Document:

EXHIBIT 10.2

                              INVESTMENT AGREEMENT

           THIS   INVESTMENT   AGREEMENT   dated  as  of  April  13,   2007 (the
"Agreement"),  is by and between CALIBRE ENERGY, INC., a Nevada corporation (the
"Company"),  BLUEWATER  CAPITAL GROUP, LLC, a Delaware limited liability company
(the "Investor"), and Prentis B. Tomlinson, Jr. ("Tomlinson").

                                   WITNESSETH:

          WHEREAS,  the Company has  established a series of its preferred stock
designated as "Series A Convertible Preferred Stock" (the "Preferred Stock");

          WHEREAS, the Company desires to issue shares of the Preferred Stock to
the Investor,  and the Investor desires to purchase from the Company pursuant to
the terms and conditions set forth herein;

          NOW,   THEREFORE,   in   consideration   of  the   premises   and  the
representations,  warranties,  covenants and agreements  contained  herein,  the
parties hereto, intending to be legally bound, agree as follows:

                                    ARTICLE 1
                               Purchase of Shares
                               ------------------

     1.1 Purchase and Sale.  Effective as of the date hereof, the Investor shall
purchase from the Company, and the Company shall issue and sell to the Investor,
8,000,000  shares  of  the  Preferred  Stock  (the  "Preferred  Shares")  for  a
subscription  price  of  $.625  per  share,  for a total  subscription  price of
$5,000,000 (the "Subscription Price").

     1.2  Closing.  The closing of the  purchase  and sale of  Preferred  Shares
pursuant  to the  terms  hereof is  taking  place on the date of this  Agreement
contemporaneously  with the  execution  and delivery of this  Agreement.  At the
Closing:  (i) the  Investor  has  paid the  Company  the  Subscription  Price by
delivering  to the Company (a) a cash payment in the amount of  $1,000,000,  and
(b) a promissory note payable by the Investor to the order of the Company in the
original  principal  amount of $4,000,000  (the "Note"),  and (ii) Tomlinson has
delivered to the Company that certain  guaranty  agreement dated the date hereof
pursuant to which he has guaranteed the payment of the Note.

                                    ARTICLE 2
                  Representations and Warranties of the Company
                  ---------------------------------------------
         The Company represents and warrants to Investor as follows:

     2.1.  Organization  and  Qualification.  The Company is a corporation  duly
organized,  validly existing and in good standing under the laws of the State of

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Nevada and has the requisite  corporate  power and  authority to own,  lease and
operate  its assets and  properties  and to carry on its  business  as it is now
being conducted.

     2.2. Capitalization.

                  (a) As of the date hereof, the authorized capital stock of the
Company consisted of 100,000,000 shares of Common Stock and 10,000,000 shares of
preferred  stock,  par  value  $.001  per  share.  As of the  date  hereof,  (i)
62,385,780 shares of Common Stock were issued and outstanding, all of which were
validly issued and are fully paid,  nonassessable and free of preemptive rights,
(ii) no shares of preferred  stock of the Company  were issued and  outstanding,
and (iii) no shares of Common Stock or preferred  stock of the Company were held
in the treasury of the Company.

                  (b) The Preferred  Shares have been duly  authorized  and when
issued and delivered in accordance with the terms of this  Agreement,  will have
been validly issued and will be fully paid and non-assessable,  and the issuance
thereof is not subject to any preemptive or other similar right.

     2.3. Authority; Non-Contravention; Approvals.

                  (a) The  Company has full  corporate  power and  authority  to
execute  and  deliver  this  Agreement  and  to  consummate   the   transactions
contemplated  herein (the  "Transactions").  This Agreement has been approved by
the Board of Directors of the Company and no other corporate  proceedings on the
part of the Company,  including,  without limitation,  any stockholder  approval
with  respect to the Company,  are  necessary to  authorize  the  execution  and
delivery  of  this  Agreement  or  the   consummation  by  the  Company  of  the
Transactions,  including,  without limitation, under the applicable requirements
of any securities exchange.  This Agreement has been duly executed and delivered
by the Company,  and,  assuming the due  authorization,  execution  and delivery
hereof by the Investor, constitutes a valid and legally binding agreement of the
Company  enforceable  against it in accordance with its terms,  except that such
enforcement  may be  subject  to  (i)  bankruptcy,  insolvency,  reorganization,
moratorium  or other  similar  laws  affecting  or  relating to  enforcement  of
creditors' rights generally and (ii) general equitable principles.

                  (b)  The  execution  and  delivery  of this  Agreement  by the
Company and the  consummation by the Company of the Transactions do not and will
not violate or result in a breach of any  provision  of, or constitute a default
(or an event  which,  with notice or lapse of time or both,  would  constitute a
default)  under,  or result in the termination of, or accelerate the performance
required  by, or result in a right of  termination  or  acceleration  under,  or
result in the creation of any lien,  security  interest,  charge or  encumbrance
upon any of the  properties  or assets of the  Company  under any of the  terms,
conditions or  provisions  of (i) the charter or bylaw of the Company,  (ii) any
statute, law, ordinance, rule, regulation,  judgment, decree, order, injunction,
writ, permit or license of any court or governmental authority applicable to the
Company or any of its properties or assets,  or (iii) any note, bond,  mortgage,
indenture,  deed of trust, license,  franchise,  permit,  concession,  contract,

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lease or other  instrument,  obligation  or  agreement  of any kind to which the
Company  is now a party or by which the  Company or any of their  properties  or
assets may be bound or affected.

