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                                                                   EXHIBIT 10.27

Business Consultant Agreement between Petro Timor Companhia de Petroleos, SA and
Dr. John L. Redmond

                          BUSINESS CONSULTANT AGREEMENT

This agreement dated October 1, 2003 is made by and between Petro Timor
Companhia de Petroleos, SA, referred to as "Company", AND Dr. John L. (Jack)
Redmond whose address is 1276 Preserve Circle, Golden CO 80401, referred to as
"Consultant."

1.       CONSULTATION SERVICES. The Company hereby employs the Consultant to
         perform the following services in accordance with the terms and
         conditions set forth in this agreement:

         o        Monitor exploration and production activities on a world-wide
                  basis in order to identify worthwhile projects for potential
                  investment opportunities on behalf of the Company.

         o        At the request of the Company, perform further evaluations in
                  connection with potential acquisitions of such investment
                  opportunities identified by the Company.

2.       TERMS OF AGREEMENT. This agreement will begin October 1, 2003 and will
         end at a date agreed to by either party. Either party may cancel this
         agreement on thirty (30) days notice to the other party in writing, by
         mail or hand delivery.

3.       TIME DEVOTED BY CONSULTANT. It is anticipated the Consultant will spend
         approximately 15 hours per month in fulfilling its obligations under
         this contract. The particular amount of time may vary from day to day
         or week to week. However, the Consultant shall devote a minimum of 13
         hours per month to his duties in accordance with this agreement.

4.       PLACE WHERE SERVICES WILL BE RENDERED. The Consultant will perform
         services in accordance with this contract at the locations the
         Consultant deems necessary. In addition the Consultant will perform
         services on the telephone and at such other places as designated by the
         Company to perform these services in accordance with this agreement.

5.       PAYMENT TO CONSULTANT. The Consultant will be paid at the rate of $1000
         per month for work performed in accordance with this agreement.
         However, the Consultant will be paid at an hourly rate of $75 per hour
         for additional hours worked per month that exceed 15 hours per month.
         The Consultant will submit an itemized statement setting forth the time
         spent and services rendered, and the Company will pay the Consultant
         the amounts due as indicated by statements submitted by the Consultant
         within ten (10) days of receipt. In the event that the performance of
         these services requires travel to other locations, the Company agrees
         to reimburse the Consultant for reasonable travel expenses upon
         submission of an appropriate expense statement and receipts.

6.       INDEPENDENT CONTRACTOR. Both the Company and the Consultant agree that
         the Consultant will act as an independent contractor in the performance
         of his duties under this contract. Accordingly, the Consultant shall be
         responsible for payment of all of his taxes including Federal, State
         and local taxes arising out of the Consultant's activities in
         accordance with this contract, including by way of illustration but not
         limitation, Federal and State income tax, Self-Employment tax,
         Unemployment Insurance taxes, and any other taxes or business license
         fee as required.

7.       CONFIDENTIAL INFORMATION. The Consultant agrees that any information
         developed for the Company by the Consultant, pursuant to this contract
         will be treated by the Consultant in full confidence and will not be
         revealed to any other persons, firms or organizations without express
         permission of the Company.

8.       EMPLOYMENT OF OTHERS. The Company may from time to time request that
         the Consultant arrange for the services of others. All costs to the
         Consultant for those services will be paid by the Company but in no
         event shall the Consultant employ others without the prior
         authorization of the Company.

9.       SIGNATURES. Both the Company and the Consultant agree to the above
         contract.

COMPANY
Petro Timor Companhia de Petroleos, SA

By: /s/ Charles N. Haas
   -----------------------------------
       Charles N. Haas, President

CONSULTANT

By: /s/ John L. Redmond
   -----------------------------------
         Dr. John L. Redmond<PAGE>
                                                                   EXHIBIT 10.28

Income Tax Accounting Agreement between NWO Resources and Oceanic Exploration

                         Income Tax Accounting Agreement

This agreement is made this 8th day of March, 2004 by and between NWO Resources,
Inc. and each company to be included in the consolidated tax return filed by NWO
commencing with the period ending December 31, 2003.

The NWO group of companies has adopted the general practice of preparing
consolidated federal and state income tax returns where appropriate and making
required tax deposits in a single payment including amounts applicable to
subsidiaries.

