I was able to point it to a 64 bit version of Java 1.6.0_30 to get it to work properly.
Attached picture of error for java 1.7.0_02. Here is output of openproj invocation and java version info:
[user@localhost Downloads]$ openproj
Java version: 1.7.0_02 OK
Java implementation: Java(TM) OK
[user@localhost Downloads]$ java -version
java version "1.7.0_02"
Java(TM) SE Runtime Environment (build 1.7.0_02-b13)
Java HotSpot(TM) 64-Bit Server VM (build 22.0-b10, mixed mode)