Document:

Exhibit 10.4
                             STOCK PLEDGE AGREEMENT

         THIS STOCK PLEDGE AGREEMENT (the "Agreement") is entered into effective
April 13, 2007, by and between  BlueWater Capital Group, LLC, a Delaware limited
liability company  ("Pledgor"),  and Calibre Energy,  Inc., a Nevada corporation
(the "Secured Party").

         WHEREAS,  Pledgor  owns  shares of the Series A  Convertible  Preferred
Stock of the Secured Party (the "Preferred Stock");

         WHEREAS,  the Pledgor is indebted to the Secured Party in the amount of
$4,000,000  pursuant to that certain promissory note (the "Note") dated the date
hereof and payable by Pledgor to the order of Secured Party; and

         WHEREAS, to induce the Secured Party to grant or continue the extension
of credit and other  financial  accommodations  provided  to the  Pledgor by the
Secured  Party,  Pledgor  desires to pledge,  grant,  transfer and assign to the
Secured  Party  a  security  interest  in the  Collateral  as  security  for the
obligation (as hereinafter defined).

                                   ARTICLE I.
                          SECURITY INTEREST AND PLEDGE

         Section 1.01.  Security  Interest and Pledge.  Pledgor hereby  pledges,
grants,  and delivers to the Secured Party a first priority security interest in
all of the right,  title, and interest of the Pledgor in and to 6,400,000 shares
of the  Preferred  Stock,  and all  products and  proceeds  thereof,  including,
without limitation,  all revenues,  distributions,  dividends,  stock dividends,
securities,  and other property rights and interests that Pledgor is at any time
entitled  to receive on account  of the same  including  but not  limited to any
shares of common stock of Secured Party issued upon the conversion of the shares
of Preferred  Stock (the  "Collateral").  Pledgor has delivered to Secured Party
physical custody of the certificates evidencing the Collateral.

         Section 1.02. Obligations. The Collateral shall secure the repayment by
the Pledgor of the  obligations and  indebtedness  evidenced by the Note and all
obligations of Pledgor pursuant to that certain  Investment  Agreement dated the
date  hereof  and  all  extension,  renewals,  and  modifications  of any of the
foregoing (collectively, the "Obligations").

                                   ARTICLE II.
                         REPRESENTATIONS AND WARRANTIES

         Pledgor represents and warrants to the Secured Party that:

         Section  2.01.  Title.  Pledgor  owns,  and with respect to  Collateral
acquired after the date hereof, Pledgor will own, legally and beneficially,  the
Collateral  free and clear of any lien,  security  interest,  pledge,  claim, or
other  encumbrance  or any right or  option  on the part of any third  person to
purchase or otherwise acquire the Collateral or any part thereof, except for the
security  interest  granted  hereunder.  The  Collateral  is not  subject to any
restriction on transfer or assignment except pursuant to the applicable  federal
and state securities laws and regulations  promulgated  thereunder.  Pledgor has
the unrestricted  right to pledge the Collateral as contemplated  hereby. All of
the  Collateral  has  been  duly  and  validly  issued  and is  fully  paid  and
nonassessable.

<PAGE>

         Section  2.02.  First  Priority  Perfected   Security  Interest.   This
Agreement  creates  in favor of the  Secured  Party a security  interest  in the
Collateral which security  interest will be a perfected first priority  security
interest so long as the Secured Party retains possession of the Collateral.

                                  ARTICLE III.
                       AFFIRMATIVE AND NEGATIVE COVENANTS

         Pledgor  covenants  and agrees  with the  Secured  Party that until the
Obligations are satisfied and performed in full:

         Section 3.01. Encumbrances. Pledgor shall not create, permit, or suffer
to exist, and shall defend the Collateral against,  any lien, security interest,
or other  encumbrances on the Collateral except the pledge and security interest
of the  Secured  Party  hereunder,  and  shall  defend  Pledgor's  rights in the
Collateral and the Secured Party's security  interest in the Collateral  against
the claims of all persons and entities.

         Section 3.02. Sale of Collateral.  Pledgor shall not sell,  assign,  or
otherwise  dispose  of the  Collateral  or any part  thereof  without  the prior
written consent of the Secured Party.

