Document:

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                                                                   EXHIBIT 10.20

                        FORM OF INDEMNIFICATION AGREEMENT

         This Agreement is made this _____ day of ________________ , 2000, by
and between DevX Energy, Inc., a Delaware corporation (the "Company"), and
________________________________ ("Director").

                                   WITNESSETH:

         WHEREAS, Director is unwilling to serve, or continue to serve, the
Company as a director without assurances that adequate liability insurance,
indemnification or a combination thereof is, and will continue to be, provided;
and

         WHEREAS, the Company, in order to induce Director to serve or continue
to serve the Company, has agreed to provide Director with the benefits
contemplated by this Agreement which benefits are intended to supplement or
replace, if necessary, the Company's existing directors' and officers' liability
insurance; and

         WHEREAS, as a result of the provision of such benefits, Director has
agreed to serve or to continue to serve as a director of the Company;

         NOW, THEREFORE, in consideration of the promises, conditions,
representations and warranties set forth herein, including the Director's
service or continued service to the Company, the Company and Director hereby
agree as follows:

Section 1. Definitions. The following terms, as used herein, shall have the
following respective meanings:

         "Covered Act" means any breach of duty, neglect, error, misstatement,
misleading statement, omission or other act done or wrongfully attempted by
Director in connection with his services as an officer, director, employee,
trustee, agent or fiduciary of the Company, or any event or occurrence related
to the fact that Director is or was a director, officer, employee, agent or
fiduciary of the Company or is or was serving at the request of the Company as a
director, officer, employee, trustee, agent or fiduciary of another corporation,
partnership, joint venture, trust or other entity, or by reason of anything done
or not done by Director in such capacities or any of the foregoing alleged by
any claimant or any claim against Director solely by reason of him being a
director or officer of the company.

         "Covered Amount" means Losses and Expenses which, in type or amount,
are not insured under the directors' and officers' liability insurance
maintained by the Company from time to time.

         "D&O Insurance" means the directors' and officers' liability insurance
issued by the insurer(s), and having the policy number(s), amount(s) and
deductible(s) set forth on Exhibit A hereto and any replacement or substitute
policies issued by one or more reputable insurers providing in all respects

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coverage at least comparable to and in the same amount as that provided under
the policy or policies identified on Exhibit A.

         "Determination" means a determination, based on the facts known at the
time, made by:

                  (i)      A majority vote of the directors who are not parties
                           to the action, suit or proceeding as to which
                           indemnification has been requested, even though less
                           than a quorum; or

                  (ii)     Independent legal counsel in a written opinion
                           prepared at the request of a majority of a quorum of
                           disinterested directors; or

                  (iii)    A majority of the disinterested stockholders of the
                           Company; or

                  (iv)     A final adjudication by a court of competent
                           jurisdiction.

"Determined" shall have a correlative meaning.

         "Excluded Claim" means any payment for Losses or Expenses in connection
with any claim:

                  (i)      Based upon or attributable to Director gaining in
                           fact any personal profit or advantage to which
                           Director is not entitled; or

                  (ii)     For the return by Director of any remuneration paid
                           to Director without the previous approval of the
                           stockholders of the Company which is illegal; or

                  (iii)    For an accounting of profits in fact made from the
                           purchase or sale by Director of securities of the
                           Company within the meaning of Section 16 of the
                           Securities Exchange Act of 1934, as amended, or
                           similar provisions of any state law; or

                  (iv)     Resulting from Director's fraudulent, dishonest or
                           willful misconduct; or

                  (v)      The payment of which by the Company under this
                           Agreement is not permitted by applicable law; or

                  (vi)     The payment of which would cause the total amount of
                           all Losses and Expenses paid by the Company to exceed
                           the Covered Amount; or

                  (vii)    Any claim for which Director would not be permitted
                           to be indemnified under applicable law,
                           notwithstanding the obligations of the Company under
                           this Agreement.

         "Expenses" means any reasonable expenses incurred by Director as a
result of a claim or claims made against him for Covered Acts including, without
limitation, counsel fees and costs of investigative, judicial or administrative
proceedings or appeals, but shall not include Fines.

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         "Fines" means any fine, penalty or, with respect to an employee benefit
plan, any excise tax or penalty assessed with respect thereto.

         "Loss" means any amount which Director is legally obligated to pay as a
result of a claim or claims made against him for Covered Acts including, without
limitation, damages and judgments and sums paid in settlement of a claim or
claims, but shall not include Fines.

         "Subsidiary" means, with respect to any person, any corporation or
other entity of which a majority of the voting power of the voting equity
securities or equity interest is owned, directly or indirectly, by that person.

Section 2.  Maintenance of D&O Insurance.

         a. The Company hereby represents and warrants that Exhibit A contains a
complete and accurate description of the policies of directors' and officers'
liability insurance purchased by the Company and that such policies are in full
force and effect.

         b. The Company hereby covenants and agrees that, so long as Director
shall continue to serve as a director of the Company and thereafter so long as
Director shall be subject to any possible claim or threatened, pending or
completed action, suit or proceeding, whether civil, criminal or investigative,
by reason of the fact that Director was a director of the Company, the Company,
subject to Section 2(d), shall maintain in full force and effect D&O Insurance.

         c. In all policies of D&O Insurance, Director shall be named as an
insured in such a manner as to provide Director the same rights and benefits,
subject to the same limitations, as are accorded to the Company's directors or
officers most favorably insured by such policy.

         d. The Company shall have no obligation to maintain D&O Insurance if
the Company determines in good faith that such insurance is not reasonably
available, the premium costs for such insurance is disproportionate to the
amount of coverage provided, or the coverage provided by such insurance is
limited by exclusions so as to provide an insufficient benefit.

