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                                                                    EXHIBIT 10.4

                          AMENDMENT NUMBER THREE TO THE
                PENSION PLAN OF REMINGTON OIL AND GAS CORPORATION

         WHEREAS, Remington Oil and Gas Corporation (the "Corporation"),
maintains the Pension Plan of Remington Oil and Gas Corporation, as amended and
restated (the "Plan"), generally effective as of January 1, 2000 ; and

         WHEREAS, the Corporation has determined that the Plan should be amended
to incorporate revised mortality tables required by the Internal Revenue
Service;

         NOW, THEREFORE, the Plan shall be, and hereby is, amended as follows:

         1. Subparagraph (v) of Section 2.01(c) is hereby amended as follows,
effective December 31, 2002:

                  (v) For purposes of subparagraph (iii), the "applicable
         mortality table" is the table or factors established by the
         Commissioner of Internal Revenue and set forth in Rev. Rul. 2001-62,
         2001-2 C.B. 632, and any successor thereto if the Annuity Starting Date
         is on or after December 31, 2002. For distributions with Annuity
         Starting Dates before December 31, 2002, the Applicable Mortality Table
         used for purposes of this paragraph is the table prescribed in Rev.
         Rul. 95-6, 1995-1 C.B. 80.

         IN WITNESS WHEREOF, the Corporation has caused this Amendment to be
executed this 16th day of December, 2002.

                                     REMINGTON OIL AND GAS CORPORATION

                                     By: /s/ James A. Watt
                                        ----------------------------------------
                                     Title: President
                                           -------------------------------------<PAGE>
                                                                   EXHIBIT 10.12

                              EMPLOYMENT AGREEMENT

This Agreement entered into as of the ____ day of _____, ____ (the "Effective
Date"), by and between Remington Oil and Gas Corporation (the "Company") and
______________ (the "Executive").

WHEREAS, the Company desires to employ the Executive and the Executive desires
to be employed by the Company in the capacities and for the term and
compensation and subject to the terms and conditions hereinafter set forth, and

WHEREAS, the Board of Directors of the Company (the "Board") has determined that
it is essential and in the best interest of the Company and its stockholders to
retain the services of the Executive especially in the event of a threat or
occurrence of a Change of Control and to ensure his continued dedication and
efforts in such event without undue concern for his personal financial and
employment security; and

WHEREAS, in order to induce the Executive to remain in the employ of the Company
particularly in the event of a threat or an occurrence of a Change in Control,
the Company desires to enter into this Agreement with the Executive to provide
the Executive with certain benefits during the term of his employment before and
after a Change of Control and to provide the Executive with the Gross-Up Payment
(as hereinafter defined).

NOW, THEREFORE, in consideration of the respective agreements of the parties
contained herein, it is agreed as follows:

1.   TERM OF AGREEMENT. The Employment Term shall commence on the Effective Date
     and shall expire on the second anniversary of the Effective Date; provided,
     however, that on each anniversary of the Effective Date, the Employment
     Term shall be extended an additional one (1) year from such anniversary at
     the mutual written agreement of the Company and the Executive.

2.   EMPLOYMENT.

2.1  Subject to the provisions of Section 4 hereof, the Company agrees to
     continue to employ the Executive and the Executive agrees to remain in the
     employ of the Company during the Employment Term. During the Employment
     Term, the Executive shall be employed as Vice President/Exploration of the
     Company or in such other senior executive capacity as may be mutually
     agreed to in writing by the parties. The Executive shall perform the
     duties, undertake the responsibilities and exercise the authority
     customarily performed, undertaken and exercised by persons situated in a
     similar executive capacity. He shall also promote, by entertainment or
     otherwise, the business of the Company.

2.2  During the Employment Term, excluding periods of vacation and sick leave to
     which the Executive is entitled, the Executive agrees to devote reasonable
     attention and time during normal business hours to the business and affairs
     of the Company to the extent necessary to discharge the responsibilities
     assigned to the Executive hereunder. The

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     Executive may (1) serve on corporate, civil or charitable boards or
     committees, (2) manage personal investments, and (3) deliver lectures and
     teach at educational institutions or events so long as such activities do
     not significantly interfere with the performance of the Executive's duties
     hereunder. It is expressly understood and agreed that to the extent that
     any such activities have been conducted by the Executive prior to the
     Effective Date, the continued conduct of such activities (or the conduct of
     activities similar in nature and scope thereto) subsequent to the Effective
     Date shall not thereafter be deemed to interfere with the performance of
     the Executive's responsibilities to the Company.

