UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 AMENDMENT NO. 1

                                  FORM 10-QSB/A



        |X| QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2006

       |_| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

             For the transition period from __________ to _________

                        Commission file Number 333-106299

                            ODYSSEY OIL AND GAS, INC
        ----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

                       ADVANCED SPORTS TECHNOLOGIES, INC.
                           (Former Name of Registrant)


             FLORIDA                                     65-1139235
  ----------------------------------          ------------------------------
    (State or other jurisdiction              (IRS Employer Identification No.)
  of incorporation or organization)

                            5005 Riverway, Suite 440
                                Houston, TX 77056
                     Address of Principal Executive Offices

                                 (713) 623-2219
                                 --------------
                           (Issuer's telephone number)

 Check whether the issuer: (1) filed all documents reports required to be filed
  by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
     (2) has been subject to such filing requirements for the past 90 days.
                                 Yes |X| No |_|

Indicate by check mark whether the registrant is a shell company (as defined in
                 Rule 12b-2 of the Exchange Act). Yes |X| No |_|

The number of shares of the registrant's common stock, par value $0.0001 per
share, outstanding as of March 31, 2006 was 33,175,009 shares.






PART I - FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements and Condensed Notes - Quarter Ended March 31, 2006
Item 2. Management's Discussion and Analysis or Plan of Operation
Item 3. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Default Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
Signatures




PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS AND CONDENSED NOTES (UNAUDITED) - QUARTER ENDED
MARCH 31, 2006

                 ODYSSEY OIL & GAS, INC , INC., AND SUBSIDIARIES
                        CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2006



CONTENTS                                                                PAGE
                                                                      --------


Balance Sheets                                                           F-1
--------------

Statements of Operations                                                 F-2
------------------------

Statements of Changes in Shareholders' Equity                            F-3
---------------------------------------------

Statements of Cash Flows                                                 F-5
------------------------

Notes to Consolidated Financial Statements                               F-6
------------------------------------------



                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                      CONDENSED CONSOLIDATED BALANCE SHEET
                              AS OF MARCH 31, 2006
                                   (UNAUDITED)


                                                                      
                                     ASSETS

TOTAL ASSETS                                                             $         --
                                                                         ============

                    LIABILITIES AND STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES
  Accounts payable and accrued expenses                                  $    108,300
  Loans payable - related party                                                50,606
  Accrued royalty expense                                                     163,500
  Due to shareholder                                                           26,564
                                                                         ------------
       Total Current Liabilities                                              348,970

LONG-TERM LIABILITIES
   Royalties due                                                              210,000
                                                                         ------------

TOTAL LIABILITIES                                                             558,970
                                                                         ------------

STOCKHOLDERS' DEFICIENCY
  Preferred stock, $0.0001 par value, 20,000,000 shares authorized,
   none issued and outstanding                                                     --
  Common stock, $0.0001 par value, 100,000,000 shares
   authorized, 33,175,009 shares issued and
   outstanding                                                                  3,318
  Additional paid-in capital                                                3,500,173
  Accumulated deficit during development stage                             (4,062,461)
                                                                         ------------
        Total Stockholders' Deficiency                                       (558,970)
                                                                         ------------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY                           $         --
                                                                         ============


     See accompanying notes to condensed consolidated financial statements.


                                      F-1


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



                                                                                                             For the Period
                                                                                                                  from
                                                                        For the Three      For the Three      May 28, 2003
                                                                        Months Ended       Months Ended      (Inception) To
                                                                       March 31, 2006     March 31, 2005     March 31, 2006
                                                                       --------------     --------------     --------------
                                                                                                    
OPERATING EXPENSES
  General and administrative                                           $           --     $           --     $        3,259
  Professional fees                                                             4,995                 --             32,066
                                                                       --------------     --------------     --------------
        Total Operating Expenses                                                4,995                 --             35,325
                                                                       --------------     --------------     --------------

LOSS FROM CONTINUING OPERATIONS                                                (4,995)                --            (35,325)

OTHER INCOME (EXPENSE)
  Interest income                                                                  --                 --              2,789
  Interest expense                                                               (969)                --             (3,164)
                                                                       --------------     --------------     --------------
        Total Other (Expense)                                                    (969)                --               (375)
                                                                       --------------     --------------     --------------

LOSS BEFORE DISCONTINUED OPERATIONS                                            (5,964)                --            (35,700)

LOSS FROM DISCONTINUED OPERATIONS                                             (70,500)          (124,043)        (4,026,761)
                                                                       --------------     --------------     --------------

NET LOSS                                                               $      (76,464)    $     (124,043)    $   (4,062,461)
                                                                       ==============     ==============     ==============

 LOSS PER COMMON SHARE - BASIC AND DILUTED
   Loss from continuing operations                                     $           --     $           --     $           --
   Loss from discontinued operations                                               --                 --               (.14)
                                                                       --------------     --------------     --------------

 Net loss per share - basic and diluted                                $           --     $           --     $         (.14)
                                                                       ==============     ==============     ==============

Weighted average number of shares outstanding during the period -
  basic and diluted                                                        33,175,009         33,577,509         28,571,176
                                                                       ==============     ==============     ==============


     See accompanying notes to condensed consolidated financial statements.


