Royalite Petroleum 8-K/A Financial Statements and Exhibits

ROYALITE PETROLEUM COMPANY INC.

(Formerly Worldbid Corporation)

(An Exploration Stage Company)

PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS

ROYALITE PETROLEUM COMPANY INC.

(Formerly Worldbid Corporation)

(An Exploration Stage Company)

PRO-FORMA CONSOLIDATED BALANCE SHEET

AS AT JANUARY 31, 2007

(Unaudited)

(Stated in U.S. Dollars)

								Reverse
					Royalite			Merger
		Worldbid			Petroleum			Pro Forma				Pro-Forma
		Corporation			Corporation			Adjustments				Consolidated
		Historical			Historical			(Note 3)				Balance Sheet
ASSETS
Current
Cash and cash equivalents	$	2,102,687		$	-		$	(17,478	)	a	$	2,085,209
Accounts receivable		7,395			-			-				7,395
Receivables, other		3,148			-			-				3,148
Prepaid expenses		-			33,500			-				33,500
		2,113,230			33,500			(17,478	)			2,129,252
Loan Receivable		2,180,000			-			(2,180,000	)	b		-
Deposits		30,452			3,500			-				33,952
Property and Equipment, net		5,085			14,725			-				19,810
Licence Rights		-			2,849			-				2,849
Unproven Oil & Gas Properties, full
cost method		-			2,047,631			-				2,047,631
Customer Lists		-			-			1		g		1
	$	4,328,767		$	2,102,205		$	(2,197,477	)		$	4,233,495
LIABILITIES
Current
Bank indebtedness	$	-		$	17,478		$	(17,478	)	a	$	-
Accounts payable and accrued
liabilities		93,010			104,306			-				197,316
Due to related parties		21,680			-			-				21,680
Notes payable		20,000			-			-				20,000
Loan payable		-			2,180,000			(2,180,000	)	b		-
Deferred income		17,949			-			-				17,949
		152,639			2,301,784			(2,197,478	)			256,945
Share Subscriptions Received		-			-			2,153,549		e		2,153,549
Capital Stock		9,484			24,961			24,961		c		34,445
								(9,484	)	d
								(15,477	)	f
Share Subscriptions Received		2,153,549			-			(2,153,549	)	e		-
Additional paid-in capital		14,463,460			764,239			(24,961	)	c		754,756
								(14,463,460	)	d
								15,477		f
								1		g
Contributed Surplus		38,200			-			(38,200	)	d		-
Other Comprehensive Income		(46,768	)		-			46,768		d		-
Retained Earnings (Deficit)
Accumulated During The
Exploration Stage		(12,441,797	)		(988,779	)		14,464,376		d		1,033,800
		4,176,128			(199,579	)		(2,153,548	)			1,823,001
	$	4,328,767		$	2,102,205		$	(2,197,477	)		$	4,233,495

Accompanying notes are an integral part of these pro-forma consolidated financial statements

ROYALITE PETROLEUM COMPANY INC.

(Formerly Worldbid Corporation)

(An Exploration Stage Company)

PRO-FORMA STATEMENTS OF OPERATIONS

PERIOD FROM INCEPTION DECEMBER 5, 2005 TO April 30, 2006

(Unaudited)

(Stated in U.S. Dollars)

					Royalite
					Petroleum
					Corporation
					Period from			Reverse
		Worldbid			Inception			Merger
		Corporation			December 5,			Pro Forma				Pro-Forma
		Year Ended			2005, to			Adjustments				Statement of
		April 30, 2006			April 30, 2006			(Note 3)				Operations
Revenue	$	332,672		$	-		$	(332,672	)	h	$	-
Expenses
Oil and gas exploration expenses		-			34,090			-				34,090
General and administrative		442,071			161,982			(442,071	)	h		161,982
Depreciation		404			13			(404	)	h		13
		422,475			196,085			(422,475	)			196,085
Loss before the following		(89,803	)		(196,085	)		89,803		h		(196,085	)
Interest expense		(24,512	)		-			24,512		h		-
Net Loss For The Period	$	(114,315	)	$	(196,085	)	$	114,315			$	(196,085	)
Basic and Diluted Loss per Share	$	(0.02	)	$	(0.01	)	$				$	(0.01	)
Weighted Average Number of
Shares Outstanding		5,052,107			22,585,000							30,015,075

The accompanying notes are an integral part of these pro-forma financial statements

ROYALITE PETROLEUM COMPANY INC.

(Formerly Worldbid Corporation)

(An Exploration Stage Company)

PRO-FORMA STATEMENTS OF OPERATIONS

NINE MONTH PERIOD ENDED JANUARY 31, 2007

(Unaudited)

(Stated in U.S. Dollars)

					Royalite
		Worldbid			Petroleum
		Corporation			Corporation			Reverse
		Nine Months			Nine Months			Merger
		Ended			Ended			Pro Forma				Pro-Forma
		January 31,			January 31,			Adjustments				Statement of
		2007			2007			(Note 3)				Operations
Revenue	$	202,958		$	-		$	(202,958	)	h	$	-
Expenses
Oil and gas exploration expenses		-			189,434			-				189,434
General and administrative		395,815			601,296			(395,815	)	h		601,296
Depreciation		-			1,964			-				1,964
		395,815			792,694			(395,815	)			792,694
Loss before the following items		(192,857	)		(792,694	)		192,857		h		(792,694	)
Interest expense		(1,091,254	)		-			1,091,254		h		-
Loss on embedded derivative										h
liability		(1,159,000	)		-			1,159,000				-
Gain on settlement of debt		11,010			-			(11,010	)	h		-
Discount on stock issuance		(1,740,000	)		-			1,740,000		h		-
Net Loss For The Period	$	(4,172,101	)	$	(792,694	)	$	4,172,101			$	(792,694	)
Basic and Diluted Loss per Share	$	(0.77	)	$	(0.03	)					$	(0.03	)
Weighted Average Number of
Shares Outstanding		5,387,126			24,960,667							30,347,793

The accompanying notes are an integral part of these pro-forma financial statements

ROYALITE PETROLEUM COMPANY INC.