     2.4. Reports and Financial Statements.

                  (a) The Company  has filed with the  Securities  and  Exchange
 Commission  (the "SEC") all material forms,  statements,  reports and documents
 (including all exhibits,  amendments and  supplements  thereto)  required to be
 filed by it under the  Securities  Act of 1933,  as  amended  (the  "Securities
 Act"), the Securities Exchange Act of 1934, as amended (the "Exchange Act") and
 the respective rules and regulations  thereunder,  all of which complied in all
 material  respects with all applicable  requirements of the appropriate act and
 the rules and regulations thereunder.

                  (b) The Company has previously  made available or delivered to
 the Investor  copies of all reports,  including  annual,  quarterly and current
 reports, or registration statements filed by the Company with the SEC including
 but not limited to the Form 10-QSB with respect to the period ending  September
 30, 2006 (the "Company SEC Report").

                  (c) As of its  filing  date,  the  Company  SEC Report did not
 contain any untrue  statement of a material  fact or omit to state any material
 fact required to be stated therein or necessary to make the statements therein,
 in the light of the circumstances under which they were made, not misleading.

     2.5.  No Other  Representations  or  Warranties.  Notwithstanding  anything
contained in this  Agreement to the  contrary,  the  Investor  acknowledges  and
agrees  that  the  Company  is not  making  any  representations  or  warranties
whatsoever,  express or implied, beyond those expressly given in Article III and
that,  notwithstanding  anything to the contrary set forth  herein,  the Company
shall not have any  liability  to the  Investor  with respect to any matter with
respect to which the Investor or Tomlinson  knew, or had reason to know, of such
matter. Except as set forth herein, neither the Company nor any other person has
made any representation or warranty,  express or implied,  as to the accuracy or
completeness  of any  information  regarding  the Company,  or the  transactions
contemplated  by this Agreement not expressly set forth in this  Agreement,  and
neither the Company,  nor any of officers,  directors or affiliates will have or
be subject to any liability  resulting from the distribution by the Investor of,
any such information, including any draft prospectuses or confidential memoranda
distributed on behalf of the Investor relating to the Company.

                                   ARTICLE III
          Representations and Warranties of the Investor and Tomlinson
          ------------------------------------------------------------

         The Investor and Tomlinson  hereby jointly and severally  represent and
warrant to the Company that:

     3.1.  Organization  and  Qualification.  Investor  is a  limited  liability
company duly organized,  validly existing and in good standing under the laws of
the State of Delaware and has the requisite  power and  authority to own,  lease
and operate its assets and  properties and to carry on its business as it is now

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being conducted.  Investor is duly qualified to do business as a foreign limited
liability  company  and is in good  standing in each  jurisdiction  in which the
properties  owned,  leased,  or  operated  by it or the  nature of the  business
conducted by it makes such qualification necessary.

     3.2. Authority; Non-Contravention; Approvals.

                  (a) The Investor  has full power and  authority to execute and
 deliver this Agreement and to consummate the  Transactions.  This Agreement and
 the Transactions have been approved pursuant to the organizational documents of
 the Investor and  applicable  law.  This  Agreement  has been duly executed and
 delivered by the Investor and,  assuming the due  authorization,  execution and
 delivery  hereof  by the  Company,  constitutes  a valid  and  legally  binding
 agreement of the Investor and Tomlinson,  enforceable  against the Investor and
 Tomlinson in accordance  with its terms,  except that such  enforcement  may be
 subject to (i)  bankruptcy,  insolvency,  reorganization,  moratorium  or other
 similar  laws  affecting  or  relating  to  enforcement  of  creditors'  rights
 generally and (ii) general equitable principles.

                  (b) The execution  and delivery of this  Agreement by Investor
 and the  consummation  by  Investor  of the  Transactions  do not and  will not
 violate or result in a breach of any  provision of, or constitute a default (or
 an event  which,  with  notice  or lapse of time or both,  would  constitute  a
 default)  under, or result in the termination of, or accelerate the performance
 required by, or result in a right of  termination  or  acceleration  under,  or
 result in the creation of any lien,  security  interest,  charge or encumbrance
 upon any of the  properties  or assets of the Investor  under any of the terms,
 conditions or provisions of (i) the organizational  documents of Investor, (ii)
 any  statute,  law,  ordinance,  rule,  regulation,  judgment,  decree,  order,
 injunction,  writ,  permit or  license of any court or  governmental  authority
 applicable to the Investor, or (iii) any agreement applicable to Investor.

                  (c) No declaration, filing or registration with, or notice to,
 or  authorization,  consent or approval of, any governmental or regulatory body
 or authority is necessary for the  execution and delivery of this  Agreement by
 Investor  or the  consummation  by Investor  of the  transactions  contemplated
 hereby.