                                      F-2


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
          CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
         FOR THE PERIOD FROM MAY 28, 2003 (INCEPTION) TO MARCH 31, 2006
                                   (UNAUDITED)




                                                                                                                     Additional
                                                            Preferred Stock                  Common Stock              Paid-In
                                                        Shares          Amount          Shares          Amount         Capital
                                                     ------------    ------------    ------------    ------------    ------------
                                                                                                      
Common stock issued to founders for cash
 ($0.10 per share)                                             --    $         --           2,500    $          1    $        249

Common stock issued for license ($0.10 per share)              --              --      16,500,000           1,650       1,648,350

Common stock issued to officer as compensation
 ($0.10 per share)                                             --              --       7,125,000             713         711,787

Common stock issued for cash ($0.10 per share)                 --              --         800,000              80          79,920

Common stock issued for cash ($0.45 per share)                 --              --         277,778              28         124,972

Common stock issued to consultant for services
 ($0.10 per share)                                             --              --       8,200,000             820         819,180

Net loss for the period from May 28, 2003
 (inception) to December 31, 2003                              --              --              --              --              --
                                                     ------------    ------------    ------------    ------------    ------------

Balance, December 31, 2003                                     --              --      32,905,278           3,292       3,384,458


                                                      Accumulated
                                                     Deficit During
                                                      Development
                                                         Stage             Total
                                                      ------------     ------------
                                                                 
Common stock issued to founders for cash
 ($0.10 per share)                                    $         --     $        250

Common stock issued for license ($0.10 per share)               --        1,650,000

Common stock issued to officer as compensation
 ($0.10 per share)                                              --          712,500

Common stock issued for cash ($0.10 per share)                  --           80,000

Common stock issued for cash ($0.45 per share)                  --          125,000

Common stock issued to consultant for services
 ($0.10 per share)                                              --          820,000

Net loss for the period from May 28, 2003
 (inception) to December 31, 2003                       (1,737,805)      (1,737,805)
                                                      ------------     ------------

Balance, December 31, 2003                              (1,737,805)       1,649,945


     See accompanying notes to condensed consolidated financial statements.


                                      F-3


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
          CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
         FOR THE PERIOD FROM MAY 28, 2003 (INCEPTION) TO MARCH 31, 2006
                                   (UNAUDITED)




                                                                                                                      Additional
                                                           Preferred Stock                   Common Stock               Paid-In
                                                        Shares          Amount          Shares          Amount          Capital
                                                     ------------    ------------    ------------    ------------    ------------
                                                                                                      
Common stock issued for cash ($0.45 per share)                 --              --         672,231              67         302,436

Net loss, 2004                                                 --              --              --              --              --
                                                     ------------    ------------    ------------    ------------    ------------

Balance, December 31, 2004                                     --              --      33,577,509           3,358       3,686,895

Common stock cancelled related to  license rights
 ($0.03 per share)                                             --              --     (16,500,000)         (1,650)       (493,350)

Common stock issued  to officer for services
 ($0.03 per share)                                             --              --       5,000,000             500         149,500

Shares issued in reverse merger                                --              --      11,097,500           1,110          (1,110)

In-kind contribution                                           --              --              --              --          12,000

Warrants issued for non- exclusive license                     --              --              --              --         143,238

Net loss, 2005                                                 --              --              --              --              --
                                                     ------------    ------------    ------------    ------------    ------------

Balance , December 31, 2005                                    --              --      33,175,009           3,318       3,497,173

In-kind contribution                                           --              --              --              --           3,000

Net loss during the three months ended
March 31, 2006                                                 --              --              --              --              --
                                                     ------------    ------------    ------------    ------------    ------------

BALANCE, MARCH 31, 2006                                        --    $         --    $ 33,175,009    $      3,318    $  3,500,173
                                                     ============    ============    ============    ============    ============


                                                      Accumulated
                                                     Deficit During
                                                      Development
                                                         Stage             Total
                                                      ------------     ------------
                                                                 
Common stock issued for cash ($0.45 per share)                  --          302,503

Net loss, 2004                                            (551,203)        (551,203)
                                                      ------------     ------------

Balance, December 31, 2004                              (2,289,008)       1,401,245