Section 3. Indemnification. The Company shall indemnify Director and hold him
harmless from the Covered Amount of any and all Losses and Expenses subject, in
each case, to the further provisions of this Agreement.

Section 4.  Excluded Coverage.

         a. The Company shall have no obligation to indemnify Director for and
hold him harmless from any Loss or Expense which has been determined, by final
adjudication by a court of competent jurisdiction, to constitute an Excluded
Claim.

         b. The Company shall have no obligation to indemnify Director and hold
him harmless for any Loss or Expense to the extent that Director is indemnified
by the Company pursuant to the Company's Bylaws or otherwise indemnified.

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Section 5.  Indemnification Procedures.

         a. Promptly after receipt by Director of notice of the commencement of
or the threat of commencement of any action, suit or proceeding, Director shall,
if indemnification with respect thereto may be sought from the Company under
this Agreement, notify the Company of the commencement thereof.

         b. If, at the time of the receipt of such notice, the Company has D&O
Insurance in effect, the Company shall give prompt notice of the commencement of
such action, suit or proceeding to the insurers in accordance with the
procedures set forth in the respective policies in favor of Director. The
Company shall thereafter take all necessary or desirable action to cause such
insurers to pay, on behalf of Director, all Losses and Expenses payable as a
result of such action, suit or proceeding in accordance with the terms of such
policies.

         c. To the extent the Company does not, at the time of the commencement
of or the threat of commencement of such action, suit or proceeding, have
applicable D&O Insurance, or if a Determination is made that any Expenses
arising out of such action, suit or proceeding will not be payable under the D&O
Insurance then in effect, the Company shall be obligated to pay the Expenses of
any such action, suit or proceeding in advance of the final disposition thereof
and the Company, if appropriate, shall be entitled to assume the defense of such
action, suit or proceeding, with counsel satisfactory to Director, upon the
delivery to Director of written notice of its election to do so. After delivery
of such notice, the Company will not be liable to Director under this Agreement
for any legal or other Expenses subsequently incurred by the Director in
connection with such defense other than reasonable Expenses of investigation;
provided that Director shall have the right to employ its counsel in any such
action, suit or proceeding but the fees and expenses of such counsel incurred
after delivery of notice from the Company of its assumption of such defense
shall be at the Director's expense; provided further that if (i) the employment
of counsel by Director has been previously authorized by the Company, (ii)
Director shall have reasonably concluded that there may be a conflict of
interest between the Company and Director in the conduct of any such defense, or
(iii) the Company shall not, in fact, have employed counsel to assume the
defense of such action, the fees and expenses of counsel shall be at the expense
of the Company.

         d. All payments on account of the Company's indemnification obligations
under this Agreement shall be made within sixty (60) days of Director's written
request therefor unless a Determination is made that the claims giving rise to
Director's request are Excluded Claims or otherwise not payable under this
Agreement; provided that all payments on account of the Company's obligations
under Section 5(c) of this Agreement prior to the final disposition of any
action, suit or proceeding shall be made within 20 days of Director's written
request therefor and such obligation shall not be subject to any such
determination but shall be subject to Section 5(e) of this Agreement.

         e. Director agrees that he will reimburse the Company for all Losses
and Expenses paid by the Company in connection with any action, suit or
proceeding against Director in the event and only to the extent that a
Determination shall have been made by a court in a final adjudication from which
there is no further right of appeal that the Director is not entitled to be
indemnified by the Company for such Expenses because the claim is an Excluded
Claim or because Director is otherwise not entitled to payment under this
Agreement.

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Section 6. Settlement. The Company shall have no obligation to indemnify
Director under this Agreement for any amounts paid in settlement of any action,
suit or proceeding effected without the Company's prior written consent. The
Company shall not settle any claim in any manner which would impose any Fine or
any obligation on Director without Director's written consent. Neither the
Company nor Director shall unreasonably withhold their consent to any proposed
settlement.

Section 7. Rights Not Exclusive. The rights provided hereunder shall not be
deemed exclusive of any other rights to which the Director may be entitled under
any bylaw, agreement, vote of stockholders or of disinterested directors or
otherwise, both as to action in his official capacity and as to action in any
other capacity by holding such office, and shall continue after the Director
ceases to serve the Corporation as a Director.

Section 8.  Enforcement.

         a. Director's right to indemnification shall be enforceable by Director
only in the Chancery Court of the State of Delaware and shall be enforceable
notwithstanding any adverse Determination, other than a Determination which has
been made by a final adjudication of a court of competent jurisdiction. In any
such action, if a prior adverse Determination has been made, the burden of
proving that indemnification is required under this Agreement shall be on
Director. The Company shall have the burden of proving that indemnification is
not required under this Agreement if no prior adverse Determination shall have
been made.

         b. In the event that any action is instituted by Director under this
Agreement or to enforce or interpret any of the terms of this Agreement,
Director shall be entitled to be paid all court costs and expenses, including
reasonable counsel fees, incurred by Director with respect to such action,
unless the court determines that each of the material assertions made by
Director as a basis for such action were not made in good faith or were
frivolous.

