Document:

EXHIBIT 10.4

                                    Merger of

                                 BPZ ENERGY INC.

                                      Into

                              NAVIDEC MERGER CORP.

                          A wholly owned subsidiary of

                                  NAVIDEC, INC.

                               Dated July __, 2004

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                                MERGER AGREEMENT

     MERGER  AGREEMENT  (this  "Agreement"),  dated as of July __, 2004,  by and
among Navidec, Inc., a Colorado corporation ("Navidec"), Navidec Merger Corp., a
Colorado transitory  corporation ("Merger Corp."), and BPZ Energy, Inc., a Texas
corporation ("BPZ"). Each of Navidec, Merger Corp. and BPZ is sometimes referred
to herein as a "Party" and together, as the "Parties."

                              W I T N E S S E T H :

     WHEREAS,   the   shareholders   of  BPZ,   listed  on   Schedule   A  ("BPZ
Shareholders"),  hold all of the  issued  and  outstanding  shares of BPZ common
stock, no par value per share (the "BPZ Common Stock"); and

     WHEREAS, Navidec is subject to the reporting requirements of Sections 13(a)
and 15(d) of the  Securities  Exchange Act of 1934,  as amended  (the  "Exchange
Act"),  and shares of Navidec common stock, no par value per share (the "Navidec
Common Stock"), are listed on the NASD OTC Electronic Bulletin Board; and

     WHEREAS, pursuant to this Agreement,  Merger Corp. will merge with and into
BPZ on the terms and subject to the  conditions  set forth herein (the "Merger")
and,  in  connection  therewith,  and  subject  to the  satisfaction  of certain
conditions,  up to 27,000,000  shares of Navidec Common Stock shall be issued to
BPZ in  accordance  with  Schedule  A and in the  manner set forth in Article II
hereof and upon the terms and  conditions  otherwise set forth in this Agreement
in order  that BPZ shall be the  surviving  entity  and shall be a  wholly-owned
subsidiary  of  Navidec,  and BPZ shall own 71% of the  issued  and  outstanding
shares of Navidec  Common Stock and the name of the Company  shall be changed to
BPZ Energy, Inc. and,

     WHEREAS,  the  respective  Boards of  Directors of the Parties have adopted
resolutions approving this Agreement and declaring its advisability;

     WHEREAS, for federal income tax purposes, the Merger is intended to qualify
as a  tax-free  reorganization  in  accordance  with the  provisions  of Section
368(a)(2)(E) of the Internal Revenue Code of 1986, as amended (the "Code").

     NOW,  THEREFORE,  in consideration of the premises and the mutual covenants
and agreements  herein  contained,  the Parties do hereby agree,  subject to the
terms and conditions hereinafter set forth, as follows:

                                   Article I
                                   THE MERGER
                                   ----------

     1.1  Consummation of the Merger.  Unless this Agreement has been terminated
and the transactions  contemplated have been abandoned  pursuant to Section 9.1,
and subject to the satisfaction or waiver of the conditions set forth in Article
V, the consummation of the Merger (the "Closing") shall take place in accordance
with the applicable  provisions of the Colorado  Business  Corporations Act (the
"CBCA") at 10:00 a.m. on the second business day after satisfaction or waiver of

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the conditions set forth in Article V (other than those to be satisfied at or as
of the date of the  Closing) at the Denver  offices of Ballard  Spahr  Andrews &
Ingersoll,  LLP,  unless another date, time or place is agreed to by the Parties
(the  "Closing  Date") at which time Merger Corp.  will merge with and into BPZ,
and BPZ shall be the surviving  entity and become a  wholly-owned  subsidiary of
Navidec.  BPZ shall file a  Certificate  of Merger in the State of Texas and the
State of Colorado,  and BPZ shall be the surviving  corporation  (the "Surviving
Corporation").

     1.2  Subsequent  Actions.  If, at any time  after  the  Closing  Date,  the
Surviving  Corporation  shall  consider or be advised  that any deeds,  bills of
sale,  assignments,  assurances  or any other actions or things are necessary or
desirable to vest, perfect or confirm the Surviving  Corporation's  right, title
or  interest  in,  to or  under  any  of  the  rights,  properties,  privileges,
franchises or assets of either of its constituent corporations acquired or to be
acquired by the Surviving Corporation as a result of, or in connection with, the
Merger, or otherwise to carry out the intent of this Agreement, the officers and
directors  of the  Surviving  Corporation  shall be  authorized  to execute  and
deliver,  in the name and on behalf of the  Parties,  all such  deeds,  bills of
sale,  assignments  and assurances and to take and do, in the name and on behalf
of each such corporation,  all such other actions and things as may be necessary
or desirable to vest,  perfect or confirm any and all right,  title and interest
in, to and under such rights,  properties,  privileges,  franchises or assets in
the  Surviving  Corporation  or  otherwise  to  carry  out  the  intent  of this
Agreement.

     1.3 Surviving Corporation: Certificate of Incorporation;  By-laws; Officers
and Directors.  Unless  otherwise agreed to by the Parties prior to the Closing,
on the Closing Date:

     (a) the certificate of incorporation of Surviving  Corporation as in effect
immediately  prior to the Closing (a true and correct  copy of which is attached
hereto  as  Schedule  1.3(a))  shall be, at and  after  the  Closing  Date,  the
certificate of  incorporation  of Surviving  Corporation  (the  "Certificate  of
Incorporation")  until further  altered,  amended or repealed in accordance with
the this Agreement or applicable law;

     (b) the by-laws of Surviving  Corporation as in effect immediately prior to
the  Closing (a true and correct  copy of which is  attached  hereto as Schedule
1.3(b))  shall be, at and after the  Closing  Date,  the  by-laws  of  Surviving
Corporation  until further altered,  amended or repealed in accordance with this
Agreement, such by-laws or applicable law; and

     (c) the officers and  directors of Surviving  Corporation  and Navidec from
and after the Closing shall be the Persons set forth on Schedule  1.3(c),  until
their  successors  are elected or appointed and qualified or until their earlier
resignation or removal.

                                   Article II
                                  CAPITAL STOCK
                                  -------------

     2.1 Treatment of Capital Stock.  The manner and basis of converting  shares
of BPZ Common  Stock for  shares of common  stock,  no par value per  share,  of
Navidec  by virtue  of the  Merger  and  without  any  action on the part of the
Parties or any holder  thereof,  shall be as set forth in this Article II. At or
before  Closing,  all shares of BPZ Preferred  Stock shall convert to BPZ Common
Stock.

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     2.2 Conversion of BPZ Common Stock.  At the Closing,  the BPZ Common Stock,
shall be  converted  into  9,000,000  shares of validly  issued,  fully paid and
nonassessable  shares of Navidec  Common Stock (the "BPZ  Converted  Shares") in
exchange  for all of the BPZ Common Stock  issued and  outstanding.  Immediately
subsequent to the Closing Date,  Navidec shall file a proxy  statement  with the
Securities  and Exchange  Commission to seek  shareholder  approval to amend the
Navidec  Articles of  Incorporation to change the name of Navidec to BPZ Energy,
Inc. and to increase the number of shares of Navidec Common Stock authorized for
issuance to 100,000,000  shares.  To provide capital to satisfy the requirements
of Section 2.5.  Except as otherwise  provided  herein,  commencing  immediately
after the Closing,  each certificate (a "BPZ  Certificate")  which,  immediately
prior to the Closing,  represents all or a portion of the BPZ Common Stock shall
evidence the right to receive a proportionate  share of the BPZ Converted Shares
on the basis set forth in this Section 2.2 and  dividends or  distributions,  if
any, pursuant to Section 2.4 hereof.

     2.3 Conversion of Merger Corp. Common Stock. At the Closing,  each share of
Merger  Corp.  Common  Stock  issued and  outstanding  immediately  prior to the
Closing,  and all rights in respect thereof,  shall forthwith cease to exist and
shall be converted into one validly issued,  fully paid and nonassessable  share
of common stock of BPZ.

     2.4  Exchange  Procedures.  On the Closing  Date,  BPZ shall  surrender  to
Navidec one or more BPZ Certificates representing the BPZ Common Stock, together
with a duly executed and completed letter of transmittal and all other documents
and  materials  reasonably  required by Navidec to be  delivered  in  connection
therewith,  and shall be  entitled  to  receive a  certificate  or  certificates
representing  the BPZ Converted Shares into which the shares of BPZ Common Stock
which  immediately prior to the Closing were represented by such surrendered BPZ
Certificate or Certificates shall have been converted pursuant to the provisions
of  Section  2.2.  Unless  and until a BPZ  Certificate  is so  surrendered,  no
dividend  or other  distribution,  if any,  payable to the  holders of record of
shares of Navidec  Common  Stock as of any date  subsequent  to the Closing Date
shall be paid to the holder of such BPZ  Certificate  in  respect  thereof or in
respect  of the  Navidec  Common  Stock  into  which  such  BPZ  Certificate  is
exchangeable.  Except as otherwise provided herein,  upon the surrender of a BPZ
Certificate,  the record holder of the certificate or certificates  representing
shares of Navidec Common Stock issued in exchange  therefor shall be entitled to
receive  (i) at the time of  surrender,  the  amount of any  dividends  or other
distributions  (net of any  applicable  tax  withholdings)  having a record date
after the Closing Date and a payment date prior to the surrender  date, and (ii)
at the appropriate  payment date, the amount of dividends or other distributions
(net of any applicable tax withholdings)  having a record date after the Closing
Date and a payment date subsequent to the surrender date, in each case,  payable
in respect of such shares of Navidec Common Stock.  No interest shall be payable
in  respect  of the  payment  of  dividends  or  distributions  pursuant  to the
immediately preceding sentence.

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     2.5 Earn-Out Provisions.

     (a)  Notwithstanding  anything in this Agreement to the contrary,  promptly
following the date (which date shall be no later than 24 months from the Closing
Date)  that  the  Surviving  Corporation  (or any  successor  thereto)  receives
confirmation  from a licensed  petroleum  engineer that it owns proven  reserves
totaling  greater  than fifty  billion  cubic feet  (bcfe) of natural gas or its
equivalent in crude oil or any combination  thereof as barrels of oil equivalent
(boe), such date being referred to herein as an "Earn-Out Achievement Date", the
BPZ Shareholders shall be entitled to and shall receive an additional  9,000,000
shares of validly  issued,  fully paid and  non-assessable  Navidec Common Stock
(the  "First BPZ  Earn-Out  Shares"),  as set forth on  Schedule  A, and the BPZ
Shareholders shall in addition be entitled to receive, with respect to the First
BPZ Earn-Out Shares, the amount of any dividends or other  distributions (net of
any  applicable  tax  withholdings)  having a record  date  after  the  Earn-Out
Achievement  Date,  payable in respect of such shares of Navidec  Common  Stock.
Notwithstanding  anything in this Agreement to the contrary,  if at any Earn-Out
Achievement  Date the Articles of Incorporation of Navidec have not been amended
to accommodate the delivery of the BPZ Earn-Out Shares,  the BPZ Earn-Out Shares
shall be deemed  issued and shall be delivered  as soon as  necessary  corporate
action has been taken to amend such  Articles of  Incorporation  to increase the
authorized capital as required by Section 8.5 of this Agreement.

     (b)  Notwithstanding  anything in this Agreement to the contrary,  promptly
following  the date  (which date shall be no later than 36 months from the first
Earn  Out  Achievement  Date as set  forth  in (a)  above)  that  the  Surviving
Corporation   (or  any  successor   thereto)  is  entitled  to  receive  as  its
proportionate  share from gross  production  from any oil and gas wells owned or
operated  by BPZ not  less  than  2,000  barrels  of oil  per day or the  energy
equivalent  thereof should said  production be a mixture of both oil and natural
gas ("BOEPD") (the "Second  Earn-Out  Achievement  Date"),  the BPZ Shareholders
shall be entitled to and shall receive  9,000,000  additional  shares of validly
issued,  fully paid and  non-assessable  Navidec  Common  Stock (the "Second BPZ
Earn-Out Shares," and collectively or independently  with the First BPZ Earn-Out
Shares,  the "BPZ  Earn-Out  Shares").  In addition  to the Second BPZ  Earn-Out
Shares,  the BPZ  Shareholders  shall be entitled to receive with respect to the
Second BPZ Earn-Out Shares,  the amount of any dividends or other  distributions
(net of any applicable tax  withholdings)  having a record date after the Second
Earn-Out  Achievement Date,  payable in respect of such shares of Navidec Common
Stock.