Common stock cancelled related to  license rights
 ($0.03 per share)                                              --         (495,000)

Common stock issued  to officer for services
 ($0.03 per share)                                              --          150,000

Shares issued in reverse merger                                 --               --

In-kind contribution                                            --           12,000

Warrants issued for non- exclusive license                      --          143,238

Net loss, 2005                                          (1,696,989)      (1,696,989)
                                                      ------------     ------------

Balance , December 31, 2005                             (3,985,997)        (485,506)

In-kind contribution                                            --            3,000

Net loss during the three months ended
March 31, 2006                                             (76,464)         (76,464)
                                                      ------------     ------------

BALANCE, MARCH 31, 2006                               $ (4,062,461)    $   (558,970)
                                                      ============     ============


     See accompanying notes to condensed consolidated financial statements.


                                      F-4


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)



                                                                                                                   For the Period
                                                                                                                        from
                                                                           For the Three       For the Three        May 28, 2003
                                                                            Months Ended        Months Ended       (Inception) To
                                                                           March 31, 2006      March 31, 2005      March 31, 2006
                                                                           ---------------     ---------------     ---------------
                                                                                                          
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                                 $       (76,464)    $            --     $    (4,062,461)
  Net loss from discontinued operations                                            (70,500)           (124,043)         (4,026,761)
                                                                           ---------------     ---------------     ---------------
  Loss from continuing operations                                                   (5,964)           (124,043)            (35,700)
  Adjustments to reconcile net loss to net cash used in operating
   activities:
  Changes in operating assets and liabilities:
   Increase (decrease)  in accounts payable and accrued expenses                    (5,557)                 --             108,300
   Increase in accrued royalty expenses                                             63,500              50,000             373,500
    Discontinued operations, net                                                   (65,777)             25,259            (896,211)
                                                                           ---------------     ---------------     ---------------
         Net Cash Used In Operating Activities                                     (13,798)            (48,784)           (450,111)
                                                                           ---------------     ---------------     ---------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment                                                    --                  --             (34,812)
  Loss of license rights                                                                --                  --            (100,000)
                                                                           ---------------     ---------------     ---------------
         Net Cash Used In Investing Activities                                          --                  --            (134,812)
                                                                           ---------------     ---------------     ---------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of common stock                                                --                  --             507,753
  Due to shareholder                                                                11,151               6,000              26,564
  Loans payable - related party                                                        949                  --              50,606
                                                                           ---------------     ---------------     ---------------
         Net Cash Provided By Financing Activities                                  12,100               6,000             584,923
                                                                           ---------------     ---------------     ---------------

NET (DECREASE) IN CASH                                                              (1,698)            (42,784)                 --

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                     1,698              48,102                  --
                                                                           ---------------     ---------------     ---------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                 $            --     $         5,318     $            --
                                                                           ===============     ===============     ===============

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Cash paid for income taxes                                                 $           456     $           456     $         1,368
                                                                           ===============     ===============     ===============

Cash paid for interest                                                     $            --     $            --     $            --
                                                                           ===============     ===============     ===============


     See accompanying notes to condensed consolidated financial statements.


                                      F-5


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2006
                                   (UNAUDITED)

NOTE 1      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

            (A) Basis of Presentation

            The accompanying  unaudited condensed financial statements have been
            prepared in accordance with accounting principles generally accepted
            in the United States of America and the rules and regulations of the
            Securities   and   Exchange   Commission   for   interim   financial
            information.  Accordingly,  they do not include all the  information
            necessary for a comprehensive presentation of financial position and
            results of operations.

            It is management's  opinion however,  that all material  adjustments
            (consisting of normal  recurring  adjustments)  have been made which
            are  necessary for a fair  financial  statements  presentation.  The
            results for the interim period are not necessarily indicative of the
            results to be expected for the year.

            For  further  information,  refer to the  financial  statements  and
            footnotes  included in the Company's  Form 10-KSB for the year ended
            December 31, 2005.

            (B) Principles of Consolidation

            The  financial  statements  for 2006 include the accounts of Odyssey
            Oil & Gas,  Inc.  (F/K/A  Advanced  Sports  Technologies,  Inc.) and
            CardioBioMedical  Corporation (a  development  stage  company).  The
            financial    statements   for   2005   include   the   accounts   of
            CardioBioMedical  Corporation.  All intercompany  accounts have been
            eliminated in the consolidation.

            Odyssey Oil & Gas, Inc. (F/K/A Advanced Sports  Technologies,  Inc.)
            and its  wholly-owned  subsidiary  are hereafter  referred to as the
            "Company."

