Document:

EXHIBIT 10.12

                          BUSINESS CONSULTING AGREEMENT

This  CONSULTING  AGREEMENT  (the  "Agreement")  is made and entered  into as of
January 3, 2005 by and between  Navidec  Financial  Services,  Inc.,  a Colorado
corporation  located at 6399 South Fiddler's Green Circle,  Suite 300, Greenwood
Village,  Colorado  80111  ("Client").  and Waterton  Financial,  LLC a Colorado
limited  liability  company  located  at 6071 N.  Silverthorne  Run,  Littleton,
Colorado 80125 ("PR Firm").

                                    RECITALS:
                                    ---------

A.   Client is a publicly traded company that is engaged in providing  strategic
     financial consulting services. (the "Business").

B.   PR  Firm  is a  strategic  financial  communications  firm  focused  on the
     development  and  implementation  of  customized  strategies  and  programs
     designed to foster and enhance  corporate  awareness  within the  financial
     markets community.

C.   Client  acknowledges  the expertise of PR Firm and desires to avail itself,
     for the term of this  Agreement,  of such  expertise,  and to compensate PR
     Firm in accordance herewith.

NOW,  THEREFORE,  in consideration of the foregoing  recitals and the agreements
and  covenants  herein set forth,  the  parties,  agreeing to be legally  bound,
hereto agree as follows:

1)   Retention;  Services.  Client  hereby  retains PR Firm as a  consultant  to
     Client,  and PR Firm agrees to render  consulting  services,  as defined in
     Exhibit A attached  hereto,  to Client,  upon the terms and  conditions set
     forth  in this  Agreement.  Notwithstanding  any  other  provision  of this
     Agreement,  Client  shall have the sole right to approve  any  arrangements
     proposed by PR Firm with regard to the  performance of the services PR Firm
     is to provide hereunder.

2)   Time and Resources Devoted by PR Firm.

     a)   During the term of this  Agreement,  PR Firm shall  spend such time as
          may be reasonably  required for the performance of the Services and PR
          Firm shall  guarantee the dedication of senior  account  executives to
          the performance of the Services.

     b)   Upon reasonable notice by Client, PR Firm will use reasonable  efforts
          to  accommodate  requests  by Client to attend  and  arrange  specific
          meetings, conferences, and/or other similar formally scheduled events.

     c)   Upon reasonable notice by Client, PR Firm will use reasonable  efforts
          to  accommodate  requests  by  Client  for PR Firm  to have  completed
          specific  Services by specifically  scheduled and mutually agreed upon
          deadlines.

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Navidec Financial Service, Inc./Waterton Financial, LLC Agreement
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3)   Client Cooperation. Client recognizes and acknowledges that the quality and
     accuracy  of the  Services,  and the  efficiency  and  timeliness  of their
     completion, is significantly dependent on Client's cooperation with PR Firm
     as well as Client's  available  resources.  Therefore,  upon the reasonable
     request of PR Firm, subject to compliance with applicable  securities laws,
     Client shall provide PR Firm in a reasonably timely manner such information
     and  resources  that may be  reasonably  obtainable  by Client  that is/are
     necessary for PR Firm to perform the Services  completely and accurately in
     all  material  respects.   PR  Firm  shall  be  entitled  to  rely  on  the
     completeness,  correctness  and  accuracy  of the  information  provided by
     Client to PR Firm in the performance by PR Firm of the Services.

4)   Acknowledgement of Publicly Trading Status.

     a)   PR Firm and  Client  agree and  acknowledge  that the  public  trading
          status of Client's  common  stock  necessitates  adherence  to various
          regulations  and  guidelines  provided and enforced by any  regulatory
          bodies,  including the NASD,  SEC, NASDAQ or any other stock exchange,
          market  or  trading  facility  on which  its  shares  are or have been
          listed.  As such, PR Firm and Client each agrees and acknowledges that
          it shall  comply at all times with all  applicable  federal  and state
          securities laws and adhere to such regulations and guidelines provided
          and enforced by any such regulatory bodies.

     b)   Except as provided for within this Agreement, neither PR Firm, nor any
          of its  employees,  directors,  or affiliates  shall own,  buy,  sell,
          borrow, lend, transfer,  hypothecate, or transact in any way, directly
          or indirectly  the publicly  traded stock of Client during the Term of
          this Agreement and for a period of three months thereafter.

     c)   Neither PR Firm,  nor any of its employees,  directors,  or affiliates
          shall discuss with or reveal  information  concerning  this Agreement,
          Client or the  Services  to  parties  other  than i)  representatives,
          affiliates,  and advisors of PR Firm;  ii) parties to this  Agreement;
          iii)  parties  whom  Client  has  informed  the PR Firm  are  bound by
          nondisclosure  agreements;  iv) professional service providers such as
          accountants and counsel with whom Client has informed the PR Firm that
          they have a formal professional relationship; and v) appropriate legal
          and regulatory persons and/or entities.

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5)   Authorized  Representatives.  Client  shall  be  duly  represented  by  its
     President,  CEO, CFO or such other person as mutually designated in writing
     by both its  President  and CEO, who are each  individually  authorized  to
     commit  and   legally   bind   Client  and  to  provide   suggestions   and
     recommendations  to PR Firm as needed for PR Firm to provide the  Services.
     PR Firm  shall  be duly  represented  by its  President,  or  other  person
     designated  in writing by the  President of PR Firm,  who is  authorized to
     commit and legally bind PR Firm.

6)   Compensation. In consideration of the Services agreed to be provided and/or
     provided to Client hereunder, Client shall compensate PR Firm in accordance
     with this Agreement and as set forth on Exhibit B attached hereto.