Section 9. Severability. In the event that any provision of this Agreement is
determined by a court to require the Company to do or to fail to do an act which
is in violation of applicable law, such provision shall be limited or modified
in its application to the minimum extent necessary to avoid a violation of law,
and, as so limited or modified, such provision and the balance of this Agreement
shall be enforceable in accordance with their terms.

Section 10. Choice of Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware.

Section 11. Consent to Jurisdiction. The Company and the Director each hereby
irrevocably consent to the jurisdiction of the courts of the State of Delaware
for all purposes in connection with any action or proceeding which arises out of
or relates to this Agreement and agree that any action instituted under this
Agreement shall be brought only in the Chancery Court of the State of Delaware.

Section 12. Successor and Assigns. This Agreement shall be (i) binding upon all
successors and assigns of the Corporation (including any transferee of all or
substantially all of its assets and any

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successor by merger or otherwise by operation of law) and (ii) shall be binding
on and inure to the benefit of the heirs, personal representatives and estate of
Director.

Section 13. Amendment. No amendment, modification, termination or cancellation
of this Agreement shall be effective unless made in a writing signed by each of
the parties hereto.

Section 14. Notice. For purposes of this Agreement, all notices and other
communications provided for in this Agreement shall be addressed as follows,
shall be in writing and shall be deemed to have been duly given upon actual
receipt:

     If to the Director:               If to the Company:

                                       DevX Energy, Inc.
     ----------------------------      13760 Noel Road
                                       Suite 1030
     ----------------------------      Dallas, TX 75240-7336
                                       Attn: President & Chief Executive Officer
     ----------------------------

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

Section 15. No Duplication of Payments. The Company shall have no obligation to
indemnify Director and hold him harmless for any Loss, Expense or Fine to the
extent that Director has otherwise actually received payment for such Loss,
Expense or Fine (whether pursuant to any insurance policy, provision of the
Company's Certificate of Incorporation or bylaws or otherwise).

Section 16. Entire Agreement. This Agreement sets forth the entire
understandings of the parties hereto with respect to the subject matter hereof.
It incorporates and merges with any and all previous communications and
understandings, oral or written, with respect to the subject matter hereof.

                                    * * * * *

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         IN WITNESS WHEREOF, the Company and Director have executed this
Agreement as of the day and year first above written.

                                  COMPANY:

                                  DEVX ENERGY, INC.

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

                                  DIRECTOR:

                                  ----------------------------------------------
                                  Name:
                                       -----------------------------------------

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             PERSONS WHO HAVE ENTERED INTO INDEMNIFICATION AGREEMENT

Jerry B. Davis
Robert L. Keiser

                                       -8-<PAGE>   1
                                                                   EXHIBIT 10.22

                                RELEASE AGREEMENT

              Made and entered into this 7th day of December, 2000

               PLEASE READ CAREFULLY. THIS RELEASE AGREEMENT INCLUDES THE
               RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS AS OF THE DATE OF THIS
               AGREEMENT, AS WELL AS ALL CLAIMS ARISING UNDER THE AGE
               DISCRIMINATION IN EMPLOYMENT ACT, AGAINST DEVX ENERGY, INC., AND
               ANY OF ITS PARENT OR AFFILIATE COMPANIES OR DIVISIONS.

BETWEEN

               DevX Energy, Inc. a Delaware company ("DEVX"), DevX Energy, Inc.,
               a Nevada company ("DEVXn"), DevX Energy (Canada), Inc. ("DEVXc"),
               DevX Operating Company., a Nevada Company ("OPCO") and Corrida
               Resources Inc. a Nevada Company ("Corrida"), each of which have
               an office at 13760 Noel Rd, Suite 1030, Dallas TX., 75240-7336.

               (DEVX, DEVXn, DEVXc, OPCO and Corrida shall be collectively
               referred to herein as the "Company Group")

AND

               Robert P. Lindsay, of 3004 Destin Lane, Denton TX. 76205

               ("Lindsay" or "Employee").

WHEREAS: the Employee has been employed by DEVX under a contract of employment
dated December 15, 1997 (the "Contract") and, pursuant to the Contract, has
served as Executive Vice-President and Chief Operating Officer of DEVX as well
as Vice-President of DEVX, OPCO and Corrida.

AND WHEREAS the Employee also served as director of DEVX, OPCO and Corrida.

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AND WHEREAS DEVX recently completed a reorganization and public offering of
stock as more particularly described in the Registration Statement on form S2
filed with the Securities and Exchange Commission on October 6, 2000 as number
333-41992;

AND WHEREAS, pursuant to such reorganization and public offering, the Employee,
by letter agreement dated September 12, 2000, surrendered all options previously
granted to him under the DEVX's 1997 Incentive Stock Option Plan and, by further
letter agreement dated October 31 2000, acknowledged and agreed that none of the
transactions contemplated by the Registration Statement would constitute a
change of control for the purposes of the Contract;

AND WHEREAS Employee and DEVX have agreed that Employee will cease his
employment with DEVX and resign all positions with all other members of the
Company Group; and

AND WHEREAS, the parties have agreed to resolve any and all potential disputes,
claims, or causes of action which have or may have arisen between them and
growing out of Employee's employment with DEVX and his positions with members of
the Company Group;

NOW, THEREFORE, in consideration of the following mutual promises, payments and
conditions contained in this Agreement, and effective on the eighth day
following Employee's execution of this Agreement ("Effective Date"), the parties
voluntarily agree as follows:

1    Severance Date and Accrued Salary. Employee's employment with DEVX has
     ended as of November 10, 2000 ("Last Day Worked").