            (C) Use of Estimates

            In preparing  financial  statements  in  conformity  with  generally
            accepted  accounting  principles,  management  is  required  to make
            estimates and assumptions that affect the reported amounts of assets
            and  liabilities  and  the  disclosure  of  contingent   assets  and
            liabilities at the date of the financial statements and revenues and
            expenses  during the reported  period.  Actual  results could differ
            from those estimates.

            (D) Loss Per Share

            Basic and diluted net loss per common  share is computed  based upon
            the  weighted  average  common  shares  outstanding  as  defined  by
            Financial  Accounting Standards No. 128, "Earnings Per Share." As of
            March 31, 2006 there were 6,500,000  warrants  outstanding that were
            not  included  in  dilutive  net loss per  share as the  effect  was
            anti-dilutive.  As of March 31,  2005,  there  were no common  share
            equivalents outstanding.


                                      F-6


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2006
                                   (UNAUDITED)

NOTE 2      DUE TO SHAREHOLDER

            During the three months ended March 31, 2006, a shareholder advanced
            the  Company an  additional  $11,151  for  operating  expenses.  The
            advance is non-interest bearing,  unsecured and due on demand. As of
            March 31, 2006, total advances and loans were $77,170.

NOTE 3      STOCKHOLDERS' EQUITY

            (A) Common Stock Issued for Cash

            During 2003,  the Company issued 2,500 shares of common stock to its
            founder for cash of $250 ($0.10 per share).

            During 2003,  the Company  issued 800,000 shares of common stock for
            cash of $80,000 ($0.10 per share).

            During 2003,  the Company  issued 277,778 shares of common stock for
            cash of $125,000 ($0.45 per share).

            During 2004,  the Company  issued 672,231 shares of common stock for
            cash of $302,503 ($0.45 per share).

            During 2005, the Company issued 11,097,500 shares of common stock to
            the stockholders of Advanced Sports upon completion of the merger.

            (B) Common Stock Issued for Services

            During 2003, the Company issued 7,125,000 shares of common stock for
            officer  compensation  valued for financial  accounting  purposes at
            $712,500 ($0.10 per share) based upon recent cash offering prices.

            During 2003,  the Company issued  16,500,000  shares of common stock
            for licensing  rights valued for  financial  accounting  purposes at
            $1,650,000 ($0.10 per share) based upon recent cash offering prices.
            During 2005, these 16,500,000  shares of common stock were cancelled
            pursuant to an agreement dated  September 16, 2005.  Under the terms
            of this agreement,  a  nontransferable  warrant for 6,500,000 common
            shares at $ .01 per share was issued.  This  warrant is  exercisable
            between January 1, 2007 and December 31, 2014. The fair value of the
            warrants  was  estimated  on the grant date using the  Black-Scholes
            option  pricing  model as  required  by SFAS 123 with the  following
            assumptions:  expected  dividend yield 0%,  volatility 1%, risk-free
            interest rate of return of 3.28% and expected  life of 7 years.  The
            value of $143,238 was recorded as intangible license tights and will
            be amortized over the patent life of approximately 14 years.


                                      F-7


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2006
                                   (UNAUDITED)

            During 2003, the Company issued 8,200,000 shares of common stock for
            consulting  services  valued for  financial  accounting  purposes at
            $820,000 ($0.10 per share) based upon recent cash offering prices.

            During 2005, the Company issued  5,000,000 shares of common stock to
            its  Chief  Executive  Officer  and  President  in  recognition  and
            consideration  of his  service as an  officer  and  director  of the
            Company  since June 2003 and his  contributions  to the progress and
            development of the Company,  for which service and  contributions he
            has not been  compensated  prior to the  date of  issuance  of these
            shares. For financial accounting purposes,  these shares were valued
            at $150,000 ($0.03 per share) based upon recent market prices of the
            Company.

            (C) In-kind Contribution

            During 2006,  the Company  recorded  additional  paid-in  capital of
            $3,000 for the fair value of rent  contributed to the Company by its
            president.

            During 2005,  the Company  recorded  additional  paid-in  capital of
            $12,000 for the fair value of rent contributed to the Company by its
            president.

NOTE 4      RELATED PARTY TRANSACTIONS

            During the three months ended March 31, 2006, a stockholder advanced
            the  Company an  additional  $11,151  for  operating  expenses.  The
            advance is non-interest bearing, unsecured and due on demand.

            From inception,  the Company recorded  additional paid-in capital of
            $15,000 for the fair value of rent contributed to the Company by its
            president.