     2.6 Federal Income Tax Treatment.  It is the intent of the Parties that the
Merger  contemplated  hereby be treated  for  federal  income tax  purposes as a
tax-free merger pursuant to Section 368(a)(2)(E) of the Internal Revenue Code of
1986, as amended (the "IRC").  The Parties shall report the  transactions  under
this Agreement consistent with such treatment,  shall keep such records and file
such  information  with  respect  thereto as is required by Treasury  Regulation
1.368-3 and shall take no position that is contrary  thereto except  pursuant to
an administrative  finding upon the appeal of a 30-day letter or unless required
to do so pursuant to a determination as defined in IRC Section 1313(a).

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                                  Article III
                         REPRESENTATIONS AND WARRANTIES
                         ------------------------------

     3.1  Representations  and Warranties of Navidec and Merger Corp.  Except as
set forth in the Navidec  disclosure  schedule delivered by Navidec to BPZ prior
to the execution of this Agreement  (the "Navidec  Disclosure  Schedule")  (each
section of which  qualifies  the  correspondingly  numbered  representation  and
warranty or covenant and any other representation of warranty, if the disclosure
set forth in the  Navidec  Disclosure  Schedule is  reasonably  apparent to such
other  representation  or  warranty),  Navidec and Merger  Corp.  represent  and
warrant to BPZ, as follows:

     (a) Power and Authority.  Navidec and Merger Corp. have the corporate power
and  authority  to enter  into  this  Agreement  and to carry  out its and their
obligations  hereunder.  The  execution  and delivery of this  Agreement and the
consummation of the transactions  contemplated  hereby have been duly authorized
by the Boards of Directors of Navidec and Merger Corp.,  and no other  corporate
proceedings  on the part of Navidec or Merger Corp. is necessary or advisable to
authorize this Agreement and the transactions contemplated hereby.

     (b) No Material  Adverse Effect.  Since March 31, 2004,  there has not been
any material  adverse change in the business,  operations,  properties,  assets,
condition, financial or otherwise, of Navidec.

     (c) Due Organization;  Power;  Qualification;  Subsidiaries and Affiliates,
Etc.

          (i) Navidec is a corporation duly organized,  validly existing, and in
     good standing under the laws of the state of its  incorporation and has the
     corporate  power to own its  property  and to carry on its  business as now
     conducted. Navidec is not qualified to do business as a foreign corporation
     in any jurisdiction.

          (ii)  Navidec has three  subsidiaries  namely  Merger  Corp.,  Navidec
     Financial  Services,  Inc.  ("Navidec  Financial") and Northsight  Mortgage
     Corporation   ("Northsight").   Navidec  has  no  other   subsidiaries   or
     affiliates,  as that term is used in the regulations  promulgated under the
     Securities  Act of 1933, as amended (the  "Securities  Act").  Prior to the
     closing date, Northsight will become a subsidiary of Navidec Financial.

     (d) Capitalization.

          (i) As of the date of this  Agreement,  the total  authorized  capital
     stock of Navidec consists of 20,000,000  shares of Navidec Common Stock. As
     of the  Closing  Date  except as  described  in Section  3.1(d)(ii)  below,
     5,000,000  shares will be  outstanding  and/or  reserved  for to permit the
     exercise of any vested and unexpired  options which may be  outstanding  at
     closing and as set forth on Schedule  3.1(d)(I).  If  subsequent to closing
     any options are  exercised in  accordance  with their terms as set forth on
     Schedule  3.1(d)(c) any funds received as proceeds of such exercises  shall
     be  payable  by Navidec  to  Navidec  Financial.  Between  the date of this
     Agreement and the Closing Date the

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<PAGE>

     management of Navidec may take  whatever  actions it deems  appropriate  to
     grant or amend stock or stock option grants to its management and employees
     so long as the combined  fully diluted number of shares that are issued and
     outstanding or reserved for does not exceed 5,000,000 shares at the Closing
     Date.

          (ii)  Immediately  upon execution of this Agreement,  Navidec with the
     assistance  of BPZ shall  commence a private  placement  of Navidec  Common
     Shares to raise up to $6 million on a best  efforts  all or none $3 million
     minimum;  best efforts $6 million  maximum  basis.  No more than  6,000,000
     Navidec  Common  Shares will be issued in this  offering  and to the extent
     that the minimum has been reached and Closing has occurred,  the balance of
     the shares  reserved for the private  placement  may continue to be offered
     until the maximum has been achieved.

          (iii) Other than 564,500 "A" Stock Purchase Warrants  exercisable into
     shares of Navidec  Common  Stock at an  exercise  price of $2.00 per share,
     expiring  on August 31,  2005,  and  564,500  "B" Stock  Purchase  Warrants
     exercisable  into shares of Navidec  Common  Stock at an exercise  price of
     $4.00  per  share,   expiring  on  August  31,  2005   (collectively,   the
     "Warrants"),  there are no present and on the Closing Date there will be no
     outstanding  subscriptions,  options,  warrants,  contracts,  calls,  puts,
     agreements,  demands or other commitments or rights of any type to purchase
     or acquire any  securities of Navidec  (other than the  Warrants),  nor are
     there  outstanding  securities  or debt  instruments  of Navidec  which are
     convertible  into or  exchangeable  for any  shares  of  capital  stock  of
     Navidec, and, other than may be required in connection with this agreement,
     Navidec  presently has and as of the Closing Date will have no  obligations
     of any kind to issue any additional securities.

          (iv) As contemplated, the Parties agree that prior to Closing, Navidec
     shall  establish a record date to spin out the shares of Navidec  Financial
     owned by  Navidec  to all  shareholders  of record of Navidec at the record
     date. The Parties believe that this  transaction may require  registration.
     Furthermore,  the Parties agree that at or before  Closing,  in addition to
     assigning the Navidec  ownership of Northsight  to Navidec  Financial,  all
     other  assets and  liabilities  of  Navidec  shall be  assigned  to Navidec
     Financial.  It is contemplated by the parties to this Agreement that at the
     effective date of the completion of all  transactions  contemplated by this
     Agreement  including the finalization of the spin-off of Navidec Financial,
     effectively  Navidec,  as of the  Closing  Date,  would have no assets,  no
     liabilities and no effective business other than the businesses of BPZ.

     (e) Securities Filings; Financial Information; No Material Adverse Change.

          (i) The common  stock of Navidec is listed on the NASD OTC  Electronic
     Bulletin  Board.  Navidec has filed its annual  report on Form 10-K for the
     year ended  December 31, 2003 and its  quarterly  report on Form 10-QSB for
     the period ended March 31, 2004 (the "Navidec Periodic

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<PAGE>

     Reports") with the SEC. The Navidec Periodic Reports were true, correct and
     accurate as of the date of filing and do not  contain any untrue  statement
     of  material  fact or omit to state a material  fact  required to be stated
     therein  in  order  to  make  the  statements  therein,  in  light  of  the
     circumstances under which they were made, not misleading.

          (ii) The Navidec  Periodic Reports include  Navidec's  audited balance
     sheets and income  statements  for the fiscal years ended December 31, 2002
     and December 31, 2003, and unaudited  financial  information  for March 31,
     2003 and 2004  (collectively,  the "Financial  Statements").  The Financial
     Statements  have  been  prepared  in  accordance  with  generally  accepted
     accounting  principles,  do not contain any untrue  statement of a material
     fact or omit to state a  material  fact  required  to be stated  therein in
     order to make the statements  therein,  in light of the circumstances under
     which they were made,  not  misleading,  and fairly present in all material
     respects,  the financial  condition of Navidec as at the  respective  dates
     thereof,  and the results of  operation  of Navidec  for the  periods  then
     ended.

          (iii) At March  31,  2004,  there  were no  liabilities,  absolute  or
     contingent  of  Navidec  that were not  shown or  reserved  against  on the
     balance sheets  included in the Financial  Statements,  except  obligations
     under the contracts  shown on or as otherwise  disclosed in Schedule 3.1(e)
     of the Navidec Disclosure  Schedule.  As of the Closing Date, Navidec shall
     have no  assets  or  liabilities  of any kind,  whether  known or  unknown,
     accrued, absolute, contingent or otherwise.

          (iv) Since March 31, 2004,  Navidec has not sold or otherwise disposed
     of or encumbered any of the properties or assets reflected on the Financial
     Statements,  or other assets owned or leased by it,  except in the ordinary
     course of  business,  or as otherwise  disclosed on Schedule  3.1(e) of the
     Navidec Disclosure Schedule.

     (f) Tax Matters.

          (i)  Navidec  has  filed or caused  to be filed  with the  appropriate
     federal,   state,  county,  local  and  foreign  governmental  agencies  or
     instrumentalities  all  material  tax returns  and  reports  required to be
     filed, and all taxes, assessments, fees and other governmental charges have
     been  fully  paid when due  (subject  to any  extensions  filed on a timely
     basis).

          (ii) There is not pending nor, to the  knowledge of Navidec,  is there
     any threatened  federal,  state or local tax audit of Navidec.  There is no
     agreement with any federal, state or local taxing authority by Navidec that
     may affect the subsequent tax liabilities of Navidec.

          (iii) Without  limiting the  foregoing:  (A) the Financial  Statements
     include adequate provisions for all taxes, assessments, fees, penalties and
     governmental charges which have been or in the

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<PAGE>

     future may be  assessed  against  Navidec  with  respect to the period then
     ended and all periods prior thereto; and (B) on the date hereof, Navidec is
     not liable for any taxes, assessments, fees or governmental charges.

     (g) No Conflict or Default;  Enforceability;  Corporate Records; Compliance
with Law.  Neither the execution and delivery of this Agreement,  nor compliance
with  the  terms  and  provisions  hereof,   including  without  limitation  the
consummation of the transactions  contemplated hereby, will violate any statute,
regulation  or  ordinance of any  governmental  authority,  or conflict  with or
result in the  material  breach  of any  term,  condition  or  provision  of the
articles of  incorporation,  by-laws or other  charter  documents  of Navidec or
Merger Corp., nor of any agreement, deed, contract,  mortgage,  indenture, writ,
order,  decree,  legal obligation or instrument to which Navidec or Merger Corp.
is a party or by which  Navidec,  Merger Corp.  or any of its or their assets or
properties  is or may be bound;  or  constitute a material  default (or an event
which, with the lapse of time or the giving of notice, or both, would constitute
a material default) thereunder,  nor result in the creation or imposition or any
lien,  charge or  encumbrance,  or  restriction  of any nature  whatsoever  with
respect to any  properties  or assets of Navidec  or Merger  Corp.,  nor give to
others any interest or rights, including rights of termination,  acceleration or
cancellation in or with respect to any of the properties,  assets,  contracts or
business of Navidec or Merger Corp. This Agreement and all other  agreements and
documents delivered by Navidec and Merger Corp. in connection herewith have been
duly  executed  and  delivered by Navidec and Merger Corp.  and  constitute  the
binding  obligations of Navidec and Merger Corp.  enforceable in accordance with
their respective terms. Navidec and Merger Corp. have permitted, or will permit,
BPZ to examine their  respective  corporate  minute and stock records books. The
corporate minute books contain the articles of incorporation,  by-laws and other
charter  documents of Navidec and Merger  Corp.  as in effect on the date hereof
and a true and complete  record of all actions by and meetings of the  directors
(and  committees  thereof)  and  stockholders  of Navidec and Merger  Corp.  and
accurately  reflect all  transactions  referred to therein.  To their knowledge,
neither Navidec nor Merger Corp. are in violation of any outstanding arbitration
award,  judgment,  order or decree;  or to their knowledge,  in violation of any
material statute,  regulation or ordinance ("Law"),  including,  but not limited
to, any antidiscrimination,  hazardous and toxic substances, wage, hour, working
condition, payroll withholding,  pension, building, zoning and tax Law. To their
knowledge,  there  have  been no  allegations  of or  inquiries  concerning  any
material  violations  of Law by  Navidec or Merger  Corp.  within the past three
years.

