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<TITLE>Form 8-K for Peloton Resources, Inc.</TITLE>
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<P>================================================================================================</P>

<B><P ALIGN="CENTER">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549<br>
</B>_________________________</P>

<br>
<B><P ALIGN="CENTER">FORM 8-K<br>
CURRENT REPORT<br>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P></B>

<P ALIGN="CENTER">Date of Report (Date of earliest event reported)<br>
<B>May 16, 2005</P>
</B>

<B><P ALIGN="CENTER">PELOTON RESOURCES INC.<br>
</B>(Exact name of registrant as specified in its charter)</P>

<p align=center><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=680>
<TR><TD WIDTH="45%" VALIGN="TOP">
<B><P>NEVADA</B></TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><P> 333-113118</B></TD>
<TD WIDTH="30%" VALIGN="TOP">
<B><P>98-0430762</B></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">
<P>(State or other jurisdiction of incorporation)</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>(Commission File No.)</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>(IRS Employer ID)</TD>
</TR>
</TABLE>

<B><P ALIGN="CENTER">1189 Howe Street<br>
Suite 1504<br>
Vancouver, British Columbia<br>
Canada V6Z ZX4<br>
</B>(Address of principal executive offices and Zip Code)</P>

<B><P ALIGN="CENTER"> (604) 781-0221 <br>
</B>(Registrant's telephone number, including area code)</P>

<P>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 (see General Instruction A.2. below):</P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=680>
<TR><TD WIDTH="6%" VALIGN="TOP">
<P>[ &nbsp;&nbsp; ] </TD>
<TD WIDTH="94%" VALIGN="TOP">
<P>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="94%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP">
<P>[ &nbsp;&nbsp; ] </TD>
<TD WIDTH="94%" VALIGN="TOP">
<P>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="94%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP">
<P>[ &nbsp;&nbsp; ] </TD>
<TD WIDTH="94%" VALIGN="TOP">
<P>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="94%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP">
<P>[ &nbsp;&nbsp; ] </TD>
<TD WIDTH="94%" VALIGN="TOP">
<P>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
</TABLE>


<P>================================================================================================</P>

<p>&nbsp;</p>
<page>
<hr>


<br>
<B><P>ITEM 1.01 &nbsp; &nbsp; ENTRY INTO MATERIAL DEFINITIVE CONTRACT</P>

</B><P>On May 12, 2005, Sergei Stetsenko, the then president and a member of the board of directors returned 34,700,000 shares of common stock to PELOTON RESOURCES INC., ("Peloton"), the registrant.  The shares were returned as a result of a preliminary report issued in connection with the Peloton's mining property.  The preliminary report reflected that there was no mineralized material located on the Company's property.  On May 16, 2005, as a result of the preliminary findings, Peloton decided to change its operational direction from mining exploration to oil and gas exploration, development and production and retained the services of Mark Gustafson as its president.  Mr. Gustafson entered into an agreement with Peloton whereby he agreed to serve as president and chief executive officer in consideration of 4,000,000 restricted shares of common stock which Peloton valued at $40,000.   </P>

<B><P>ITEM 5.01 CHANGES IN CONTROL</P>

</B><P>On May 12, 2005, Sergei Stetsenko, the then president and a member of the board of directors returned 34,700,000 shares of common stock to PELOTON RESOURCES INC., ("Peloton"), the registrant.  The shares were returned as a result of a preliminary report issued in connection with the Peleton's mining property.  The preliminary report reflected that there was no mineralized material located on the Company's property.  On May 16, 2005, as a result of the preliminary findings, Peloton decided to change its operational direction from mining exploration to oil and gas exploration, development and production and retained the services of Mark Gustafson as its president.  Mr. Gustafson entered into an agreement with Peloton whereby he agreed to serve as president and chief executive officer in consideration of 4,000,000 restricted shares of common stock which Peloton valued at $40,000.   </P>

<P>The following sets forth the security ownership of beneficial owners of five percent (5%) or more of Peloton's common stock after Mr. Stetsenko returned 34,300,000 shares of common stock to the Company and 4,000,000 shares of common stock were issued to Mark Gustafson.  Currently, there are 15,982,530 shares of common stock outstanding.  4,700,000 shares are restricted securities as defined in Rule 144 of the Securities Act of 1933 and 11,282530 shares of common stock are free trading.</P>