2    Resignation. Employee hereby resigns from all officer, director and
     employment positions with each member of the Company Group effective as of
     5:00 p.m. CT on the Last Day Worked. Each member of the Company Group
     hereby accepts the Employee's resignations.

3    Severance Payment. DEVX, for and on behalf of itself and each member of the
     Company Group, agrees to pay the Employee a severance payment of $395,000
     consisting of one (1) lump sum payment of $95,000 payable on the Effective
     Date and twenty (20) equal monthly payments of $15,000 payable on the last
     business day of every month from November 2000 through and including June
     2002 provided that if there is a Change of Control of DEVX (as hereinafter
     defined), all remaining monthly payments shall accelerate and become due
     and payable immediately upon such Change of Control. The Employee
     acknowledges and

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     agrees that DEVX may deduct from any and all such payments, all federal and
     state taxes as it may be required by law to withhold therefrom.

4    Medical and Other Benefits. Employee shall be covered under the medical and
     dental plans, in which Employee has elected to participate until the end of
     the month of Employee's Last Day Worked. After such time, DEVX's health
     care program benefits will be provided in accordance with the Consolidated
     Omnibus Budget Reconciliation Act of 1985, as amended, ("COBRA") and the
     terms of the Company's health care program, as it may be amended form time
     to time. DEVX agrees to pay, on behalf of Employee, the COBRA premiums due
     through December 31, 2000. From January 1, 2001 through June 30, 2002, DEVX
     shall pay for comparable benefits through a provider to be selected jointly
     by the parties acting reasonably provided that if the parties have not
     designated an provider on or before January 1, 2000, the Company shall
     select the provider. Full details of Employee's rights and obligations
     under COBRA will be sent under separate cover.

5    Covenant of Confidentiality. For the purposes of this Agreement,
     Confidential Information shall mean all written, computer readable or other
     tangible forms of information, documents, memoranda, or other materials
     prepared by or on behalf of any of the Company Group, or the business,
     properties and assets thereof, including, without limitation, production
     reports, reserve reports, exploration programs or targets, work-over
     programs, capital expenditures, proposed or ongoing property acquisitions
     or divestments, employee lists and evaluation reports and financial and
     performance reports, plans or projections. All Confidential Information
     which has or will come into Employee's possession regarding shall be deemed
     to be confidential and proprietary to the DEVX and its sole and exclusive
     property. Employee agrees that he will not divulge to any other party any
     Confidential Information, except as required by law. Additionally, Employee
     agrees that upon Employee's termination of employment, Employee shall
     promptly return to the Company Group any and all Confidential Information
     that is in Employee's possession. Each member of the Company Group agrees
     to keep the terms of this Agreement confidential and not divulge such terms
     to any other party except as required by law.

6    Covenant of Cooperation. Employee agrees to cooperate with the Company
     Group in ensuring an orderly transition under a replacement Chief Operating
     Officer and in resolving or pursuing any litigation or administrative
     proceedings involving any matters with which Employee was involved during
     Employee's employment with DEVX or his relationship or position with any
     and all members of Company Group.

7    Covenants of Non-Solicitation and Non-Disparagement. Employee agrees that
     for the period of 26 months following the Last Day Worked, he will not
     solicit or induce or attempt to solicit or induce on behalf of himself or
     any other person or entity, any employee of any member of the Company
     Group, to terminate such

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     employee's employment with the particular member of the Company Group as
     the case may be. Employee also agrees not to make any negative or adverse
     remarks whatsoever concerning the business, operations, technologies,
     products, services, marketing strategies, pricing policies, management,
     business practices, employees, officers, directors, agents,
     representatives, affiliates, affairs and/or financial condition of the
     Company Group.

8    Covenant of Non-Competition. Employee agrees that in consideration of the
     payment of $5,000 payable by and on behalf of the Company Group on the
     Effective Date hereof and of the fact that in connection with his
     employment Employee has received Confidential Information, he will not for
     a period of 26 months following the Last Day Worked, directly or indirectly
     engage in the business of the acquisition of oil and natural gas reserves
     or of the production, exploration and exploitation of oil and natural gas
     reserves; or any other business in which any member of the Company Group is
     directly or indirectly engaged as of the Last Day Worked; provided,
     however, that the restriction in this Section 8 shall apply only to the
     geographic area consisting of a 5 mile strip around and contiguous to the
     perimeter of any oil and natural gas property in which any member of the
     Company Group directly or indirectly had an interest as of the Last Day
     Worked as more particularly described in Schedule A hereto. The Employee
     agrees that if a court of competent jurisdiction determines that the length
     of time or any other restriction, or portion thereof, set forth in this
     Section 8 is overly restrictive or otherwise unenforceable, the court may
     reduce or modify such restrictions to those which it deems reasonable and
     enforceable under the circumstances, and, as so reduced or modified, the
     parties hereto agree that the restrictions of this Section 8 shall remain
     in full force and effect. The Employee acknowledges and agrees that the
     restrictions imposed by this Agreement are legitimate, reasonable and
     necessary to protect the businesses, investments and goodwill of DEVXn and
     each member of the Company Group. The Employee acknowledges that the scope
     and duration of the restrictions contained herein are reasonable in light
     of the time that the Employee has been engaged in the business of DEVXn and
     the other members of the Company Group, the Employees' reputation in the
     markets in which the members of the Company Group do business and the
     Employee's relationship with the suppliers, customers and clients of the
     members of the Company Group. The Employee further acknowledges that the
     restrictions contained herein are not burdensome to the Employee in light
     of the consideration paid therefore, and the other opportunities that
     remain open to the Employee. Moreover, the Employee acknowledges that he
     has means available to him for the pursuit of his livelihood that do not
     conflict with the provisions of this Section.