     3.3.  Relationship  Between  Tomlinson and the Investor.  Tomlinson  owns a
controlling interest of Investor.

     3.4.  Purchase  for Own  Account.  The  Preferred  Shares and the shares of
Common Stock into which the  Preferred  Shares may be converted  pursuant to the
terms  of  the  Preferred  Stock  (the  "Common  Shares")   (collectively,   the
"Securities")  are being or will be acquired by Investor for its own account and
with no  intention of  distributing  or reselling  such  securities  or any part
thereof in any transaction  that would be in violation of the securities laws of
the United  States of America,  or any state,  or under an  exemption  from such
registration  available under the Securities Act. The Investor is experienced in
evaluating  companies  such as the Company and has such knowledge and experience
in financial and business  matters as to be capable of evaluating the merits and
risks of his or its  investment  and has the ability to suffer the total loss of
his or its investment.  Investor has had the opportunity to ask questions of and

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receive answers from executive  officers of the Company concerning the terms and
conditions  of  the  offering  of  the  Securities  and  to  obtain   additional
information to the satisfaction of the Investor. Investor and each person owning
an interest in Investor is or will be an  "accredited  investor" as that term is
defined by Rule 501 of Regulation D promulgated  under the  Securities  Act. The
Securities  will  not be  registered  at the time of their  issuance  under  the
Securities  Act for the reason that the sale  provided for in this  Agreement is
exempt  pursuant to Section 4(2) of the  Securities Act and that the reliance of
the Company on such exemption is predicated in part on the  representations  set
forth  herein.  Investor  will not sell or assign any of the  Securities  except
pursuant to a valid registration  statement filed pursuant to the Securities Act
or pursuant to a valid exemption from the registration requirements thereof.

     3.5 Dispositions. Investor acknowledges that dispositions of the Securities
by the Investor may only be made in compliance  with the  Securities Act of 1933
and  applicable  state  securities  laws,  as then in effect.  A legend  will be
imprinted,  so long  as  required  by  law,  on  certificates  representing  the
Preferred Stock to the following effect:

          THE  SECURITIES   REPRESENTED  BY  THIS   CERTIFICATE  HAVE  NOT  BEEN
          REGISTERED  UNDER  THE  SECURITIES  ACT OF 1933,  AS  AMENDED,  OR THE
          SECURITIES  LAWS OF ANY STATE.  THE  SECURITIES MAY NOT BE TRANSFERRED
          EXCEPT PURSUANT TO AN EFFECTIVE  REGISTRATION STATEMENT UNDER SUCH ACT
          AND  APPLICABLE  STATE  SECURITIES  LAWS OR PURSUANT TO AN  APPLICABLE
          EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS
          SUPPORTED BY A WRITTEN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE
          COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

                                    ARTICLE 4
                                Other Agreements
                                ----------------

     4.1 Amendment of Articles of Incorporation.

                  (a) Within  five (5) days of the date of this  Agreement,  the
Company  shall  prepare,  and file with the SEC,  an  Information  Statement  on
Schedule  14C (the  "Information  Statement")  relating to the  amendment of the
Articles of  Incorporation  of the Company to increase the authorized  number of
shares of the common  stock of the Company to equal the greater of the number of
potential  Common  Shares  at the time of  filing  or  200,000,000  shares  (the
"Amendment"),  and each of the parties  hereto shall use their  reasonable  best
efforts to respond as promptly as  practicable  to any  comments of the SEC with
respect thereto. Each party hereto shall use its reasonable best efforts to have
the Information  Statement  declared effective under the Securities Act, and for
the  Information  Statement  to be  cleared  by the SEC and its staff  under the
Exchange Act, as promptly as  practicable  after such filing.  The Company shall
use its reasonable best efforts to cause the Information  Statement to be mailed
to the  stockholders  of the  Company  as  promptly  as  practicable  after  the
Information Statement becomes effective under the Securities Act.

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                  (b) The parties  hereto  shall  cooperate  with each other and
provide  to each  other  all  information  necessary  in  order to  prepare  the
Information Statement as expeditiously as practicable.

                  (c) If at any time there shall occur any event with respect to
the Company  which event is required to be  described  in an  amendment  of or a
supplement to the Information Statement,  such event shall be so described,  and
such  amendment  or  supplement  shall be  promptly  filed with the SEC and,  as
required by law, disseminated to the stockholders of the Company.

                  (d) Promptly upon the Information Statement becoming effective
with the SEC, the  Investor,  in its capacity as a  shareholder  of the Company,
shall by written consent adopt resolutions approving and adopting the Amendment,
and the Company and its Board of Directors  shall take all such actions as shall
be required  under  Nevada  corporate  law to make the  Amendment  effective  in
accordance  with  Nevada  corporate  law and  applicable  securities  laws.  The
Articles of Incorporation  will be amended thereafter from time to time to cause
there to be  sufficient  authorized  shares of Common  Stock to provide  for the
conversion of the Preferred Shares.

