article 40.3 of the Russian
Federation Code of Labor Laws dated December 9, 1971, as amended).

<PAGE>   6

                  Notwithstanding any other provision of the Plan, the only
severance benefits that a Participant who is a Nonresident Alien may receive
under the Plan are those specified in paragraph (d) of this Article 3.

                                   ARTICLE 4
                              TIME OF PLAN PAYMENTS

         The Company shall pay the Participant the cash severance benefits
described in paragraph (a) of Article 3 within the later of 30 days after the
Participant's Employment Termination Date or five days after the Participant's
release agreement described in Article 2 becomes irrevocable. The Company shall
reimburse the Participant for his relocation expenses pursuant to paragraphs (b)
and (c) of Article 3 within the later of 60 days after the Participant furnishes
the Company copies of invoices for the relocation expenses or five days after
the Participant's release agreement described in Article 2 becomes irrevocable.

                                   ARTICLE 5
                             FORFEITURE OF BENEFITS

         A Participant will forfeit all benefits under the Plan if he or she
voluntarily terminates his or her employment relationship with the Company prior
to the occurrence of a Relocation, he or she is discharged by the Company for
Cause, or he or she quits without the Company's consent during the Employment
Extension Period.

                                   ARTICLE 6
                              UNFUNDED ARRANGEMENT

         All Plan benefits will be paid, as needed, from the general assets of
the Company or its successor. It is intended that the Plan shall be unfunded for
tax purposes.

         The Plan is only a general corporate commitment and each Participant
must rely upon the general credit of the Company for the fulfillment of its
obligations hereunder. Under all circumstances the rights of Participants to any
asset held by the Company will be no greater than the rights expressed in this
Agreement. Nothing contained in this Agreement shall constitute a guarantee by
the Company that the assets of the Company will be sufficient to pay any
benefits under this Plan or would place the Participant in a secured position
ahead of general creditors of the Company; the Participants are only unsecured
creditors of the Company with respect to their Plan benefits, and the Plan
constitutes a mere promise by the Company to make benefit payments in the
future. No specific assets of the Company have been or shall be set aside, or
shall in any way be transferred to a trust or shall be pledged in any way for
the performance of the Company's obligations under the Plan which would remove
such assets from being subject to the general creditors of the Company.

                                   ARTICLE 7
                           ADMINISTRATION OF THE PLAN

         The Plan Administrator shall have the full power and authority to
administer the Plan, carry out its terms and conditions and effectuate its
purposes. The Plan Administrator shall be

<PAGE>   7

the "named fiduciary," as such term is defined in ERISA, of the Plan, with
responsibility for administration of the Plan.

         The Plan Administrator shall serve without compensation for its
services as such. However, all reasonable expenses of the Plan Administrator
shall be paid or reimbursed by the Company upon proper documentation. The Plan
Administrator shall be indemnified by the Company against personal liability for
actions taken in good faith in the discharge of duties as the Plan
Administrator.

         The Plan Administrator shall keep all individual and group records
relating to participants and former participants and all other records necessary
for the proper operation of the Plan. Such records shall be made available to
the Company and to each Participant for examination during business hours except
that a Participant shall examine only such records as pertain exclusively to the
examining Participant and to the Plan. The Plan Administrator shall prepare and
shall file as required by law or regulation all reports, forms, documents and
other items required by ERISA, and every other relevant statute, each as
amended, and all regulations thereunder (except that the Company, as payor of
the Benefits, shall prepare and distribute to the proper recipients all forms
relating to withholding of income or wage taxes, Social Security taxes, and
other amounts which may be similarly reportable).

         The Plan Administrator is authorized to make the rules for
administering the Plan, to construe its provisions, to correct its defects, and
supply any omissions or reconcile any inconsistencies which may appear in the
Plan, to determine all questions of eligibility and entitlement to benefits and
resolve all controversies. The actions of the Plan Administrator in these
matters, when performed in good faith and in his sole judgment, shall be final
as to all parties.

         The Plan Administrator has full and absolute discretion in the exercise
of the Plan Administrator's authority under the Plan, including without
limitation, the authority to determine any person's right to benefits under the
Plan, and the correct amount and form of any benefits. Any action taken or
ruling or decision made by the Plan Administrator in the exercise of any of the
Plan Administrator's powers and authorities under the Plan, shall be final and
conclusive as to all parties. No final action, ruling, or decision of the Plan
Administrator may be set aside unless it is held to have been arbitrary and
capricious in an arbitration proceeding brought pursuant to Section 10.6.