         Section  3.03.  Distributions.  If Pledgor  shall  become  entitled  to
receive or shall receive any stock certificate  (including,  without limitation,
any  certificate  representing a stock dividend or a distribution  in connection
with any  reclassification,  increase,  or  reduction  of  capital  or issued in
connection with any  reorganization),  option or rights,  whether as an addition
to, in substitution of, or in exchange for any Collateral or otherwise,  Pledgor
agrees to accept the same as the Secured  Party's  agent and to hold the same in
trust for the Secured  Party,  and to deliver the same  forthwith to the Secured
Party in the exact form received,  with the  appropriate  endorsement of Pledgor
when necessary and/or appropriate undated stock powers duly execute in blank, to
be held by the  Secured  Party as  additional  Collateral  for the  Obligations,
subject to the terms hereof.  Any sums paid upon or in respect of the Collateral
upon the  liquidation or dissolution of the issuer thereof shall be paid over to
the Secured Party to be held by it as additional  Collateral for the Obligations
subject to the terms hereof;  and in case any  distribution  of capital shall be
made on or in respect of the  Collateral  or any property  shall be  distributed
upon or with  respect to the  Collateral  pursuant  to any  recapitalization  or
reclassification  of the  capital  of the  issuer  thereof  or  pursuant  to any
reorganization  of the issuer  thereof,  the  property so  distributed  shall be
delivered to the Secured Party to be held by him, as additional  Collateral  for
the Obligations,  subject to the terms hereof. All sums of money and property so
paid or distributed  in respect of the  Collateral  that are received by Pledgor
shall, until paid or delivered to the Secured Party, be held by Pledgor in trust
as additional security for the Obligations.

                                      -2-

<PAGE>

         Section 3.04.  Further  Assurances.  At any time and from time to time,
upon the  request of the  Secured  Party,  and at the sole  expense of  Pledgor,
Pledgor  shall  promptly  execute and deliver all such further  instruments  and
documents and take such further  action as the Secured Party may deem  necessary
or desirable to preserve and perfect their  security  interest in the Collateral
and carry out the provisions and purposes of this Agreement,  including, without
limitation, the execution and filing of such financing statements as the Secured
Party  may  require.  A  carbon,  photographic,  or other  reproduction  of this
Agreement or of any  financing  statement  covering the  Collateral  or any part
thereof  shall be  sufficient  as a  financing  statement  and may be filed as a
financing statement.

         Section 3.05.  Obligations.  Pledgor shall duly and  punctually pay and
perform the Obligations.

                                   ARTICLE IV.
                       RIGHTS OF SECURED PARTY AND PLEDGOR

         Section 4.01. Power of Attorney. Pledgor hereby irrevocably constitutes
and appoints the Secured Party and any officer or agent thereof, with full power
of substitution,  as its true and lawful  attorney-in-fact with full irrevocable
power and  authority in the place and stead and in the name of Pledgor or in its
own name, from time to time in the Secured Party' s discretion,  to take any and
all action and to execute any and all  documents  and  instruments  which may be
necessary or desirable to accomplish the purposes of this Agreement and, without
limiting the  generality  of the  foregoing,  hereby gives the Secured Party the
power  and  right  on  behalf  of  Pledgor  and in its own name to do any of the
following, without notice to or the consent of Pledgor:

                  (i) to  demand,  sue for,  collect,  or receive in the name of
         Pledgor or in its own name,  any money or property at any time  payable
         or  receivable  on account of or in exchange for any of the  Collateral
         and,  in  connection   therewith,   endorse  checks,   notes,   drafts,
         acceptances,  money orders, or any other instruments for the payment of
         money under the Collateral;

                  (ii) to pay or discharge taxes, liens, security interests,  or
         other  encumbrances  levied  or  placed on or  threatened  against  the
         Collateral;

