SOAP UI Pro 3.0.1 - Suite 'test runner'

I am getting a JAVA error when I try to run the test runner on a porject in SOAPUIPro 3.0.1

Running soapUI TestRunner for [TIBCO-OPS-V3-new_WSDL]
directory: C:\Program Files\eviware\soapUI-Pro-3.0.1\bin\.
command: cmd.exe /C testrunner.bat -sOrderPlacementTestSuite-NEON -r -a -j -f D:\EAI\OrderFulfillment\TIBCO Conversion\Test Data\IntegrationTestResults\New Folder\ATG -o D:\EAI\OrderFulfillment\TIBCO Conversion\SOAPUI\TIBCO-OPS-new_WSDL-V3-soapui-project.xml
java.lang.UnsupportedClassVersionError: com/eviware/soapui/SoapUIProTestCaseRunner (Unsupported major.minor version 49.0)
at java.lang.ClassLoader.defineClass0(Native Method)
at java.lang.ClassLoader.defineClass(ClassLoader.java:539)
at java.security.SecureClassLoader.defineClass(SecureClassLoader.java:123)
at java.net.URLClassLoader.defineClass(URLClassLoader.java:251)
at java.net.URLClassLoader.access$100(URLClassLoader.java:55)
at java.net.URLClassLoader$1.run(URLClassLoader.java:194)
at java.security.AccessController.doPrivileged(Native Method)
at java.net.URLClassLoader.findClass(URLClassLoader.java:187)
at java.lang.ClassLoader.loadClass(ClassLoader.java:289)
at sun.misc.Launcher$AppClassLoader.loadClass(Launcher.java:274)
at java.lang.ClassLoader.loadClass(ClassLoader.java:235)
at java.lang.ClassLoader.loadClassInternal(ClassLoader.java:302)
Exception in thread "main"