     (h) Litigation.  Except as disclosed in the Navidec Periodic Reports, or in
Schedule  3.1(h) there are no actions,  suits,  investigations,  or  proceedings
pending, nor, to the knowledge of Navidec,  threatened against Navidec or Merger
Corp., the performance of the terms and conditions  hereof,  or the consummation
of the  transactions  contemplated  hereby,  in any  court or by or  before  any
governmental body or agency,  including without limitation any claim, proceeding
or  litigation  for the purpose of  challenging,  enjoining  or  preventing  the
execution,  delivery or  consummation  of this  Agreement.  Neither  Navidec nor
Merger Corp. is subject to any order, judgment,  decree,  stipulation or consent
or any agreement with any governmental  body or agency.  As of the Closing Date,
neither  Navidec  nor  Merger  Corp.  shall  be  party  to any  action,  suit or
proceeding of any kind.

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<PAGE>

     (i) Governmental and Other Approval.  Navidec and Merger Corp each have all
material permits, licenses, orders and approvals of all federal, state, local or
foreign  governmental or regulatory bodies required for Navidec and Merger Corp.
to conduct  its or their  business as  presently  conducted.  All such  permits,
licenses, orders and approvals are in full force and effect and no suspension or
cancellation  of any of them is  threatened,  except as would not  reasonably be
expected to have a material  adverse effect on Navidec or Merger Corp., and none
of  such  permits,  licenses,  orders  or  approvals  will  be  affected  by the
consummation of the transactions  contemplated by this Agreement. No approval or
authorization of or filing with any  governmental  authority or any other person
or entity on the part of Navidec or Merger  Corp.  is required as a condition to
the  execution  and  delivery  of  this  Agreement  or the  consummation  of the
transactions  contemplated  hereby  other  than  the  filing  of  any  documents
contemplated by this Agreement.

     (j) Salaries. Schedule 3.1(j) of the Navidec Disclosure Schedule sets forth
a complete  list of all of the  persons  who are  employed by Navidec and Merger
Corp.  as of the  date of  this  Agreement,  together  with  their  compensation
(including  bonuses) for the calendar year ended December 31, 2003, and the rate
of compensation (including bonus arrangements) currently being paid to each such
employee. As of the Closing Date, all employees,  agents and officers of Navidec
and Merger Corp.  shall have resigned and provided Navidec and Merger Corp. with
general releases in form and substance satisfactory to BPZ.

     (k) Accrued  Compensation.  Neither Navidec nor Merger Corp. has, nor shall
it on Closing, have any outstanding liability for payment of wages, vacation pay
(whether  accrued or otherwise),  salaries,  bonuses,  pensions or contributions
under any labor or employment contract, whether oral or written, or by reason of
any past practices  with respect to such  employees  based upon or accruing with
respect to services of present or former employees of Navidec or Merger Corp.

     (l) Employee Benefit Plans. Neither Navidec nor Merger Corp. has, maintains
or contributes to and never has had,  maintained or contributed  to, any pension
plan,  profit sharing plan or employee's  savings plan, and neither is otherwise
subject to any applicable  provisions of the Employee Retirement Income Security
Act of 1974 ("ERISA").

     (m) Material  Contracts,  Etc.  Schedule  3.1(m) of the Navidec  Disclosure
Schedule  contains  an accurate  list of all  material  contracts,  commitments,
leases, instruments,  agreements, licenses or permits, written or oral, to which
Navidec or Merger Corp.  is a party or by which it or its  properties  are bound
(including  without  limitation  contracts  with  customers,  joint  venture  or
partnership  agreements,  contracts  with any  labor  organizations,  employment
agreements,  consulting  agreements,  loan  agreements,  indemnity  or  guaranty
agreements,  BPZ's, mortgages, options to purchase land, liens, pledges or other
security  agreements).  As of the Closing Date,  Navidec and Merger Corp.  shall
have  terminated  and been  released  from any and all  contracts,  commitments,
leases, instruments, agreements.

     (n) The representation  and warranties  contained herein do not contain any
untrue  statement of a material fact or omit to state a material fact  necessary
in order to make the statements  therein,  in light of the  circumstances  under
which they were made, not misleading.

                                       9

<PAGE>

     3.2  Representations  and  Warranties  of BPZ.  Except  as set forth in the
disclosure  schedule  delivered by BPZ to Navidec prior to the execution of this
Agreement (the "BPZ Disclosure  Schedule")  (each section of which qualifies the
correspondingly  numbered  representation  or warranty or covenant and any other
representation  or warranty,  if the  disclosure set forth in the BPZ Disclosure
Schedule is readily applicable to such other  representations or warranty),  BPZ
represents and warrants to Navidec as follows:

     (a) Power and Authority. BPZ has the corporate power and authority to enter
into this Agreement and to carry out its  obligations  hereunder.  The execution
and  delivery  of  this  Agreement  and  the  consummation  of the  transactions
contemplated  hereby have been duly authorized by the Board of Directors of BPZ,
and no other corporate proceedings on the part of BPZ are necessary to authorize
this Agreement and the transactions contemplated hereby.

     (b) BPZ Financial Statements. BPZ has heretofore delivered to Navidec BPZ's
audited Balance Sheet and Income  Statements for the fiscal years ended December
31,  2001,  December  31, 2002 and  December  31, 2003  (collectively,  the "BPZ
Financial Statements").

     (c) Financial Information; No Material Adverse Effect.

          (i) The BPZ Financial Statements have been prepared in accordance with
     generally  accepted  accounting  principles,  do  not  contain  any  untrue
     statement of a material  fact or omit to state a material  fact required to
     be stated therein in order to make the statements  therein, in light of the
     circumstances  under  which  they were  made,  not  misleading,  and fairly
     present in all material respects,  the financial condition of BPZ as at the
     respective  dates  thereof,  and the  results of  operation  of BPZ for the
     periods then ended.

          (ii) Since  December  31,  2003,  there has been no  material  adverse
     change in the business or  financial  condition  or the  operations  of BPZ
     except as set forth on Schedule 3.2(c) of the BPZ Disclosure Schedule.

          (iii) At December 31,  2003,  there were no  liabilities,  absolute or
     contingent  of BPZ that were not shown or  reserved  against on the balance
     sheets included in the BPZ Financial  Statements,  except obligations under
     the contracts shown on or as otherwise  disclosed in Schedule 3.3(n) of the
     BPZ Disclosure Schedule.

          (iv) Since December 31, 2003,  BPZ has not sold or otherwise  disposed
     of or encumbered any of the properties or assets reflected on the Financial
     Statements,  or other assets owned or leased by it,  except in the ordinary
     course of business, or as otherwise disclosed on Schedule 3.2(c) of the BPZ
     Disclosure Schedule.

                                       10

<PAGE>

     (d) Due Organization;  Power;  Qualification;  Subsidiaries and Affiliates,
Etc.

          (i) BPZ is a corporation duly organized, validly existing, and in good
     standing  under the laws of the state of Texas and has the corporate  power
     to own its property and to carry on its business as now conducted.

          (ii) Other than a registered Peruvian branch office with the name "BPZ
     Energy,  Inc. SUCURSAL  Peru",and SMC Corporation,  a Delaware  corporation
     with a registered  branch in Ecuador which are wholly owned by BPZ, BPZ has
     no  subsidiaries  or  affiliates,  as that term is used in the  regulations
     promulgated under the Securities Act.

     (e) Capitalization.

          (i) As of the date of this  Agreement,  the total  authorized  capital
     stock of BPZ consists of 40,000,000  shares of common  stock,  no par value
     per  share,  of  which  26,320,000   shares  are  issued  and  outstanding.
     Additionally,  BPZ is  authorized  to issue  5,000,000  shares of preferred
     stock,  of which  905,000  shares are  outstanding  as Series A 6% Callable
     Convertible Redeemable Preference Shares. All of the outstanding BPZ Common
     Stock and Preferred Stock have been duly authorized and validly issued, and
     are fully paid and non-assessable.

          (ii) There are no  present  and on the  Closing  Date there will be no
     outstanding options,  warrants,  convertible securities or rights which may
     require BPZ to issue  additional  shares of its capital stock other than as
     listed on Schedule 3.3(e) of the BPZ Disclosure Schedule.

     (f) Tax Matters.

          (i) BPZ has filed or caused to be filed with the appropriate  federal,
     state, county, local and foreign governmental agencies or instrumentalities
     all  material  tax returns and tax  reports  required to be filed,  and all
     taxes,  assessments,  fees and other  governmental  charges have been fully
     paid when due (subject to any extensions filed on a timely basis).

          (ii) There is not pending  nor, to the  knowledge of BPZ, is there any
     threatened federal,  state or local tax audit of BPZ. There is no agreement
     with any federal,  state or local  taxing  authority by BPZ that may affect
     the subsequent tax liabilities of BPZ.

     (g) Title to BPZ Shares.  The BPZ Shareholders  have full right,  title and
interest  to all of the BPZ Common  Shares as set forth on  Schedule A, free and
clear of any lien,  encumbrance or claim of any third party whatsoever including
statutory,  regulatory or equitable  claims.  Assignment of the title to the BPZ
Common Shares will not violate any covenant, agreement or condition to which the
BPZ Shareholders are a Party in any way related to change of control which could
in anyway impact the validity of the assignment or the value of the BPZ assets.

                                       11

<PAGE>

     (h) No Conflict or Default;  Enforceability;  Corporate Records; Compliance
with Law.  Neither the execution and delivery of this Agreement,  nor compliance
with  the  terms  and  provisions  hereof,   including  without  limitation  the
consummation of the transactions  contemplated hereby, will violate any statute,
regulation  or  ordinance of any  governmental  authority,  or conflict  with or
result in the  material  breach  of any  term,  condition  or  provision  of the
articles of incorporation, by-laws or other charter documents of BPZ, nor of any
agreement,  deed,  contract,  mortgage,  indenture,  writ, order,  decree, legal
obligation  or  instrument to which BPZ is a party or by which BPZ or any of its
respective  assets or properties  are or may be bound;  or constitute a material
default (or an event which,  with the lapse of time or the giving of notice,  or
both,  would  constitute  a  material  default)  thereunder,  nor  result in the
creation of imposition of any lien, charge or encumbrance, or restriction of any
nature  whatsoever  with respect to any properties or assets of BPZ, nor give to
others any interest of rights, including rights of termination,  acceleration or
cancellation in or with respect to any of the properties,  assets,  contracts or
business of BPZ. This Agreement and each other agreement and document  delivered
by BPZ in  connection  herewith  have  been  duly  executed  and  delivered  and
constitute the binding  obligations of BPZ  enforceable in accordance with their
respective  terms.  BPZ has  permitted,  or will permit,  Navidec to examine the
corporate  minute and stock  records  books of BPZ. The  corporate  minute books
contain the articles of incorporation and by-laws and other charter documents of
BPZ as in  effect  on the date  hereof  and a true and  complete  record  of all
actions by and meetings of the directors  (and  committees  thereof) and the BPZ
Shareholders and accurately reflect all transactions referred to therein. BPZ is
not in  violation  of any  outstanding  arbitration  award,  judgment,  order or
decree;  or in violation of any applicable Law,  including,  but not limited to,
any  antidiscrimination,  hazardous and toxic  substances,  wage, hour,  working
condition,  payroll withholding,  pension,  building,  zoning and tax Law. There
have been no allegations of or inquiries concerning any violations of law by BPZ
within the past three years.

     (i) Party to  Agreements.  To its  knowledge,  BPZ is not in default in any
material  respect  under any contract or agreement to which BPZ is a party or by
which BPZ or any of its assets is or may be bound.

     (j) Litigation. There are no actions, suits, investigations, or proceedings
pending, or, threatened,  against BPZ or with respect to the conveyance of clear
title to BPZ shares,  the BPZ  shareholders,  the  performance  of the terms and
conditions hereof, or the consummation of the transactions  contemplated hereby,
in any court or by or before any governmental body or agency,  including without
limitation any claim,  proceeding or litigation for the purpose of  challenging,
enjoining  or  preventing  the  execution,  delivery  or  consummation  of  this
Agreement.

     (k)  Governmental  and  Other  Approval.  BPZ  has  all  material  permits,
licenses,  orders  and  approvals  of  all  federal,  state,  local  or  foreign
governmental or regulatory  bodies required for them to conduct their respective
business  as  presently  conducted.  All  such  permits,  licenses,  orders  and
approvals are in full force and effect and no suspension or  cancellation of any
of them is  threatened,  except as would not  reasonably  be  expected to have a
material  adverse effect on BPZ, and none of such permits,  licenses,  orders or
approvals will be affected by the consummation of the transactions  contemplated
by  this  Agreement.  No  approval  or  authorization  of  or  filing  with  any
governmental  authority  or any  other  person  or  entity on the part of BPZ is
required as a condition to the execution  and delivery of this  Agreement or the
consummation of the  transactions  contemplated  hereby other than the filing of
any documents contemplated by this Agreement.