                                   ARTICLE 8
                            AMENDMENT AND TERMINATION

         The Company shall have the right to amend or terminate the Plan, at any
time and from time to time, in whole or in part, for any reason, provided,
however, that no amendment shall be made which would adversely affect the rights
or Benefits under the Plan of any Participant whose employment has been
terminated. Upon termination of the Plan, no Benefits shall thereafter be paid
to any Participant who is employed at the time of Plan termination. Accordingly,
if a Participant has not satisfied the requirements of Article 2 prior to the
termination of the Plan, such Participant shall not be entitled to a Benefit
under the Plan on and after the termination of the Plan.

<PAGE>   8

                                   ARTICLE 9
                                CLAIM PROCEDURES

         The Company will advise each Participant of any Benefits to which the
Participant is entitled under the Plan. If any person believes that the Company
has failed to advise him or her of any Benefit to which he or she is entitled,
he or she may file a written claim with the Plan Administrator. The Plan
Administrator shall review such claim and respond thereto within a reasonable
time after receiving the claim. The Plan Administrator shall provide to every
claimant who is denied a claim for benefits written notice setting forth in a
manner calculated to be understood by the claimant:

                  (a) the specific reason or reasons for the denial;

                  (b) specific reference to pertinent Plan provisions on which
the denial is based;

                  (c) a description of any additional material or information
necessary for the claimant to perfect the claim and an explanation of why such
material or information is necessary; and

                  (d) an explanation of the Plan claims review procedures.

         Within 60 days of receipt by a claimant of a notice denying a claim
under the preceding paragraph, the claimant or his or her duly authorized
representative may request in writing a full and fair review of the claim by the
Plan Administrator. The Plan Administrator may extend the 60-day period where
the nature of the benefit involved or other attendant circumstances make such
extension appropriate. In connection with such review, the claimant or his or
her duly authorized representative may review pertinent documents and may submit
issues and comments in writing. The Plan Administrator shall make a decision
promptly, and not later than 60 days after the Plan's receipt of a request for
review, unless special circumstances (such as the need to hold a hearing)
require an extension of time for processing, in which case a decision shall be
rendered as soon as possible, but not later than 120 days after receipt of a
request for review. The decision on review shall be in writing and shall include
specific reasons for the decision, written in a manner calculated to be
understood by the claimant, and specific references to the pertinent Plan
provisions on which the decision is based.

                                   ARTICLE 10
                                  MISCELLANEOUS

         10.1 TAX WITHHOLDING. The Company will calculate the deductions from
the amount of the benefit paid under the Plan for any taxes required to be
withheld by federal, state or local government and shall cause them to be
withheld.

         10.2 PLAN NOT AN EMPLOYMENT CONTRACT. The adoption and maintenance of
the Plan is not a contract between the Company and its employees which gives any
employee the right to be retained in its employment. Likewise, it is not
intended to interfere with the rights of the Company to discharge any employee
at any time, with or without cause, or to interfere with the employee's right to
terminate his or her employment at any time, with or without cause.

<PAGE>   9

         10.3 ALIENATION PROHIBITED. No benefits hereunder shall be subject to
anticipation or assignment by a Participant, to attachment by, interference
with, or control of any creditor of a Participant, or to being taken or reached
by any legal or equitable process in satisfaction of any debt or liability of a
Participant prior to its actual receipt by the Participant. Any attempted
conveyance, transfer, assignment, mortgage, pledge, or encumbrance of the
benefits hereunder prior to payment thereof shall be void.

         10.4 GENDER AND NUMBER. If the context requires it, words of one gender
when used in the Plan shall include the other genders, and words used in the
singular or plural shall include the other.

         10.5 SEVERABILITY. Each provision of this Agreement may be severed. If
any provision is determined to be invalid or unenforceable, that determination
shall not affect the validity or enforceability of any other provision.

         10.6 ARBITRATION. Any controversy relating to the Plan shall be
resolved by arbitration in accordance with the Commercial Arbitration Rules of
the American Arbitration Association (the "AAA") then in effect. No arbitration
proceeding relating to the Plan may be initiated unless the Participant has
exhausted the claims review and appeals procedures specified in Article 9. Any
arbitration relating to the Plan must be initiated in the city in which the
headquarters of the Company is located at that time. Within ten days of the
initiation of an arbitration hereunder, the Company and the Participant will
designate an arbitrator pursuant to Rule 14 of the AAA Rules. Within ten days of
selection, the appointed arbitrators will appoint a neutral arbitrator from the
panel in the manner prescribed in Rule 13 of the AAA Rules. Nothing in this
Section 10.6 shall be construed to, in any way, limit the scope and effect of
Article 7. In any arbitration proceeding full effect shall be given to the
rights, powers, and authorities of the Plan Administrator under Article 7.