9    Employee Release. In consideration of the severance package and the mutual
     covenants contained herein, the Employee forever and unconditionally
     releases and discharges the Company Group, and each member thereof and
     their respective

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     owners, directors, officers, employees, assigns, representatives or agents,
     and the Company Group, and member thereof and each of their respective
     owners, directors, officers, employees, assigns, representatives or agents,
     forever and unconditionally releases and discharges the Employee from any
     and all claims, demands, complaints, or causes of action of any nature
     relating to or arising out of Employee's employment with DEVX and any and
     all of his director and executive officer positions with any and all
     members of the Company Group. Such release encompasses, but is not limited
     to, any and all claims by Employee for Age Discrimination In Employment
     Act, severance amounts, wages, salary, bonuses, stock options or other
     benefits of employment payable under the Contract or otherwise, whether or
     not in the context of a change of control. For greater certainty, it is
     hereby acknowledged and agreed that except as expressly provided in this
     Agreement, no member of the Company Group shall have any further obligation
     to make any payment or provide any benefit to the Employee under the
     Contract or otherwise. Such release also encompasses, but is not limited
     to, all claims under U.S. federal, or state tort or common law, express or
     implied contract or any U.S. federal, state, or local statutes but does not
     encompass the obligations of the parties under this Agreement.

10   Indemnity. DEVX, and each member of the Company Group shall jointly and
     severally indemnify, to the full extent authorized by the laws of their
     respective incorporating jurisdictions, the Employee and his heirs,
     executives, administrators and legal representatives, from any and all
     suits, claims, actions, demands or proceedings of any kind to which the
     Employee is named or in respect of which he may be or become liable by
     reason of the fact that he is or was a director, officer or employee of any
     member of the Company Group or by reason of the fact that he is or was the
     representative of the DEVX or any member of the Company Group on any other
     corporation, trust, joint venture or enterprise not part of the Company
     Group or serving such other entity in any capacity at the Company's
     request, save and except in all cases for acts of fraud by the Employee.

11   Waiver of Rights. Employee further agrees that he will not file any
     complaint, petition, or lawsuit against the other party with any state or
     federal court, except for any such complaint, petition, or lawsuit
     specifically required for such parties' enforcement of this Agreement. If
     Employee or anyone acting on Employee's behalf files any such lawsuit,
     petition, complaint, or if any court assumes jurisdiction of any lawsuit,
     petition, complaint or charge against any member of the Company Group
     regarding or involving Employee's employment with DEVX or his position with
     any other member of the Company Group, Employee will, forthwith upon demand
     by DEVX, request such agency or court to withdraw from the matter and
     dismiss said action and reimburse the affected member of the Company Group
     for all costs, including attorneys' fees, incurred as a result of such
     complaint, petition, lawsuit, or charge.

12   Mutual Non-Admission. This Agreement shall not in any way be construed as
     an admission by either party that it has committed any act that would
     constitute Cause or Good Reason under the Contract or any other act that
     was illegal or in

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     violation of any federal, state, or local statute, law, ordinance, or that
     was in breach of any express or implied contract or infringed any legal or
     equitable right whatsoever of the other party.

13   Entire Agreement. Each party represents and acknowledges that in executing
     this Agreement it does not rely and has not relied upon any prior
     representations or prior agreements, written, verbal, express or implied,
     made by the other party or its employees, officers, agents,
     representatives, or attorneys concerning the subject matter of this
     Agreement and this Agreement represents the entire agreement between the
     parties concerning the subject matter hereof.

14   Vacation Pay. The parties agree that the amount of accrued vacation pay for
     which the Employee is eligible up to and including the Last Day Worked is 4
     weeks of the Employee's Base Salary in effect at such time and that
     $12,307.69 is the equivalent of 4 weeks of such Base Salary. Accordingly,
     in addition to all other amounts otherwise payable in this Agreement, the
     Company shall pay the sum of $12,307.69 (less all applicable taxes) to the
     Employee for and on account of accrued vacation pay on the Effective Date.

15   Accrued Salary & Benefits. Employee acknowledges and agrees that he has
     received all accrued salary and benefits (except for vacation pay as
     described in Section 14) up to and including the Last Day Worked plus the
     additional sum of $20,000 paid on account of all of the first and part of
     the second monthly severance payments described in Section 3.

16   Binding on Parties. This Agreement shall be binding upon the parties and
     their respective heirs, third party beneficiaries, administrators,
     representatives, executors, successors, assigns and affiliated entities.

17   Specific Remedy. As a further material inducement to enter into this
     Agreement, a party breaching this Agreement must reimburse the
     non-breaching party for any and all loss, cost, damage or expense,
     including without limitation, attorneys' fees arising out of any such
     breach of this Agreement. In addition, any breach of this Agreement will
     entitle the non-breaching party to seek injunctive relief and to recover
     any actual damages incurred as a result of such breach.