                                       12

<PAGE>

     (l) Salaries.  Schedule 3.3(k) of the BPZ Disclosure  Schedule sets forth a
complete  list of all of the persons  who are  employed by BPZ as of the date of
this Agreement,  together with their  compensation  (including  bonuses) for the
calendar year ended December 31, 2003, and the rate of  compensation  (including
bonus arrangements) currently being paid to each such employee.

     (m) Accrued  Compensation.  BPZ does not have any outstanding liability for
payment  of wages,  vacation  pay  (whether  accrued  or  otherwise),  salaries,
bonuses,  pensions  or  contributions  under any labor or  employment  contract,
whether oral or written, or by reason of any past practices with respect to such
employees  based upon or accruing  with respect to services of present or former
employees  of BPZ  other  than  as  disclosed  on  Schedule  3.3(l)  of the  BPZ
Disclosure Schedule.

     (n) Employee  Benefit Plans.  BPZ does not have,  maintain or contribute to
and never has had,  maintained  or  contributed  to, any  pension  plan,  profit
sharing plan or employee's savings plan, and neither is otherwise subject to any
applicable  provisions of the Employee  Retirement  Income  Security Act of 1974
("ERISA").

     (o) Material Contracts, Etc. Schedule 3.3(n) of the BPZ Disclosure Schedule
contains  an  accurate  list of all  material  contracts,  commitments,  leases,
instruments, agreements, licenses or permits, written or oral, to which BPZ is a
party or by which it or its properties are bound (including  without  limitation
contracts with  customers,  joint venture or partnership  agreements,  contracts
with any labor organizations, employment agreements, consulting agreements, loan
agreements,  indemnity  or guaranty  agreements,  BPZ's,  mortgages,  options to
purchase land, liens, pledges or other security agreements).

     (p) Assets of BPZ. BPZ, via its Peruvian registered branch BPZ Energy, Inc.
SUCURSAL Peru, has exclusive  contractual rights under the Peruvian  Hydrocarbon
Regulations  to (100%) of Areas VI and XVI,  and Block XIX located in Peru,  and
five  percent  (5%) of Block Z-1 plus the  balance of  interest  of  ninety-five
percent (95 %),  which has been  recently  released by the former  operator  and
assigned to BPZ subject to  appropriate  amendment of the  contract,  located in
Peru (collectively the "BPZ Owned Peru Blocks"),  in each instance subject to an
aggregate ten percent (10%)  cost-free  interest in the gross  revenues,  net of
royalties paid to the government,  of the BPZ Owned Peru Blocks. This overriding
ten percent (10%)  interest is separately  owned by BPZ & Associates,  Inc., the
predecessor   organization   that  originally   developed  the  information  and
relationships  that created the  prospects and projects  currently  owned by BPZ
Energy,  Inc. Legal descriptions of Areas VI and XVI, and Blocks XIX and Z-1 are
as set forth on Schedule  3.3(o) of the BPZ  Disclosure  Schedule.  In addition,
BPZ's wholly owned  subsidiary,  SMC Ecuador,  Inc.,  holds a ten percent  (10%)
working interest in and to the oil and gas producing property known as the Campo
Gustavo Galindo oilfield of Ecuador.

                                       13

<PAGE>

     (q) The representation  and warranties  contained herein do not contain any
untrue  statement of a material fact or omit to state a material fact  necessary
in order to make the statements  therein,  in light of the  circumstances  under
which they were made, not misleading.

                                   Article IV
                                    COVENANTS

     4.1 Navidec Negative  Covenants.  Navidec agrees that, prior to the Closing
Date:

     (a) No dividend shall be declared or paid or other distribution (whether in
cash, stock, property or any combination thereof) or payment declared or made in
respect of Navidec Common Stock, nor shall Navidec  purchase,  acquire or redeem
or split,  combine or  reclassify  any shares of its  capital  stock;  provided,
however,  (subject to Section 3.1(d)),  Navidec may affect a dividend in respect
of the Navidec  Common  Stock,  payable in Navidec  Common  Stock,  and further,
Navidec may effect the "spin-off" of Navidec Financial.

     (b) Except  pursuant  to  Section  3.1(d),  no change  shall be made in the
number  of  authorized  or issued  Navidec  Common  Stock nor shall any  option,
warrant, call, right, commitment or agreement (other than this Agreement) of any
character  be granted or made by Navidec  relating to its  authorized  or issued
Navidec Common Stock;  nor shall Navidec issue,  grant or sell any securities or
obligations convertible into or exchangeable for Navidec Common Stock.

     (c) Navidec will not take,  agree to take, or knowingly  permit to be taken
any action, nor do or knowingly permit to be done anything in the conduct of the
business of Navidec or otherwise, which would be contrary to or in breach of any
of the  terms or  provisions  of this  Agreement,  or which  would  cause any of
Navidec's representations and warranties contained herein to be or become untrue
in any  material  respect  at the  Closing  Date  including  without  limitation
amending  Navidec's charter documents and By-laws,  except as otherwise provided
hereby.

     (d) Navidec will not (i) incur any  indebtedness  for borrowed money;  (ii)
assume,  guarantee,  endorse, or otherwise become liable or responsible (whether
directly,   contingently   or  otherwise)  for  the  obligations  of  any  other
individual,  firm or corporation;  or (iii) make any loans,  advances or capital
contributions to or investments in, any other individual, firm or corporation.

     (e) Navidec will not make, alter or change any employment or other contract
with any of its management personnel or make, adopt, alter, revise, or amend any
pension,  bonus,  profit-sharing  or other  employee  benefit plan, or grant any
salary increase or bonus to any person without the prior written consent of BPZ.

     4.2 Conduct of Business Pending the Merger.  Prior to the effective date of
the Merger,  unless each of the Parties hereto shall otherwise agree in writing,
none of Navidec,  Merger Corp.  or BPZ shall (i) operate its business  otherwise
than in the ordinary course, or (ii) authorize, recommend or propose any merger,
consolidation, acquisition of assets, disposition of assets, material change in

                                       14

<PAGE>

its  capitalization  or any  comparable  event,  not in the  ordinary  course of
business or in  furtherance  of the  transactions  contemplated  hereby (in each
case,  other than the  transactions  contemplated  hereby and transactions as to
which  written  notice has been given to the other  companies  prior to the date
hereof).

                                   Article V
                                CERTAIN COVENANTS

     5.1 General.  Each of the Parties shall use its reasonable  best efforts to
take all action and to do all things necessary,  proper or advisable in order to
consummate and make effective the  transactions  contemplated  by this Agreement
(including satisfaction,  but not waiver, of the conditions set forth in Article
V below).

     5.2 Navidec Financial. Navidec shall take all steps necessary to effect the
"spin-off" of its wholly owned subsidiary, Navidec Financial to the shareholders
of Navidec as of any record date  preceding the Closing.  Prior to the spin-off,
Navidec  Financial  shall be assigned  essentially  all of the  business  assets
including two million  shares of duly issued fully paid Navidec common stock and
all of the  liabilities  of  Navidec  and agree to  indemnify  Navidec  from any
liability   relating  to  the  assigned   liabilities.   Additionally,   Navidec
Financial's  management  shall take the steps deemed necessary at its expense to
qualify the  spin-off  pursuant to the  Securities  Act as is  required.  To the
extent that the actions  required to complete the spin-off of Navidec  Financial
are not  completed  prior to the date of Closing,  the Parties  hereto  agree in
accordance  with  Section  1.2 to  cooperate  fully with the new  management  of
Navidec  Financial to complete all  necessary  filings,  registrations,  and the
execution of all agreements required to consummate the transactions contemplated
and necessary relative to the spin-off.

     5.3  Directors.  At Closing,  all existing  directors of Navidec and Merger
Corp.  shall resign except John McKowen.  Mr. McKowen shall then appoint a slate
of directors  as set forth on Schedule  1.3(c).  Navidec  shall file any reports
required to be filed with the SEC as a result of the resignation and appointment
of directors,  if any, and BPZ shall provide information reasonably requested by
Navidec in connection therewith.

     5.4 Leak Out/Voting  Agreements.  At Closing,  Navidec shall deliver to BPZ
leak out and voting  agreements  executed  by each of the  Navidec  shareholders
identified on Schedule 5.4 (collectively,  the "Leak Out Agreements").  The form
of such Leak Out and Voting  Agreements shall be prepared by or on behalf of BPZ
and subject to the approval of Navidec, which approval shall not be unreasonably
withheld,  delayed or conditioned.  The Voting  Agreements shall provide,  among
other  things for the Navidec  shareholders  identified  on Schedule 5.4 to vote
their Navidec Common Stock  favorably on all matters  relating to consummate the
transactions  contemplated  hereby  for a period of not less than 1 year or such
shorter period the shareholders own the stock subject to this Agreement.

     5.5 Disclosure.  Each of the Parties hereto  acknowledges  that it has, and
will have,  possession  of  important  confidential  information  ("Confidential
Information")  regarding the other  Parties.  Each of the Parties  hereto agrees
that it shall not use any confidential  information except in furtherance of the
transactions contemplated hereby and shall not divulge, communicate, furnish or

                                       15

<PAGE>

make accessible any Confidential  Information to any person, firm,  partnership,
corporation  or other  entity.  No party hereto shall make any public  statement
from the date of this  Agreement  through the Closing  Date,  including  without
limitation  any  press   release,   with  respect  to  this  Agreement  and  the
transactions contemplated hereby, without the prior written consent of the other
Parties  (which  consent  may not be  unreasonably  withheld),  except as may be
required by law, in which case the Parties  shall  consult with each other as to
the nature and scope of the  required  disclosure  and any  protective  measures
which  should  be  taken  to  preserve  the  confidentiality  of  the  disclosed
information.  If any party  becomes  legally  compelled to disclose  information
relating to this  Agreement,  such party shall  provide the other  Parties  with
notice of such  requirement  to allow such party to seek a  protective  order or
other remedy.  If such protective  order or other remedy is not obtained,  or if
compliance hereof is waived,  each party agrees to disclose only that portion of
information  which is legally  required to be disclosed  and to permit the other
Parties  at  their  expense  to  take  all  reasonable  steps  to  preserve  the
confidentiality of the transactions hereunder.

     5.6  Recommendation  of Approval.  The Board of Directors of Navidec  shall
continue to approve this  Agreement  and the  transactions  contemplated  hereby
except as the fiduciary  obligations and other duties of such Board of Directors
may otherwise require.

     5.7  Access.  Prior to the  Closing,  BPZ  shall  afford  to the  officers,
attorneys, accountants, and other authorized representatives of Navidec free and
full access to the premises,  books and records of BPZ,  respectively,  in order
that Navidec may make such investigation as it may desire of the affairs of BPZ,
provided such access is not unreasonably disruptive to BPZ's business.  Prior to
the Closing, Navidec shall afford to the officers,  attorneys,  accountants, and
other  authorized  representatives  of BPZ free and full access to the premises,
books and records of Navidec so that it may make such  investigations  as it may
desire of the  affairs of  Navidec,  provided  such  access is not  unreasonably
disruptive  to  Navidec.  Notwithstanding  the  foregoing,  the  Parties  hereto
acknowledge  that BPZ is  actively  in the  process  of  negotiating  to acquire
certain oil producing  properties  and that such  transactions  may  necessarily
involve the acquisition of the entities holding such properties.

     5.8  No  Solicitation.  Subject  to its  fiduciary  obligations,  prior  to
Closing,  Navidec and BPZ will not,  nor will they permit any agent or affiliate
to,  solicit,  initiate or encourage any  Acquisition  Proposal (as  hereinafter
defined)  or  furnish  any  information  to,  or  cooperate  with,  any  person,
corporation,  firm or other entity with respect to an Acquisition  Proposal.  As
used  herein  "Acquisition  Proposal"  means a  proposal  for a merger  or other
business  combination  involving  such  entity  or  for  the  acquisition  of  a
substantial  equity interest in, or a substantial  portion of the assets of such
entity other than the Merger.

     5.9  Notice of  Developments.  Navidec  and BPZ shall give  prompt  written
notice  to the  other of any  development  causing  a  breach  of any of its own
representations and warranties in Article III. No disclosure by Navidec,  Merger
Corp. or BPZ pursuant to this Section 5.9, however,  shall be deemed to amend or
supplement  the  Disclosure  Schedule of the relevant  party or to prevent or to
cure any misrepresentation or breach of representation or warranty.