     4.2 Registration.

                  (a) The Company will file a  registration  statement  with the
SEC (the  "Registration  Statement")  covering  the resale of the  Common  Stock
issuable  upon  conversion  of the  Preferred  Shares  within 30 days  after the
closing,  and use its best  efforts to cause the  Registration  Statement  to be
declared effective as promptly as practicable  thereafter.  The Company will use
its  reasonable  best efforts to keep the  Registration  Statement  continuously
effective  until two years after the  Closing,  subject to normal and  customary
blackout periods.

                    The  Company  will  be  required  to pay  liquidated  damage
(payable in cash or in-kind in common shares,  at election of Company in arrears
at the end of each  month  during  which a  Registration  default  occurs and is
continuing)  to the holders of the Preferred  Shares and/or Common Shares if (i)
the Company fails to file the  Registration  Statement  within 30 days after the
Form 14C  becomes  effective,  (ii) the SEC does not  declare  the  Registration
Statement effective within 90 days of the Closing (or 120 days in the event of a
review by the SEC)  (the  "Effectiveness  Date"),  (iii)  the  Company  fails to
request  acceleration of effectiveness  within 5 business days of a notice of no
further review from the SEC, or (iv) after it has been declared  effective,  the
Registration  Statement  ceases to be  effective  or available or if the Company
suspends the use of the prospectus forming a part of the Registration  Statement
(A) for more than 30 days in any  period of 365  consecutive  days  pursuant  to
Sections 4.2 (c) or (c) below, or (B) for more than 60 days in any period of 365
consecutive  days  for  any  reason  (the  foregoing  is each  referred  to as a
"Registration Default").  This liquidated damages will accumulate at the rate of
2% of the purchase  price paid by the Investor  for the  securities  offered for
each 30-day  period,  or part  thereof  during which a  Registration  Default is
continuing.

                  (b) Notwithstanding  the foregoing  provisions of this Section
4.2,  the  Company  may  voluntarily  suspend  the  effectiveness  of  any  such
registration  statement  for a limited  time,  which in no event shall be longer
than 30 days in any three month  period and no longer than 90 days in any twelve

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month  period,  if the  Company  has been  advised  in  writing  by  counsel  or
underwriters  to the Company that the offering of any Common Shares  pursuant to
the  registration  statement  would  materially  adversely  affect,  or would be
improper in view of (or improper without disclosure in a prospectus), a proposed
financing, reorganization,  recapitalization,  merger, consolidation, or similar
transaction  involving the Company. The Company shall notify all Holders to such
effect,  and,  upon receipt of such notice,  each such Holder shall  immediately
discontinue any sales of Common Shares pursuant to such  registration  statement
until such Holder has received copies of a supplemented or amended prospectus or
until such  Holder is advised in writing by the  Company  that the then  current
prospectus may be used and has received copies of any additional or supplemental
filings  that are  incorporated  or deemed  incorporated  by  reference  in such
prospectus.

                  (c) If any event occurs that would cause any such registration
statement to contain a material  misstatement or omission or not to be effective
and usable during the period that such registration  statement is required to be
effective  and usable,  the  Company  shall  promptly  notify the holders of the
Common Shares  covered by the  Registration  Statement  (the  "Holders") of such
event and, if requested,  the Holders shall  immediately  cease making offers of
Common  Shares and return all  prospectuses  to the Company.  The Company  shall
promptly  file an  amendment  to the  registration  statement  to  correct  such
misstatement or omission and use its  commercially  reasonable  efforts to cause
such amendment to be declared effective as soon as practicable  thereafter.  The
Company  shall  promptly  provide the Holders  with  revised  prospectuses  and,
following  receipt of the revised  prospectuses,  the  Holders  shall be free to
resume making offers of the Common Shares.

                  (d) If and whenever the Company is required by the  provisions
of this  Agreement  to use its  commercially  reasonable  efforts  to effect the
registration of the Common Shares under the Securities Act for the account of an
Holder, the Company will, as promptly as possible:

                           (1)  prepare  and file  with  the SEC a  registration
         statement  with  respect to such  securities  and use its  commercially
         reasonable  efforts to cause such registration  statement to become and
         remain effective;

                           (2) prepare and file with the SEC such amendments and
         supplements to such  registration  statement and the prospectus used in
         connection  therewith  as may be  necessary  to keep such  registration
         statement  effective  and  to  comply  with  the  requirements  of  the
         Securities  Act and the rules and  regulations  promulgated  by the SEC
         thereunder  relating to the sale or other disposition of the securities
         covered by such registration statement; and

                           (3) furnish to each Holder such  numbers of copies of
         a prospectus,  including a preliminary  prospectus,  complying with the
         requirements  of the Securities  Act, and such other  documents as such
         Holder may reasonably request in order to facilitate the public sale or
         other  disposition of the Common Shares owned by such Holder,  but such
         Holder shall not be entitled to use any selling  materials other than a

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         prospectus and such other  materials as may be approved by the Company,
         which approval will not be unreasonably withheld.

