0001104659-06-034376 Sample Contracts

Teton Energy Corporation 2005 Long-Term Incentive Plan
Share Unit Award Agreement • May 12th, 2006 • Teton Energy Corp • Drilling oil & gas wells

THIS AWARD AGREEMENT, effective as of the Date of Award set forth above, represents the award of Performance Share Units by Teton Energy Corporation, a Delaware corporation (the “Company”), to the Participant named above, pursuant to the provisions of the Plan, which is attached as Exhibit A, and pursuant to the plan administration document (the “Plan Administration”), which is attached as Exhibit B. The Plan and the Plan Administration provide a complete description of the terms and conditions governing Performance Share Units. If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Award Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. In consideration of the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which a

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AGREEMENT
Agreement • May 12th, 2006 • Teton Energy Corp • Drilling oil & gas wells • Delaware

This agreement, dated as of April 1, 2006 (the “Agreement”), is entered into by and between Teton Energy Corporation, a Delaware corporation (the “Company”), and Andrew M. Schultz (“Executive”) (collectively, the “Parties,” individually, a “Party”).

PURCHASE AND SALE AGREEMENT
Purchase and Sale Agreement • May 12th, 2006 • Teton Energy Corp • Drilling oil & gas wells • Colorado

THIS PURCHASE AND SALE AGREEMENT (the “Agreement”) is made as of April 10, 2006, by and between American Oil & Gas, Inc. (“American”), a Nevada corporation whose address is 1050 Seventeenth Street, Suite 1850, Denver, Colorado 80202, as seller, and Teton Energy Corporation (“Teton”), a Delaware corporation whose address is 410 Seventeenth Street, Suite 1850, Denver, Colorado 80202, as buyer.

TETON ENERGY CORPORATION RESTRICTED STOCK AWARD AGREEMENT
Restricted Stock Award Agreement • May 12th, 2006 • Teton Energy Corp • Drilling oil & gas wells

THIS AGREEMENT is made as of this 1st day of April 2006, by and between Teton Energy Corporation, a Delaware corporation (the “Company”), and (“Participant”).

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