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

FORM 8-K

CURRENT ~~REPORT~~REPORTPursuant ~~Pursuant~~ to Section 13 or 15(d) of the Securities Exchange Act of 1934

August ~~April 7~~23, ~~2005~~2006Date ~~Date~~ of Report (Date of earliest event reported)

WORLDBID CORPORATION (Exact name of registrant as specified in its charter)

NEVADA	000-26729	88-0427619
(State or other jurisdiction of	(Commission File	(IRS Employer Identification No.)
incorporation)	Number)

810 Peace Portal Drive, Suite 201
Blaine, WA	98230
98230	98230
(Address of principal executive offices)	(Zip Code)

(360) 201-~~0400 Registrant~~0400Registrant's telephone number, including area code

Not Applicable (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

____ ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

____ ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

____ ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

____ ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

SECTION 41 – ~~MATTERS~~REGISTRANT’S ~~RELATED~~BUSINESS ~~TO ACCOUNTANTS~~ AND ~~FINANCIAL STATEMENTS.~~ OPERATIONS

ITEM 41.0201 ~~NON-RELIANCE~~Entry ONInto ~~PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR~~ A ~~RELATED~~Material ~~AUDIT~~Definitive ~~REPORT OR COMPLETED INTERIM REVIEW~~Agreement.

~~(a)~~Effective OnAugust ~~April 7~~23, ~~2005~~2006, ~~management of~~ Worldbid Corporation (the "“Company"”) entered ~~concluded~~into inan ~~consultation~~Agreement ~~with the Company's audit committee that previously issued consolidated audited financial statements for the years ended April 30, 2004~~ and ~~2003~~Plan ~~included~~of inMerger (the ~~Company’s~~“Merger ~~Form~~Agreement”) ~~10-KSB for the year ended April 30, 2004, should no longer be relied upon due to errors included in such financial statements. Management and the audit committee have discussed this matter~~ with Royalite ~~the~~Petroleum ~~Company's independent registered public accounting firm~~Corp. The Company will file with the Securities and Exchange Commission amendments to its Annual Report on Form 10-KSB for the fiscal year ended April 30, 2004 to reflect the restated financial statements described in this report. The restated amounts include the following adjustments: (i“Royalite”) ~~an expansion of the Company’s revenue recognition accounting policy note with regard to deferred revenue~~, ~~(ii)~~ a ~~correction~~Nevada in the method of recording the beneficial conversion feature respecting the Company’s previously issued convertible debentures; and (iii) an allocation of a portion of the convertible debt proceeds to the warrants previously issued by the Company. The net effect of the restatement increases the losses for the year ended April 30corporation, ~~2004 by $452,878 to $1,136,921, and~~ for ~~the year ended April 30, 2003, by $774,523 to $1,198,349. The restatement results in an increase in the reported loss per share in fiscal 2003 from~~ a ~~loss~~merger ~~per share of $0~~with Royalite.01 toUnder ~~$0.03 per share, and did not have an impact on previously reported loss per share in 2004. The restatement does not have a material impact on~~ the ~~net~~terms ~~loss or net loss per share in each~~ of the ~~quarters~~Merger ~~ended July 31~~Agreement, ~~2004,~~Royalite ~~October~~will ~~31,~~merge ~~2004,~~with and into ~~January~~the ~~31,~~Company ~~2005.~~and ~~On April 7, 2005,~~ the Company ~~issued~~will aconcurrently ~~press~~change ~~release announcing~~ its ~~decision~~name ~~the restate the financial statements described in this report. A copy of the press release is attached~~ to ~~this~~Royalite Petroleum ~~report~~Company ~~as Exhibit 99~~Inc.1.

~~SECTION~~Under 9the –terms ~~FINANCIAL~~of ~~STATEMENTS~~the ~~AND~~Merger ~~EXHIBITS~~Agreement, the Company will issue one share of the Company’s common stock in exchange for each outstanding share of common stock of Royalite. Royalite presently has 24,960,667 shares of common stock outstanding.

~~ITEM~~Closing ~~9.01~~of ~~FINANCIAL~~the ~~STATEMENTS~~Merger ~~AND~~is ~~EXHIBITS~~subject to a number of conditions, including:

a) The disposition by the Company of its interest in its wholly owned subsidiary, Worldbid Canada Corporation (the “Subsidiary”) (the Company currently plans, subject to completion of regulatory filings, to dispose of the Subsidiary by way of a spin off to its shareholders of record at a date to be determined immediately prior to the closing of the Merger. In the event the Company is unable to complete such filings in a timely manner, it may dispose of the Subsidiary through a sale or other disposition). b) Delivery of required financial statements by Royalite; c) ~~Exhibits~~Approval by the shareholders of the Company and Royalite.