7)   Additional Expenses

     a)   Ordinary  Operational  Expenses of PR Firm. In the  performance of the
          Services, PR Firm shall incur certain expenses which are considered to
          be ordinary internal operational  expenses (the "Ordinary  Operational
          Expenses")  and, as such,  are to be paid by PR Firm and not passed on
          to the  Client in any way.  The  Operational  Expenses  include  those
          expenses  which  are  expected  to allow  for the  performance  of the
          Services, including the following:

               i)   Facsimile expenses;
               ii)  Telecommunications expenses;
               iii) Printing expenses of general communications;
               iv)  Leasehold expenses.

     b)   Extraordinary Expenses of PR Firm. Client shall pay certain reasonable
          costs and  expenses  incurred  by PR FIRM,  its  directors,  officers,
          employees and agents,  in carrying out certain duties and  obligations
          pursuant  to the  provisions  of this  Agreement,  excluding  Ordinary
          Operational  Expenses,  but including and not limited to the following
          costs and expenses (the "Out-of-Pocket Expenses");  provided all costs
          and expense  items in excess of $500.00  must be approved by Client in
          writing prior to PR Firm's incurrence of the same:

               i)   Travel    expenses,    including    but   not   limited   to
                    transportation,  lodging and food expenses, when such travel
                    is conducted on behalf of the Company;
               ii)  Seminars, expositions, money and investment shows;
               iii) Radio and television time and print media advertising costs,
                    when applicable;
               iv)  Subcontract  fees  and  costs  incurred  in  preparation  of
                    research reports, when applicable;
               v)   Cost of on-site due diligence meetings, if applicable;
               vi)  Printing and  publication  costs of brochures  and marketing
                    materials which are not supplied by the Company;

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               vii) Development of a Client  corporate web site  (independent of
                    the web  site  components  present  on the PR Firm  home web
                    site); and
               viii) Printing and  publication  costs of Company annual reports,
                    quarterly  reports,  and/or other shareholder  communication
                    collateral material which is not supplied by the Company.

     8)   Start Date; Term; Termination.

          a)   The performance of the Services by PR Firm shall start on January
               3, 2005 (the "Start Date").

          b)   Term.  Subject to the further  provisions  of this Section 8, the
               term of this  Agreement  shall be for the period of twelve months
               beginning on the Start Date and  continuing  until 5:00 PM EST on
               January 02, 2006 (the "Term"),  unless sooner or later terminated
               in accordance with the further provisions of this Section 8. This
               Agreement may be extended by the mutual agreement of the parties,
               as evidenced by an  amendment  pursuant to Section  14(a) of this
               Agreement.

          c)   Termination by Client. Effective at any point following the first
               ninety (90) days of this  Agreement,  Client shall have the right
               to terminate  this  Agreement with thirty (30) days prior written
               notice for any reason  whatsoever  or for no reason  (the  "Early
               Termination").  Upon the  occurrence of a Early  Termination,  PR
               Firm shall be paid in cash,  immediately  upon such  termination,
               that dollar  amount equal to all  Out-of-Pocket  Expenses paid or
               incurred by PR Firm pursuant to Section 7(b) of this Agreement to
               the date of termination, and Client shall pay PR Firm that dollar
               amount  equal to unpaid fees up to the  termination,  pursuant to
               Section 6 of this Agreement.

     9)   PR  Firm  Status.  PR  Firm is an  independent  contractor  performing
          certain consulting services for Client and is not an employee,  agent,
          representative, officer, or partner of Client. PR Firm has no power or
          authority to act for,  represent,  or bind Client or any  affiliate of
          Client in any manner. PR Firm  acknowledges and agrees,  and it is the
          intent of the parties  hereto,  that,  under this  Agreement,  PR Firm
          receive  no Client  sponsored  benefits  (except  as  contemplated  in
          Sections 6 and 7(b)) from Client,  including, but not limited to, paid
          vacation,   sick  leave,  medical  insurance,   and  401(k)  or  other
          retirement plan participation. Nothing contained herein nor any titles
          held with Client  shall be deemed to create any  relationship  between
          the parties other than that of a principal and independent contractor.

     10)  Confidentiality; Return of Client Property.

          a)   "Confidential Information" of a party means and includes, but is
               not limited to, all information about that party, including, but
               not limited to, hardware, software, screens, specifications,

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               designs, plans, drawings, data, prototypes, discoveries,
               research, developments, methods, processes, procedures,
               improvements, "know-how," trade secrets, compilations, market
               research, marketing techniques and plans, business plans and
               strategies, customer names and other information related to
               customers, price lists, pricing policies and financial
               information or other business and/or technical information and
               materials, in written, graphic, machine-readable form or in any
               other medium. Notwithstanding anything to the contrary contained
               in this Agreement, Confidential Information shall not include any
               information that: (i) is in the public domain or becomes
               generally known to parties outside of this Agreement on a
               non-confidential basis, through no wrongful act of the party to
               this Agreement having received such information from the
               disclosing party; (ii) is lawfully obtained by either party of
               this Agreement, as the case may be, from a party outside of this
               Agreement without any obligation to maintain the information as
               proprietary or confidential; (iii) was known to either party to
               this Agreement, as the case may be, prior to its disclosure by
               the other party to this Agreement, without any obligation to keep
               it confidential as evidenced by tangible records kept in the
               ordinary course of business; (iv) is independently developed by
               either party to this Agreement, as the case may be, without
               reference to any Confidential Information disclosed by the other
               party to this Agreement as evidenced by tangible records kept in
               the ordinary course of business; (v) is the subject of a written
               agreement whereby PR Firm or Client, as the case may be, consents
               to the use or disclosure of such Confidential Information by the
               other party to this Agreement; or (vi) is required by applicable
               law to be disclosed by either Client or PR Firm.

          b)   PR Firm agrees that at all times during the Term of this
               Agreement, PR Firm shall preserve as confidential all
               Confidential Information concerning Client, and any actual or
               potential financial, strategic or operational partners that has
               been disclosed to the PR Firm, and PR Firm shall not, without the
               prior written consent of Client, use for PR Firm's own benefit or
               purposes, or disclose to any other party such Confidential
               Information, except as required by PR Firm's engagement with
               Client, or as required by applicable law. These obligations with
               respect to confidentiality shall continue for a period one year
               after the expiration or termination of this Agreement. The terms
               of this paragraph do not impair the right to disclose such
               Confidential Information by PR Firm in order to defend PR Firm
               from any claim in any court of law once PR Firm gives Client
               notice of such intended use.

          c)   All records, business plans, financial statements, manuals,
               memoranda, documents, correspondence, reports, records, charts,
               lists and other similar data delivered to or compiled by PR Firm
               or by or on behalf of Client or its representatives, which
               pertain to the Business of Client shall be and remain the

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               property of Client and be subject at all times to its discretion
               and control. In the event of the expiration or termination of PR
               Firm's engagement hereunder, all such materials pertaining to the
               Business of Client which has been obtained by PR Firm shall be
               delivered promptly to Client upon written request by Client once
               all Compensation and expenses have been paid in accordance with
               this Agreement; provided, however, that PR Firm may retain copies
               of any such documents and materials which may be reasonably
               necessary to maintain business, accounting, and legal records
               associated with this Agreement subject to the non-disclosure
               provisions of Section 10(b).