                                       16

<PAGE>

                                   Article VI
                                   CONDITIONS

     6.1 Conditions to the Obligations of Navidec. The obligations of Navidec to
consummate the  transactions  contemplated  by this Agreement are subject to the
satisfaction,  at or before the  consummation of the  transactions  contemplated
hereby of each of the following conditions:

     (a) No action shall have been taken,  and no statute,  rule,  regulation or
order  shall  have  been  promulgated,  enacted,  entered,  enforced  or  deemed
applicable  to the  transactions  contemplated  hereby by any federal,  state or
foreign  government  or  governmental  authority  or by any court,  domestic  or
foreign,  including entry of a preliminary or permanent injunction,  which would
(i) make the transactions contemplated hereby illegal, (ii) adversely affect BPZ
or BPZ's  right to own its  assets  or  operate  its  business,  or (iii) if the
transactions contemplated hereby are consummated, subject any officer, director,
or  employee  of Navidec  to  criminal  penalties  or to civil  liabilities  not
adequately  covered by insurance or  enforceable  indemnification  maintained by
Navidec;

     (b) No action or  proceeding  before any court or  governmental  authority,
domestic or foreign, by any government or governmental authority or by any other
person,  domestic or foreign,  shall be threatened,  instituted or pending which
would (i)  reasonably  be  expected  to  result  in any way of the  consequences
referred to in clauses (i) through (iii) of paragraph (a) above,  or (ii) relate
to any  person  asserting  a claim  that (A) he,  she or it is the holder or the
beneficial  owner  of,  or has the  right to  acquire  or to  obtain  beneficial
ownership of, any stock of, or any other voting,  equity, or ownership  interest
in, BPZ, or (B) is entitled to all or any portion of the Navidec Common Stock;

     (c) BPZ shall have complied in all material  respects  with the  agreements
and covenants herein, and all representations and warranties of BPZ herein shall
be true and correct in all  material  respects at the time of Closing as if made
at that time, except to the extent they expressly relate to an earlier date, and
Navidec  shall have  received a  certificate  to that  effect to the best of the
knowledge of BPZ, signed by the President of BPZ;

     (d) BPZ shall have acquired  title to or licenses or leases  related to the
right to drill  for oil and gas on the  properties  listed on  Schedule  6.1(d).
Furthermore,  Navidec shall receive  comfort that the borrowed funds utilized to
acquire  the  rights  described  in  this  Section  6.1(d)  are  issued  through
facilities that at Closing are not in default and all covenants are at that date
in good standing;

     (e) Navidec and BPZ shall together make arrangements for Navidec to receive
debt or equity  financing  in one or more  transactions  to close at or prior to
Closing,  in an amount not less than $3 million,  upon such terms and conditions
as are  acceptable  to Navidec and BPZ (the  "Financing").  The  proceeds of the
Financing  will be held in escrow by Navidec  and will be  released  immediately
after  Closing to be used by Navidec for working  capital and general  corporate
purposes.

                                       17

<PAGE>

     (f) A Good Standing Certificate of BPZ, dated no more than 10 days prior to
the Closing Date, from the Secretary of State of Texas;

     (g) The  shareholders  of BPZ shall have delivered to Navidec,  one or more
Certificates  representing  the BPZ Common Stock,  together with a duly executed
and  completed  letter of  transmittal  and all other  documents  and  materials
reasonably required by Navidec to be delivered in connection therewith; and

     6.2  Conditions  to the  Obligations  of  BPZ.  The  obligations  of BPZ to
consummate the transactions  contemplated hereby are subject to the satisfaction
or  waiver,  at or before  the  consummation  of the  transactions  contemplated
hereby, of each of the following conditions:

     (a) No action shall have been taken,  and no statute,  rule,  regulation or
order  shall  have  been  promulgated,  enacted,  entered,  enforced  or  deemed
applicable  to the  transactions  contemplated  hereby by any federal,  state or
foreign  government  or  governmental  authority  or by any court,  domestic  or
foreign,  including the entry of a preliminary  or permanent  injunction,  which
would (i) make the  transactions  contemplated  hereby  illegal,  or (ii) if the
transactions contemplated hereby are consummated,  subject any officer, director
or employee of BPZ to criminal  penalties or to civil liabilities not adequately
covered by insurance or enforceable indemnification maintained by Navidec;

     (b) No action or  proceeding  before any court or  governmental  authority,
domestic or foreign, by any government or governmental authority or by any other
person,  domestic or foreign,  shall be threatened,  instituted or pending which
would reasonably be expected to result in any of the consequences referred to in
clauses (i) or (ii) of paragraph (a) above;

     (c)  Navidec  shall  have  complied  in  all  material  respects  with  its
agreements  and covenants  herein,  and all  representations  and  warranties of
Navidec  and Merger  Corp.  herein  shall be true and  correct  in all  material
respects  at the time of Closing  as if made at that time,  except to the extent
they  expressly  relate to an  earlier  date,  and BPZ  shall  have  received  a
certificate  to that effect to the best of the  knowledge of Navidec,  signed by
the President of Navidec;

     (d) The  financing  for a minimum  of $3 million  as  described  in Section
6.1(e) shall have been concluded.

     (e) Good Standing  Certificates of Navidec and Merger Corp.,  dated no more
than 10 days prior to the Closing Date, from the Secretary of State of Colorado;

     (f) All  necessary  third party and  governmental  consents  and  approvals
required for transactions contemplated hereby shall have been obtained;

     (g) Navidec shall have delivered to BPZ copies of the  resignations  of all
of the directors of Navidec and Merger Corp.  as of the Closing  Date,  with the
exception  of Mr.  John  McKowen,  which  resignations  shall be dated as of the
Closing Date;

                                       18

<PAGE>

     (h) Navidec shall have  delivered to BPZ copies of the Leak Out  Agreements
executed by the individuals listed on Schedule 4.4; and

     (i) Navidec  shall have  delivered  to BPZ a  certificate  or  certificates
representing the BPZ Converted Shares.

                                  Article VII
                                 INDEMNIFICATION

     7.1 Navidec  hereby  agrees to indemnify  and hold BPZ,  and its  officers,
directors, employees and agents harmless from and against the following:

     (a) Any and all liabilities,  losses, claims, costs, expenses,  damages and
judgments (including,  without limitation,  any legal or other expenses incurred
in connection with investigating or defending any matter,  including any action,
that could  give rise to such  liabilities,  losses,  claims,  costs,  expenses,
damages and judgments)  (collectively,  the "Losses")  resulting from or arising
out of any breach of any  representation,  warranty,  or  non-performance of any
covenant or agreement on the part of Navidec  contained in this  Agreement or in
any statement or  certificate  furnished or to be furnished by Navidec  pursuant
hereto or in connection with the transactions contemplated hereby; and

     (b) Any and all losses  resulting from or arising out of the conduct of any
business,  any act or any  omissions  by or on  behalf of  Navidec  prior to the
Closing.

     7.2 BPZ  hereby  agrees,  to  indemnify  and hold  Navidec,  its  officers,
directors,  employees  and agents  harmless  from and against any and all Losses
resulting from or arising out of any breach of any representation,  warranty, or
non-performance  of any covenant or  agreement  on the part of BPZ  contained in
this Agreement or in any statement or  certificate  furnished or to be furnished
by BPZ  pursuant  hereto or in  connection  with the  transactions  contemplated
hereby. Additionally, after Closing, the newly appointed officers, directors and
affiliates  of Navidec  shall  support  any and all  reasonable  claims that the
former  officers  and  directors  may make for  indemnification  pursuant to the
Navidec Articles of Incorporation  and the CBCA regarding their activities prior
to the Closing Date and their resignations pursuant to this Agreement.

     7.3 In case any action shall be commenced  involving  any person in respect
of which  indemnity  may be sought  pursuant  to  Section  7.1,  7.2 or 7.3 (the
"Indemnified  Party"),  the  Indemnified  Party shall promptly notify the person
against whom such indemnity may be sought (the "Indemnifying Party") in writing.
A delay in giving notice shall only relieve the Indemnifying  Party of liability
to the extent the  Indemnifying  Party suffers actual  prejudice  because of the
delay. The  Indemnifying  Party shall have the right, at its option and expense,
to participate in the defense of such a proceeding or claim,  but not to control
the defense, negotiation or settlement thereof, which control shall at all times
rest with the  Indemnified  Party,  unless the proceeding or claim involves only
money  damages,  not an injunction  or other  equitable  relief,  and unless the
Indemnifying Party:

                                       19

<PAGE>

     (a) irrevocably  acknowledges in writing  complete  responsibility  for and
agrees to indemnify the Indemnified Party, and

     (b) furnishes  satisfactory  evidence of the financial ability to indemnify
the  Indemnified  Party,  in which case the  Indemnifying  Party may assume such
control  through  counsel of its choice and at its expense,  but the Indemnified
Party shall continue to have the right to be represented, at its own expense, by
counsel of its choice in  connection  with the defense of such a  proceeding  or
claim. If the Indemnifying  Party does not assume control of the defense of such
a proceeding or claim,  (i) the entire defense of the proceeding or claim by the
Indemnified  Party, (ii) any settlement made by the Indemnified Party, and (iii)
any  judgment  entered in the  proceeding  or claim shall be deemed to have been
consented  to by, and shall be binding  on, the  Indemnifying  Party as fully as
though it alone had assumed the defense  thereof and a judgment had been entered
in the proceeding or claim in the amount of such settlement or judgment,  except
that the right of the Indemnifying Party to contest the right of the Indemnified
Party to  indemnification  under the Agreement with respect to the proceeding or
claim shall not be extinguished.  If the Indemnifying  Party does assume control
of the defense of such a  proceeding  or claim,  it will not,  without the prior
written  consent of the  Indemnified  Party  settle the  proceeding  or claim or
consent to entry of any judgment  relating  thereto which does not include as an
unconditional term thereof the giving by the claimant to the Indemnified Party a
release from all liability in respect of the  proceeding  or claim.  The Parties
hereto agree to cooperate  fully with each other in connection with the defense,
negotiation or settlement of any such proceeding or claim.

     7.4 The Parties agree that the representations and warranties  contained in
this  Agreement  will survive the Closing and  continue to be binding  until the
second  anniversary  thereof regardless of any investigation made at any time by
any party.

                                  Article VIII
                              POST-CLOSING MATTERS

     8.1 Resignation of Officers. At the closing,  Navidec will cause all of its
officers to resign from office.

     8.2 AMEX/NASDAQ  Small Cap Listing.  Within 180 days following the Closing,
BPZ  shall  use  reasonable  commercial  efforts  to  cause  Navidec  to file an
application  for the listing of its common stock on the American  Stock Exchange
("AMEX") or the NASDAQ Small Cap.

     8.3 Proceeds from Option Exercises.  To the extent that any Navidec options
that are  outstanding  prior to the  Closing  are  exercised  subsequent  to the
Closing Date, Navidec shall be obligated to pay the proceeds from said exercises
to Navidec Financial,  whether or not Navidec Financial shall have completed its
contemplated spin-off as of the date of the exercise of said options.

     8.4 Investor  Relations  and Public  Relations.  From and after the Closing
Date, BPZ shall cause Navidec to retain Navidec Financial for investor relations
and public relations services for a period not less than twelve (12) months, and
agrees, during such period, to budget $360,000 on investor relations and public

                                       20

<PAGE>

relations services (the "PR Agreement").  The PR Agreement shall provide for the
payment of $30,000  per month as a fee plus all  expenses  of Navidec  Financial
payable pursuant to the PR Agreement over the term of the Agreement.  The budget
will also include the  expenses of Navidec  incurred in the  furtherance  of the
investor relations and public relations function and fees payable to other third
party  vendors as may be  anticipated  by the  parties to the PR  Agreement.  As
partial condition of the services of Navidec  Financial,  Navidec shall issue to
Navidec Financial a stock purchase warrant  exercisable to acquire not more than
1,500,000 shares of Navidec Common Stock at an exercise price of $2.00 per share
which warrant shall expire on the second  anniversary  date of the PR Agreement.
At Closing,  Navidec  Financial  shall own  2,000,000  shares of Navidec  Common
Stock.