                  (e) Except as provided below in this Section 4.2, the expenses
incurred by the Company in connection with action taken by the Company to comply
with this Section 4.2,  including,  without  limitation,  all  registration  and
filing  fees,  printing  and  delivery  expenses,   accounting  fees,  fees  and
disbursements  of counsel to the Company,  consultant and expert fees,  premiums
for  liability  insurance,  if the  Company  chooses to obtain  such  insurance,
obtained  in  connection  with a  registration  statement  filed to effect  such
compliance and all expenses, including counsel fees, of complying with any state
securities laws, shall be paid by the Company. All fees and disbursements of any
counsel,  experts, or consultants  employed by any Holder shall be borne by such
Holder.  The Company  shall not be obligated in any way in  connection  with any
registration  pursuant  to  this  Section  4.2 for any  selling  commissions  or
discounts payable by any Holder to any underwriter or broker of securities to be
sold by such Holder.

                  (f) In the  event of any  registration  of  shares  of  Common
Shares  pursuant to this  Section  4.2,  the  Company  will  indemnify  and hold
harmless each Holder,  its  officers,  directors  and each  underwriter  of such
securities,  and any person who controls such Holder or  underwriter  within the
meaning  of Section 15 of the  Securities  Act,  against  all  claims,  actions,
losses,  damages,  liabilities and expenses,  joint or several,  to which any of
such persons may become subject under the  Securities Act or otherwise,  insofar
as such losses,  claims,  damages,  liabilities  or actions  arise out of or are
based  upon  any  untrue  statement  of  any  material  fact  contained  in  any
registration  statement under which such  securities  were registered  under the
Securities  Act,  any  preliminary  prospectus  or  final  prospectus  contained
therein,  or any amendment or supplement  thereof,  or arise out of or are based
upon the omission to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made,  not  misleading,  and will  reimburse  such  Holder,  its
officers,  directors  and each  underwriter  of such  securities,  and each such
controlling  person or entity  for any legal and any other  expenses  reasonably
incurred by such Holder, such underwriter,  or such controlling person or entity
in connection  with  investigating  or defending any such loss,  claim,  damage,
liability, or action; provided,  however, that the Company will not be liable in
any such case to the extent  that any such loss,  claim,  damage,  liability  or
action arises directly out of or is based primarily upon an untrue  statement or
omission made in said  registration  statement,  said preliminary  prospectus or
said final  prospectus,  or said amendment of supplement in reliance upon and in
conformity  with written  information  furnished to the Company by any Holder or
any  such  underwriter  specifically  for use in the  preparation  thereof;  and
provided,  further however, that the Company will not be liable in any such case
to the extent that any such loss,  claim,  damage or liability or action  arises
directly out of or is based primarily upon an untrue  statement or omission made
in any preliminary  prospectus or final  prospectus if (i) such Holder failed to
send or deliver a copy of the final prospectus or prospectus  supplement with or
prior to the  delivery  of  written  confirmation  of the  sale of the  Offering
Shares,  and (ii) the final  prospectus  or  prospectus  supplement  would  have
corrected such untrue statement or omission.

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                  (g) At any time when a prospectus  relating to the offering of
Common  Shares  pursuant  to a  registration  statement  filed  pursuant to this
Section 4.2 is required to be delivered  under the  Securities  Act, the Company
will notify the Holder of the happening of any event,  upon the  notification or
awareness of such event by an executive  officer of the Company,  as a result of
which the prospectus included in such registration statement, as then in effect,
includes an untrue  statement of material fact or omits to state a material fact
required to be stated  therein or necessary to make the  statements  therein not
misleading in light of the circumstances then existing.

                  (h) In the event of any  registration of any securities  under
the  Securities  Act  pursuant to this Section 4.2,  Investor  agrees,  and each
Holder will be required to agree,  to indemnify  and hold  harmless the Company,
its  officers,  directors  and any person who  controls  the Company  within the
meaning  of  Section 15 of the  Securities  Act,  against  any  losses,  claims,
damages,  liabilities,  or actions,  joint or several, to which the Company, its
officers,  directors,  or such  controlling  person or entity may become subject
under the Securities Act or otherwise,  insofar as such losses, claims, damages,
liabilities,  or actions arise out of or are based upon any untrue  statement of
any material  fact  contained  in any  registration  statement  under which such
securities were registered under the Securities Act, any preliminary  prospectus
or final prospectus  contained therein,  or any amendment or supplement thereto,
or arise out of or are based upon the omission to state  therein a material fact
required to be stated  therein or necessary to make the  statements  therein not
misleading,  in each case to the  extent  and only to the  extent  that any such
loss,  claim,  damage,  liability,  or action  arises out of or is based upon an
untrue  statement  or  omission  made  in  said  registration  statement,   said
preliminary  prospectus or said final prospectus or said amendment or supplement
in reliance upon and in  conformity  with written  information  furnished to the
Company by that Holder or any  affiliate (as defined in the  Securities  Act) of
Holder specifically for use in the preparation thereof.