         10.7 GOVERNING LAW. The provisions of the Plan shall be construed,
administered, and governed under the laws of the State of California and, to the
extent applicable, by the laws of the United States.

<PAGE>   10

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer this 5th day of June 2001.

                                 BENTON OIL AND GAS COMPANY

                                 By:   /S/Peter J. Hill
                                       ----------------------------------------
                                 Title: President and Chief Executive Officer
                                        ---------------------------------------

<PAGE>   11

                                                                       EXHIBIT A

                           BENTON OIL AND GAS COMPANY

                  RELOCATION/REDUCTION IN FORCE SEVERANCE PLAN

                            GENERAL RELEASE AGREEMENT

                  This AGREEMENT is made by _________________________ (the
"Employee");

                  WHEREAS, Benton Oil and Gas Company (the "Company"), no longer
requires the services of the Employee;

                  WHEREAS, the Employee desires to enter into this Agreement in
consideration of the severance benefits described herein;

                  NOW THEREFORE, the Employee agrees as follows:

         1. RELEASE BY EMPLOYEE. I, ___________________ , on behalf of myself
and my heirs and assigns, in consideration of the Company's payment of the
severance benefits to be furnished to me pursuant to the Benton Oil and Gas
Company Relocation/Reduction in Force Severance Plan (the "Plan"), the
sufficiency of which are hereby acknowledged, and as a material inducement to
the Company to enter into this agreement hereby release and forever discharge
the Company, and its directors, officers, shareholders, partners,
representatives, agents, employees, predecessors, successors, affiliates,
divisions, subsidiaries and related entities and their respective directors,
officers, shareholders, agents, representatives and employees, from all claims
of any nature whatsoever, from the beginning of time to the date of the
execution of this Agreement, known or unknown, suspected or unsuspected,
including but not limited to all claims arising out of, based upon, or relating
to my employment with the Company, or compensation for that employment.

         Without limiting the generality of the foregoing, I understand and
agree that this release includes, but is not limited to, claims based on or
relating to: (a) any express or implied employment contract; (b) wrongful
discharge; (c) termination in breach of public policy ; (d) age discrimination
under the Age Discrimination in Employment Act of 1967, as amended ("ADEA"); (e)
claims of discrimination, harassment or retaliation under Title VII of the Civil

                                       1
<PAGE>   12
                                                                       EXHIBIT A

Rights Act of 1964, as amended, the Americans with Disabilities Act, or the
California Fair Employment and Housing Act; which prohibit discrimination based
on race, color, age, ancestry, national origin, sex, sexual orientation,
religion, mental or physical disabilities, or marital status; (f) any other
federal, state or local laws or regulations prohibiting employment
discrimination; (g) personal injury, defamation, assault, battery, invasion of
privacy, fraud, intentional or negligent misrepresentation of fact, intentional
or negligent infliction of emotional distress, or false imprisonment; (h) claims
for additional wages, compensation, overtime pay, severance pay, bonuses or
welfare benefits, or any other entitlements or benefits as an employee of the
Company; (i) the Employee Retirement Income Security Act of 1974; and (j) claims
for attorneys' fees or costs (except that this Agreement does not affect any
claims or rights that may arise on my behalf under ADEA after the date of the
execution of this Agreement).

         I UNDERSTAND THAT THIS RELEASE COVERS BOTH CLAIMS THAT I KNOW ABOUT AND
THOSE THAT I MAY NOT KNOW ABOUT. I WAIVE ANY RIGHTS AFFORDED BY SECTION 1542 OF
THE CALIFORNIA CIVIL CODE, WHICH READS AS FOLLOWS:

         "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
         NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE
         RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS
         SETTLEMENT WITH THE DEBTOR."

         2. COMPANY PROPERTY AND CONFIDENTIAL INFORMATION. I acknowledge that
the terms of the Company's Insider Trading Policy shall remain in effect. I
agree to immediately return to the Company any Company property in my
possession, including but not limited to any Confidential Information described
below. I acknowledge that any unauthorized use of such Confidential Information
will cause irreparable harm to the Company and will give rise to an

                                       2
<PAGE>   13
                                                                       EXHIBIT A

immediate action by the Company for injunctive relief and damages and any other
remedies provided by law.