NOTE 5      COMMITMENTS AND CONTINGENCIES

            (A) License Agreement

            During 2003, the Company  acquired the North America  license rights
            to the bio-cybernetic  technology and frequency analysis  technology
            covered by U.S.  Patent  6,145,228 and  copyright  TXU 856-320.  The
            license  period is for the life of the  patent or for 15 years  from
            the first sale of products  developed using the license rights.  The
            agreement  requires  a  royalty  payment  of 5% of all  sales  after


                                      F-8


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2006
                                   (UNAUDITED)

            initial sales of $3,000,000 or 50 units,  minimum royalties equal to
            12.5% of all  equity  raised  in the fist  year and  minimum  annual
            royalties of  $250,000,  thereafter.  On  September  16, 2005, a new
            agreement  superseding  the  previous  license  agreement  and other
            agreements  was entered into.  This new  agreement  provided for the
            return for cancellation of 16,500,000 shares of Company common stock
            owned by the  inventor,  the  issuance  to him of a  nontransferable
            warrant to purchase  6,500,000  shares of common  stock at $ .01 per
            share  exercisable  between  January 1, 2007 and  December 31, 2014,
            agreement   that   $310,000   was  due  him  payable  in   quarterly
            installments of $ 50,000  beginning for the quarter starting July 1,
            2006  and  a  non-exclusive  license  agreement.  The  non-exclusive
            license   agreement   is  for  North   America   covering  the  same
            technology/products as before with a royalty of 5% of the sale price
            for each device sold to a customer within the defined territory. The
            minimum royalty, beginning in 2006, is $250,000 per year, payable in
            installments  every two months beginning on the last day of February
            2006.  The license may be  cancelled at any time for failure to pay.
            The inventor  also may license the product in the defined  territory
            to two other companies with certain exceptions that expire beginning
            January 1, 2008. As of March 31, 2006,  the Company has not sold any
            products and has accrued $373,500 due to the license holder.

            During the three months  ended March 31,  2006,  the Company did not
            raise additional equity capital and consequently, was unable to make
            the minimum  royalty payment of $50,000 due on February 28, 2006 and
            is in default under the agreement.

            (B) Employment Agreement

            During 2003, the Company  entered into an employment  agreement with
            an individual to assume the position of Chief Executive  Officer and
            President  for a term of five years at an annual  salary of $250,000
            upon  the  Company  raising  $500,000  in  equity  financing,   with
            additional annual increases of 10% every July 1 over the life of the
            agreement.  The  agreement  also  calls for the  officer  to receive
            fringe benefits and participate in all Company  employment  benefits
            as approved by the Board of  Directors.  As of March 31,  2006,  the
            Company has not raised the minimum  equity capital and no salary has
            been accrued or paid.

NOTE 6      DISCONTINUED OPERATIONS

            On April 21, 2006, the ownership of CardioBioMedical Corporation was
            exchanged  for  22,077,509  shares of  Odyssey  common  stock to the
            original  stockholders  (See Note 8).  Accordingly,  all current and
            prior period amounts relating to the operations of  CardioBioMedical
            Corporation have been reclassified to conform to this  presentation.
            The  loss  from  discontinued  operations  was  equal  to  operating
            expenses.


                                      F-9


                     ODYSSEY OIL & GAS, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2006
                                   (UNAUDITED)

NOTE 7      GOING CONCERN

            As reflected in the accompanying  financial statements,  the Company
            is in the  development  stage with a working  capital  deficiency of
            $348,970,  an accumulated  deficit of $4,062,461 and a negative cash
            flow  from  operations  of  $450,111  from  inception.  This  raises
            substantial  doubt about its ability to continue as a going concern.
            The  ability  of the  Company  to  continue  as a going  concern  is
            dependent on the Company's  ability to raise additional  capital and
            implement its business plan. The financial statements do not include
            any adjustments  that might be necessary if the Company is unable to
            continue as a going concern.

            On April 21, 2006,  the Company  acquired a 10% working  interest in
            certain gas and oil leases in Texas.  The  Company's  portion of the
            capital  requirement  to finish the well is  approximately  $59,000.
            This capital requirement was funded by an affiliated party (Note 8).
            Management  anticipates  that the well will produce cash flow in the
            second quarter of 2006 sufficient to ensure that the Company will be
            able to continue as a going concern.

NOTE 8      SUBSEQUENT EVENTS

            On April 20,  2006,  the Articles of  Incorporation  were amended to
            change the name of the  Company to Odyssey  Oil & Gas,  Inc.  and to
            increase the number of  authorized  common shares from 20 million to
            250 million.

            On April 21, 2006,  the Company  exchanged  all of its  ownership in
            CardioBioMedical   Corporation  to  the  original  stockholders  for
            22,077,509  common  shares  of  Odyssey  and the  warrant  issued to
            purchase   6,500,000  shares  of  the  Company's  common  stock  was
            cancelled  based on the value of the assets and  liabilities  on the
            date of the exchange.