     8.5 Amendment of Navidec Articles of Incorporation.  At the first annual or
special  meeting of  shareholders  to occur after the Closing Date, the Board of
Directors shall propose an amendment to the Navidec Articles of Incorporation to
increase the commons share capital of the Company in such a fashion as to permit
Navidec to complete the exchange for BPZ Common Stock as provided by Section 2.2
and to change the name of the Company to BPZ Energy, Inc.

     8.6 Affiliate  Party  Transactions.  Until the expiration of the 18th month
anniversary  of the Closing Date,  neither  Navidec nor any of its  subsidiaries
shall enter into any agreement, contract or arrangement relating to the issuance
of Navidec debt or equity securities,  except as contemplated by Section 6.1(e),
with any  affiliate  of  unless  such  agreement,  contract  or  arrangement  is
negotiated at arms-length at competitive terms.

                                   Article IX
                                  MISCELLANEOUS

     9.1  Termination.  This  Agreement may be terminated  and the  transactions
contemplated  hereby  may be  abandoned  (i) by the  mutual  written  consent of
Navidec and BPZ at any time, (ii) by either Navidec, on the one hand, or BPZ, on
the other hand, if the transactions  contemplated  hereby (except the completion
of the spin-off) have not been consummated prior to September 30, 2004; (iii) by
either  Navidec,  on the one  hand,  or BPZ,  on the other  hand,  upon 30 days'
written notice to the other, if the non-terminating  party is in material breach
of this Agreement and does not cure such breach within such 30 days of receiving
detailed written notice thereof, provided that the party seeking to terminate is
not in  material  breach  or  default  of this  Agreement.  In the event of such
termination and abandonment, neither Navidec nor BPZ (or any of their respective
directors or officers)  shall have any liability or further  obligations  to any
other party to this Agreement, except that nothing herein will relieve any party
from liability for any willful breach of this Agreement.

     9.2 Expenses. Whether or not the transactions contemplated are consummated,
all out-of-pocket  costs and expenses incurred in connection with this Agreement
and the  transactions  contemplated  will be paid by the  party  incurring  such
expenses;  provided,  however,  (i) BPZ shall at its sole expense,  engage legal
counsel of its choosing to prepare,  file and distribute all documents which are
required to be filed under the Exchange Act or Securities Act in connection with
the transactions contemplated hereby, and (ii) Navidec Financial shall incur and
pay all  expenses  of  Navidec  in  connection  with  same,  including,  without
limitation, legal fees incurred in connection with preparing and filing all

                                       21

<PAGE>

documents  necessary  or  advisable  to be filed with the SEC and  otherwise  in
connection with the "spin-off" of Navidec Financial to Navidec  shareholders and
distribution expenses of the Transfer Agent.

     9.3 Brokers.  No broker or finder is entitled to any  brokerage or finder's
fee or other commission or fee from any company or based upon  arrangements made
by or on behalf of any party with respect to the  transactions  contemplated  by
this  Agreement,  except as disclosed on Schedule  9.3 annexed  hereto,  and the
party so indicated on Schedule 9.3 shall be liable for the payment thereof.

     9.4 Arbitration.  Any controversy arising out of, connected to, or relating
to any  transactions  herein  contemplated,  or this  Agreement,  or the  breach
thereof,  including,  but not  limited  to any claims of  violations  of Federal
and/or state securities acts,  banking statues,  consumer  protection  statutes,
federal and/or state  anti-racketeering (e.g. RICO) claims as well as any common
law  claims  and  any  state  law   claims  of  fraud,   negligence,   negligent
misrepresentations,  and/or  conversion and any disputes as to the arbitrability
of any such claim shall be settled by  arbitration in City and County of Denver,
State of Colorado and in accordance  with the  commercial  rules of the American
Arbitration  Association by three (3)  arbitrators  appointed in accordance with
such rules. Any judgment on the  arbitrator's  award may be entered in any court
having jurisdiction thereof. The arbitrators shall hear and determine the matter
and shall execute and  acknowledge  its award,  in writing,  and if requested by
either  party,  shall make  findings of fact and  conclusions  of law. Any award
determined  by the  arbitrators  shall  be final  and  binding  on the  Parties,
however, in the event of any misconduct,  partiality,  corruption or the like of
any arbitrator,  the Parties shall retain any rights of appeal to which they may
be entitled  pursuant to  applicable  Law. The cost and expense of  arbitration,
including the fees of the  arbitrator,  and the reasonable  legal and accounting
fees and expenses of the Parties,  shall be divided  between the Parties in such
proportion as the arbitrators may determine.

     9.5 Other Actions. Each of the Parties hereto agrees to execute and deliver
such other  documents,  certificates,  agreements and other writings and to take
such  other  actions  as  may  be  necessary  or  desirable  to  consummate  the
transactions contemplated by this Agreement.

     9.6 Entire Agreement;  Waiver and Amendment.  This Agreement,  the exhibits
and schedules hereto contain the entire  agreement by and among Navidec,  Merger
Corp. and BPZ with respect to the transactions  contemplated hereby. Any and all
prior discussions,  negotiations, commitments and understandings relating to the
subject  matter  of  this  Agreement  are  superseded  by this  Agreement.  This
Agreement  may not be  modified,  amended  or  terminated  except  by a  written
agreement  specifically referring to this Agreement signed by all of the Parties
hereto.  No waiver of any breach or default  hereunder shall be considered valid
unless in writing  signed by the party  giving such  waiver,  and no such waiver
shall be deemed a waiver of any  subsequent  breach  or  default  of the same or
similar nature.

     9.7 Applicable  Law. This  Agreement  shall be governed by and construed in
accordance  with  the  laws of the  State  of  Colorado  without  regard  to its
principles of conflicts of laws.

                                       22

<PAGE>

     9.8 Descriptive  Headings.  The descriptive headings are for convenience of
reference only and shall not affect in any way the meaning or  interpretation of
this Agreement.

     9.9  Notices.  All notices or other  communications  hereunder  shall be in
writing and shall be deemed to have been duly given if delivered  personally  or
sent by registered or certified mail postage prepaid, addressed as follows:

     If to Navidec:                    Navidec, Inc.
                                       6399 S Fiddlers Green Circle Suite #300
                                       Greenwood Village, Colorado 80111

     With a copy to:                   Ballard Spahr Andrews & Ingersoll, LLP
                                       1225 17th Street Suite 2300
                                       Denver, Colorado  80202
                                       Attn:  Roger V. Davidson

     If to BPZ:                        BPZ Energy Inc.
                                       Shareholder Representatives
                                       11999 Katy Freeway Suite 560
                                       Houston, Texas  77079

     With a copy to:                   BPZ Energy Inc.
                                       3900 West Highway 180
                                       Snyder, Texas 79550
                                       Attn: Gordon Gray

     9.10  Counterparts.  This  Agreement  may  be  executed  in any  number  of
counterparts,  each of which shall be deemed to be an original, but all of which
together shall constitute but one agreement.

     9.11 Publicity.  All public announcements relating to this Agreement or the
transactions  contemplated  hereby  will be made only as may be  agreed  upon by
Navidec and BPZ or,  subject  always to Section  5.6, as required by  applicable
Law.  If public  disclosure  or notice is required by  applicable  Law,  subject
always to Section  5.6, the  disclosing  party will use its best efforts to give
the other prior written notice of the disclosure to be made.

     9.12 Gender;  Number.  The use of a particular  pronoun herein shall not be
restrictive  as to gender,  and the use of the  singular or plural  shall not be
restrictive  as to number,  but shall be interpreted in all cases as the context
may require.

     9.13 Schedules. The Schedules attached hereto and/or delivered herewith are
an integral part of this Agreement as if fully re-written herein.

     9.14 Binding Effect.  This Agreement will be binding upon and will inure to
the benefit of the Parties and their respective heirs, personal representatives,
successors and permitted assigns.  Except as herein provided, no party will have
the right to assign this  Agreement,  or any of such party's  rights  hereunder,
without the prior written consent of the other Parties.

                                       23

<PAGE>

                           [Signature page to follow]

                                       24

<PAGE>

     IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by
the duly authorized officers of the Parties hereto as of the date first
hereinabove written.

                                            NAVIDEC, INC.

                                            By:  /s/  John R. McKowen
                                               -------------------------------
                                            Name:     John R. McKowen
                                            Title:    President

                                            NAVIDEC MERGER CORP.

                                            By: /s/  John R. McKowen
                                               -------------------------------
                                            Name:    John R. McKowen
                                                 -----------------------------
                                            Title:   President
                                                  ----------------------------

                                            BPZ ENERGY, INC.

                                            By:/s/  Manuel Pablo Zuniga Pflucker
                                               -------------------------------

                                            Name:   Manuel Pablo Zuniga Pflucker
                                            Title:  President

                                       25

<PAGE>

                                   Schedule A
                                   ----------

                                BPZ Shareholders

                                                           No. of Navidec Shares
                                         No. of BPZ            to be Received
     Name and Address                   Shares Owned             in Exchange

Thomas Kelly                             5,247,737               5,247,737
Allied Crude Purchasing, Inc.            5,619,173               5,619,173
ENERGY SERVICES DEL PERU S.A.C.            737,410                 737,410
Lothian Bancorp                            500,000                 500,000
Fernando Zuniga-Rivero                   5,004,016               5,004,016
Manuel Pablo Zuniga Pflucker             5,004,016               5,004,016
Blanca Pflucker de Zuniga                  240,158                 240,158
Hugh Hay Roe                               747,679                 747,679
Tomas E. Vargas                          1,777,975               1,777,975
Luis Enrico                                283,022                 283,022
Manuel Zavala                               41,341                  41,341
Moises Silva                                19,275                  19,275
Rafael Zoeger                              170,128                 170,128
Carlos Monges                               34,876                  34,876
John R. (Ron) Roberson                   1,117,231               1,117,231
Matthew Benson                             204,154                 204,154
Frederic J.L. Briens                       170,128                 170,128
Martin Escobar                              12,368                  12,368
Daniel Slavinski                            15,312                  15,312
Jose N. Alvarez                             54,002                  54,002

<PAGE>

                                 Schedule 1.3(a)
                                 ---------------

       Certificate of Incorporation of Merger Corp./Surviving Corporation

<PAGE>

                                 Schedule 1.3(b)
                                 ---------------

                  By-laws of Merger Corp./Surviving Corporation

<PAGE>

                                 Schedule 1.3(c)
                                 ---------------

           Officers and Directors of Surviving Corporation and Navidec

<PAGE>

                                  Schedule 5.5
                                  ------------

         Navidec Shareholders to Execute Leak Out and Voting Agreements

                                 John R. McKowen
                                   Jeff Ploen
                                   Chuck KirbyExhibit 10.5

                            STOCK PURCHASE AGREEMENT

     THIS STOCK PURCHASE  AGREEMENT (the  "Agreement")  is entered into this 7th
day of April, 2005 between Aegis Business Group, Inc., a Colorado  corporation (
the "Company"),  and Navidec Financial  Services,  Inc., a Colorado  corporation
(the  "Purchaser").  The Exhibits attached to, and referenced in, this Agreement
shall be deemed incorporated herein.

                                    RECITALS

     WHEREAS,  the Company has  authorized the sale and issuance of an aggregate
of 3,000,000 shares of its $.001 par value common stock (the "Common Stock") and
2,000,000  shares of $.001 par value Series B Convertible  Preferred  stock (the
"Preferred Stock"); and

     WHEREAS,  the  Purchaser  desires to  purchase  shares of Common  Stock and
Preferred  Stock,  and the  Company  desires to issue and sell  shares of Common
Stock and Preferred  Stock to the  Purchaser,  on the terms and  conditions  set
forth herein.

     NOW,  THEREFORE,  in consideration of the foregoing recitals and the mutual
promises hereinafter set forth, the parties hereto agree as follows:

                                    ARTICLE 1

                         AGREEMENT TO SELL AND PURCHASE

     Subject to the terms and conditions  hereof,  at the Closing (as defined in
Section 2.1 below) the Company hereby agrees to issue and sell to the Purchaser,
and the  Purchaser  agrees to purchase  from the  Company,  3 million  shares of
Common Stock (the  "Shares") at a purchase  price of $0.02 per share for a total
purchase price of $60,000 and 2 million shares of Preferred  Stock at a purchase
price of $.28 per share for a total  purchase  price of $565,000.  The Preferred
Stock shall have the  designations and rights as set forth on Exhibit A attached
hereto.  Collectively,  the Common Stock and Preferred  Stock sometimes shall be
designated as the "Shares."