         3. CONFIDENTIALITY. I covenant and agree that I will protect the
confidential, trade secret, and/or proprietary character of all of the Company's
Confidential Information. I further covenant and agree that I will not, directly
or indirectly, use or disclose any of the Company's Confidential Information,
for so long as it remains proprietary and capable of being protected as
confidential or trade secret information. For the purposes of this Agreement,
"Confidential Information" means, without limitation, all of the following,
irrespective of whether it is or was reduced to writing which you received, had
access to, in whole or in part, in connection with your employment with the
Company so long as such Confidential Information remains proprietary and capable
of being protected as confidential or trade secret information:

                  (a) geological and geophysical data and maps, models and
interpretations relating to the Company's assets, fields, production and wells;

                  (b) commercial, contractual, financial reserve and production
data related to the Company or its production, assets and fields;

                  (c) specialized production processes and marketing techniques
and arrangements to enhance or recover oil and gas from the Company's assets,
fields or wells;

                  (d) computer software specifically developed for the
enhancement of the production from the Company's assets, fields or wells; and

                  (e) any other materials and/or information materially related
to the business or activities of the Company which are not generally known to
others engaged in similar businesses or activities.

         4. INDEMNIFICATION AGREEMENT. I, for myself, my heirs, executors,
administrators and assigns, release and agree to indemnify and hold harmless the
Company and all other persons and firms released above from all claims and
causes of action of any nature, without limitation, which may be asserted by any
person, firm, or entity claiming by, through, or under me for any relief claimed
to be due me and released by this document.

                                       3
<PAGE>   14
                                                                       EXHIBIT A

         5. NO KNOWLEDGE OF LEGAL VIOLATIONS. I further assert that during my
employment with the Company and activities regarding any company or organization
affiliated with the Company, that I have no information or knowledge of any
legal irregularity, violation, or alleged violation of any law, regulation,
statute, or ordinance of any kind resulting from the operations of the Company,
or any other company or organization affiliated with the Company. I have never
reported any such irregularity or violation to any superior with respect to the
Company or any company or organization affiliated with the Company.

         6. FORTY-FIVE (45) DAY REVIEW PERIOD. I acknowledge that I am hereby
informed in writing to consult with an attorney prior to executing this
Agreement to discuss the contents of this document and its meaning. I understand
that I have forty-five (45) days within which to consider this waiver and
release of my rights. I understand the terms and conditions of this Agreement in
full, agree to abide by this, and knowingly and voluntarily execute it without
hidden reservations.

         7. SEVEN (7) DAY REVOCATION PERIOD. This waiver and release of claims
under the ADEA may be revoked by me within 7 days after the execution of this
Agreement, and the release of any claims under the ADEA shall not become
effective until the revocation period has expired. I understand that if I wish
to exercise this right of revocation, I must deliver a written notice of
revocation to the Company's General Counsel or the Chief Financial Officer
before the expiration of the foregoing 7-day revocation period.

         8. RECEIPT OF DISCLOSURES. I acknowledge that I have received the
Disclosures that are attached to this Agreement as Exhibit 1.

         9. ENTIRE AGREEMENT. I understand that this document contains the
entire agreement and understanding between me and the Company regarding my
employment and separation from that employment and that no other covenants or
promises have been made except those contained in this document. This document
supersedes all other agreements and arrangements between the Company and me,
whether written or oral.