                  (iii) (A) to direct any parties  liable for any payment  under
         any of the  Collateral to make payment of any and all monies due and to
         become due  thereunder  directly to the Secured Party or as the Secured
         Party shall direct;  (B) to receive  payment of and receipt for any and
         all monies, claims, and other amounts due and to become due at any time
         in respect of or arising out of any Collateral; (C) to sign and endorse
         any drafts, assignments, proxies, stock powers verifications,  notices,
         and other  documents  relating to the  Collateral;  (D) to commence and
         prosecute any suit,  actions or  proceedings at law or in equity in any
         court of competent  jurisdiction  to collect the Collateral or any part
         thereof and to enforce  any other  right in respect of any  Collateral;
         (E) to defend any suit,  action, or proceeding  brought against Pledgor
         with respect to any Collateral;  (F) to settle,  compromise,  or adjust
         any suit,  action,  or  proceeding  described  above and, in connection
         therewith, to give such discharges or releases as the Secured Party may
         deem  appropriate;  (G) to  exchange  any of the  Collateral  for other
         property    upon    any    merger,    consolidation,    reorganization,
         recapitalization,  or other  readjustment of the issuer thereof and, in
         connection therewith, deposit any of the Collateral with any committee,
         depositary,  transfer agent, registrar, or other designated agency upon
         such terms as the Secured  Party may  determine;  (H) to add or release
         any  guarantor,  endorser,  surety,  or  other  party  to  any  of  the
         Collateral or other  Obligations;  (I) to renew,  extend,  or otherwise
         change  the  terms  and   conditions  of  any  of  the   Collateral  or
         Obligations;  (J) to sell,  transfer,  pledge,  make any agreement with
         respect to or otherwise  deal with any of the  Collateral  as fully and
         completely as though the Secured Party were the absolute  owner thereof
         for  all  purposes,  and  to do,  at the  Secured  Party's  option  and
         Pledgor's  expense,  at any time,  or from  time to time,  all acts and
         things which the Secured Party deems necessary to protect, preserve, or
         realize upon the Collateral and the Secured Party's  security  interest
         therein; and (K) to complete, execute and file with the SEC one or more
         notices of proposed sale of securities pursuant to Rule 144.

                                      -3-

<PAGE>

         This power of attorney is a power coupled with an interest and shall be
irrevocable;  provided,  however, the power of attorney granted herein shall not
be  exercisable  by the  Secured  Party  until the  occurrence  and  during  the
continuance of an Event of Default (as hereinafter  defined).  The Secured Party
shall  be under no duty to  exercise  or  withhold  the  exercise  of any of the
rights, powers,  privileges,  and options expressly or implicitly granted to the
Secured Party in this  Agreement,  and shall not be liable for any failure to do
so or any delay in doing so. The  Secured  Party shall not be liable for any act
or  omission  or for any error of  judgment or any mistake of fact or law in its
individual  capacity  or in its  capacity  as  attorney-in-fact  except  acts or
omissions  resulting  from its  willful  misconduct.  This power of  attorney is
conferred  on the Secured  Party  solely to protect  preserve,  and realize upon
their security interest in the Collateral.

         Section 4.02.  Voting Rights. So long as no Event of Default shall have
occurred and be  continuing,  Pledgor  shall be entitled to exercise any and all
voting rights relating or pertaining to the Collateral or any part thereof.

         Section   4.03.   Performance   by  the  Secured   Party  of  Pledgor's
Obligations.  If Pledgor  failed to perform or comply with any of its agreements
contained herein and the Secured Party shall cause  performance of or compliance
with such agreement, the reasonable expenses of the Secured Party, together with
interest  thereon  at the  maximum  nonusurious  per  annum  rate  permitted  by
applicable  law,  shall be payable by Pledgor to the Secured Party on demand and
shall constitute Obligations secured by this Agreement.

         Section 4.04.  Secured Party's Duty of Care. Other than the exercise of
reasonable  care in the  physical  custody of the  Collateral  while held by the
Secured Party hereunder,  the Secured Party shall have no responsibility  for or
obligation  or duty with  respect  to all or any part of the  Collateral  or any
matter or  proceeding  arising out of or relating  thereto,  including,  without
limitation, any obligation or duty to collect any sums due in respect thereof or
to protect or preserve  any rights  against  prior  parties or any other  rights
pertaining  thereto,  it being  understood  and  agreed  that  Pledgor  shall be
responsible for  preservation of all rights in the Collateral.  Without limiting
the  generality  of the  foregoing,  the Secured  Party takes such  action,  for
purposes of  preserving  rights in the  Collateral,  as Pledgor  may  reasonably
request in writing,  but no failure or omission or delay by the Secured Party in
complying  with any such request by Pledgor,  shall be deemed to be a failure to
exercise reasonable care.

                                      -4-

<PAGE>

                                   ARTICLE V.
                                     DEFAULT

         Section 5.01. Events of Default.  Each of the following shall be deemed
an "Event of Default" under this Agreement:

                  (a) The  Obligations  or any part  thereof  shall fail to have
         been paid when due;

                  (b) Breach of this Agreement; or

                  (c) An Event of Default shall have occurred under the Note.

