SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report: March 16th, 2010
Date of
Earliest Event Reported: August 27, 2009
ODYSSEY
OIL & ENERGY, INC.
(Exact
Name of Registrant as Specified in its Charter)
(Former
Name of Registrant)
Florida
(State of
Organization)
65-1139235
(I.R.S.
Employer Identification No.)
Commission
File Number 333-106299
18 George
Avenue
Rivonia,
2128 South Africa
Address
of Principal Executive Offices
Registrants
Telephone Number (including area code):+27(11)807-1446
ODYSSEY
OIL & ENERGY, INC.
Report
on Form 8-K
ITEM 1.01.
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On August
27, 2009, Odyssey Oil & Energy, Inc. entered into an agreement, subject to
certain conditions, to cancel the acquisition of 51% of the outstanding stock in
H-Power International (Pty) Limited, a South African registered company, which
has the worldwide, sole and exclusive license to develop and market batteries
based on the Hybrid Battery Technology.
As a
result of the fulfillment of those conditions, the cancellation has become
effective.
The
Registrant will cancel the 65,000,000 shares of the Registrants common stock
issued for the purchase consideration. H-Power International (Pty) Ltd will
repay all monies lent and advanced to them by the Registrant, its subsidiaries
and affiliates.
ITEM
2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
As a
result of the cancellation, described in Item 1.01 above the Registrant has
disposed of the a
fifty one percent (51%) interest in H-Power (Pty)
Limited.
Please
see Item 1.01 above for additional disclosure regarding the transaction. As a
result of the
disposal as described in Item 1.01 above the Registrant will cancel 65,000,000
shares of
the Registrants common stock
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(b)
EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
Odyssey
Oil & Gas, Inc.
|
|
| |
|
|
|
|
|
By:
|
/s/
Arthur Johnson |
|
| |
|
Arthur
Johnson |
|
| |
|
Principal
Executive Officer,
President
and Director
|
|
| |
|
|
|