                                       4
<PAGE>   15
                                                                       EXHIBIT A

         10. ARBITRATION. I agree to submit to final and binding arbitration any
and all disputes, claims (whether in tort, contract, statutory or otherwise)
and/or disagreements concerning the interpretation or application of this
Agreement and/or my employment by the Company and/or the termination of this
Agreement and/or my employment. Any such dispute, claim and/or disagreement
subject to arbitration pursuant to the terms of this paragraph 10 shall be
resolved by arbitration in accordance with the Commercial Arbitration Rules of
the American Arbitration Association (the "AAA") then in effect. No arbitration
proceeding relating to the Plan may be initiated unless I have exhausted the
claims review and appeals procedures specified in Article 9 of the Plan.
Arbitration under this provision must be initiated within 30 days of the action,
inaction or occurrence about which the party initiating the arbitration is
complaining, and must be initiated in the city where the headquarters of the
Company is located at the time such arbitration is initiated. Within ten (10)
days of the initiation of an arbitration hereunder, each party will designate an
arbitrator pursuant to Rule 14 of the AAA Rules. Within (10) ten days of
selection, the appointed arbitrators will appoint a neutral arbitrator from the
panel in the manner prescribed in Rule 13 of the AAA Rules. The arbitrators
shall issue their written decision (including a statement of finding of facts)
within fourteen (14) days from the date of the close of the arbitration hearing.
I agree that the decision of the arbitrators selected hereunder will be final
and binding on both parties, absent manifest error. This arbitration provision
is expressly made pursuant to and shall be governed by the Federal Arbitration
Act, 9 U.S.C. Sections 1-14. I agree that pursuant to Section 9 of the Act that
a judgment of the United States District Court for the District in which the
headquarters of the Company are located at the time of initiation of an
arbitration hereunder shall be entered upon the award made pursuant to the
arbitration.

                                       5
<PAGE>   16
                                                                       EXHIBIT A

         11. ATTORNEYS' FEES. I further agree I am fully responsible for any
attorneys' fees incurred by me in consulting with an attorney and will indemnify
and hold harmless the Company, and the other persons and entities released in
this document for any claims or fees asserted by any attorney claiming by and
through me for attorneys' fees or costs in connection with the review or
execution of this document.

         12. VENEZUELAN LABOR CLAIMS. Notwithstanding any other provision of the
Plan or this Agreement to the contrary, in the event I am or ever have been
resident in Venezuela, I further agree not to bring suit against the Company in
any Venezuelan court of law or other administrative body to recover any labor
benefits that may be provided for under applicable local law. In the event such
a suit is initiated by me or on my behalf, I understand that I will forfeit all
benefits under the Plan and will be liable to the Company for damages in an
amount equal to any sum awarded to me by the Venezuelan court of law or
administrative body. In addition, I hereby agree that if the Company has
provided me with certain transportation, food, and immigration expense
allowances in accordance with Venezuelan Organic Labor Law, such allowances have
been provided solely to comply with applicable local law and are not intended to
be classified as wages for any other purpose.

         13. BENEFITS NOT REQUIRED UNDER EXISTING PROGRAM. I agree that unless I
execute this Agreement I am not entitled to receive the benefits described in
paragraph 1 of this Agreement.

                                       6
<PAGE>   17

                                                                       EXHIBIT A

         EXECUTED in multiple originals this __________ day of
_________________, 2001.

                                   Signature of Employee

                                   ------------------------------------------

                                       7
<PAGE>   18
                                                                       EXHIBIT A

                            NON-REVOCATION STATEMENT
                            ------------------------

         I, _____________________, acknowledge that at least seven (7) days have
expired since the execution of the Agreement by me on the __________ day of
_________, 2001, and I knowingly and voluntarily elect not to revoke this waiver
and release of my rights under the Age Discrimination in Employment Act, as
amended, 29 U.S.C. Section 621 et seq..

         EXECUTED in multiple originals this __________ day of ________________,
2001.

                                        _____________________________________
                                               Signature of Employee

                                       8
<PAGE>   19

                                                                       EXHIBIT 1

                                  45-DAY WAIVER

                                   DISCLOSURES

COVERED CLASS OF EMPLOYEES , ELIGIBILITY AND TIME LIMITS.

         The individuals selected to participate in the Severance Plan are those
regular full-time employees of Benton Oil and Gas Company (the "Company"), or
Benton-Vinccler, C.A. Geoilbent or Arctic Gas Company who incur Involuntary
Terminations as defined in the Benton Oil and Gas Company Relocation/Reduction
in Force Severance Plan (the "Plan"). This program will end on the date of June
30, 2002.

ELIGIBLE EMPLOYEES.

         The following is a list of the job titles and ages of all employees who
are eligible to participate in the Plan:

                                  JOB TITLE               AGE
                 -----------------------------------------------------------

                                   ------               ------
                                   ------               ------
                                   ------               ------
                                   ------               ------
                                   ------               ------
                                   ------               ------

EMPLOYEES NOT ELIGIBLE.

         The following is a list of the ages of employees who are not eligible
to participate in the Plan:

                                  JOB TITLE               AGE
                 -----------------------------------------------------------

                                   ------               ------
                                   ------               ------
                                   ------               ------
                                   ------               ------
                                   ------               ------
                                   ------               ------

                                       1

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