     11)  Notice/Cure. Anything contained in this Agreement to the contrary
          notwithstanding, neither party shall have failed to perform any
          material obligation or duty under this Agreement unless and until:

          (a)  Consideration. In the case of a failure to pay any consideration,
               such failure shall not have been cured within fifteen (15)
               business days after receipt of written notice thereof from the
               party demanding payment.

          (b)  Non-Money. In the case of any other failure to perform any
               obligation or duty under this Agreement, such failure shall not
               have been cured within fifteen (15) business days after receipt
               of written notice from the demanding party describing in
               reasonable detail the failure.

     12)  Indemnification.

          a)   Client shall indemnify and hold PR Firm and its officers,
               directors, employees, agents, PR Firm's affiliates, and
               representatives harmless from and against any and all actions,
               suits, proceedings, liabilities, losses, damages, judgments,
               fines, amounts paid in settlement, losses, costs and expenses,
               including, but not limited to, reasonable attorneys' and experts'
               fees and court costs, (each, a "Loss"), paid or incurred by PR
               Firm and arising out of or in connection with any claim by a
               third party relating to any untrue statement of a material fact,
               or any omission to state a material fact, based upon information
               furnished by Client to PR Firm in connection with the Services or
               any other work performed for Client by the PR Firm.

          b)   PR Firm shall indemnify and hold Client and its officers,
               directors, employees, agents, consultants, affiliates, and
               representatives harmless from and against any and all Losses,
               paid or incurred by Client and arising out of or in connection
               with any claim by a third party relating to PR Firm's performance
               of the Services or any other work performed for Client by the PR
               Firm; provided, however, that notwithstanding the foregoing, in
               no event will PR Firm indemnify Client for any Losses arising out
               of or in connection with any untrue statement of a material fact,
               or any omission to state a material fact, based upon information
               furnished by Client to PR Firm in connection with the Services or
               any other work performed for Client by the PR Firm.

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     13)  Representations and Warranties.

          a)   Client represents and warrants to PR Firm that:

               i)   Client is a corporation duly organized, validly existing and
                    in good standing under the laws of the State of Colorado.
                    Client is not in breach or violation of, and the execution,
                    delivery and performance of this Agreement by Client will
                    not result in a breach or violation of, any of the
                    provisions of Client's articles of incorporation, as amended
                    to the date of this Agreement (the "Charter"), by-laws, as
                    amended to the date of this Agreement (the "By-laws") or any
                    other contract to which Client is a party that is material
                    to its business plans or prospects.

               ii)  Client has the full right, corporate power and authority to
                    execute and deliver this Agreement and to perform the
                    transactions contemplated by this Agreement. The execution
                    and delivery of this Agreement by Client and the performance
                    by Client of the transactions contemplated hereby have been
                    duly and validly authorized by all necessary corporate
                    action. This Agreement has been duly executed, acknowledged,
                    and delivered by Client and is the legal, valid and binding
                    obligation of Client, enforceable against Client in
                    accordance with its terms, except to the extent that the
                    enforceability hereof may be limited by bankruptcy,
                    insolvency, reorganization, moratorium or other laws
                    affecting creditors' rights generally or by general
                    principles of equity.

          b)   PR Firm represents and warrants to Client that:

               i)   PR Firm is a corporation duly organized, validly existing
                    and in good standing under the laws of the State of
                    Colorado. PR Firm is not in breach or violation of, and the
                    execution, delivery and performance of this Agreement by PR
                    Firm will not result in a breach or violation of, any of the
                    provisions of PR Firm's articles of incorporation or
                    organization, as amended to the date of this Agreement (the
                    "Charter") or by-laws or operating agreement, as amended to
                    the date of this Agreement (the "By-laws").

               ii)  PR Firm has the full right, corporate power and authority to
                    execute and deliver this Agreement and to perform the
                    transactions contemplated by this Agreement. The execution
                    and delivery of this Agreement by PR Firm and the
                    performance by PR Firm of the transactions contemplated
                    hereby have been duly and validly authorized by all
                    necessary corporate and member action. This Agreement has
                    been duly executed, acknowledged, and delivered by PR Firm

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                    and is the legal, valid and binding obligation of PR Firm,
                    enforceable against PR Firm in accordance with its terms,
                    except to the extent that the enforceability hereof may be
                    limited by bankruptcy, insolvency, reorganization,
                    moratorium or other laws affecting creditors' rights
                    generally or by general principles of equity.

     14)  Miscellaneous.

          a)   Amendments. This Agreement may be amended, supplemented or
               modified only in a writing signed by the parties hereto.

          b)   Notices. All notices and other communications provided for or
               permitted hereunder shall be in writing and shall be delivered
               personally, by facsimile or by courier service providing for next
               day service, or sent by registered or certified mail, postage
               prepaid, and return receipt requested, or electronic mail, if
               confirmed by a subsequent written letter to the party at the
               address noted below:

             If to Client:                            If to PR Firm:
             -------------                            -------------
             Navidec Financial Services, Inc.         Waterton Financial, LLC
             Attention: John R. McKowen               Attn:  Jan M. Kennedy
             6399 South Fiddler's Green Circle        6071 N. Silverthorne Run
             Suite 300                                Littleton, Colorado 801251
             Greenwood Village, CO 80111              Telephone:
             Telephone: (303) 222-1210                Facsimile:
              Facsimile: (303) 222-1001               Email:
             Email: johnmckowen@navidec.com

          c)   Governing Law; Jurisdiction. This Agreement shall be governed by
               the laws of the State of Colorado without regard to conflicts of
               laws principles, the parties agree to submit to the jurisdiction
               of the courts of the State of Colorado for all purposes, and sole
               and exclusive venue for any dispute or disagreement arising under
               or relating to this agreement shall be in a court sitting in the
               City and County of Denver, Colorado.

          d)   Waiver. Failure or delay on the part of either party hereto to
               enforce any right, power, or privilege hereunder shall not be
               deemed to constitute a waiver thereof Additionally, a waiver by
               either party or a breach of any promise hereof by the other party
               shall not operate as or be construed to constitute a waiver of
               any subsequent waiver by such other party.

          e)   Binding Effect. This Agreement shall be binding upon and inure to
               the benefit of the parties hereto and their respective successors
               and permitted assigns.