Exhibit
Number		Description of Exhibit
99.1		Press Release dated April 7, 2005

Unless waived, failure to meet these conditions would prevent closing of the Merger.

Royalite 2 Update

Royalite Petroleum Corp. is an oil and gas exploration company ~~SIGNATURE~~active exclusively in the Utah Hingeline Trend of south-central Utah. Royalite has the exclusive rights in Utah to a proprietary sensing technology for conducting geophysical surveys and mapping potential oil structures.

Royalite ~~Pursuant~~Petroleum toCorporation ~~the~~continues ~~requirements~~to ofconduct ~~the Securities Exchange Act~~geophysical ofsurveys ~~1934,~~in the ~~registrant~~counties ~~has~~surrounding ~~duly~~the ~~caused~~Covenant ~~this~~Field ~~report~~that towas bediscovered ~~signed~~by Michigan onbased ~~its~~Wolverine ~~behalf by~~Oil ~~the~~and ~~undersigned~~Gas ~~hereunto~~in ~~duly~~December, ~~authorized~~2003.

		WORLDBID CORPORATION
Date:	April 7, 2005
		By:	“Logan B. Anderson”
			_______________________
			Logan B. Anderson
			Chief Executive Officer

To date, Royalite has secured oil and gas leases on over 33,000 acres along this prolific trend and was the successful bidder on 17 parcels of land consisting of 20,000 acres in the recent BLM oil and gas lease sale held in Salt Lake City on August 15. Royalite was also the successful bidder on eight parcels of land that the State of Utah Land Trust offered for lease in its July, 2006 sealed bid auction. Royalite has a 100% working interest (W.I.) in its leases and will pay a 12.5% royalty (R.I.) to the Lessors.

Royalite 3has concluded detailed geophysical surveys on numerous large structures south of the Covenant Field and is proceeding to obtain drilling permits to commence a multi-well drilling program as soon as possible. The current business plan of Royalite is to maintain its 100% working interest by drilling the properties internally rather than joint venturing with other parties.

SECTION 7 – REGULATION FD

Item 7.01 Regulation FD Disclosure.

WORLDBID FINANCING UPDATE:

Termination of $0.75 Per Unit Private Placement Offering

Worldbid has received subscriptions for a total of 3,480,200 units at $0.75 per unit and has received total subscription proceeds of approximately $2,600,000 under the private placement offering approved by its directors on June 19, 2006. The directors determined effective August 11, 2006 to terminate this offering and to approve a new private placement offering as described below. Formal closing of this offering is expected to take place immediately prior to or concurrent with closing of the merger.

$1.50 Per Unit Private Placement Offering

Effective August 11, 2006, the Company’s board of directors approved a private placement offering of up to 15,000,000 Units of Worldbid at a price of $1.50 per unit. Each unit will consist of one common share of Worldbid and one half of one share purchase warrant. Each whole warrant will entitle the purchaser to acquire an additional common share at a price of $1.75 per share for a period of one year from closing. The offering will be made on a best efforts private placement basis in reliance of exemptions from applicable securities laws. To date, no units under this offering have been sold. A 10% commission and warrants to purchase up to 10% of the shares placed at a price of $1.75 per share have been authorized to be paid to licensed brokers or investment dealers or other qualified finders in connection with this offering. The proceeds of this offering will be used to fund operations of Royalite, including the costs for drilling and leasing lands, and for general corporate purposes. There is no assurance that this offering or any part of it will be completed.

Copies of the Merger Agreement and the press release announcing the Company’s entry into the Merger Agreement have been attached as exhibits to this Report on Form 8-K.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 Financial Statements And Exhibits

(c)	Exhibits

	10.1	Agreement and Plan of Merger dated August 23, 2006 between Worldbid Corporation and Royalite Petroleum Corp.

	99.1	Press Release dated August 24, 2006.

SIGNATURE

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.

	WORLDBID CORPORATION

Date: August 29, 2006
	By:	/s/ Logan B. Anderson

		LOGAN B. ANDERSON
		President, Chief Executive Officer,
		and Director

Filing Compare · ROYALITE PETROLEUM CO INC.