            On April 21, 2006,  the Company  issued 20 million  shares of common
            stock to  purchase a 10%  working  interest in gas and oil leases in
            Texas for $165,000 from  Centurian  Gold  Holdings,  Inc., a related
            public company. The investment was recorded at historical cost equal
            to  the  amount  recorded  by  Centurian  Gold  Holdings,  Inc.  The
            investment  is  being   accounted  for  under  the  cost  method  of
            accounting.

            As a  result  of the  CardioBioMedical  Corporation  and gas and oil
            lease transactions  referred to above, the Company incurred a change
            in control.

            Subsequent  to March 31,  2006,  an  affiliated  party  advanced the
            Company  on  additional  $58,229  and  a  third  party  advanced  an
            additional  $9,203 for operating and oil well development  expenses.
            The advances are non-interest bearing, unsecured and due on demand.


                                      F-10


                            FORWARD LOOKING STATEMENT

Certain  statements  contained in this  discussion and analysis or  incorporated
herein  by   reference   that  are  not  related  to   historical   results  are
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation Reform Act of 1995. Statements that are predictive,  that depend upon
or refer to future  events or  conditions,  and/or  that  include  words such as
"expects,"  "anticipates," "intends," "plans," "believes," "estimates," "hopes,"
and similar expressions constitute forward-looking  statements. In addition, any
statements concerning future financial  performance  (including future revenues,
earnings or growth rates),  business strategies or prospects, or possible future
actions by us are also forward-looking statements.

These forward-looking  statements are based on beliefs of our management as well
as current  expectations,  projections,  assumptions and  information  currently
available to the Company and are subject to certain risks and uncertainties that
could cause actual results to differ materially from historical results or those
anticipated or implied by such forward-looking statements. Should one or more of
those risks or  uncertainties  materialize  or should  underlying  expectations,
projections and assumptions prove incorrect,  actual results may vary materially
from those described.  Those events and  uncertainties  are difficult to predict
accurately  and many are beyond our control.  We assume no  obligation to update
these  forward-looking  statements to reflect events or circumstances that occur
after the date of these  statements  except  as  specifically  required  by law.

           Accordingly, past results and trends should not be used to
                      anticipate future results or trends.

ITEM 2. MANAGEMENT DISCUSSION

OVERVIEW

The Company was formed in Florida in August 2001 with the plan of becoming a
direct marketing company that developed and marketed premium-quality,
premium-priced, branded fitness and exercise equipment to the home fitness
equipment market. Our original business plan included marketing products
directly to consumers through a variety of direct marketing channels.

As an initial step, the Company licensed the rights to a portable gym subject to
patent protection in the United States, which was eligible to be marketed under
the trademark Better Buns. It was the Company's intention for this product to be
its first direct-marketed product. The Company was unsuccessful in its attempts
to raise funding to pursue this goal and in May 2005, received notice that it
was in breach of its license agreement for the Better Buns product and that the
license was being terminated. Since inception to date, the Company had not
generated any revenues through the sale of the Better Buns product or otherwise,
and had not engaged in any marketing activities due to limited funds and
resources.

In September 2005, the Company changed focus in connection with the Merger of a
wholly-owned subsidiary of the Company and CardioBioMedical Corporation ("CBM"),
a Delaware corporation. The subsidiary merged with and into CBM, with CBM as the
surviving corporation which became a subsidiary of the Company. The
consideration for the merger consisted of 22,077,509 shares of the Company
common stock, $.0001 par value, payable on a one-for-one basis to the consenting
shareholders of CBM and a warrant, exercisable beginning January 1, 2008, to
purchase 6,500,000 shares of the Company common stock at a purchase price of
$.01 per share payable to the sole warrant holder of CBM in exchange for an
equivalent CBM warrant. The new objective of the Company was to establish a
medical device, the Cardio Spectrum Diagnostic System as the standard of care
for the detection of early-stage ischemic heart disease. Our strategy consisted
in first obtaining insurance reimbursement for performance of the diagnostic
test then establishing the device with cardiologists and later gaining
acceptance and use by other physician specialties and hospitals. The Company was
unsuccessful in its attempts to pursue its goal of obtaining insurance
reimbursement and then marketing CSD. On April 21, 2006, our Board of Directors
authorized the purchase (the "Purchase") of a ten percent (10%) working interest
in the BBB Area, Wharton, Texas an oil exploration project. At the present time,
the business operations of BBB Area constitute all of the business operations of
the Company.

CRITICAL ACCOUNTING POLICIES AND CHANGES TO ACCOUNTING POLICIES

The Company historically has utilized the following critical accounting policies
in making its more significant judgments and estimates used in the preparation
of its financial statements:



USE OF ESTIMATES. In preparing financial statements in conformity with
accounting principles generally accepted in the United States, management is
required to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and
expenses during the reported period. Actual results could differ from those
estimates.