                  (i) Any party entitled to  indemnification  hereunder will (i)
give prompt written notice to the  indemnifying  party of any claim with respect
to which it seeks  indemnification  and (ii) unless in such indemnified  party's
reasonable  judgment  a  conflict  of  interest  between  such  indemnified  and
indemnifying  parties  may  exist  with  respect  to  such  claim,  permit  such
indemnifying  party to assume the defense of such claim with counsel  reasonably
satisfactory  to  the  indemnified  party.  If  such  defense  is  assumed,  the
indemnifying  party will not be subject to any liability for any settlement made
by  the  indemnified  party  without  its  consent  (which  consent  may  not be
unreasonably  withheld). An indemnifying party who is not entitled to, or elects
not to,  assume the defense of a claim will not be obligated to pay the fees and
expenses  of  more  than  one  counsel  for  all  parties  indemnified  by  such
indemnifying party with respect to such claim, unless in the reasonable judgment
of any  indemnified  party  a  conflict  of  interest  may  exist  between  such
indemnified party and any other of such indemnified parties with respect to such
claim.

                  (j) With a view to making available to the Holder the benefits
of Rule 144  promulgated  under the  Securities  Act, the Company agrees that it
will use its  commercially  reasonable  efforts to maintain  registration of its
Common  Shares under  Section 12 or 15 of the Exchange Act, and to file with the
SEC in a timely manner all reports and other  documents  required to be filed by
an issuer of securities  registered under the Exchange Act so as to maintain the

                                       9
<PAGE>

availability of Rule 144. Upon the request of any record owner, the Company will
deliver to such owner a written statement as to whether it has complied with the
reporting requirements of Rule 144.

                                    ARTICLE 5
                                    Remedies
                                    --------

     5.1 Termination of Representations and Warranties.  The representations and
warranties made by the Company pursuant to this Agreement shall terminate on the
later  of  September  15,  2007 or the date the  Information  Statement  becomes
effective, and shall thereafter have no further force and effect. As a result of
the relationship  between the Investor and Tomlinson,  and the role of Tomlinson
as the Chairman  and Chief  Executive  Officer of the Company,  the Investor has
performed  such due diligence as it has deemed  appropriate  with respect to the
Company and is familiar in all  respects  with the Company and its  business and
financial condition.

     5.2 Attorneys' Fees. If any legal action or other proceeding is brought for
the enforcement of this  Agreement,  or because of an alleged  dispute,  breach,
default or  misrepresentation  in connection  with any of the provisions of this
Agreement,  the  successful or prevailing  party or parties shall be entitled to
recover  reasonable  attorneys'  fees and other costs incurred in that action or
proceeding  in addition to any other relief to which it or he may be entitled at
law or equity.

                                    ARTICLE 6
                                  Miscellaneous
                                 --------------

     6.1  Notices.  All  notices,  consents,  demands  or  other  communications
required or permitted  to be given  pursuant to this  Agreement  shall be deemed
sufficiently  given: (i) when delivered  personally during a business day to the
appropriate  location  described  below  or  telefaxed  to  the  telefax  number
indicated  below,  or (ii) five (5) business  days after the posting  thereof by
United  States  first  class,  registered  or  certified  mail,  return  receipt
requested, with postage fee prepaid and addressed:

If to the Company:                       Calibre Energy, Inc.
                                         1667 K Street NW, Suite 1230
                                         Washington, D.C.  20006

If to Investor:                          BlueWater Capital Group, LLC
                                         P.O. Box 61268
                                         Houston, TX 77208-1268

     6.2  Successors.  This Agreement  shall be binding upon each of the parties
upon their  execution,  and inure to the benefit of the parties hereto and their
successors and assigns.

                                       10
<PAGE>

     6.3  Severability.  In the  event  that  any one or more of the  provisions
contained  in this  Agreement  or in any other  instrument  referred  to herein,
shall, for any reason, be held to be invalid,  illegal,  or unenforceable in any
respect, such invalidity,  illegality,  or unenforceability shall not affect any
other provision of this Agreement or any such other instrument.

     6.4 Section Headings. The section headings used herein are descriptive only
and shall  have no legal  force or effect  whatsoever.  Except to the extent the
context  specifically  indicates  otherwise,  all  references  to  articles  and
sections refer to articles and sections of this Agreement, and all references to
the exhibits and schedules refer to exhibits and schedules attached hereto, each
of which is made a part hereof for all purposes.

     6.5 Gender.  Whenever the context so requires,  the masculine shall include
the  feminine  and  neuter,  and the  singular  shall  include  the  plural  and
conversely.

     6.6  Governing  Law. This  Agreement  shall be governed by and construed in
accordance  with  the  laws  of the  State  of  Nevada,  U.S.A.,  applicable  to
agreements  and contracts  executed and to be wholly  performed  there,  without
giving effect to the conflicts of law principles thereof.

     6.7  Multiple  Counterparts.  This  Agreement  may be  executed in multiple
counterparts, each of which shall be deemed an original.

     6.8 Waiver. Any waiver by either party to be enforceable must be in writing
and no waiver by either party shall constitute a continuing waiver.

     6.9 Entire Agreement.  This Agreement, and the other agreements referred to
herein set forth the entire  understanding of the parties hereto relating to the
subject  matter  hereof and  thereof  and  supersede  all prior  agreements  and
understandings  among or between  any of the  parties  relating  to the  subject
matter hereof and thereof.