<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=680>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="BOTTOM">
<B><P>Name and Address of</B></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><P>Amount and Nature</B></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<B><P>Title of Class<hr></B></TD>
<TD WIDTH="30%" VALIGN="BOTTOM">
<B><P>Beneficial Owner<hr></B></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><P>of Ownership<hr></B></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><P>Percent of Class<hr></B></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<P>Common Stock </TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Mark Gustafson</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>4,000,000</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>25.03%</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>10691 Rosecroft Crescent</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>Direct</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Richmond, British Columbia</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Canada V7A 2H9</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<P>Common Stock</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Arcade Investments</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>980,000</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>6.13%</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Loyalist Plaza Don Markay </TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>Direct</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Blvd.</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Marsh Harbour Abaco</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Bahamas</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>
</CENTER></P>

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<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=680>
<TR><TD WIDTH="25%" VALIGN="TOP">
<P>Common Stock</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Capital Investments and </TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>910,000</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>5.69%</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Business SA</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>53<SUP>rd</SUP> Street Swiss Tower Bank</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Panama</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">
<P>Republic of Panamade</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>
</CENTER></P>

<br>
<B><P>ITEM 5.02(b)   DEPARTURE OF CERTAIN OFFICERS AND DIRECTORS</P></B>

<P>Pursuant to the terms of the agreement referred to in Item 1.01 above, Sergei Stetsenko resigned as President of Peloton on May 12, 2005. </P>

<B><P>ITEM 5.02(c) AND (d)   APPOINTMENT OF NEW OFFICERS AND DIRECTORS</P>
</B>
<P>Effective May 16, 2005, Mark Gustafson was appointed president of Peloton.  Biographical information is as follows:</P>

<P>Torrent Energy Corporation<br>
President, CEO &amp; Director from September, 2004 to the present.<br>
Oregon based coal bed methane company (OTC: BB company).</P>

<P>International Sales Information Systems Inc./Versatile Mobile Systems <br>
Director from May/95 to June/2000 and CFO from Aug/99 to June/2000<br>
Vancouver/London based sales force automation software provider (CDNX company)</P>

<P>Total Energy Services Ltd. <br>
President &amp; CEO, Director from Aug/97 to Mar/99<br>
Calgary based oilfield rental and gas compression company (TSE company)</P>

<P>Q/media Software Corporation <br>
CFO from July/93 to May/95<br>
Vancouver based diskette duplicator &amp; presentation software provider (CDNX/TSE company)</P>

<P>EnServ Corporation <br>
Chief Financial Officer (Feb/89 to Jun/91) and Controller (Oct/87 to Jan/89)<br>
VP/General Manager of Rentals Division (from Jul/91 to Jun/93)<br>
VP/General Manager of Environmental Division (Oct/91 to Jun/93)<br>
Calgary based drilling rig, service rig, gas compression equipment and equipment rentals company (TSE company)</P>

<P>Price Waterhouse <br>
Auditor from Aug/81 to Sep/87<br>
Calgary office of international chartered accounting firm</P>

<B><P>EDUCATION:<br>
</B>Chartered Accountant - 1983<br>
Bachelor of Business Administration - 1977 to 1981 Wilfrid Laurier University</P>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align=center> - 3 - </p>
<page>
<hr>