         Section 5.02.  Rights and Remedies.  Upon the occurrence of an Event of
Default, the Secured Party shall have the following rights and remedies:

                  (i) The Secured Party may declare the  Obligations or any part
         thereof   immediately  due  and  payable,   without   notice,   demand,
         presentment,  notice of  dishonor,  notice of  acceleration,  notice of
         intent to  accelerate,  notice of intent to demand,  protest,  or other
         formalities  of any kind, all of which are hereby  expressly  waived by
         Pledgor.

                                      -5-
<PAGE>

                  (ii) In addition to all other rights and  remedies  granted to
         the Secured  Party in this  Agreement  and in any other  instrument  or
         agreement  securing,  evidencing,  or relating to the Obligations,  the
         Secured  Party  shall have all of the rights and  remedies of a secured
         party  under the  Uniform  Commercial  Code as  adopted by the state of
         Nevada.  Without limiting the generality of the foregoing,  the Secured
         Party may: (A) without demand or notice to Pledgor,  collect,  receive,
         or take  possession of the Collateral or any part thereof,  (B) sell or
         otherwise  dispose of the  Collateral,  or any part thereof,  in one or
         more parcels at public or private sale or sales, at the Secured Party's
         offices or  elsewhere,  for cash,  on credit,  or for future  delivery,
         and/or, (C) bid and become a purchaser at any sale free of any right or
         equity  of  redemption  in  Pledgor,  which  right or  equity is hereby
         expressly  waived and  releases  by  Pledgor.  Upon the  request of the
         Secured  Party at any place  designated  by the  Secured  Party that is
         reasonably  convenient to Pledgor and the Secured Party. Pledgor agrees
         that the Secured Party shall not be obligated to give more than 10 days
         written  notice of the time and place of any public sale or of the time
         after which any private  sale may take place and that such notice shall
         constitute  reasonable notice of such matters.  Pledgor shall be liable
         for all expenses of retaking, holding, preparing for sale, or the like,
         and all  reasonable  attorneys'  fees  and  other  reasonable  expenses
         incurred by the Secured Party in connection  with the collection of the
         Obligations and the enforcement of the Secured Party' rights under this
         Agreement,  all of which expenses and fees shall constitute  additional
         Obligations secured by this Agreement.  the Secured Party may apply the
         Collateral  against  the  Obligations  in such  order and manner as the
         Secured  Party may elect in its sole  discretion.  Pledgor shall remain
         liable for any deficiency if the proceeds of any sale or disposition of
         the Collateral are insufficient to pay the Obligations.  Pledgor waives
         all rights of marshalling in respect of the Collateral.

                  (iii) The Secured Party may cause any or all of the Collateral
         held by it to be transferred  into the name of the Secured Party or the
         name or names of the Secured Party's nominee or nominees.

                  (iv) The  Secured  Party shall be entitled to receive all cash
         and other dividends payable in respect of the Collateral.

                  (v) The Secured  Party shall have the right,  but shall not be
         obligated  to,  exercise or cause to be exercised all voting rights and
         corporate  powers in  respect  of the  Collateral,  and  Pledgor  shall
         deliver to the  Secured  Party,  if  requested  by the  Secured  Party,
         irrevocable proxies with respect to the Collateral in form satisfactory
         to the Secured Party.

                  (vi) Pledgor hereby acknowledges and confirms that the Secured
         Party  may be  unable  to  effect  a  public  sale of any or all of the
         Collateral  by  reason  of  certain   prohibitions   contained  in  the
         Securities  Act of 1933, as amended,  and applicable  state  securities
         laws  and may be  compelled  to  resort  to one or more  private  sales
         thereof to a restricted  group of  purchasers  who will be obligated to
         agree,  among other things, to acquire any shares of the Collateral for
         their own  respective  accounts for  investment  and not with a view to
         distribution  or  resale  thereof.  Pledgor  further  acknowledges  and
         confirms that any such private sale may result in prices or other terms
         less  favorable to the seller than if such sale were a public sale and,
         notwithstanding  such circumstances,  agrees that any such private sale
         shall be deemed to have been made in a commercially  reasonable manner,
         and the Secured Party shall be under no obligation to take any steps in
         order to permit the Collateral to be sold at a public sale. The Secured
         Party  shall  be  under  no  obligation  to  delay a sale or any of the
         Collateral  for any  period  of time  necessary  to permit  any  issuer
         thereof  to  register  such   Collateral  for  public  sale  under  the
         Securities  Act  of  1933,  as  amended,   or  under  applicable  state
         securities laws, but Pledgor shall not be liable in any respect for the
         Secured Party's failure to do so.