                                    ARTICLE 2

                              CLOSING AND DELIVERY

     Section 2.1  Closing.  The closing of the  purchase  and sale of the Shares
under this Agreement (the  "Closing")  shall take place at 10:00 a.m. local time
on the 7th day of  April,  2005,  at the  offices  of  Ballard  Spahr  Andrews &
Ingersoll, LLP, 1225 17th Street, Suite 2300, Denver, Colorado 80202, or at such
other time or place as the Company and the  Purchaser  may mutually  agree (such
date is hereinafter referred to as the "Closing Date").

     Section 2.2 Delivery.  Subject to the terms and conditions hereof including
Article 4, Section 4, at the Closing the Company  will deliver to the  Purchaser
one or more certificates representing the Shares, against payment of the

<PAGE>

purchase  price  therefor by check or wire transfer made payable to the order of
the Company. It is understood that the certificate(s)  evidencing the Shares may
bear one or all of the following legends:

     (1)  "THE SECURITIES  REPRESENTED BY THIS STOCK  CERTIFICATE  HAVE NOT BEEN
          REGISTERED   UNDER  THE  SECURITIES  ACT  OF  1933,  AS  AMENDED  (THE
          "SECURITIES  ACT") OR APPLICABLE  STATE SECURITIES LAWS ("STATE ACTS")
          AND SHALL NOT BE SOLD,  PLEDGED,  HYPOTHECATED,  DONATED, OR OTHERWISE
          TRANSFERRED  (WHETHER OR NOT FOR CONSIDERATION) BY THE HOLDER,  EXCEPT
          UPON THE ISSUANCE TO THE COMPANY OF A FAVORABLE OPINION OF ITS COUNSEL
          OR THE  SUBMISSION  TO THE  COMPANY OF SUCH OTHER  EVIDENCE  AS MAY BE
          SATISFACTORY  TO COUNSEL FOR THE COMPANY,  TO THE EFFECT THAT ANY SUCH
          TRANSFER SHALL NOT BE IN VIOLATION OF THE SECURITIES ACT AND THE STATE
          ACTS."

     (2)  Any  legend  imposed  or  required  by  applicable  state  law  or the
          Company's Bylaws.

                                    ARTICLE 3

                         REPRESENTATIONS AND WARRANTIES

     Section 3.1  Representations  and Warranties of the Company.  Except as set
forth on the Schedule of Exceptions attached hereto as Schedule 3.1, the Company
hereby  represents  and warrants to the  Purchaser,  as of the Closing  Date, as
follows:

     (1) Organization and Standing of the Company.  The Company is a corporation
duly  organized,  validly  existing and in good  standing  under the laws of the
State of Colorado.  It has all requisite  corporate power and authority to carry
on its  business as now being  conducted,  to enter into this  Agreement  and to
carry out and perform the terms and provisions of this Agreement. The Company is
duly  qualified to do business and is in good standing in each  jurisdiction  in
which the failure to be so qualified would have a material adverse effect on the
condition  (financial or  otherwise),  business,  net worth,  assets  (including
intangible assets),  properties or operations of the Company. The Company has no
direct or indirect interest,  either by way of stock ownership or otherwise,  in
any other firm, corporation, association, or business.

     (2) Capitalization and Indebtedness for Borrowed Moneys.

          (a) The Company is duly and  lawfully  authorized  by its  Articles to
     issue (i)  10,000,000  shares of $.001 par value Common Stock,  of which at
     closing  only  325,018  shares  will be issued  and  outstanding;  and (ii)
     10,000,000 shares of preferred stock, of which 375,000 shares designated as
     Series A Preferred  shall be converted to the common stock of Purchaser and
     all of the preferred shares shall be cancelled  resulting in there being no
     preferred shares issued and outstanding.  Additionally, 2 million shares of
     Preferred  shall be  designated  as Series B  Convertible  Preferred as set
     forth on Exhibit A. The

                                       2

<PAGE>

     Company has no treasury  stock and no other  authorized  series or class of
     stock. All the outstanding shares of Common Stock have been duly authorized
     and validly  issued to the  persons set forth on Exhibit B attached  hereto
     and are fully paid and  nonassessable  and free of preemptive  rights.  All
     Shares to be issued to the Purchaser  pursuant to this  Agreement  shall be
     duly authorized,  validly issued, fully paid, nonassessable,  and issued in
     compliance with state and federal securities laws.

          (b)  Except  as set  forth on  Exhibit  C,  there  are no  outstanding
     subscriptions,  options, warrants, calls, contracts,  demands, commitments,
     convertible  securities,   or  other  agreements  or  arrangements  of  any
     character or nature whatever under which the Company is or may be obligated
     to issue or purchase shares of its capital stock.

          (c) Except with  respect to the Note due to Purchaser in the amount of
     $85,000 the Company is not presently  liable on account of any indebtedness
     for borrowed moneys.

     (3) The Company's Authority.  The execution,  delivery,  and performance of
this  Agreement  shall  have been duly  authorized  by all  requisite  corporate
action. This Agreement constitutes a valid and binding obligation of the Company
enforceable  in  accordance  with its terms  (except as  limited by  bankruptcy,
insolvency,  or other laws affecting the enforcement of creditors' rights).  The
execution, delivery and performance of this Agreement will not conflict with any
provision of the Articles, Bylaws, minutes or share certificates of the Company,
or of any contract to which the Company is a party or otherwise bound.

     (4) Litigation.  There are no legal actions, suits, arbitrations,  or other
legal or administrative  proceedings  pending or threatened  against the Company
which would affect it, its properties,  assets, or business.  The Company is not
aware of any facts which,  to its knowledge,  might result in any action,  suit,
arbitration,  or other  proceeding  which,  in turn,  might result in a material
adverse change in the business or condition (financial or otherwise), properties
or assets of the  Company.  The  Company is not in default  with  respect to any
judgment, order, or decree of any court, government agency or instrumentality.

     (5)  Compliance  With  the Law and  Other  Instruments.  To the best of the
Company's  knowledge,  the business  operations of the Company have been and are
being conducted in accordance with all applicable  laws,  rules, and regulations
of all authorities. The Company is not in violation of, or in default under, any
term or provision of the Articles or Bylaws,  or of any lien,  mortgage,  lease,
agreement,   instrument,   order,   judgment,  or  decree,  or  subject  to  any
restriction,  contained in any of the foregoing,  of any kind or character which
materially  adversely  affects in any way the business,  properties,  assets, or
prospects of the Company, or which would prohibit the Company from entering into
this   Agreement  or  prevent   consummation   of  the  issuance  of  securities
contemplated by this Agreement.

     (6) Title to  Properties  and Assets.  The Company has good and  marketable
title to all its  properties  and  assets,  including  without  limitation,  the
intellectual property right and trade secretes and that property used or located
on property controlled by the Company in its business (except assets sold in the
ordinary  course of business),  subject to no mortgage,  pledge,  lien,  charge,
security  interest,  encumbrance,  or  restriction  except  those  which  do not
materially adversely affect the use thereof.

                                       3

<PAGE>

     (7)  Contracts  and Other  Obligations.  The  Company  is not a party to or
otherwise bound by, any written or oral:

          (a) contract or agreement not made in the ordinary course of business;

          (b) contract with any labor union;

          (c) bonus, pension, profit-sharing,  retirement, share purchase, stock
     option,  hospitalization,   group  insurance,  or  similar  plan  providing
     employee benefits;

          (d) advertising contract or contract for public relations services;

          (e) any contract,  agreement,  lease,  document,  or other arrangement
     with which the Company is not in compliance.

     (8) Records.  The books of account,  minute books, stock certificate books,
and stock  transfer  ledgers of the Company are complete and correct,  and there
have been no  transactions  involving the business of the Company which properly
should have been set forth in said respective books,  other than those set forth
therein.

     (9)  Brokers  or  Finders.  All  negotiations  on the  part of the  Company
relative to this Agreement and the  transactions  contemplated  hereby have been
carried  on by the  Company  without  the  intervention  of any person or as the
result  of any act of the  Company  in such  manner as to give rise to any valid
claim for a brokerage commission, finder's fee, or other like payment.

     (10) Taxes. The Company has duly filed all federal, state, county and local
income, franchise,  excise, real and personal property and other tax returns and
reports  (including,  but not limited  to,  those  relating to social  security,
withholding,  unemployment  insurance,  and  occupation  (sales)  and use taxes)
required  to have been filed by the  Company up to the date  hereof.  All of the
foregoing  returns are true and correct in all material respects and the Company
has paid all taxes,  interest and penalties  shown on such returns or reports as
being due. The Company has no liability for any taxes,  interest or penalties of
any nature  whatsoever,  except for those  taxes which may have arisen up to the
Closing Date in the ordinary course of business and are properly  accrued on the
books of the Company as of the Closing Date.

     (11) Environmental and Safety Laws. To its knowledge, the Company is not in
violation  of  any  applicable  statute,  law  or  regulation  relating  to  the
environment or occupational health and safety, and no material  expenditures are
or will be required in order to comply with any such  existing  statute,  law or
regulation.

     Section 3.2 Representations and Warranties of the Purchaser.  The Purchaser
represents and warrants to the Company, as of the Closing Date, as follows:

     (1)  Purchase  Entirely for Own  Account.  This  Agreement is made with the
Purchaser in reliance upon the Purchaser's  representation to the Company, which
by the Purchaser's  execution of this Agreement confirms,  that the Shares to be
received by the Purchaser will be acquired for  investment  for the  Purchaser's
own account, not as a nominee or agent, and not with a view to the

                                       4

<PAGE>

resale  or  distribution  of any part  thereof,  and that the  Purchaser  has no
present  intention  of selling,  granting  any  participation  in, or  otherwise
distributing  the same.  By executing  this  Agreement,  the  Purchaser  further
represents  that it does  not  have  any  contract,  undertaking,  agreement  or
arrangement with any person to sell,  transfer or grant  participations  to such
person or to any third person, with respect to the Shares.

     (2) Disclosure of Information.  The Purchaser  believes it has received all
the information he considers  necessary or appropriate  for deciding  whether to
purchase  the  Shares.  The  Purchaser  further  represents  that  it has had an
opportunity to ask questions and receive answers from the Company  regarding the
terms and conditions of the offering of the Shares and the business, properties,
prospects  and  financial  condition  of the  Company  and to obtain  additional
information  (to the extent the  Company  possessed  such  information  or could
acquire  it without  unreasonable  effort or  expense)  and/or  conduct  its own
independent  investigation  necessary to verify the accuracy of any  information
furnished to the Purchaser or to which the Purchaser had access.  The foregoing,
however,  does not limit or modify the  representations  and  warranties  of the
Company in Section 3.1 of this  Agreement or the right of the  Purchaser to rely
thereon.

     (3) Investment  Experience.  The Purchaser is experienced in evaluating and
investing in private  placement  transactions  in securities of companies in the
development stage and acknowledges that he is able to fend for itself,  can bear
the economic risk of its  investment,  and has such  knowledge and experience in
financial or business  matters that it is capable of  evaluating  the merits and
risks of the investment in the Shares.

     (4) Restricted  Securities.  The Purchaser  understands that the Shares are
being sold pursuant to an exemption from registration  under Section 4(2) of the
Securities Act of 1933, as amended (the  "Securities  Act").  The Purchaser also
understands that the Shares may not be sold,  transferred or otherwise  disposed
of by  him  without  registration  under  the  Securities  Act  or an  exemption
therefrom,  and  that in the  absence  of an  effective  registration  statement
covering  the  Shares or an  available  exemption  from  registration  under the
Securities  Act,  the  Shares  must be held  indefinitely.  In  particular,  the
Purchaser  is  aware  that  the  Shares  may not be sold  pursuant  to Rule  144
promulgated  under the  Securities Act unless all of the conditions of that rule
are met.  Among the conditions  for use of Rule 144 may be the  availability  of
current information to the public about the Company. Such information is not now
available  and  the  Company  has no  present  plans  to make  such  information
available. In this connection, the Purchaser represents that it is familiar with
Rule 144, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act.

     (5) Transfer Restrictions.  Without in any way limiting the representations
set forth above, the Purchaser further agrees not to make any disposition of all
or any  portion of the  Shares  unless  and until the  transferee  has agreed in
writing for the benefit of the Company to be bound by this Section 3.2, provided
and to the extent this Section and such agreement are then applicable.