3.   COMPENSATION

3.1  Base Salary. During the Employment Term, the Company agrees to pay or cause
     to be paid to the Executive an annual base salary of $167,000, and as may
     be increased from time to time at the discretion of the Board or its
     designee, the Compensation Committee of the Board (the "Compensation
     Committee"), (hereinafter referred to as the "Base Salary"). Such Base
     Salary shall be payable in accordance with the Company's customary
     practices applicable to its executives.

3.2  Bonus. In addition to the Base Salary, the Executive shall be entitled to
     an annual performance bonus (the "Bonus"). The amount of the Bonus shall be
     targeted at 35% of the Base Salary (the "Targeted Bonus"), provided,
     however, that the amount of the Bonus may be increased or decreased at the
     discretion of the Board or the Compensation Committee. Each Bonus shall be
     paid no later than the end of the third month of the fiscal year next
     following the fiscal year for which the Bonus is awarded, unless the
     Executive shall elect to defer the receipt of such Bonus.

3.3  Benefits. During the Employment Term, the Executive shall be entitled to
     participate in all employee, executive or key-employee benefit or incentive
     compensation plans maintained or established by the Company for the purpose
     of providing compensation and/or benefits to employees, executives or key
     employees, generally, including without limitation, all pension,
     retirement, profit sharing, savings, stock option, deferred compensation,
     restricted stock grants, medical, hospitalization, dental, disability, life
     or travel accident insurance plans. Unless otherwise provided herein, the
     compensation and benefits hereunder and the Executive's participation in
     such plans, practices and programs shall be on the same basis and terms as
     applicable to the other eligible participants in the particular plan,
     practice or program. No additional compensation provided under any such
     plans shall be deemed to modify or otherwise affect the terms of this
     Agreement or any of the Executive's entitlements hereunder.

3.4  Vacation and Sick Leave. During the Employment Term, at such reasonable
     times as the Board shall in its discretion permit, the Executive shall be
     entitled, without loss of pay, to absent himself voluntarily from the
     performance of his employment under this Agreement, provided that: (1) the
     Executive shall be entitled to four (4) weeks of annual paid vacation; such
     vacation to be taken in accordance with the policies of the Company in
     regard to vacation, and (2) the Executive shall be entitled to sick leave

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     (without loss of pay) in accordance with the Company's policies in effect
     from time to time.

3.5  Fringe Benefits, Perquisites and Expenses. During the Employment Term, the
     Executive shall be entitled to all fringe benefits and perquisites
     generally made available by the Company to its executives. The Executive
     shall be entitled to receive prompt reimbursement of all expenses
     reasonably incurred by him in connection with the performance of his duties
     hereunder or for promoting, pursuing or otherwise furthering the business
     or interest of the Company.

4.   TERMINATION

4.1  During the Employment Term, the Executive's employment hereunder may be
     terminated under the following circumstances:

(1)  Cause. The Company may terminate the Executive's employment for "Cause" by
     written notice to the Executive ("Notice of Termination"), which
     termination shall be effective upon the date of sending of such notice (the
     "Termination Date"), if the Executive, as determined by at least two-thirds
     (2/3rds) of the Board, not including the Executive who will not be entitled
     to vote on the issue in the event he is a member of the Board, (a) shall
     have been convicted of a felony or entered a plea of nolo contendere to a
     felony charge, (b) shall have been involved in any act of material fraud,
     theft, or other material misconduct detrimental to the best interests of
     the Company, (c) shall have engaged in gross negligence or willful
     misconduct with respect to his duties to the Company and as a result caused
     material harm to the Company, (d) shall have engaged 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 in connection with any transaction of or on behalf of the Company, or
     (e) shall have failed to substantially perform his duties as set forth
     herein.