         IN WITNESS WHEREOF,  the parties have executed this Agreement as of the
date and year first set forth above.

                                 CALIBRE ENERGY, INC., a Nevada
                                 corporation

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

                                       11
<PAGE>

                                  BLUEWATER CAPITAL GROUP, LLC, a Delaware
                                  limited liability company

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

                                       12Exhibit 10.3
                                 PROMISSORY NOTE

         FOR VALUE RECEIVED,  after date,  without grace, in the manner,  on the
dates,  and in the  amounts so herein  stipulated,  the  undersigned,  BlueWater
Capital Group,  LLC, a Delaware limited  liability  company,  its notice address
being at P.O. Box 61268,  Houston, TX 77208-1268 (the "Maker"),  promises to pay
to the order of Calibre Energy, Inc., a Nevada corporation (the "Payee"), at its
address of 1667 K Street NW, Suite 1230, Washington, D.C. 20006, the sum of FOUR
MILLION DOLLARS AND No/100  ($4,000,000.00) in lawful money of the United States
of  America,  which  shall be legal  tender,  in  payment of all debts and dues,
public and  private,  at the time of payment.  No interest  shall  accrue on the
principal  balance of this  promissory  note  prior to an event of default  (the
"Note").

         The  principal  amount  under  this  Note is due and  payable  in equal
monthly installments of $800,000 each, plus all accrued interest. The first such
monthly payment shall be due on May 15, 2007, with each of the remaining monthly
payments being due on the fifteenth day of each calendar month thereafter,  with
the balance of all principal and accrued  interest under this Note being payable
on September, 15, 2007.

         Notwithstanding  the foregoing,  however,  no payments will be required
pursuant to this Note subsequent to the payment required on June 15, 2007 unless
and until an  Information  Statement  filed by the Payee with the Securities and
Exchange  Commission (the "SEC") on Schedule 14C (the  "Information  Statement")
relating to the  amendment  of the Articles of  Incorporation  of the Company to
increase the authorized number of shares of the common stock of the Company to a
minimum of 200,000,000 shares shall have become effective. If the payment of any
installment  hereunder  shall be  deferred  pursuant to this  paragraph  and the
Information  Statement filed by the Payee subsequently  becomes  effective,  the
obligation  of  the  Maker  to pay  installments  pursuant  to  the  immediately
preceding paragraph shall recommence, with the next installment being due on the
first day of the next calendar month after Maker's receipt from Payee of written
notice of such Information  Statement having become  effective,  with subsequent
payments thereafter required on the 1st day of each calendar month thereafter.

         If any of the  events  specified  below (an "event of  default")  shall
occur  prior to the full  satisfaction  of this Note,  the Payee may, so long as
such condition  exists,  declare the entire unpaid  principal and unpaid accrued
interest thereon immediately due and payable, by notice in writing to the Maker:

          (i)  The failure of the Maker to pay when due any of the  principal or
               interest  payable pursuant to this Promissory Note, which failure
               is not cured within 7 days of receipt by Maker of Payee's written
               notice thereof;

          (ii) The  institution  by the Maker or any  guarantor  of this Note of
               proceedings to be  adjudicated  as bankrupt or insolvent,  or the
               consent by it to the  institution  of  bankruptcy  or  insolvency
               proceedings  against  it, or the  filing by it of a  petition  or
               answer or consent  seeking  reorganization  or release  under the
               Federal Bankruptcy Code, or any other applicable federal or state
               law, or the  consent by it to the filing of any such  petition or
               the employment of a receiver,  liquidator,  assignee,  trustee or
               other similar  official of the Maker, or of any substantial  part
               of its  property,  or the making by it of an  assignment  for the
               benefit of  creditors,  or the taking of corporate  action by the
               Maker in furtherance of any such action; or
<PAGE>

         (iii) The  material  breach  or  violation  by  the Maker of any of its
               agreements or covenants  contained in this Promissory Note, other
               than the  payment  of  principal  or  interest,  or in any  other
               document or agreement  between the Maker and the Payee concerning
               the indebtedness evidenced by this Promissory Note including, but
               not limited to, that certain Stock Pledge Agreement dated of even
               date hereof,  which breach is not cured within 30 days of written
               notice thereof to Maker.

         This  Note may be  prepaid  in  whole  or in part at any  time  without
penalty. All payments received by Payee from Maker upon this Note shall first be
applied to the payment of next installments due pursuant to the second paragraph
of this Note in the order such payments are due.

         Whenever  any  payment to be made under this Note shall be stated to be
due on a Saturday,  Sunday or legal holiday for commercial  banks under the laws
of the State of Nevada,  then such payment shall be made on the next  succeeding
business  day and such  extension  of time shall in such case be included in the
computation of payment of interest hereunder.

         In addition to all principal and accrued  interest on this Note,  Maker
agrees to pay (a) all reasonable  costs and expenses  incurred by all owners and
holders of this Note in collecting  this Note through  probate,  reorganization,
bankruptcy or any other  proceeding and (b) reasonable  attorneys' fees when and
if this Note is placed in the hands of an attorney for collection after default.