18   Severability. Should any provision of this Agreement be declared to be or
     determined to be illegal or invalid, the validity of the remaining parts of
     this Agreement will not be affected.

19   Legal Advice. By Employee's signature below, he represents and confirms
     that: (a) he has read this Agreement carefully and completely, (b) he has
     been given a period of at least twenty-one (21) days to consider and review
     the terms of this Agreement, (c) he has been informed of his right to
     consult with legal and financial counsel and has had ample opportunity to
     do so (d) he understands and

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     agrees to all the provisions contained in this Agreement, and (e) he is
     signing freely and voluntarily, without duress, coercion or undue
     influence.

20   Governing Law. This Agreement shall be governed and construed according to
     the laws of the State of Texas without regard to the conflict of laws
     provisions thereof. Each party submits to the jurisdiction of the courts of
     Texas with respect to any dispute hereunder or in connection herewith.

21   Change of Control. For purposes of this Agreement, a "Change of Control"
     shall mean:

     21.1 the acquisition by any individual, entity, or group (within the
          meaning of Section 13(d)(3) or 14(d)(2) of the United States
          Securities and Exchange Act) (a "PERSON") of beneficial ownership
          (within the meaning of Rule 13d-3 promulgated under the United States
          Securities and Exchange Act) of 15% or more of either (A) the then
          outstanding shares of common stock of DEVX (the "OUTSTANDING COMPANY
          COMMON STOCK") or (B) the combined voting power of the then
          outstanding voting securities of the DEVX entitled to vote generally
          in the election of directors (the "OUTSTANDING COMPANY VOTING
          SECURITIES"); (w) any acquisition directly from DEVX (excluding an
          acquisition by virtue of the exercise of a conversion privilege), (x)
          any acquisition by DEVX, (y) any acquisition by any employee benefit
          plan (or related trust) sponsored or maintained by DEVX or any
          corporation controlled by DEVX, or (z) any acquisition by any
          corporation pursuant to a reorganization, merger, or consolidation,
          if, following such reorganization, merger, or consolidation, the
          conditions described in clauses (A), (B), and (C) of Paragraph 18.3
          are satisfied; or

     21.2 individuals who, as of the date of this Agreement, constitute the
          Board of Directors of DEVX (the "INCUMBENT BOARD") cease for any
          reason to constitute a majority of such Board, provided, however, that
          any individual becoming a director subsequent to the date hereof whose
          election, or nomination for election by DEVX stockholders, was
          approved by a vote of a majority of the directors then comprising the
          Incumbent Board shall be considered as though such individual were a
          member of the Incumbent Board, but excluding, for this purpose, any
          such individual whose initial assumption of office occurs as a result
          of either an actual or threatened election contest or other actual or
          threatened solicitation of proxies or consents by or on behalf of a
          Person other than the Board of Directors of DEVX; or a

     21.3 consummation of a reorganization, merger, or consolidation of DEVX,
          with or without approval by the stockholders of DEVX, in each case,
          unless, following such reorganization, merger, or consolidation, (A)
          more than 50% of, respectively, the then outstanding shares of common
          stock of the corporation resulting from such reorganization, merger,
          or

                                                                               7
<PAGE>   8

          consolidation and the combined voting power of the then outstanding
          voting securities of such corporation entitled to vote generally in
          the election of directors is then beneficially owned, directly or
          indirectly, by all or substantially all of the individuals and
          entities who were the beneficial owners, respectively, of the
          Outstanding Company Common Stock and Outstanding Company Voting
          Securities immediately prior to such reorganization, merger, or
          consolidation in substantially the same proportions as their
          ownership, immediately prior to such reorganization, merger, or
          consolidation, of the Outstanding Company Common Stock and Outstanding
          Company Voting Securities, as the case may be, (B) no Person
          (excluding the Company, any employee benefit plan (or related trust)
          of the Company or such corporation resulting from such reorganization,
          merger, or consolidation, and any Person beneficially owning,
          immediately prior to such reorganization, merger, or consolidation,
          directly or indirectly, 15% or more of the Outstanding Company Common
          Stock or Outstanding Company Voting Securities, as the case may be)
          beneficially owns, directly or indirectly, 15% or more of,
          respectively, the then outstanding shares of common stock of the
          corporation resulting from such reorganization, merger, or
          consolidation ora the combined voting power of the then outstanding
          voting securities of such corporation entitled to vote generally in
          the election of directors, and (C) a majority of the members of the
          board of directors of the corporation resulting from such
          reorganization, merger, or consolidation where members of the
          Incumbent Board at the time of the execution of the initial agreement
          providing for such reorganization, merger, or consolidation; or a

     21.4 consummation of a sale or other disposition of all or substantially
          all the assets of DEVX, with or without approval by the stockholders
          of DEVX, other than to a corporation, with respect to which following
          such sale or other disposition, (A) more than 50% of, respectively,
          the then outstanding shares of common stock of such corporation and
          the combined voting power of the then outstanding voting securities of
          such corporation entitled to vote generally in the election of
          directors is then beneficially owned, directly or indirectly, by all
          or substantially all the individuals and entities who were the
          beneficial owners, respectively, of the Outstanding Company Common
          Stock and Outstanding Company Voting Securities immediately prior to
          such sale or other disposition in substantially the same proportion as
          their ownership, immediately prior to such sale or other disposition,
          of the Outstanding Company Common Stock and Outstanding Company Voting
          Securities, as the case may be, (B) no Person (excluding the Company,
          any employee benefit plan (or related trust) of the DEVX or such
          corporation, and any Person beneficially owning, immediately prior to
          such sale or other disposition, directly or indirectly, 15% or more of
          the Outstanding Company Common Stock or Outstanding Company Voting
          Securities, as the case may be) beneficially