(2)  Disability. The Company may terminate the Executive's employment after
     having established the Executive's disability. For purposes of this
     Agreement, "Disability" means a physical or mental infirmity which impairs
     the Executive's ability to substantially perform his duties under this
     Agreement, which continues for a period of at least one hundred eighty
     (180) continuous days. The Executive shall be entitled to the base
     compensation and benefits provided under this Agreement for any period
     during the Employment term and prior to the establishment of the
     Executive's Disability during which the Executive is unable to work due to
     a physical or mental infirmity. Notwithstanding anything contained in this
     Agreement to the contrary, until the Termination Date specified in the
     Notice of Termination (as each term is hereinafter defined) relating to the
     Executive's disability, the Executive shall be entitled to return to his
     position with the Company as set forth in this Agreement in which event no
     Disability of the Executive will be deemed to have occurred.

(3)  Death. In the event of the death of the Executive during the term of his
     employment hereunder, his employment shall terminate on the date of the
     death of the Executive.

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(4)  Good Reason. The Executive may terminate his employment for "Good Reason."
     For purposes of this Agreement, "Good Reason" shall mean the occurrence
     within twelve (12) months after a Change in Control of any of the following
     events or conditions described in Subsections (a) through (d) hereof: (a)
     any change in the Executive's title, position, duties or responsibilities
     that results in the Executive not having duties and responsibilities
     substantially equivalent to or greater than those the Executive had
     immediately prior to such change, (b) the assignment to the Executive of
     any duties or responsibilities which, in the Executive's reasonable
     judgment, are inconsistent with his status, title, position or
     responsibilities, (c) any removal of the Executive from or failure to
     reappoint or reelect him to any of such offices or positions, except in
     connection with the termination of his employment for Disability, Cause, as
     a result of his death or by the Executive other than for Good Reason, or
     (d) a reduction in the Executive's Base Salary, Bonus or any failure to pay
     the Executive any compensation or benefits to which he is entitled within
     ten (10) days of the date due.

4.2  Upon termination of the Executive's employment during the Employment Term,
     the Executive shall be entitled to the following benefits:

(1)  If the Executive's employment with the Company is terminated (a) by the
     Company for Cause or Disability, (b) by reason of the Executive's death, or
     (c) by the Executive other than for Good Reason, the Company shall pay the
     Executive, or to the beneficiary designated by the Executive by written
     notice to the Company, or failing such designation, to his estate all
     amounts earned or accrued through the Termination Date, including Base
     Salary, reimbursement for reasonable and necessary expenses incurred by the
     Executive on behalf of the Company during the period ending on the
     Termination Date, and all unpaid accumulated and accrued benefits due under
     any benefit plan or program in which the Executive was a participant in
     accordance with the terms and conditions of such plan or program ("Accrued
     Compensation"). In addition to the foregoing, if the Executive's employment
     is terminated by the Company for Disability or by reason of the Executive's
     death, the Company shall pay the Executive or his beneficiaries an amount
     equal to his target Bonus multiplied by a fraction, the numerator of which
     is the number of days in such fiscal year through the Termination Date and
     the denominator of which is 365 ("Pro Rata Bonus"). The Executive's
     entitlement to any other compensation or benefits shall be determined in
     accordance with the Company's employee benefit plan, including stock option
     plans, and other applicable programs and practices then in effect.

(2)  If the Executive's employment is terminated by the Company prior to a
     change of control for reasons other than Cause, Disability, or by reason of
     the Executive's death, the Executive will be entitled to the following: (a)
     the Company shall pay the Executive all Accrued Compensation and a Pro Rata
     Bonus, (b) the Company shall pay the Executive as severance pay and in lieu
     of any further compensation for periods subsequent to the Termination Date,
     in a single payment, an amount in cash equal to one (1) times the sum of
     the Executive's then current Base Salary, (c) the Company shall provide the
     Executive twelve (12) months of out placement services at the Company's
     sole expense, (d) for a term of one (1) year following the Termination

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     Date, or until the Executive gains new employment with substantially
     similar benefits, the Company, at its expense, shall provide the Executive
     and his immediate family the highest level of health benefits, including,
     without limitation, medical, dental, disability, and life insurance,
     provided the Executive and his immediate family at any time within six (6)
     months of the Termination Date, and (e) all stock options granted the
     Executive will be immediately vested in accordance with any stock option
     agreements between the Executive and the Company currently in effect at the
     Termination Date.