                                      -6-
<PAGE>

                  (vii) If the Secured Party determines that it will sell all or
         part of the Collateral  pursuant to Section 5.02 hereof, and if, in the
         opinion of the Secured  Party it is  necessary or advisable to have the
         Collateral,  or that portion thereof to be sold,  registered  under the
         Securities  Act of 1933,  as amended,  Pledgor will take all good faith
         efforts,  at Pledgor's expense, to cause each issuer of the Collateral,
         or that portion  thereof to be sold, to execute and deliver,  and cause
         such issuer(s),  directors,  and officers to do or cause to be done all
         such  other  acts and  things as may be  necessary  or, in the  Secured
         Party's opinion,  advisable to register the Collateral, or that portion
         thereof, to be sold, under the Securities Act of 1933, as amended,  and
         to  cause  the  registration   statement  relating  thereto  to  become
         effective  and to  remain  effective  for a period of one year from the
         date of the first public  offering of the  Collateral,  or that portion
         thereof  to be sold,  and to make  all  amendments  thereto  and to the
         related prospectus that, in the Secured Party's opinion,  are necessary
         or advisable, all in conformity with the requirements of the Securities
         Act of 1933,  as  amended,  and the  rules and  regulations  of the SEC
         applicable  thereto.  Pledgor  agrees to take all good faith efforts to
         cause each  issuer of the  Collateral,  or that  portion  thereof to be
         sold, to comply with  Securities Act of 1933, as amended,  and the blue
         sky laws of any jurisdiction that the Secured Party shall designate and
         take all good faith efforts to cause each such issuer to make available
         to its security holders,  as soon as practical,  an earnings  statement
         (which need not be audited)  that will  satisfy the  provisions  of the
         Securities Act of 1933, as amended.

                  (viii) On any sale of the  Collateral,  the  Secured  Party is
         hereby  authorized to comply with any  limitation or  restriction  with
         which  compliance  is  necessary,  in the view of the  Secured  Party's
         counsel,  in order to avoid any violation of applicable law or in order
         to obtain any required  approval of the  purchaser or purchasers by any
         applicable governmental authority.

                                   ARTICLE VI.
                                  MISCELLANEOUS

         Section 6.01. No Waiver; Cumulative Remedies. No failure on the part of
the  Secured  Party to  exercise  and no delay in  exercising,  and no course of
dealing with respect to, any right,  power,  or privilege  under this  Agreement
shall operate as a waiver thereof,  nor shall any single or partial  exercise of
any right,  power,  or  privilege  under this  Agreement  preclude  any other or
further  exercise  thereof  or  the  exercise  of any  other  right,  power,  or
privilege. The rights and remedies provided for in this Agreement are cumulative
and not exclusive of any rights and remedies provided by law.

         Section 6.02.  Successors and Assigns.  This Agreement shall be binding
upon and inure to the benefit of the  Pledgor  and the  Secured  Party and their
respective heirs,  successors,  and assigns,  except that Pledgor may not assign
any of its rights or obligations  under this Agreement without the prior written
consent of the Secured Party.

         Section  6.03.  Amendment.  The  provisions  of this  Agreement  may be
amended or waived only by an instrument in writing signed by the parties hereof.

         Section 6.04.  Notices:  Any notice,  consent,  or other  communication
required or permitted to be given under this  Agreement to the Secured  Party or
Pledgor must be in writing and  delivered in person or mailed by  registered  or
certified mail, return receipt requested, postage prepaid, as follows:

                                       -7-
<PAGE>

         To Secured Party:  1667 K Street NW, Suite 1230
                            Washington, D.C.  20006

         To Pledgor:        P.O. Box 61268
                            Houston, TX  77208-1268

         Any such notice,  consent, or other communication shall be deemed given
when delivered in person or, if mailed, three days after it is duly deposited in
the mail.

         Section  6.05.  APPLICABLE  LAW AND  VENUE.  THIS  AGREEMENT  SHALL  BE
GOVERNED BY AND  CONSTRUED IN  ACCORDANCE  WITH THE LAWS OF THE STATE OF NEVADA,
AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. THIS AGREEMENT HAS BEEN
ENTERED INTO IN CARSON CITY COUNTY,  NEVADA, AND IT SHALL BE PERFORMABLE FOR ALL
PURPOSES IN CARSON CITY COUNTY, NEVADA. ANY ACTION OR PROCEEDING AGAINST PLEDGOR
UNDER OR IN  CONNECTION  WITH  THIS  AGREEMENT  MAY BE  BROUGHT  IN ANY STATE OR
FEDERAL COURT LOCATED IN CARSON CITY COUNTY, NEVADA. ANY ACTION OR PROCEEDING BY
PLEDGOR  AGAINST THE SECURED PARTY SHALL BE BROUGHT ONLY IN ANY STATE OR FEDERAL
COURT LOCATED IN CARSON CITY COUNTY, NEVADA.