<B><P ALIGN="CENTER">SIGNATURES</P></B>

<P>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.</P>

<P>Dated this 18th day of May, 2005.</P>


<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 WIDTH=680>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="62%" VALIGN="TOP" COLSPAN=2>
<B><P>PELOTON RESOURCES INC.</B></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="62%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">
<P>BY:</TD>
<TD WIDTH="56%" VALIGN="TOP">
<P>/s/ Mark Gustafson</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="56%" VALIGN="TOP">
<P>Mark Gustafson, President, Chief Executive Officer,</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="56%" VALIGN="TOP">
<P>and a member of the Board of Directors</TD>
</TR>
</TABLE>
</CENTER></P>
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<p>&nbsp;</p>
<p>&nbsp;</p>
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<p align=center> - 4 - </p>
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{"company-data": {"conformed-name": "PELOTON RESOURCES INC", "cik": "0001281922", "assigned-sic": "1000", "irs-number": "000000000"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-113118", "film-number": "05842380"}, "business-address": {"street1": "1504-1189 HOWE STREET", "city": "VANCOUVER BRITISH COLUMBIA", "state": "A1", "zip": "V6Z 2X9", "phone": "604-781-0221"}}
Form 8-K for Peloton Resources, Inc.
================================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 16, 2005
PELOTON RESOURCES INC.
(Exact name of registrant as specified in its charter)
NEVADA
333-113118
98-0430762
(State or other jurisdiction of incorporation)
(Commission File No.)
(IRS Employer ID)
1189 Howe Street
Suite 1504
Vancouver, British Columbia
Canada V6Z ZX4
(Address of principal executive offices and Zip Code)
(604) 781-0221
(Registrant's telephone number, including area code)
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 (see General Instruction A.2. below):
[    ]
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))
================================================================================================
ITEM 1.01     ENTRY INTO MATERIAL DEFINITIVE CONTRACT
On May 12, 2005, Sergei Stetsenko, the then president and a member of the board of directors returned 34,700,000 shares of common stock to PELOTON RESOURCES INC., ("Peloton"), the registrant.  The shares were returned as a result of a preliminary report issued in connection with the Peloton's mining property.  The preliminary report reflected that there was no mineralized material located on the Company's property.  On May 16, 2005, as a result of the preliminary findings, Peloton decided to change its operational direction from mining exploration to oil and gas exploration, development and production and retained the services of Mark Gustafson as its president.  Mr. Gustafson entered into an agreement with Peloton whereby he agreed to serve as president and chief executive officer in consideration of 4,000,000 restricted shares of common stock which Peloton valued at $40,000.
ITEM 5.01 CHANGES IN CONTROL
On May 12, 2005, Sergei Stetsenko, the then president and a member of the board of directors returned 34,700,000 shares of common stock to PELOTON RESOURCES INC., ("Peloton"), the registrant.  The shares were returned as a result of a preliminary report issued in connection with the Peleton's mining property.  The preliminary report reflected that there was no mineralized material located on the Company's property.  On May 16, 2005, as a result of the preliminary findings, Peloton decided to change its operational direction from mining exploration to oil and gas exploration, development and production and retained the services of Mark Gustafson as its president.  Mr. Gustafson entered into an agreement with Peloton whereby he agreed to serve as president and chief executive officer in consideration of 4,000,000 restricted shares of common stock which Peloton valued at $40,000.
The following sets forth the security ownership of beneficial owners of five percent (5%) or more of Peloton's common stock after Mr. Stetsenko returned 34,300,000 shares of common stock to the Company and 4,000,000 shares of common stock were issued to Mark Gustafson.  Currently, there are 15,982,530 shares of common stock outstanding.  4,700,000 shares are restricted securities as defined in Rule 144 of the Securities Act of 1933 and 11,282530 shares of common stock are free trading.
Name and Address of
Amount and Nature
Title of Class
Beneficial Owner
of Ownership
Percent of Class
Common Stock
Mark Gustafson
4,000,000
25.03%
10691 Rosecroft Crescent
Direct
Richmond, British Columbia
Canada V7A 2H9
Common Stock
Arcade Investments
980,000
6.13%
Loyalist Plaza Don Markay
Direct
Blvd.
Marsh Harbour Abaco
Bahamas
- 2 -
Common Stock
Capital Investments and
910,000
5.69%
Business SA
53
rd
Street Swiss Tower Bank
Panama
Republic of Panamade
ITEM 5.02(b)   DEPARTURE OF CERTAIN OFFICERS AND DIRECTORS
Pursuant to the terms of the agreement referred to in Item 1.01 above, Sergei Stetsenko resigned as President of Peloton on May 12, 2005.
ITEM 5.02(c) AND (d)   APPOINTMENT OF NEW OFFICERS AND DIRECTORS
Effective May 16, 2005, Mark Gustafson was appointed president of Peloton.  Biographical information is as follows:
Torrent Energy Corporation
President, CEO & Director from September, 2004 to the present.
Oregon based coal bed methane company (OTC: BB company).
International Sales Information Systems Inc./Versatile Mobile Systems
Director from May/95 to June/2000 and CFO from Aug/99 to June/2000
Vancouver/London based sales force automation software provider (CDNX company)
Total Energy Services Ltd.
President & CEO, Director from Aug/97 to Mar/99
Calgary based oilfield rental and gas compression company (TSE company)
Q/media Software Corporation
CFO from July/93 to May/95
Vancouver based diskette duplicator & presentation software provider (CDNX/TSE company)
EnServ Corporation
Chief Financial Officer (Feb/89 to Jun/91) and Controller (Oct/87 to Jan/89)
VP/General Manager of Rentals Division (from Jul/91 to Jun/93)
VP/General Manager of Environmental Division (Oct/91 to Jun/93)
Calgary based drilling rig, service rig, gas compression equipment and equipment rentals company (TSE company)
Price Waterhouse
Auditor from Aug/81 to Sep/87
Calgary office of international chartered accounting firm
EDUCATION:
Chartered Accountant - 1983
Bachelor of Business Administration - 1977 to 1981 Wilfrid Laurier University
- 3 -
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.
Dated this 18th day of May, 2005.
PELOTON RESOURCES INC.
BY:
/s/ Mark Gustafson
Mark Gustafson, President, Chief Executive Officer,
and a member of the Board of Directors
- 4 -