EXHIBIT 10.2
DIRECTOR NON-QUALIFIED STOCK OPTION
This stock option ("Stock Option") has been granted this ____ day of
________, 2004 ("Grant Date"), by MISSION RESOURCES CORPORATION, a Delaware
corporation, with its principal office in Houston, Texas ("Company"), to
_____________ ("Optionee"), a Non-Employee director, under the Mission Resources
Corporation 2004 Stock Incentive Plan ("Plan"). The Optionee is entitled to
purchase ______ shares of the Company's Common stock, $0.01 par value ("Common
Stock"), at an option price of $_____ per share, pursuant to the Plan as in
effect on the date hereof. The options shall vest 100% on the first business day
following the annual meeting of the Company stockholders (which shall be the
grant date). Upon exercise of this Stock Option, the Optionee shall pay to the
Company, in full, the option price for the shares of Common Stock issuable
pursuant to such exercise with cash or Common Stock (valued at fair market value
on the date of such exercise). The terms of the Plan, a copy of which has been
given to Optionee, are incorporated herein by reference and are hereby made a
part of this Stock Option.
MISSION RESOURCES CORPORATION
By: ______________________________
AGREED AND ACCEPTED BY:
_______________________________