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          f)   Assignability. Neither party may assign or delegate any or all of
               its rights (other than the right to receive payments) or its
               duties or obligations hereunder without the consent of the other
               party, which consent will not be unreasonably withheld or
               delayed; provided, however, that either party may assign this
               agreement, without the need to obtain consent of the other party,
               to an affiliate of such party or to its successor-in-interest. An
               assignee will have all of the rights and obligations of the
               assigning party set forth in this Agreement.

          g)   Attorneys' and Experts' Fees; Remedies. In any action, suit or
               proceeding brought to enforce any provision of this Agreement, or
               where any provision of this Agreement is validly asserted as a
               defense, the prevailing party shall be entitled to recover
               reasonable attorneys' and experts' fees and expenses in addition
               to any other available remedy. Other than the right to recover
               fees in the preceding sentence, in any dispute between the
               parties arising out of this Agreement, neither party shall be
               liable to the other for any indirect, special, consequential or
               incidental damages (including, without limitation, lost profits).

          h)   No Third Party Beneficiary. The terms and provisions of this
               Agreement are intended solely for the benefit of each party
               hereof and their respective successors or permitted assigns, and
               it is not the intention of the parties to confer third-party
               beneficiary rights upon any other person or entity.

          i)   Severability. Any term or provision of this Agreement that is
               invalid or unenforceable in any situation in any jurisdiction
               shall not affect the validity or enforceability of the remaining
               terms and provisions hereof or the validity or enforceability of
               the offending term or provision in any other situation or in any
               other jurisdiction.

          j)   Section Headings, Construction. The headings of Sections in this
               Agreement are provided for convenience only and will not affect
               its construction or interpretation. All words used in this
               Agreement will be construed to be of such gender or number as the
               circumstances require. Unless otherwise expressly provided, the
               word "including" does not limit the preceding words or terms.

          k)   Entire Agreement. This Agreement (including all Exhibits and
               Appendices) constitutes the entire agreement among the Parties
               and supersedes any prior understandings, agreements, or
               representations by or among the Parties, written or oral, to the
               extent they related in any way to the subject matter hereof.

          1)   Currency. All references to currency within this Agreement,
               unless otherwise stated, shall mean United States Dollars.

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          m)   Business Day. For the purposes of this Agreement, a business day
               is defined as any calendar day during which the New York Stock
               Exchange is scheduled to be officially open for business for any
               period of time.

          n)   Counterparts. This Agreement may be executed in one or more
               counterparts, by the parties hereto and any successor in
               interest, each of which shall be deemed to be an original and all
               of which together shall be deemed to constitute one and the same
               agreement and the signature of any party to any counterpart shall
               be deemed a signature to, and may be appended to, any other
               counterpart.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
and delivered by their duly authorized officers or agents as set forth below.

                                   PR FIRM:

                                   Waterton Financial, LLC
                                   a Colorado limited liability company

Date:  March 11, 2005              By:  /s/ Jan M. Kennedy
                                     -------------------------------------------
                                   Name:    Jan M. Kennedy
                                   Title:   Managing Member

                                   CLIENT:

                                   NAVIDEC FINANCIAL SERVICES, INC
                                   a Colorado corporation

Date:  March 11, 2005             By: /s/ John R. McKowen
                                     -------------------------------------------
                                   Name:  John R. McKowen
                                   Title: President and Chief Executive Officer

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Navidec Financial Service, Inc./Waterton Financial, LLC Agreement
Exhibit A

                                    Exhibit A
                                    ---------

                              Services Description

PR Firm will use its best efforts in seeking to achieve the following objectives
and service provisions:

A-1) PRIMARY CAMPAIGN OBJECTIVES:
---------------------------------

          a)   Provide strategic counsel, policy guidance and program execution
               leading to sound investor relations' performance and consistent,
               credible communications programs.
          b)   increase general market awareness of Client and promote
               understanding and appreciation for the Company's strategic
               direction among the retail, wholesale, institutional and
               individual investing communities.
          c)   Promote enhanced and pervasive education of our retail broker and
               institutional network.
          d)   Promote positive awareness of Client among securities and
               industry analysts. Research and track analysts' perceptions and
               attitudes towards Client and benchmark these measurables against
               realization of program objectives.
          e)   Coordinate all media activity to promote mass awareness of Client
               and material events via traditional and new media outlets - both
               industry-specific as well as general financial.
          e)   Assist management with the development of high-impact strategic
               approaches to the equity and debt markets that will deliver
               enhanced shareholder value and lower Client's cost of capital.

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Navidec Financial Service, Inc./Waterton Financial, LLC Agreement
Exhibit B

                                    Exhibit B
                                    ---------

                                  Compensation

     B-1) Options. Upon execution of this agreement, Client shall issue to PR
Firm options to purchase 100,000 shares of Navidec Financial Services, Inc.
common stock at an exercise price of $.05 per share exercisable until March 09,
2006 (the "Options"). The options are vested upon issuance and may not be
cancelled even upon early termination.

     B-2) Options. Upon execution of this agreement, Client shall transfer to PR
Firm options to purchase 20,000 shares of BPZ Energy Inc.'s common stock at an
exercise price of $2.00 per share exercisable until July 31, 2006 (the
"Options"). The options are vested upon issuance and may not be cancelled even
upon early termination.

     B-3) One time Retainer. Client shall pay PR Firm a one time retainer of
$5,000 which is payable upon signing of agreement.

     B-4) Monthly Retainer. Upon completion of the $2,000,000 private placement
contemplated by Client regarding its mortgage lending business segment, Client
shall pay PR Firm a monthly retainer of $1,000 per month for a period of not
less than six months. Such monthly retainer payment may be terminated by Client
at any time after the aforementioned six month period.EXHBIT 10.13

                          BUSINESS CONSULTING AGREEMENT

     This CONSULTING AGREEMENT (the "Agreement") is made and entered into as of
July 22, 2005 by and between Navidec Financial Services, Inc., a Colorado
corporation located at 6399 South Fiddler's Green Circle, Suite 300, Greenwood
Village, Colorado 80111 ("Client") and Waterton Financial, LLC, a Colorado
limited liability company located at 6071 N Silverthorne Run, Littleton,
Colorado 80125 ("PR Firm").