                                                                               8
<PAGE>   9

          owns, directly or indirectly, 15% or more of, respectively, the then
          outstanding shares of common stock of such corporation or the combined
          voting power of the then outstanding voting securities of such
          corporation entitled to vote generally in the election of directors,
          and (C) a majority of the members of the board of directors of such
          corporation were members of the Incumbent Board at the time of the
          execution of the initial agreement or action of the Board providing
          for such sale or other disposition of assets of the DEVX; or

     21.5 approval by the stockholders of the DEVX of a complete liquidation or
          dissolution of the DEVX.

            THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.

                                                                               9
<PAGE>   10

SIGNED IN DALLAS, TEXAS ON THE 7TH DAY OF DECEMBER, 2000.

EMPLOYEE

/s/ Robert P. Lindsay
--------------------------------
By: Robert P. Lindsay

DEVX ENERGY, INC. (DELAWARE)                  DEVX ENERGY, INC. (NEVADA)

By:    /s/ Edward J. Munden                   By:    /s/ Edward J. Munden
       --------------------------                    ---------------------------
Name:  Edward J. Munden                       Name:  Edward J. Munden
Title: President                              Title: President

DEVX OPERATING COMPANY                        CORRIDA RESOURCES, INC.

By:    /s/ Edward J. Munden                   By:    /s/ Edward J. Munden
       --------------------------                    ---------------------------
Name:  Edward J. Munden                       Name:  Edward J. Munden
Title: President                              Title: President

DEVX ENERGY (CANADA), INC.

By:    /s/ Edward J. Munden
       --------------------------
Name:  Edward J. Munden
Title: President

                                                                              10
<PAGE>   11

                                   Schedule A

1.   All those properties described in that certain Purchase and Sale Agreement
     dated March 19, 1998 by and among DEVX (then known as Queen Sand Resources,
     Inc.) and other members of the Company Group and Morgan Guarantee Trust
     Company of New York as Trustee under a Declaration of Trust dated November
     10, 1982, as amended, for certain Commingled Pension Trust Funds SAVE AND
     EXCEPT those certain properties described therein as East Hackberry,
     Giddings, Flores, Cadre, Conley and Samson.

2.   Those certain properties described in that certain Purchase and Sale
     Agreement dated August 1, 1997 between DEVX (then known as Queen Sand
     Resources, Inc.) and Collins & Ware, Inc. and being more particularly
     described as follows:

      2.1.  Oil, Gas and Mineral Lease dated January 3, 1990 by and between John
            B. Harvard, Jr., and wife, Mary Harvard, as Lessor, and Holly
            Petroleum, Inc., as Lessee, recorded in Volume 317 at Page 673 of
            the Official Public Records of Martin County, Texas.

      2.2.  Oil, Gas and Mineral Lease dated January 1, 1990 by and between
            Margaret Mae Good Cottrell, a married woman, dealing in her sole and
            separate property, as Lessor, and K. Bryan Reeves, as Lessee,
            recorded in Volume 317 at Page 385 of the Official Public Records of
            Martin County, Texas.

      2.3.  Oil, Gas and Mineral Lease dated January 1, 1990 by and between
            Clarence H. Good, a married man, dealing in his sole and separate
            property, as Lessor, and K. Bryan Reeves, as Lessee, recorded in
            Volume 317 at Page 673 of the Official Public Records of Martin
            County, Texas.

      2.4.  Oil, Gas and Mineral Lease dated January 1, 1990 by and between Lola
            Fay Good Craddock, dealing in her sole and separate property, as
            Lessor, and K. Bryan Reeves, as Lessee, recorded in Volume 317 at
            Page 391 of the Official Public Records of Martin County, Texas.

      2.5.  Oil, Gas and Mineral Lease dated January 1, 1990 by and between
            Susan Edith Chenault, a widow, as Lessor, and K. Bryan Reeves, as
            Lessee, recorded in Volume 317 at Page 391 of the Official Public
            Records of Martin County, Texas.

      2.6.  Oil, Gas and Mineral Lease dated February 18, 1974 by and between
            Mary L. Holcombe, a widow, as Lessor, and R. William Cone, as
            Lessee, recorded in Volume 154 at Page 363 of the Official Public
            Records of Martin County, Texas.

      2.7.  Oil, Gas and Mineral Lease dated September 28, 1993 by and between
            Kenneth H. Gray, as Lessor, and Collins & Ware, Inc., as Lessee,
            recorded in Volume 34 at Page 258 of the Official Public Records of
            Martin County, Texas.

      2.8.  Oil, Gas and Mineral Lease dated September 28, 1993 by and between
            Mary M. Reeves, DBA Hopewell Investments, as Lessor, and Collins &
            Ware, Inc., as Lessee,

                                                                              11
<PAGE>   12
            recorded in Volume 34 at Page 260 of the Official Public Records
            of Martin County, Texas.