INCOME TAXES. The Company accounts for income taxes under Statement of Financial
Accounting Standards No. 109, Accounting for Income Taxes ("Statement 109").
Under Statement 109, deferred tax assets and liabilities are recognized for the
future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their
respective tax bases. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled. Under
Statement 109, the effect on deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period that includes the enactment
date.

RECENT DEVELOPMENTS

On April 21, 2006, our Board of Directors authorized the purchase (the
"Purchase") of a ten percent (10%) working interest in the BBB Area, Wharton,
Texas which is an oil exploration project. At the present time, the business
operations of BBB Area constitute all of the business operations of the
Registrant.

The sellers of the working interest received in the aggregate 20,000,000
restricted shares of the common stock of the Company in exchange for the 10%
working interest leaving a total of 31,097,500 shares of common stock issued and
outstanding immediately following the acquisition and the subsequent disposition
of CardioBioMedical Corporation.

The preexisting member of the Company's board of directors resigned immediately
after the acquisition. The following person has been appointed to the board of
directors: Arthur Johnson.

Additionally, Arthur Johnson was appointed as President and Secretary executive
officer of the Company.

At the present time, the business operations of the Company consist of the
ownership in the 10% working interest in the BBB Area, Wharton, Texas an oil
exploration project. The Company intends to devote its energy to the exploration
and exploitation of the BBB Area. As a result of the acquisition described above
the Company has acquired a ten percent (10%) working interest in BBB Area,
Wharton, Texas. As a result of the acquisition the Company disposed of
CardioBioMedical Corporation and returned to treasury 22,077,509 shares of the
issued and outstanding common stock and cancel a warrant exercisable beginning
January 1, 2008 to purchase 6,500,000 shares of the Company's common stock at a
purchase price of $.01 per share.

On April 21, 2006 a change in control occurred as a result of the acquisition of
the 10% working interest in BBB Area, Wharton, Texas. The terms of the
acquisition are set forth in the Stock Purchase Agreement dated April 21, 2006
between Advanced Sports Technologies, Inc and the owners of the 10% working
interest in BBB Area. A copy of the Stock Purchase Agreement has been filed with
the 8-K/A dated May 1, 2006.

On April 20, 2006, in anticipation of the  acquisition as described  above,  the
Company changed its name from Advanced Sports Technologies,  Inc. to Odyssey Oil
& Gas, Inc. The Company also increased its Authorized  Shares to two hundred and
seventy million (270,000,000) shares which includes two hundred fifty million
(250,000,000)  shares of Common Stock and twenty million  (20,000,000) shares of
preferred stock.  The change of name and the increase in the authorized  capital
was approved by consent of a majority of the outstanding  shares.  The necessary
documentation was submitted to the State of Florida on April 24, 2006.

PLAN OF OPERATIONS

Neither AST nor CBM has generated any revenues from operations or otherwise
since their inception. AST intended to generate revenue through the sale of a
licensed product, Better Buns(R) - a portable patented gym product, but the
license to such product was terminated due to AST 's failure to make minimum
royalty payments. Through September 23, 2005, the Company had not been
successful in raising capital for the development, marketing or sale of any
other products. The Company then adopted a new strategy through the merger with
CBM.



In order to implement the new strategy of the Company, AST needed to raise
capital during 2006. Both entities have funded operations to date in part
through the sale of equity securities and loans, although such efforts have been
insufficient to effectively pursue their business strategies.

We intended to raise capital primarily through the public or private sale of
securities (equity and/or debt), although there can be no assurance that we will
be able to obtain capital or, if such capital is available, that the terms of
any financing will be acceptable. If the Company had succeeded in raising
capital, such funds would have been used to implement the new strategy of
developing clinical trial data to support the market introduction of the Cardio
Spectrum Diagnostic System in the United States, Canada and Mexico. Payment for
clinical trials includes retaining the services of a clinical research
organization, payment to the clinical research site(s) for patients enrolled in
the clinical trials, payment for the CSD unit(s) used in these clinical trials,
payment for costs associated with Institution Review Board Approval, and
preparation of marketing materials to support commercial introduction of the
CSD.

Pursuant to its new strategy, the Company continued to operate at a reduced
level as it attempted to raise capital. The Company believed such an approach
would help leverage results through better allocation of its capital by
retaining as needed the diverse expertise required to conduct clinical trials
and to prepare for market introduction.

Having been unsuccessful at raising sufficient capital to fund our operations in
order to implement the new strategy, we were forced to seek opportunities
outside of our new corporate focus or to seek a buyer for our business or
another entity with which we could partner.