                                    RECITALS:
                                    ---------

     WHEREAS, Client is a company that is engaged in, among other things,
identifying and acquiring a controlling interest in development stage companies
to further their growth by providing strategic financial consulting services
(the "Business");

     WHEREAS, Client has filed a registration statement with the U.S. Securities
and Exchange Commission and will be a publicly traded company once the
registration statement is declared effective;

     WHEREAS, Client commenced a private placement of units consisting of one
share of Client's common stock, one Class A Warrant and one Class B Warrant for
$1.00 per unit with a maximum of two million units (the "Private Placement");

     WHEREAS, PR Firm is a strategic financial communications firm focused on
the development and implementation of customized strategies and programs
designed to foster and enhance corporate awareness within the financial markets
community; and

     WHEREAS, Client acknowledges the expertise of PR Firm and desires to avail
itself, for the term of this Agreement, of such expertise, and to compensate PR
Firm in accordance herewith.

     NOW, THEREFORE, in consideration of the foregoing recitals and the
agreements and covenants herein set forth, the parties, agreeing to be legally
bound, hereto agree as follows:

1. Retention; Services. Client hereby retains PR Firm as a consultant to Client,
and PR Firm agrees to render consulting services, as defined in Exhibit A
attached hereto, to Client (the "Services"), upon the terms and conditions set
forth in this Agreement. Notwithstanding any other provision of this Agreement,
Client shall have the sole right to approve any arrangements proposed by PR Firm
with regard to the performance of the services PR Firm is to provide hereunder.

2. Time and Resources Devoted by PR Firm.

     (a) During the term of this Agreement, PR Firm shall spend such time as may
be reasonably required for the performance of the Services and PR Firm shall
guarantee the dedication of senior account executives to the performance of the
Services.
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Navidec Financial Services, Inc./Waterton Consulting Agreement
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     (b) Upon reasonable notice by Client, PR Firm will use reasonable efforts
to accommodate requests by Client to attend and arrange specific meetings,
conferences, and/or other similar formally scheduled events.

     (c) Upon reasonable notice by Client, PR Firm will use reasonable efforts
to accommodate requests by Client for PR Firm to have completed specific
Services by specifically scheduled and mutually agreed upon deadlines.

3. Client Cooperation. Client recognizes and acknowledges that the quality and
accuracy of the Services, and the efficiency and timeliness of their completion,
is significantly dependent on the cooperation of Client with PR Firm as well as
the available resources of Client. Therefore, upon the reasonable request of PR
Firm, subject to compliance with applicable securities laws, Client shall
provide PR Firm in a reasonably timely manner such information and resources
that may be reasonably obtainable by Client that is/are necessary for PR Firm to
perform the Services completely and accurately in all material respects. PR Firm
shall be entitled to rely on the completeness, correctness and accuracy of the
information provided by Client to PR Firm in the performance by PR Firm of the
Services.

4. Acknowledgement of Publicly Trading Status.

     (a) PR Firm and Client agree and acknowledge that once the registration
statement is declared effective and the common stock of Client is publicly
traded it necessitates adherence to various regulations and guidelines provided
and enforced by any regulatory bodies, including the NASD, SEC, NASDAQ or any
other stock exchange, market or trading facility on which its shares will be
listed. As such, PR Firm and Client each agrees and acknowledges that it shall
comply at all times with all applicable federal and state securities laws and
adhere to such regulations and guidelines provided and enforced by any such
regulatory bodies.

     (b) Except as provided for within this Agreement, PR Firm shall not own,
buy, sell, borrow, lend, transfer, hypothecate, or transact in any way, directly
or indirectly the publicly traded stock of Client during the Term of this
Agreement and for a period of three months thereafter.

     (c) PR Firm shall not discuss with or reveal information concerning this
Agreement, Client or the Services to parties other than (i) representatives,
affiliates, and advisors of PR Firm; (ii) parties to this Agreement; (iii)
parties whom Client has informed the PR Firm are bound by nondisclosure
agreements; (iv) professional service providers such as accountants and counsel
with whom Client has informed the PR Firm that they have a formal professional
relationship; and (v) appropriate legal and regulatory persons and/or entities.
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Navidec Financial Services, Inc./Waterton Consulting Agreement
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5. Authorized Representatives. Client shall be duly represented by its
President, CEO, CFO or such other person as mutually designated in writing by
both its President and CEO, who are each individually authorized to commit and
legally bind Client and to provide suggestions and recommendations to PR Firm as
needed for PR Firm to provide the Services. PR Firm shall be duly represented by
its President, or other person designated in writing by the President of PR
Firm, who is authorized to commit and legally bind PR Firm.

6. Compensation. In consideration of the Services agreed to be provided and/or
provided to Client hereunder, Client shall compensate PR Firm in accordance with
this Agreement and as set forth on Exhibit B attached hereto.

7.       Additional Expenses

     (a) Ordinary Operational Expenses of PR Firm. In the performance of the
Services, PR Firm shall incur certain expenses which are considered to be
ordinary internal operational expenses (the "Ordinary Operational Expenses")
and, as such, are to be paid by PR Firm and not passed on to the Client in any
way. The Ordinary Operational Expenses include those expenses which are expected
to allow for the performance of the Services, including the following:

               i.   Facsimile expenses;
               ii.  Telecommunications expenses;
               iii. Printing expenses of general communications;
               iv.  Leasehold expenses.

     (b) Extraordinary Expenses of PR Firm. Client shall pay certain reasonable
costs and expenses incurred by PR Firm, its directors, officers, employees and
agents, in carrying out certain duties and obligations pursuant to the
provisions of this Agreement, excluding Ordinary Operational Expenses, but
including and not limited to the following costs and expenses (the
"Out-of-Pocket Expenses"); provided all costs and expense items in excess of
$500.00 must be approved by Client in writing prior to PR Firm's incurrence of
the same:

               i.   Travel expenses, including but not limited to
                    transportation, lodging and food expenses, when such travel
                    is conducted on behalf of the Client;
               ii.  Seminars, expositions, money and investment shows;
               iii. Radio and television time and print media advertising costs,
                    when applicable; iv. Subcontract fees and costs incurred in
                    preparation of research reports, when applicable;
               v.   Cost of on-site due diligence meetings, if applicable;
               vi.  Printing and publication costs of brochures and marketing
                    materials which are not supplied by the Client; and
               vii. Printing and publication costs of Client's annual reports,
                    quarterly reports, and/or other shareholder communication
                    collateral material which is not supplied by the Client.