      2.9.  Oil, Gas and Mineral Lease dated July 9, 1958 by and between E. H.
            Chandler and William A. Childress, as Lessors, and R. V. Butler, as
            Lessee, recorded in Volume 29 at Page 474 of the Official Public
            Records of Martin County, Texas.

      2.10. Oil, Gas and Mineral Lease dated November 29, 1961 by and between
            Elma Letcher Slaughter, a widow, and Anella Slaughter Bauer, a
            widow, as Lessors, and Pan American Petroleum Corporation, as
            Lessee, recorded in Volume 36 at Page 367 of the Official Public
            Records of Martin County, Texas.

      2.11. Oil, Gas and Mineral Lease dated July 9, 1958 by and between E. H.
            Chandler and William A. Childress, as Lessors, and R. V. Butler, as
            Lessee, recorded in Volume 29 at Page 455 of the Official Public
            Records of Martin County, Texas.

      2.12. Oil, Gas and Mineral Lease dated November 29, 1961 by and between
            Elma Letcher Slaughter, a widow, and Anella Slaughter Bauer, a
            widow, as Lessors, and Pan American Petroleum Corporation, as
            Lessee, recorded in Volume 36 at Page 361 of the Official Public
            Records of Martin County, Texas.

      2.13. Oil, Gas and Mineral Lease dated July 9, 1958 by and between E. H.
            Chandler and William A. Childress, as Lessors, and R. V. Butler, as
            Lessee, recorded in Volume 29 at Page 474 of the Official Public
            Records of Martin County, Texas.

      2.14. Oil, Gas and Mineral Lease dated November 29, 1961 by and between
            Elma Letcher Slaughter, a widow, and Anella Slaughter Bauer, a
            widow, as Lessors, and Pan American Petroleum Corporation, as
            Lessee, recorded in Volume 36 at Page 367 of the Official Public
            Records of Martin County, Texas.

      2.15. Oil and Gas Lease dated August 1, 1995 by and between the Texas
            Scottish Rite Hospital for Crippled Children, as Lessor, and Collins
            & Ware, Inc., as Lessee, recorded in Volume 304 at Page 141 of the
            Oil & Gas Records of Reagan County, Texas and Volume 112 at Page 196
            of the Official Public Records of Irion County, Texas, as amended by
            that certain Amendment to Oil and Gas Lease dated effective February
            1, 1997, recorded in Volume 315 at Page 121 of the Oil and Gas
            Records of Reagan County, Texas, and as further amended by that
            certain Second Amendment to Oil and Gas Lease dated effective
            October 15, 1998, recorded in Volume 327 at Page 51 of the Oil and
            Gas Records of Reagan County, Texas and Volume 130 at Page 393 of
            the Official Public Records of Irion County, Texas, and as further
            amended by that certain Third Amendment to Oil and Gas Lease dated
            effective July 24, 2000, recorded in Volume 18 at Page 17 of the
            Official Public Records of Reagan County, Texas and Volume 138 at
            Page 583 of the Official Public Records of Irion County, Texas.

      2.16. Oil and Gas Lease dated March 15, 1996 by and between the Texas
            Scottish Rite Hospital for Crippled Children, as Lessor, and Collins
            & Ware, Inc., as Lessee, recorded in Volume 310 at Page 473 of the
            Official Public Records of Reagan County, Texas and Volume 116 at
            Page 675 of the Official Public Records of Irion County, Texas, as
            amended by that certain Amendment to Oil and Gas Lease dated
            effective September 1, 1997, recorded in Volume 319 at Page 473 and
            Volume 319 at

                                                                              12
<PAGE>   13

            Page 469 of the Official Public Records of Reagan County, Texas, and
            in Volume 124 at Page 512 and Volume 124 at Page 504 of the Official
            Public Records of Irion County, Texas, and as further amended by
            that certain Second Amendment to Oil and Gas Lease dated effective
            October 15, 1998, recorded in Volume 327 at Page 63 of the Official
            Public Records of Reagan County, Texas and Volume 130 at Page 405 of
            the Official Public Records of Irion County, Texas.

3.   Those certain lands or land being situated in Meade, Hardin and
     Breckinridge Counties, Kentucky and being more particularly described as
     being located in and within a five (5) mile radius of those certain lands
     or land covered by those oil and gas leases more particularly described in
     that certain Development Agreement dated February 7, 1996 by and between
     Nasgas, LLC and Indeck Energy Services, Inc. and that certain Development
     Agreement dated May 29, 1997 by and between Nasgas, LLC and The Estate of
     Betty Jo Pare'.

4.    All properties located in Lea and Chavez Counties, New Mexico in which any
      member of the Company Group has an interest.

5.    All properties described as existing exploratory projects and prospects in
      Section II. of that certain Relationship and Participation Agreement dated
      September 14, 2000 by and between DEVX (then known as Queen Sand
      Resources, Inc.) and Aspen Integrated Oil & Gas, L.L.C. and as set forth
      on Exhibit "A" attached thereto and as further set forth in that certain
      Domestic Onshore U.S. Exploration Proposal to Queen Sand Resources, Inc.
      dated June 13, 2000 and prepared by Aspen Integrated Oil & Gas, L.L.C.

    ALL OF THE AGREEMENTS AND PROPOSALS REFERENCED IN THIS SCHEDULE A MAY BE
                  REVIEWED AT THE OFFICES OF DEVX ENERGY, INC.

                                                                              13

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