For financial accounting purposes, the NWO tax provision is calculated as
required by FAS 109. This tax provision includes an allocation of taxes to
subsidiaries based on the financial accounting practice as described below.

o        Each subsidiary's tax provision will be calculated using then-current
         statutory rates, on a stand alone basis, and specifically estimating
         the subsidiary's book-tax differences including its share of any
         differences which apply ratably to all subsidiaries. The provision will
         include a tax benefit from losses to the extent of the previous
         profits, but only to the extent such profits were included in the NWO
         consolidated return. To the extent a tax benefit for a loss has not
         been previously been allowed, and a subsidiary has profits in a future
         year which falls within the period to which, on a stand alone basis,
         the prior tax loss could be carried forward under US tax rules, the
         benefit of the loss will be included in the provision to the extent the
         loss would provide a tax benefit on a stand alone basis.

o        Each subsidiary will book the current portion of taxes into an
         intercompany account with its parent; the deferred portion will be
         recorded as a deferred tax liability.

o        The provision for taxes on income will be recorded on each subsidiary's
         books monthly or quarterly as needed.

Joe Maskalenko prepares the NWO consolidated return and is responsible for
making required tax deposits. Each subsidiary will be asked for assistance as
needed in preparing the consolidated return and calculating required tax
deposits.

NWO Resources, Inc.                            Oceanic Exploration Company

By: /s/ John E. Jones                          By: /s/ Charles N. Haas
    ------------------------------------           --------------------------
    John E. Jones, Secretary - Treasurer           Charles N. Haas, President<PAGE>
                                                                   EXHIBIT 10.29

                  Promissory Note (Line of Credit) between NWO
                    Resources and Oceanic Exploration Company

                                 PROMISSORY NOTE
                                (LINE OF CREDIT)

                                  March 9, 2004

Borrower: Oceanic Exploration Company

Lender:   NWO Resources, Inc.

Amount:   $2,000,000.00

         For value received, Borrower promises to pay to the order of Lender at
Denver, Colorado, the sum of two million dollars ($2,000,000.00) or such other
principal balance as may be outstanding hereunder in lawful money of the United
States with interest thereon at a rate, computed on the basis of a three hundred
sixty (360) day year, of two (2)% over the prime lending rate of U.S. Bank per
annum. Interest shall be fixed and set on each draw as of the date of such draw.

         Interest shall accrue from the date of disbursement of the principal
amount or portion thereof until paid, both before and after judgment, in
accordance with the terms set forth herein.

         All principal and interest shall be paid upon the earlier of the
following: (i) obtaining alternative financing in an amount of not less than
$2,000,000, or (ii) resolution of the law suit to the benefit of the plaintiffs
for an amount not less than $2,000,000 or (iii) payment within one year of the
original loan date. All payments shall be applied first to accrued interest and
the remainder, if any, to principal.

         This Promissory Note shall be a revolving line of credit under which
Borrower may repeatedly draw and repay funds, so long as the aggregate,
outstanding principal balance at any time does not exceed the principal amount
of this Promissory Note. Disbursements under this Promissory Note shall be made
upon request from Borrower.

         If, at any time prior to the maturity of this Promissory Note, this
Promissory Note shall have a zero balance owing, this Promissory Note shall not
be deemed satisfied or terminated but shall remain in full force and effect for
future draws unless terminated upon other grounds or unless the right to future
borrowings is waived in writing by Borrower.

         Borrower may prepay all or any portion of this Promissory Note at any
time without penalty.

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         If a default occurs in the payment of any principal or interest when
due, Lender shall give notice to Borrower and the opportunity to cure such
default within five (5) days. If such default is not cured within such five-day
period, time being the essence hereof, then the entire unpaid balance, with
interest as aforesaid, shall, at the election of the holder hereof and without
notice of such election, become immediately due and payable in full.

         Upon default in payment of any principal or interest when due, all
outstanding principal shall bear interest at a default rate from the date when
due until paid, both before and after judgment, which default rate shall be five
(5)% over the prime lending rate of U.S. Bank per annum.

         If this Promissory Note becomes in default, Borrower agrees to pay to
the holder hereof all collection costs, including reasonable attorney fees and
legal expenses, in addition to all other sums due hereunder.

         This Promissory Note shall be governed by and construed in accordance
with the laws of the State of Colorado.

         Borrower hereby waives presentment for payment, protest, notice of
protest and of non-payment and of dishonor, and consent to extensions of time,
renewal, waivers or modifications without notice.

                                                  Borrower:

                                                  OCEANIC EXPLORATION COMPANY

                                                  By: /s/ Charles N. Haas
                                                     --------------------------
                                                     Charles N. Haas, President

                                       2

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