(3)  If the Executive's employment is terminated by the Company within twelve
     (12) months after a change of control for reasons other than Cause,
     Disability, by reason of the Executive's death; or if the Executive
     terminates his employment with the Company for Good Reason, the Executive
     will be entitled to the following: (a) the Company shall pay the Executive
     all Accrued Compensation and a Pro Rata Bonus, (b) the Company shall pay
     the Executive as severance pay and in lieu of any further compensation for
     periods subsequent to the Termination Date, in a single payment, an amount
     in cash equal to two (2) times the sum of (i) the Executive's then current
     Base Salary and (ii) the Targeted Bonus (not subject to reduction), (c) the
     Company shall provide the Executive twelve (12) months of out placement
     services at the Company's sole expense, (d) for a term of two (2) years
     following the Termination Date, or until the Executive gains new employment
     with substantially similar benefits, the Company, at its expense, shall
     provide the Executive and his immediate family the highest level of health
     benefits, including, without limitation, medical, dental, disability, and
     life insurance, provided the Executive and his immediate family at any time
     within six (6) months of the Termination Date, and (e) all stock options
     granted the Executive will be immediately vested in accordance with any
     stock option agreements between the Executive and the Company currently in
     effect at the Termination Date.

4.3  The amounts provided for in Sections 4.2(1), 4.2(2) and 4.3(3) of this
     Agreement shall be paid within five (5) days after the Executive's
     Termination Date.

4.4  The Executive shall not be required to mitigate the amount of any payment
     provided for in this Agreement by seeking other employment or otherwise and
     no such payment shall be offset or reduced by the amount of any
     compensation or benefits provided the Executive in any subsequent
     employment except as provided in Section 4.2(2)(d).

4.5  The severance pay and benefits provided for in Sections 4.2(1) and 4.2(2)
     of this Agreement shall be in lieu of any other severance pay to which the
     Executive may be entitled under any Company severance plan, program or
     arrangement.

4.6  As used in this Agreement, the term "Change of Control" shall have the same
     meaning as ascribed to it in the Company's 1997 Stock Option Plan (Exhibit
     A) or as amended from time to time.

5.   EXCISE TAX PAYMENTS

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5.1  In the event that any payment or benefit (within the meaning of Section
     280G of the Internal Revenue Code of 1986, as amended (the "Code") to the
     Executive or for his benefit paid or payable pursuant to the terms of this
     Agreement or otherwise arising out of his employment with the Company, or a
     change of ownership or effective control of the Company or of a substantial
     portion of its assets (a "Payment" or "Payments"), would be subject to
     excise tax imposed by Section 4999 of the Code or any interest or penalties
     are incurred by the Executive with respect to such excise tax (such excise
     tax, together with any such interest or penalties, are hereinafter
     collectively referred to as the "Excise Tax"), then the Executive will be
     entitled to receive an additional payment (the "Gross-Up Payment") in an
     amount such that after payment by the Executive of all applicable taxes,
     interest and penalties (other than interest and penalties due to the
     Executive's failure to timely file a tax return or pay taxes shown on his
     return) including any Excise Tax imposed upon the Gross-Up Payment, the
     Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
     imposed upon the Payments.

5.2  The Company shall bear any expense necessary in determining whether a
     Gross-Up Payment is required pursuant to this Agreement. The Gross-Up
     Payment, if any, shall be paid by the Company to the Executive within five
     days of the Company's receipt of a determination from any accounting firm
     satisfactory to the Executive that such Gross-Up Payment is required.

6.   CONFIDENTIAL INFORMATION.

6.1  Confidentiality. The Executive acknowledges and agrees that he will not,
     without the prior written consent of the Company, at any time during the
     Employment Term or for a period of three (3) years thereafter, except as
     may be required by any competent legal authority, use or disclose to any
     person, firm or other legal authority, any confidential records, secrets or
     information related to the Company or any of its subsidiaries. The
     Executive acknowledges and agrees that all information and secrets of the
     Company and/or its subsidiaries that he has acquired or may acquire, were
     received, or will be received in confidence and as a fiduciary of the
     Company. The Executive will exercise utmost diligence to protect and guard
     such information and secrets.

6.2  Covenant Against Competition. During the term of this Agreement and only
     prior to a change of control and for a period of one (1) year after the
     termination of this Agreement, the Executive 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 interests at the time of termination of this
     Agreement. Company interest shall be deemed an area within a two (2) mile
     radius from the current owned acreage or active prospect area. For purposes
     of this Section, the Executive shall be deemed to have an "interest in or
     be engaged by a business or enterprise" if the Executive 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 hydrocarbons in specific areas where the

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     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.