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
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8. Start Date; Term; Termination.

     (a) The performance of the Services by PR Firm shall start on July 22, 2005
(the "Start Date").

     (b) Term. Subject to the further provisions of this Section 8, the term of
this Agreement shall be for the period of twelve months beginning on the Start
Date and continuing until 5:00 PM EST on July 22, 2006 (the "Term"), unless
sooner or later terminated in accordance with the further provisions of this
Section 8. This Agreement may be extended by the mutual agreement of the
parties, as evidenced by an amendment pursuant to Section 15(a) of this
Agreement.

     (c) Termination by Client. Effective at any point following the first
ninety (90) days of this Agreement, Client shall have the right to terminate
this Agreement with thirty (30) days prior written notice for any reason
whatsoever or for no reason (the "Early Termination"). Upon the occurrence of a
Early Termination, PR Firm shall be paid in cash, immediately upon such
termination, that dollar amount equal to all Out-of-Pocket Expenses paid or
incurred by PR Firm pursuant to Section 7(b) of this Agreement to the date of
termination, and Client shall pay PR Firm that dollar amount equal to unpaid
fees up to the termination, pursuant to Section 6 of this Agreement.

9. PR Firm Status. PR Firm is an independent contractor performing certain
consulting services for Client and is not an employee, agent, representative,
officer, or partner of Client. PR Firm has no power or authority to act for,
represent, or bind Client or any affiliate of Client in any manner. PR Firm
acknowledges and agrees, and it is the intent of the parties hereto, that, under
this Agreement, PR Firm receive no Client sponsored benefits (except as
contemplated in Sections 6 and 7(b)) from Client, including, but not limited to,
paid vacation, sick leave, medical insurance, and 401(k) or other retirement
plan participation. Nothing contained herein nor any titles held with Client
shall be deemed to create any relationship between the parties other than that
of a principal and independent contractor.

10. Confidentiality; Return of Client Property.

     (a) "Confidential Information" of a party means and includes, but is not
limited to, all information about that party, including, but not limited to,
hardware, software, screens, specifications, designs, plans, drawings, data,
prototypes, discoveries, research, developments, methods, processes, procedures,
improvements, "know-how," trade secrets, compilations, market research,
marketing techniques and plans, business plans and strategies, customer names
and other information related to customers, price lists, pricing policies and
financial information or other business and/or technical information and
materials, in written, graphic, machine-readable form or in any other medium.

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
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Notwithstanding anything to the contrary contained in this Agreement,
Confidential Information shall not include any information that: (i) is in the
public domain or becomes generally known to parties outside of this Agreement on
a non-confidential basis, through no wrongful act of the party to this Agreement
having received such information from the disclosing party; (ii) is lawfully
obtained by either party of this Agreement, as the case may be, from a party
outside of this Agreement without any obligation to maintain the information as
proprietary or confidential; (iii) was known to either party to this Agreement,
as the case may be, prior to its disclosure by the other party to this
Agreement, without any obligation to keep it confidential as evidenced by
tangible records kept in the ordinary course of business; (iv) is independently
developed by either party to this Agreement, as the case may be, without
reference to any Confidential Information disclosed by the other party to this
Agreement as evidenced by tangible records kept in the ordinary course of
business; (v) is the subject of a written agreement whereby PR Firm or Client,
as the case may be, consents to the use or disclosure of such Confidential
Information by the other party to this Agreement; or (vi) is required by
applicable law to be disclosed by either Client or PR Firm.

     (b) PR Firm agrees that at all times during the Term of this Agreement, PR
Firm shall preserve as confidential all Confidential Information concerning
Client, and any actual or potential financial, strategic or operational partners
that has been disclosed to the PR Firm, and PR Firm shall not, without the prior
written consent of Client, use for PR Firm's own benefit or purposes, or
disclose to any other party such Confidential Information, except as required by
PR Firm's engagement with Client, or as required by applicable law. These
obligations with respect to confidentiality shall continue for a period one year
after the expiration or termination of this Agreement. The terms of this
paragraph do not impair the right to disclose such Confidential Information by
PR Firm in order to defend PR Firm from any claim in any court of law once PR
Firm gives Client notice of such intended use.

     (c) All records, business plans, financial statements, manuals, memoranda,
documents, correspondence, reports, records, charts, lists and other similar
data delivered to or compiled by PR Firm or by or on behalf of Client or its
representatives which pertain Client shall be and remain the property of Client
and be subject at all times to its discretion and control. In the event of the
expiration or termination of PR Firm's engagement hereunder, all such materials
pertaining to Client which has been obtained by PR Firm shall be delivered
promptly to Client upon written request by Client once all compensation and
expenses have been paid in accordance with this Agreement; provided, however,
that PR Firm may retain copies of any such documents and materials which may be
reasonably necessary to maintain business, accounting, and legal records
associated with this Agreement subject to the non-disclosure provisions of
Section 10(b).

11. Notice/Cure. Anything contained in this Agreement to the contrary
notwithstanding, neither party shall have failed to perform any material
obligation or duty under this Agreement unless and until:

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
Page 6 of 12

     (a) Consideration. In the case of a failure to pay any consideration, such
failure shall not have been cured within fifteen (15) business days after
receipt of written notice thereof from the party demanding payment.

     (b) Non-Money. In the case of any other failure to perform any obligation
or duty under this Agreement, such failure shall not have been cured within
fifteen (15) business days after receipt of written notice from the demanding
party describing in reasonable detail the failure.

12. Indemnification.

     (a) Client shall indemnify and hold PR Firm and its officers, directors,
employees, agents, PR Firm's affiliates, and representatives harmless from and
against any and all actions, suits, proceedings, liabilities, losses, damages,
judgments, fines, amounts paid in settlement, losses, costs and expenses,
including, but not limited to, reasonable attorneys' and experts' fees and court
costs, (each, a "Loss"), paid or incurred by PR Firm and arising out of or in
connection with any claim by a third party relating to any untrue statement of a
material fact, or any omission to state a material fact, based upon information
furnished by Client to PR Firm in connection with the Services or any other work
performed for Client by the PR Firm.