(Formerly Worldbid Corporation)

(An Exploration Stage Company)

NOTES TO PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	BASIS OF PRESENTATION
	These Pro-Forma unaudited consolidated financial statements have been prepared from the audited financial statements of Worldbid Corporation (“Worldbid”) as of April 30, 2006, the unaudited financial statements of Worldbid as of January 31, 2007, the audited financial statements of Royalite Petroleum Corp. (“Royalite”) as of April 30, 2006 and the unaudited financial statements of Royalite as of January 31, 2007, giving effect to an Amended and Restated Plan of Merger entered into on August 23, 2006 and as amended on February 9, 2007 (See Note 2).
	In the opinion of management of Worldbid, these unaudited pro forma consolidated financial statements include all adjustments necessary for fair presentation of the acquisition of Royalite by Worldbid as described below.
	The unaudited pro forma consolidated financial statements should be read in conjunction with the historical financial statements and notes thereto of Worldbid and Royalite referred to above and included elsewhere in this proxy statement.
	These unaudited pro forma financial statements are not necessarily indicative of the financial position or results of operations, which would have resulted if the combination and related transactions had actually occurred on January 31, 2007.
2.	AGREEMENT AND PLAN OF MERGER
	On August 23, 2006, and as amended on February 9, 2007, Royalite Petroleum Company Inc. (formerly Worldbid Corporation) (the “Company”), Royalite Acquisition Corp. (“Worldbid Sub”) a wholly owned subsidiary of the Company, incorporated solely for the purpose of the merger, and Royalite Petroleum Corp. (“Royalite”), a Nevada Corporation, entered into an Amended and Restated Plan of Merger.
	The acquisition of Royalite was completed pursuant to the provisions of the Amended and Restated Agreement and Plan of Merger as follows:
	a)	Royalite merged with and into Royalite Acquisition Corp. (“Worldbid Sub”), with Worldbid Sub continuing as the surviving corporation. Worldbid issued one share of the Company’s common stock in exchange for each outstanding share of Royalite common stock, totalling 24,960,667 shares; and
	b)	Immediately following the merger of Royalite and Worldbid Sub, Worldbid merged with Worldbid Sub, with Worldbid continuing as the surviving corporation (the “Second Merger”). As part of the Second Merger, Worldbid changed its name to “Royalite Petroleum Company Inc.”

ROYALITE PETROLEUM COMPANY INC.

(Formerly Worldbid Corporation)

(An Exploration Stage Company)

NOTES TO PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2.	AGREEMENT AND PLAN OF MERGER(Continued)
	Since the transaction will result in the former shareholders of Royalite owning the majority of the issued shares of Worldbid, the transaction, which is referred to a reverse take-over will be treated for accounting purposes as an acquisition by Royalite of the net assets and liabilities of Worldbid.
	Worldbid had net assets at January 31, 2007 with a fair value of $2,022,580 and therefore the 24,960,667 shares of common stock to be issued on acquisition are valued at a fair value of $2,022,580.
	The acquisition is summarized as follows:

Current assets	$	2,113,230
Non current assets		2,215,538
		4,328,768
Current liabilities		2,306,188
Net assets	$	2,022,580

3.	PRO-FORMA ADJUSTMENTS
	The unaudited pro-forma consolidated financial statements include the following pro-forma adjustments.
	a)	To record the reclassification of bank indebtedness and cash at bank on consummation of the reverse take over.
	b)	To record the elimination of the inter company debt between Worldbid and Royalite on consummation of the reverse take over.
	c)	To record the issuance of 24,960,667 common shares of Worldbid to acquire 100% of the issued and outstanding share capital of Royalite, in accordance with the agreement, whereby shares will be exchanged on a 1:1 basis.
	d)	To eliminate the capital stock, additional paid in capital and contributed surplus of Worldbid against accumulated deficit.
	e)	To reclassify the share subscriptions received to non-current liabilities.
	f)	To adjust the par value of the outstanding common shares of Worldbid to actual.

ROYALITE PETROLEUM COMPANY INC.

(Formerly Worldbid Corporation)

(An Exploration Stage Company)

NOTES TO PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

3.	PRO-FORMA ADJUSTMENTS(Continued)
	g)	To record the fair value of intangible asset in Worldbid.
	h)	To eliminate the results of operations of Worldbid for the period prior to the acquisition.
4.	PRO-FORMA LOSS PER SHARE
	Pro-forma loss per share has been calculated using the historical weighted average number of shares previously reported and amended as if the pro-forma common shares of Worldbid issued pursuant to the proposed acquisition and merger had been outstanding since the beginning of the periods.