         Unless  otherwise  provided  by law,  Maker and any and all  co-makers,
endorsers,  guarantors and sureties severally waive notice  (including,  but not
limited  to,  notice of  protest,  notice of  dishonor  and  notice of intent to
accelerate and notice of acceleration), demand, presentment for payment, protest
and the filing of suit for the purpose of fixing  liability and consent that the
time of payment hereof may be extended and re-extended from time to time without
notice to them or any of them, and each agrees that his, her or its liability on
or with  respect to this Note shall not be  affected by any release of or change
in any security at any time existing or by any failure to perfect or to maintain
perfection of any lien on or security interest in any such security.

         It is agreed that time is of the essence of this Note,  and that in the
event of default in the payment of any installment of principal or interest when
due the holder hereof,  or if default is made in the payment and  performance of
any other  obligations  of Maker to either  Payee,  Payee may declare the unpaid
principal  balance plus all accrued but unpaid interest due thereon  immediately
due and payable  without  notice,  and failure to exercise said option shall not
constitute  a waiver on the part of the holder of the right to exercise the same
at any other time.

                                        2

<PAGE>

         In the event of default in the making of any payment  herein  provided,
either  of  principal  or  interest,  or  in  the  event  the  entirety  of  the
indebtedness  evidenced  hereby is declared  due,  interest  shall accrue at the
maximum non-usurious rate permitted by applicable federal or state law from time
to time in effect ("Maximum Rate").

         All agreements between the Maker and the Payee, whether now existing or
hereafter  arising and whether written or oral, are hereby expressly  limited so
that in no event,  whether  by  reason of  acceleration  of  maturity  hereof or
otherwise,  shall the amount paid or agreed to be paid to the Payee for the use,
forbearance  or  detention  of the money to be loaned  hereunder  or  otherwise,
exceed the  Maximum  Rate.  If  fulfillment  of any  provision  hereof or of any
mortgage,   loan  agreement,  or  other  document  evidencing  or  securing  the
indebtedness  evidenced  hereby, at the time performance of such provision shall
be due,  shall  involve  transcending  the limit of validity  prescribed by law,
then,  ipso facto,  the obligation to be fulfilled shall be reduced to the limit
of such validity;  and if the Payee shall ever receive  anything of value deemed
interest under  applicable law which would exceed  interest at the Maximum Rate,
an amount equal to any excessive  interest  shall be applied to the reduction of
the principal  amount owing hereunder and not to the payment of interest,  or if
such excessive  interest  exceeds the unpaid balance of principal  hereof,  such
excess shall be refunded to the Maker. All sums paid or agreed to be paid to the
Payee for the use, forbearance, or detention of the indebtedness of the Maker to
the Payee  shall,  to the extent  permitted  by  applicable  law, be  amortized,
prorated,  allocated,  and spread  throughout the full term of such indebtedness
until  payment  in  full  so  that  the  rate of  interest  on  account  of such
indebtedness  is uniform  throughout  the term thereof.  The  provisions of this
paragraph shall control all agreements between the Maker and the Payee.

         This Note has been  executed and delivered in and shall be construed in
accordance  with and  governed  by the laws of the  State of  Nevada  and of the
United States of America.

         Maker  agrees  that this Note is  performable  in Carson  City  County,
Nevada,  and waives the right to be sued  elsewhere.  The Maker (a)  consents to
submit  itself to the  personal  jurisdiction  of any federal  court  located in
Carson City  County,  State of Nevada,  or any Nevada  state  court  situated in
Carson City  County in the event any  dispute  arises out of this Note or any of
the transactions  contemplated  herewith, (b) agrees that it will not attempt to
deny or defeat such personal  jurisdiction  by motion or other request for leave
from any such court and (c) agrees that it will not bring any action relating to
this Note or any of the  transactions  contemplated  herewith in any court other
than a federal or state court  sitting in the State of Nevada or a Nevada  state
court,  in each case  located  in Carson  City  County,  Nevada.  Maker  further
irrevocably and unconditionally waives and agrees not to plead or claim any such
action or proceeding in any such court or inconvenient forum.

         This Note is secured by the Stock  Pledge  Agreement  between the Maker
and the Payee dated the date hereof, and guaranteed by Prentis B. Tomlinson, Jr.
pursuant to that certain Guaranty Agreement dated the date hereof.

         This Note may not be assigned by the holder thereof without the consent
of the Maker.

                                       3
<PAGE>

         THIS NOTE REPRESENTS THE FINAL AGREEMENT  BETWEEN THE PARTIES AS TO THE
MATTERS  CONTAINED  HEREIN AND MAY NOT BE  CONTRADICTED  BY  EVIDENCE  OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

         THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                                       4

<PAGE>

IN WITNESS  WHEREOF,  Maker has caused this  Promissory  Note to be executed and
delivered by its duly authorized representatives, as of April 13, 2007.

                                           MAKER:

                                           BLUEWATER CAPITAL GROUP, LLC

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

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