6.3  Non-Solicitation. The Executive further agrees that during employment by
     the Company and for a period of one (1) year after termination of
     employment prior to a change of control, except when acting on behalf of
     the Company, the Executive will not, directly or indirectly, in any manner
     or capacity induce any person, who at any time during the Executive's
     employment was an employee of the Company, to discontinue his or her
     employment in the Company or to interfere with the business of the Company.

7.   SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and shall
     inure to the benefit of the Company, its successors and assigns and the
     Company shall require any successor or assign to expressly assume and agree
     to perform this Agreement in the same manner and to the same extent that
     the Company would be required to perform if no such succession or
     assignment had taken place. The term "Company" as used herein shall include
     such successors and assigns. The term "successors and assigns" as used
     herein shall mean a corporation or other entity acquiring all or
     substantially all the assets and the business of the Company (including
     this Agreement) whether by operation of law or otherwise. Neither this
     Agreement nor any right or interest hereunder shall be assignable or
     transferable by the Executive, his beneficiaries or legal representatives,
     except by will or by the laws of descent or distribution. This Agreement
     shall inure to the benefit of and be enforceable by the Executive's legal
     personal representative.

8.   NOTICE. For purposes of this Agreement, notices and all other
     communications provided for in this Agreement (including the Notice of
     Termination) shall be in writing and shall be deemed to have been duly
     given when personally delivered or sent certified mail, return receipt
     requested, postage prepaid, addressed to the respective addresses last
     given by each party to the other, provided, that all notices to the Company
     shall be directed to the Board with a copy to the Secretary of the Company.

9.   NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall prevent or limit
     the Executive's continuing or future participation in any benefit, bonus,
     incentive or other plan or program provided by the Company or any of its
     subsidiaries and for which the Executive may qualify, nor shall anything
     herein limit or reduce such rights as the Executive may have under any
     other agreements with the Company or its subsidiaries. Amounts which are
     vested benefits or which the Executive is otherwise entitled to receive
     under any plan or program of the Company or any of its subsidiaries shall
     be payable in accordance with such plan or program, except as explicitly
     modified by this Agreement.

10.  SETTLEMENT OF CLAIMS. The Company's obligation to make the payments
     provided for in this Agreement and otherwise to perform its obligations
     hereunder shall not be affected by any circumstances, including without
     limitation, any set-off,

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     counterclaim, defense, recoupment, or other right which the Company may
     have against the Executive or others.

11.  MISCELLANEOUS. No provision of this Agreement may be modified, waived or
     discharged unless such waiver, modification or discharge is agreed to in
     writing and signed by the Executive and the Company.

12.  GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
     ENFORCED IN ACCORDANCE THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING
     EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

13.  SEVERABILITY. The provisions of this Agreement shall be deemed severable
     and the invalidity or unenforceability of any provision shall not affect
     the validity or enforceability of the other provisions hereof.

14.  WAIVER OF DEFAULT. Any waiver by either party of a breach of any provision
     in this Agreement shall not operate as or be construed as a waiver of any
     subsequent breach thereof.

15.  ENTIRE AGREEMENT. This Agreement represents the entire agreement between
     the parties with respect to the subject matter hereof and supersedes any
     and all prior agreements and understandings with respect to such subject
     matter.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement
effective as of the Effective Date.

                                            Remington Oil and Gas Corporation

                                            By:
                                               ---------------------------------
                                            Title:
                                                   -----------------------------

                                            Executive:

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

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                                    EXHIBIT A

         A "Change in Control" shall mean any of the following events:

         (i) a merger or consolidation to which the Company is a party if the
individuals and entities who were stockholders of the Company immediately prior
to the effective date of such 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;

         (ii) 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 in 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 S-Sixteen Holding Company, any 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, beginning from and after such time as
S-Sixteen Holding Company shall no longer have direct or indirect beneficial
ownership (as so defined) of securities of the Company representing in the
aggregate a larger percentage of the total combined voting power of the
Company's then issued and outstanding securities than that held by any other
person, entity or group;

         (iii) 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

         (iv) 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.

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