     (b) PR Firm shall indemnify and hold Client and its officers, directors,
employees, agents, consultants, affiliates, and representatives harmless from
and against any and all Losses, paid or incurred by Client and arising out of or
in connection with any claim by a third party relating to PR Firm's performance
of the Services or any other work performed for Client by the PR Firm; provided,
however, that notwithstanding the foregoing, in no event will PR Firm indemnify
Client for any Losses arising out of or in connection with any untrue statement
of a material fact, or any omission to state a material fact, based upon
information furnished by Client to PR Firm in connection with the Services or
any other work performed for Client by the PR Firm.

13. Representations and Warranties.

     (a) Client represents and warrants to PR Firm that:

               i.   Client is a corporation duly organized, validly existing and
                    in good standing under the laws of the State of Colorado.
                    Client is not in breach or violation of, and the execution,
                    delivery and performance of this Agreement by Client will
                    not result in a breach or violation of, any of the
                    provisions of Client's articles of incorporation, as amended
                    to the date of this Agreement, by-laws, as amended to the
                    date of this Agreement, or any other contract to which
                    Client is a party that is material to its business plans or
                    prospects.

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
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               ii.  Client has the full right, corporate power and authority to
                    execute and deliver this Agreement and to perform the
                    transactions contemplated by this Agreement. The execution
                    and delivery of this Agreement by Client and the performance
                    by Client of the transactions contemplated hereby have been
                    duly and validly authorized by all necessary corporate
                    action. This Agreement has been duly executed, acknowledged,
                    and delivered by Client and is the legal, valid and binding
                    obligation of Client, enforceable against Client in
                    accordance with its terms, except to the extent that the
                    enforceability hereof may be limited by bankruptcy,
                    insolvency, reorganization, moratorium or other laws
                    affecting creditors' rights generally or by general
                    principles of equity.

     (b) PR Firm represents and warrants to Client that:

               i.   PR Firm is a limited liability company duly organized,
                    validly existing and in good standing under the laws of the
                    State of Colorado. PR Firm is not in breach or violation of,
                    and the execution, delivery and performance of this
                    Agreement by PR Firm will not result in a breach or
                    violation of, any of the provisions of PR Firm's articles of
                    incorporation or organization, as amended to the date of
                    this Agreement or by-laws or operating agreement, as amended
                    to the date of this Agreement.

               ii.  PR Firm has the full right, corporate power and authority to
                    execute and deliver this Agreement and to perform the
                    transactions contemplated by this Agreement. The execution
                    and delivery of this Agreement by PR Firm and the
                    performance by PR Firm of the transactions contemplated
                    hereby have been duly and validly authorized by all
                    necessary corporate and member action. This Agreement has
                    been duly executed, acknowledged, and delivered by PR Firm
                    and is the legal, valid and binding obligation of PR Firm,
                    enforceable against PR Firm in accordance with its terms,
                    except to the extent that the enforceability hereof may be
                    limited by bankruptcy, insolvency, reorganization,
                    moratorium or other laws affecting creditors' rights
                    generally or by general principles of equity.

14. Registration of Shares Underlying Options.

     (a) The Client shall prepare and, as soon as practicable following the date
the registration statement on Form SB-2 initially filed on June 21, 2005 is
declared effective by the SEC, file with the Securities and Exchange Commission
(the "SEC") a registration statement on Form SB-2 covering the resale of all the
shares underlying the options listed on Exhibit B (the "Registrable

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
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Securities"). In the event that Form SB-2 is unavailable for such a
registration, the Client shall register the resale of the Registrable Securities
on another appropriate form and undertake to register the Registrable Securities
on Form SB-2 as soon as such form is available, provided that the Client shall
maintain the effectiveness of the Registration Statement then in effect until
such time as a Registration Statement on Form SB-2 covering the Registrable
Securities has been declared effective by the SEC. The Client shall use its
reasonable best efforts to have such registration statement declared effective
by the SEC as soon as practicable.

     (b) All expenses incident to the filing of the registration statement
required by this Section 14, including without limitation all registration and
filing fees, fees and expenses of compliance with securities or blue sky laws,
printing expenses, messenger and delivery expenses, and fees and disbursements
of counsel for Client and all independent certified public accountants,
underwriters (excluding discounts and commissions) and other professionals
retained by Client will be borne by Client. In no event shall Client be
obligated to pay any discounts or commissions with respect to the shares sold by
PR Firm.

     (c) If for any reason the registration statement under Section 14(a) above
is to cover a registration in which securities of Client are sold to an
underwriter for distribution to the public (an "Underwritten Offering"), such
Registrable Securities shall be included in the underwriting on the same terms
and conditions as the securities otherwise being sold through the underwriters.
If in the good faith judgment of the managing underwriter in any Underwritten
Offering, the inclusion of all of the Registrable Securities and any other
common stock of Client requested to be registered in such Underwritten Offering
would have an adverse effect on such offering, then the number of shares of
Registrable Securities and other common stock of Client to be included in the
offering (except for shares to be issued by Client in an offering initiated by
Client) shall be reduced to such smaller number as the managing underwriter
shall in its sole discretion determine. In this event, the reduction in
participation of PR Firm shall occur on a pro rata basis with all other
participating holders of securities to be registered under such registration
statement or other registration statement (as applicable), except to the extent
that certain holders of other securities may have a contractual preference to
participate. In such case, Client and the managing underwriter shall use their
reasonable best efforts to accommodate PR Firm and the holders of other shares
of common stock of Client who possess such registration rights to include of
their securities in the offering. Any shares of Registrable Securities excluded
from an Underwritten Offering as discussed above, shall be withheld from the
market by PR Firm for a period of time, not to exceed 30 days prior to the
effective date and 180 days thereafter, if the managing underwriter reasonably
determines such restriction is necessary in order to affect the underwritten
public offering.

(c) Client shall have the right to terminate or withdraw any registration
initiated by it under this Section 14 prior to the effectiveness of such
registration.

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
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15.      Miscellaneous.

     (a) Amendments. This Agreement may be amended, supplemented or modified
only in a writing signed by the parties hereto.