         Section 6.06. Headings.  The headings,  captions, and arrangements used
in  this  Agreement  are  for   convenience   only  and  shall  not  affect  the
interpretation of this Agreement.

         Section  6.07.   Survival  of  Representations   and  Warranties.   All
representations  and  warranties  made in this  Agreement or in any  certificate
delivered  pursuant  hereto  shall  survive the  execution  and delivery of this
Agreement,   and  no  investigation  by  the  Secured  Party  shall  affect  the
representations  and  warranties  or the right of the Secured Party to rely upon
them.

         Section  6.08.  Counterparts.  This  Agreement  may be  executed in any
number of  counterparts,  each of which shall be deemed an original,  but all of
which together shall constitute one and the same instrument.

         Section 6.09.  Severability.  Any provision of this Agreement  which is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating  the  remaining   provisions  of  this  Agreement,   and  any  such
prohibition  or  unenforceability  in any  jurisdiction  shall not invalidate or
render unenforceable such provision in any other jurisdiction.

                                      -8-

<PAGE>

         Section 6.10.  Construction.  Pledgor and the Secured Party acknowledge
that each of them had the  benefit  of legal  counsel  of its own choice and has
been afforded an opportunity to review this Agreement with its legal counsel and
that this Agreement  shall be construed as if jointly drafted by Pledgor and the
Secured Party.

         Section 6.11.  Obligations  Absolute.  The obligations of Pledgor under
this Agreement  shall be absolute and  unconditional  and shall not be released,
discharged,  reduced,  or in any way impaired by any  circumstances  whatsoever,
including,  without  limitation,  any  amendment,  modification,  extension,  or
renewal of this  Agreement,  the  Obligations,  or any  document  or  instrument
evidencing,  securing, or otherwise relating to the Obligations, or any release,
subordination,  or impairment of Collateral, or any waiver, consent,  extension,
indulgence,  compromise,  settlement,  or other action or inaction in respect of
this  Agreement,  the  Obligations,  or any document or  instrument  evidencing,
securing or otherwise relating to the Obligations, or any exercise or failure to
exercise any right, remedy, power, or privilege in respect of the Obligations.

         Section 6.12. Partial Release.  Secured Party shall upon the request of
Pledgor from time to time release from this Stock Pledge Agreement and the liens
granted hereunder a percentage of the Collateral equivalent to the percentage of
the principal  balance of the Note which has been paid by Pledgor as of the date
of such request.

         IN  WITNESS  WHEREOF,  the  parties  hereto  have  duly  executed  this
Agreement as of the day and year first written above.

              PLEDGOR:

                                  BLUEWATER CAPITAL GROUP, LLC, a Delaware
                                  limited liability company

                                  By:  The Slattery Trust, its Manager
                                     --------------------------------------
                                       Name:
                                     --------------------------------------
                                       Title:
                                     --------------------------------------

              SECURED PARTY:

                                  CALIBRE ENERGY, INC., a Nevada corporation

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

                                      -9-Exhibit 10.5

                                    GUARANTY

         This  Guaranty  ("Guaranty")  dated as of April  13,  2007,  is made by
PRENTIS TOMLINSON (the  "Guarantor") in favor of CALIBRE ENERGY,  INC., a Nevada
corporation, and its successors and assigns (the "Beneficiary").

                                    RECITALS

         A. Pursuant to an Investment Agreement dated as of the date hereof (the
"Investment Agreement"),  between BlueWater Capital Group, LLC (the "Borrower"),
the Guarantor,  and the  Beneficiary,  the  Beneficiary has issued shares of its
Series A Convertible  Preferred Stock to Borrower in exchange for a cash payment
and the  delivery by Borrower of a  promissory  note in the  original  principal
amount of $4,000,000 (the "Note").

         B. As a condition  precedent  to the  effectiveness  of the issuance of
stock by Beneficiary pursuant to the Investment Agreement, Guarantor is required
to guarantee, among other things, the payment of the Note.