EXPENSES

Expenses of CBM decreased 38% to $76,464 for the quarter ended March 31, 2006
compared to $124,043 for the quarter ended March 31, 2005. This decrease in
expenses was necessitated by the inability of the Company to raise additional
equity capital to fund its operations. During 2006, CBM was able to minimize
expenses while it sought additional equity capital. In this regard, the major
expense of a clinical trial at Cedars - Sinai Medical Center was placed on hold
pending resolution of the financial status of CBM and, therefore, no expense
were incurred for research and development during the quarter ending March 31,
2006.

At the present time, the business operations of the Company consist of the
ownership in the 10% working interest in the BBB Area, Wharton, Texas an oil
exploration project. The Company intends to devote its energy to the exploration
and exploitation of the BBB Area. Given this new focus, our capital requirements
was $67,432 for our share of the working interest, in order to bring the well
into production. Odyssey was able to raise the funds from an affiliated party
and the payments were made in the second quarter of 2006. Future activities will
be subject to our ability to raise funds.

OFF-BALANCE SHEET ARRANGEMENTS

Neither the  Company nor its  subsidiary  is a party to any off-  balance  sheet
arrangements.

DESCRIPTION OF PROPERTY

The Company does not own any real property other than its 10% working interest.

The principal business address of the Company was 9700 Via Emilie in Boca Raton,
Florida 33428, which was space owned by the former sole director and officer of
the Company. At the time of the Merger, the Company moved its principal place of
business to that of CBM, located at 2 Briar Lane, Natick, Massachusetts 01760,
which is space owned by the former director and officer of the Company. In both
cases rent has not been charged for the office space, and it is not expected
that rent will be charged in the near-term. Currently the new location of the
Company is 5005 Riverway, Suite 440 Houston, TX 77056.

ITEM 3.  CONTROLS AND PROCEDURES.

The Company maintains disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) promulgated under the Exchange Act) that are designed to
ensure that information required to be disclosed in the company's Exchange Act
reports is recorded, processed, summarized and reported within the time periods
specified in the SEC's rules and forms, and that such information is accumulated
and communicated to the company's management, including its Chief Executive
Officer and Chief Financial Officer, as appropriate, to allow timely decisions
regarding required disclosure.



Our Chief Executive Officer and Chief Financial Officer performed an evaluation
of the effectiveness of the design and operation of the company's disclosure
controls and procedures as of the end of the period covered by this quarterly
report. Based upon that evaluation, the Chief Executive Officer and the Chief
Financial Officer concluded that the company's disclosure controls and
procedures were effective.

Such evaluation did not identify any change in the company's internal control
over financial reporting during the first quarter ended March 31, 2006 that has
materially affected, or is reasonably likely to materially affect, the company's
internal control over financial reporting.

PART II-OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not party to any legal proceedings as of the date of this Form 10QSB.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In connection with the merger of the Company and CBM discussed above, the Board
of Directors of the Company authorized the issuance of up to 22,077,509 shares
of its common stock, $0.0001 par value (representing 66.5% of the company's
issued and outstanding shares following the merger), to the stockholders of CBM.
Such shares were to be exchanged, on a one-for-one basis, for up to 22,077,509
issued and outstanding shares of common stock, $.01 par value, held by CBM's
consenting shareholders. The issuance of stock to U.S. stockholders was made in
reliance on the exemption from the registration requirements of the Securities
Act of 1933, as amended, pursuant to Section 4(2) thereof.

Preceding the merger, 16,500,000 shares of CBM common stock were cancelled
pursuant to an agreement dated September 16, 2005. Pursuant to the terms of such
agreement and the Merger Agreement, the Company also issued a warrant to
purchase 6,500,000 shares of its common stock to a warrant holder of CBM in
exchange for a CBM warrant representing such holder's right to purchase
6,500,000 shares of CBM common stock. The warrant was also canceled. As a result
of the acquisition of the 10% interest in the BBB Area, on April 21, 2006, the
Company issued an aggregate of 20,000,000 shares of common stock to Centurion
Gold Holdings, Inc.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not. Applicable

ITEM 5. OTHER INFORMATION

Not. Applicable

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

A) EXHIBITS:

       31.1 Certification of Chief Executive Officer and Chief Financial Officer
pursuant to Rule 13a-15(e) and 15(d)-15(e) of the Securities Exchange Act of
1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

       32.1 Certification of Chief Executive Officer and Chief Financial Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.

B) REPORTS ON FORM 8-K

The Company has not filed any Current Reports on Form 8-K during the first
quarter of 2006



                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf of the undersigned, thereunto duly
authorized.


ODYSSEY OIL & GAS, INC


By: /s/ Arthur Johnson
Arthur Johnson
Principal Executive Officer,
President and Director