     (b) Notices. All notices and other communications provided for or permitted
hereunder shall be in writing and shall be delivered personally, by facsimile or
by courier service providing for next day service, or sent by registered or
certified mail, postage prepaid, and return receipt requested, or electronic
mail, if confirmed by a subsequent written letter to the party at the address
noted below:

     If to Client:                               If to PR Firm:
     -------------                               -------------
     Navidec Financial Services, Inc.            Waterton Financial, LLC
     Attention: Robert D. Grizzle                Attn: Jan M. Kennedy
     6399 South Fiddler's Green Circle           6071 N. Silverthorne Run
     Suite 300                                   Littleton, Colorado 80125
     Greenwood Village, CO 80111                 Telephone: (___) ___________
     Telephone: (303) 222-1210                   Facsimile: (___) ____________
     Facsimile: (303) 222-1001                   Email: ____________________
     Email: robertgrizzle@navidec.com
            -------------------------

     (c) Governing Law; Jurisdiction. This Agreement shall be governed by the
laws of the State of Colorado without regard to conflicts of laws principles,
the parties agree to submit to the jurisdiction of the courts of the State of
Colorado for all purposes, and sole and exclusive venue for any dispute or
disagreement arising under or relating to this agreement shall be in a court
sitting in the City and County of Denver, Colorado.

     (d) Waiver. Failure or delay on the part of either party hereto to enforce
any right, power, or privilege hereunder shall not be deemed to constitute a
waiver thereof Additionally, a waiver by either party or a breach of any promise
hereof by the other party shall not operate as or be construed to constitute a
waiver of any subsequent waiver by such other party.

     (e) Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns.

     (f) Assignability. Neither party may assign or delegate any or all of its
rights (other than the right to receive payments) or its duties or obligations
hereunder without the consent of the other party, which consent will not be
unreasonably withheld or delayed; provided, however, that either party may
assign this agreement, without the need to obtain consent of the other party, to
an affiliate of such party or to its successor-in-interest. An assignee will
have all of the rights and obligations of the assigning party set forth in this
Agreement.

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
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     (g) Attorneys' and Experts' Fees; Remedies. In any action, suit or
proceeding brought to enforce any provision of this Agreement, or where any
provision of this Agreement is validly asserted as a defense, the prevailing
party shall be entitled to recover reasonable attorneys' and experts' fees and
expenses in addition to any other available remedy. Other than the right to
recover fees in the preceding sentence, in any dispute between the parties
arising out of this Agreement, neither party shall be liable to the other for
any indirect, special, consequential or incidental damages (including, without
limitation, lost profits).

     (h) No Third Party Beneficiary. The terms and provisions of this Agreement
are intended solely for the benefit of each party hereof and their respective
successors or permitted assigns, and it is not the intention of the parties to
confer third-party beneficiary rights upon any other person or entity.

     (i) Severability. Any term or provision of this Agreement that is invalid
or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the
validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction.

     (j) Section Headings, Construction. The headings of Sections in this
Agreement are provided for convenience only and will not affect its construction
or interpretation. All words used in this Agreement will be construed to be of
such gender or number as the circumstances require. Unless otherwise expressly
provided, the word "including" does not limit the preceding words or terms.

     (k) Entire Agreement. This Agreement (including all Exhibits and
Appendices) constitutes the entire agreement among the Parties and supersedes
any prior understandings, agreements, or representations by or among the
Parties, written or oral, to the extent they related in any way to the subject
matter hereof.

     (1) Currency. All references to currency within this Agreement, unless
otherwise stated, shall mean United States Dollars.

     (m) Business Day. For the purposes of this Agreement, a business day is
defined as any calendar day during which the New York Stock Exchange is
scheduled to be officially open for business for any period of time.

     (n) Counterparts; Facsimile. This Agreement may be executed in one or more
counterparts, by the parties hereto and any successor in interest, each of which
shall be deemed to be an original and all of which together shall be deemed to
constitute one and the same agreement and the signature of any party to any

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
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counterpart shall be deemed a signature to, and may be appended to, any other
counterpart. This Agreement may be executed by facsimile signature and the
facsimile signature of any party shall constitute an original in all respects.

                [Remainder of this page left blank intentionally;
                           Signature page to follow.]

<PAGE>

Navidec Financial Services, Inc./Waterton Consulting Agreement
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     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
and delivered by their duly authorized officers or agents as set forth below.

                                   PR FIRM:

                                   WATERTON FINANCIAL, LLC
                                   a Colorado limited liability company

Date: July 22, 2005                By:  /s/ Jan Kennedy
                                      ---------------------------------
                                      Name: Jan M. Kennedy
                                      Title: Managing Member

                                   CLIENT:

                                   NAVIDEC FINANCIAL SERVICES, INC
                                   a Colorado corporation

Date: July 22, 2005                By:  /s/ Robert Grizzle
                                      -----------------------------------
                                       Name: Robert D. Grizzle
                                       Title: President, Chief Operating Officer
                                              and Chief Financial Officer

<PAGE>

Navidec Financial Service, Inc./Waterton Consulting Agreement
Exhibit A

                                    Exhibit A
                                    ---------

                              Services Description

     PR Firm will use its best efforts in seeking to achieve the following
objectives and service provisions:

     A-1) PRIMARY CAMPAIGN OBJECTIVES:
          ----------------------------

          a)   Provide strategic counsel, policy guidance and program execution
               leading to sound investor relations' performance and consistent,
               credible communications programs.
          b)   increase general market awareness of Client and promote
               understanding and appreciation for Client's strategic direction
               among the retail, wholesale, institutional and individual
               investing communities.
          c)   Promote enhanced and pervasive education of our retail broker and
               institutional network.
          d)   Promote positive awareness of Client among securities and
               industry analysts. Research and track analysts' perceptions and
               attitudes towards Client and benchmark these measurables against
               realization of program objectives.
          e)   Coordinate all media activity to promote mass awareness of Client
               and material events via traditional and new media outlets - both
               industry-specific as well as general financial.
          e)   Assist management with the development of high-impact strategic
               approaches to the equity and debt markets that will deliver
               enhanced shareholder value and lower Client's cost of capital.

<PAGE>

Navidec Financial Service, Inc./Waterton Consulting Agreement
Exhibit B

                                    Exhibit B
                                    ---------

                                  Compensation

Following the execution of this Agreement, Client shall issue to PR Firm an
option to purchase 400,000 shares of Client's common stock at an exercise price
of $1.00 per share and exercisable until July 22, 2010 (the "Options"). The
Options will vest as follows: (A) options to purchase 133,333 shares shall vest
upon the successful completion of the Client's Private Placement in an amount of
not less than $2 million, (B) options to purchase 133,333 shares shall vest upon
the successful conversion of the Client's Class A Warrants issued as part of the
unit in the Private Placement, and (C) options to purchase 133,334 shares shall
vest upon the successful conversion of the Client's Class B Warrants issued as
part of the unit in the Private Placement.

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