         C.  Guarantor  may  reasonably  be  expected  to  benefit,  directly or
indirectly, from the transactions contemplated in the Investment Agreement.

         NOW,  THEREFORE,  in  consideration  of the  premises and as a material
inducement to the Beneficiary to enter into the Investment Agreement,  Guarantor
hereby agrees as follows:

                                   ARTICLE I
                                    GUARANTY

         1.1 Guaranty. Guarantor hereby guarantees the punctual payment (whether
at stated  maturity,  upon  acceleration  or otherwise) of all  obligations  and
indebtedness  of Borrower  evidenced  or provided  for in the Note or  otherwise
provided for in the  Investment  Agreement  (the  "Obligations")  (including any
interest  fees,  and other  amounts  that  would  accrue but for the filing of a
petition under Title 11 of the United States Code). Upon failure by the Borrower
to pay punctually any such amount,  Guarantor  shall forthwith on demand pay the
amount not so paid at the place and in the manner  specified  in this  Guaranty.
Guarantor  agrees  that,  as between  the  Guarantor  and the  Beneficiary,  the
Obligations  may be  declared  to be due and  payable  for the  purposes of this
Guaranty  notwithstanding  any stay,  injunction or other  prohibition  that may
prevent,  delay or vitiate any  declaration  as regards the Borrower and that in
the event of a  declaration  or attempted  declaration,  the  Obligations  shall
immediately  become  due and  payable  by  Guarantor  for the  purposes  of this
Guaranty.

         1.2 Guaranty Unconditional.  This Guaranty is a guaranty of payment and
not of  collection,  and the  Beneficiary  shall not be  required to exhaust any
right or remedy or take any action  against the  Borrower or any other person or
any  collateral.  The  obligations of Guarantor  hereunder  shall be continuing,
absolute  and  unconditional   and,  without  limiting  the  generality  of  the
foregoing, shall not be released, discharged or otherwise affected by:

<PAGE>

                  (a) any release,  impairment,  non-perfection or invalidity of
         any direct or indirect security for any Obligation;

                  (b)  any  change  in the  corporate  existence,  structure  or
         ownership   of   the   Borrower,   or   any   insolvency,   bankruptcy,
         reorganization or other similar proceeding  affecting the Borrower,  or
         its assets or any resulting release or discharge of any Obligation; or

                  (c) the  existence  of any  defense,  set-off or other  rights
         (other than a defense of payment)  that  Guarantor may have at any time
         against the Borrower,  whether in connection  herewith or any unrelated
         transactions,  provided that nothing herein shall prevent the assertion
         of any such claim by separate suit or compulsory counterclaim;

         1.3 Termination and Reinstatement.  Guarantor's  obligations  hereunder
shall remain in full force and effect until the Obligations are paid in full. If
at any time any payment with respect to the  Obligations is rescinded or must be
otherwise  restored or returned as a result of any fraudulent  conveyance or the
insolvency,  bankruptcy or reorganization of any party or otherwise, Guarantor's
obligations  hereunder  with respect to such payment shall be reinstated at such
time as though such payment had been due but not made at such time.

         1.4 Waivers.  Guarantor irrevocably waives notice of acceptance hereof,
diligence, promptness,  presentment, demand, protest, demand for payment, notice
of default, notice of intent to accelerate, notice of acceleration and any other
notice not provided for in this Article,  as well as any requirement that at any
time any action be taken by any person against the Borrower or any other person.

         1.5  Subrogation.  Guarantor  shall be  subrogated to all rights of the
Beneficiary  against the  Borrower in respect of any amounts  paid by  Guarantor
pursuant to the provisions of this Guaranty;  provided,  however, that Guarantor
shall not be entitled to enforce or to receive  any  payments  arising out of or
based upon such right of subrogation  until the Obligations are paid in full. If
any amount is paid to a Guarantor  on account of  subrogation  rights under this
Guaranty prior to the payment of the  Obligations in full,  such amount shall be
held in trust for the benefit of the  Beneficiary  and shall be promptly paid to
the Beneficiary to be credited and applied to the  Obligations,  whether matured
or unmatured or absolute or contingent, in accordance with the terms of the Loan
Documents.

         1.6 Stay of  Acceleration.  If  acceleration of the time for payment of
any amount  payable by any Obligation is stayed upon  insolvency,  bankruptcy or
reorganization   of  the  Borrower,   all  such  amounts  otherwise  subject  to
acceleration  under the terms of this Guaranty  shall  nonetheless be payable by
Guarantor hereunder forthwith on demand by the Beneficiary.