     (6) Illiquid Investment.  The Purchaser understands that the Company has no
present intention of registering the Shares.  The Purchaser further  understands
that no market exists for the Shares, and there can be no assurance

                                       5

<PAGE>

that a market will develop for the Shares.  Accordingly,  the Shares represent a
very illiquid investment with no assurance of an available exit strategy for the
Purchaser.

     (7)  Residence.  The  Purchaser  resides at the  address  listed  below his
signature to this Agreement.

     (8)  Brokers or  Finders.  All  negotiations  on the part of the  Purchaser
relative to this Agreement and the  transactions  contemplated  hereby have been
carried on by the  Purchaser  without the  intervention  of any person or as the
result of any act of the  Purchaser  in such manner as to give rise to any valid
claim for a brokerage commission, finder's fee, or other like payment.

                                    ARTICLE 4

                              CONDITIONS TO CLOSING

     Except as may be waived in writing by the parties,  all of the  obligations
of the parties under this Agreement are subject to the fulfillment,  prior to or
at the Closing on the Closing Date, of each of the following conditions:

     (1) Representations and Warranties True. The representations and warranties
of  the  Company  and  the   Purchaser  set  forth  in  Sections  3.1  and  3.2,
respectively,  shall be true and  correct  in all  material  respects  as of the
Closing Date, subject to any changes contemplated by this Agreement.

     (2) Directors'  Approval.  Consummation  of the  transactions  contemplated
herein  shall have been  approved by the Board of  Directors of the Company at a
meeting of the Board of Directors  to be held for the purpose of obtaining  such
approval or by unanimous written consent.

     (3)  Third-Party  Consents.  On or before the Closing  Date,  all  material
consents or  approvals  by any third  party,  if any,  which are  required to be
obtained  by  the  Company  in  connection  with  the  execution,   delivery  or
performance  of  this  Agreement  or  the   consummation  of  the   transactions
contemplated herein shall have been obtained.

     (4)  Continuing  Obligation to Finance the Company.  While at closing,  the
Company  shall  issue in the name of the  Purchaser  3 million  shares of Common
Stock and 2 million  shares of  Preferred  Stock,  72% of the shares of both the
Common and Preferred Stock certificates  issued shall be subject to cancellation
should the  Purchaser  not pay the full  purchase  price for all of the  Shares.
Certificates  representing  840,000  shares  of  Common  and  560,000  shares of
Preferred shall be delivered at Closing based on the Closing payment of $175,000
and the balance of the  Certificates  shall be held by the Aegis  board  pending
receipt of payment and such shares shall be  delivered  to the  Purchaser as its
funding commitment is paid. Under no circumstances shall the Closing occur until
at least $175,000 of the $625,000  commitment  has been  completed  which amount
shall be offset by any loans  pro-offered  to the  Company  prior to the closing
date,  which loans  shall be deemed  paid-in-full  at  closing.  Should the full
amount of the financing not be paid at or prior to Closing, any funds not paid

                                       6

<PAGE>

shall be due and payable in monthly  installments  so that on or before the 90th
day following  Closing the full $625,000  financing shall be concluded.  Pending
the final  payment  as  required  by this  subparagraph  4, each time  funds are
transferred  from the Purchaser to the Company,  the  appropriate  number of the
purchased  Share  certificates  shall be released  by the Board  directly to the
Purchaser as being fully paid and  nonassessable.  To the extent full payment is
not received by the 90th day following Closing,  the Common and Preferred shares
not paid for on a pro rata basis shall be cancelled.

     (5)  Exchange  of Series A  Preferred.  The 8 holders  of all of the issued
Series  A  Preferred  shares  which in turn  constitute  all of the  issued  and
outstanding  preferred  stock of the Company shall have entered into the form of
Share Exchange Agreement attached hereto as Exhibit E whereby they have exchange
all of the Series A  Preferred  shares for shares of the $.001 par value  common
stock of the Purchaser.

     (6) Cancellation of Outstanding Shares,  Options and Warrants.  In exchange
for entering  into the option  agreements in the form attached as Exhibit D, all
of the existing common  shareholders  of the Company,  except those set forth in
Exhibit C, shall have returned all of their common shares,  options and warrants
to the company for  cancellation  so that at the time of closing only a total of
325,018  shares of common stock,  no options (other than as set forth on Exhibit
C) and no warrants  shall be issued and  outstanding  prior to the completion of
this Stock Purchase Agreement.

     (7) Employment  Agreements.  J. Ralph Armijo,  George Schad, David Bush and
Rob Johnson shall have executed  employment  agreements  essentially in the form
attached  hereto  as  Exhibit  G which  employment  agreements  shall  have been
approved by the Board of Directors of the Purchaser.

     (8) New Board of Directors. At or immediately before closing, the directors
of the Company  shall  appoint a board  consisting of J. Ralph Armijo and Robert
Grizzle.  The  members of the  Company's  Board of  Directors  shall  thereafter
resign. The Company agrees to maintain the indemnification  rights as they apply
to the  outgoing  Board of  Directors  in full  force  and  effect  based on the
corporate  charter of the Company and the Business  Corporation Act of the State
of Colorado during any period legally required.

     (9)  Compliance  with  Agreements.  The Company  shall have  performed  and
complied  with all  agreements or  conditions  required by this  Agreement to be
performed and complied with by it prior to or on the Closing Date.

     (10) Provision of Financial Systems and Operations. As a material incentive
for the execution of this Agreement,  the parties have agreed that the Purchaser
shall provide material financial oversight and treasury functions to the Company
including the appointment of the Purchaser's  CFO, Robert Grizzle,  as the Chief
Financial  Officer of the Company.  Additionally,  management  oversight for the
Company  shall be provided by a management  oversight  group  consisting  of the
Company's CEO, CFO, George Schad, Rob Johnson,  and David Bush. This group shall
have full responsibility for tactical and strategic direction of the Company and
report to the Purchaser's Board of Directors.

                                       7

<PAGE>

     (11) No Contracts  Terminated.  The Company shall not have had any contract
or  contracts,  which in the  aggregate  would  materially  affect its business,
terminated prior to the Closing Date.

     (12) No Damage to Assets.  At the Closing  Date the  machinery,  equipment,
inventory,  or other  tangible  property of the Company  shall not have suffered
loss or damage on account of fire, flood, accident, act of war, civil commotion,
or any other  cause or event  beyond  the  reasonable  power and  control of the
Company  (whether  or  not  similar  to  the  foregoing),  to  an  extent  which
substantially  affects the value of the  properties  and assets of the  Company.
Loss or damage shall be  considered  to affect  substantially  the value of said
properties and assets within the meaning of this subsection if the book value of
such  properties  and assets so lost or damaged  exceeds 5% in book value of all
such tangible properties and assets.

     (13)  Certificate  of Officer.  The  Company  shall have  delivered  to the
Purchaser a certificate  dated the Closing Date,  executed in its corporate name
by, and verified by, the oath of its President  certifying to the fulfillment of
the conditions specified in this Article 4.

                                    ARTICLE 5

             NATURE AND SURVIVAL OF REPRESENTATIONS AND WARRANTIES:

     All statements of fact contained  herein, or in any certificate or schedule
delivered by or on behalf of the Company or the Purchaser  pursuant to the terms
hereof,  shall be deemed  representations and warranties made by the Company and
the  Purchaser,   respectively,   to  each  other  under  this  Agreement.   The
representations  and  warranties of the Company and the Purchaser  shall survive
the Closing for a period of one year.

                                    ARTICLE 6

                                  MISCELLANEOUS

     Section 6.1  Amendment.  This Agreement may be amended in any manner as may
be  determined  in the judgment of the Board of Directors of the Company and the
Purchaser  to be  necessary,  desirable,  or  expedient  in order to clarify the
intention  of the  parties  hereto or to effect or  facilitate  the  purpose and
intent of this  Agreement,  subject to the  provision  herein that any amendment
shall be ineffective unless in writing and executed by the parties hereto.

     Section 6.2 Counterparts and Facsimile  Signatures.  In order to facilitate
the  execution  of  this  Agreement,  it  may  be  executed  in  any  number  of
counterparts and signature pages may be delivered by facsimile.

     Section  6.3 Waiver of  Conditions.  Either  party may waive any  condition
precedent,  term or  condition  of this  Agreement  but such a  waiver  shall be
ineffective  unless in writing and executed by an authorized  representative  of
both parties hereto.

     Section 6.4 Assignment. Neither this Agreement nor any right created hereby
shall be assignable  by the Company or the  Purchaser  without the prior written
consent of the other party. Nothing in this Agreement, express or implied, is

                                       8

<PAGE>

intended  to confer upon any  person,  other than the  parties  hereby and their
respective successors,  assigns, heirs, executors,  administrators,  or personal
representatives, any rights or remedies under or by reason of this Agreement.

     Section 6.5 Entire Agreement.  This Agreement, the Exhibits hereto, and the
certificates   delivered   pursuant  hereby   constitute  the  full  and  entire
understanding  and  agreement  between  the  parties  with regard to the subject
hereof  and no party  shall be liable or bound to any other in any manner by any
representations,  warranties, covenants or agreements except as specifically set
forth herein.  All prior  agreements and  understandings  are superseded by this
Agreement and the Exhibits thereto.

     Section 6.6 Governing Law. This Agreement  shall be governed by the laws of
the State of Colorado,  and that the Business  Corporation Law of Colorado shall
govern as to matters of corporate law pertaining to the Company.

     Section 6.7 Severability.  In case any provision of this Agreement shall be
invalid, illegal or unenforceable,  the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

     Section  6.8  Notices.  All notices  and other  communications  required or
permitted  under this  Agreement must be in writing and may be given by personal
delivery or U.S.  mail, or confirmed  facsimile.  If given by mail,  such notice
must be sent by registered or certified  mail,  postage  prepaid,  mailed to the
party at the respective  address set forth below, and shall be effective only if
and when  received by the party to be  notified.  For  purposes  of notice,  the
addresses of the parties  shall,  until changed as hereinafter  provided,  be as
follows:

            (1) If to the Company:

                Aegis Business Group, Inc.
                6501 S. Fiddlers Green Circle
                Suite 110
                Greenwood Village, CO 80111

                Facsimile No.:  (303) 663-0607
                Phone No. to Confirm Fax: (303) 907-6519

            (2) If to the Purchaser:

                Navidec Financial Services, Inc.
                6399 S. Fiddler's Green Circle
                Greenwood Village, CO 80111
                Facsimile No.: (303) 222-1000
                Phone No. to Confirm Fax: (303) 222-1001

                                       9
<PAGE>

            With a copy to:

            Ballard Spahr Andrews & Ingersoll, LLP
            1225 17th Street, Suite 2300
            Denver, CO 80202
            Attn: Roger V. Davidson, Esq.
            Facsimile No.: (303) 382-4607
            Phone No. to Confirm Fax: (303) 299-7307

     or at such other address or facsimile  number as any party may have advised
the other in writing.

     Section 6.9 Attorney Fees. If any action at law or in equity,  including an
action for declaratory relief, is brought to enforce or interpret the provisions
of this Agreement,  the prevailing party shall be entitled to recover reasonable
attorney  fees from the other party or parties,  which fees shall be in addition
to any other relief which may be awarded.

     Section  6.10  Indemnification  by  the  Company.  The  Company  agrees  to
indemnify and hold the Purchaser harmless against any loss, liability, damage or
expense (including  reasonable  attorney fees and costs) which the Purchaser may
suffer,  sustain or become  subject to as a result of or in connection  with the
breach by the Company of any representation, warranty, covenant or agreements of
the Company contained in this Agreement

     Section 6.11  Indemnification  by the  Purchaser.  The Purchaser  agrees to
indemnify and hold the Company harmless against any loss,  liability,  damage or
expense  (including  reasonable  attorney  fees and costs) which the Company may
suffer,  sustain or become  subject to as a result of or in connection  with the
breach by the Purchaser of any representation,  warranty, covenant or agreements
of the Purchaser contained in this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       10
<PAGE>

     IN WITNESS  WHEREOF,  this Common Stock  Purchase  Agreement is hereby duly
executed by each party hereto as of the date first written above.

COMPANY:

Aegis Business Group, Inc., a Colorado corporation

By:  /s/  J. Ralph Armijo
   -----------------------------------------------
     J. Ralph Armijo, CEO and President

PURCHASER:

Navidec Financial Services, Inc., a Colorado corporation

By: /s/  Robert D. Grizzle
   ------------------------------------------------
     Robert D. Grizzle, CFO

                                       11

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