         1.7 Limit of Liability. The obligations of Guarantor hereunder shall be
limited to an aggregate amount equal to the largest amount that would not render
its obligations  hereunder  subject to avoidance under Section 548 of the United
States Bankruptcy Code or any other applicable  federal or state law relating to
the insolvency of debtors.

                                       2
<PAGE>

                                   ARTICLE II
                                OTHER PROVISIONS

         2.1 Notices.  All notices,  consents,  demands or other  communications
required or permitted  to be given  pursuant to this  Agreement  shall be deemed
sufficiently  given  when  delivered  personally  during  business  days  to the
appropriate  location  described  below or three  (3)  business  days  after the
posting  thereof by United  States first class,  registered  or certified  mail,
return receipt requested, with postage fee prepaid and addressed:

                  If to Guarantor:          P.O. Box 61268
                                            Houston, TX  77208-1268

                  If to Beneficiary:        1667 K Street, NW, Suite 1230
                                            Washington, DC  20006

         2.2 Assignment.  Guarantor may not assign any of its rights or delegate
any performance  under this Guaranty (whether  voluntarily or involuntarily,  by
merger, consolidation, dissolution, operation of law or any other manner) except
with the prior written consent of the Beneficiary, which consent may be withheld
in the  Beneficiary's  sole discretion.  Any purported  assignment  without such
consent is void.

         2.3 Successors and Assigns.  This Agreement binds the Guarantor and his
respective  successors and assigns and inures to the benefit of the  Beneficiary
and its successors and assigns.

         2.4  Amendment  and Waiver.  No amendment or waiver of any provision of
this Guaranty, nor consent to any departure by Guarantor therefrom, shall in any
event be  effective  unless  the same  shall be in  writing  and  signed  by the
Borrower, the Guarantor and the Beneficiary. Any such waiver or consent shall be
effective only in the specific  instance and for the specific  purpose for which
given.

         2.5 No Implied  Waiver.  No failure or delay in  exercising  any right,
power or privilege or requiring the satisfaction of any condition hereunder, and
no course of dealing  between the  Guarantor and the  Beneficiary  operates as a
waiver or  estoppel  of any  right,  remedy or  condition.  No single or partial
exercise of any right or remedy under this Guaranty  precludes any  simultaneous
or subsequent  exercise of any other right,  power or privilege.  The rights and
remedies set forth in this Guaranty are not exclusive of, but are cumulative to,
any rights or  remedies  now or  subsequently  existing  at law, in equity or by
statute.

                                       3
<PAGE>

         2.6 Severability. In case one or more provisions of this Guaranty shall
be invalid,  illegal or  unenforceable  in any respect under any applicable law,
the validity, legality, and enforceability of the remaining provisions contained
herein or therein shall not be affected or impaired thereby.

         2.7 Entire Agreement.  This Agreement,  the Investment  Agreement,  the
Note and the related  documents contain the entire agreement between the parties
relating to the subject matter hereof and supersede all prior or contemporaneous
oral or written  negotiations  and  agreements  relating to the  subject  matter
hereof.  The provisions of this Guaranty may not be explained,  supplemented  or
qualified  through  evidence  of trade usage or a prior  course of  dealing.  In
entering into this  Guaranty,  the Guarantor has not relied upon any  statement,
representation,  warranty or agreement of the Beneficiary except as set forth in
the Investment Agreement. There are no conditions precedent to the effectiveness
of this  Guaranty.  In the  event  of any  conflict  between  the  terms of this
Guaranty and the terms of any other loan  document,  the terms of the Investment
Agreement shall control.

         2.8  Execution in  Counterparts.  This  Guaranty may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which  when so  executed  shall be deemed to be an  original  and all of
which taken together shall constitute one and the same agreement.

         2.9  Governing  Law.  The laws of the State of Nevada  (without  giving
effect to its conflicts of law principles)  govern all matters arising out of or
relating to this Guaranty and all of the transactions it contemplates, including
without  limitation  its  validity,  interpretation,  construction,  performance
(including the details of performance) and enforcement.

         IN WITNESS  WHEREOF,  Guarantor  has caused  this  Guaranty  to be duly
executed and delivered as of the date first above written.

                                                /s/  Prentis B. Tomlinson, Jr.
                                                ------------------------------
                                                     Prentis B. Tomlinson, Jr.

                                       4

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