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

                                    Form 8-K

                                 Current Report
     Pursuant to Section 13 or 15(a) of the Securities Exchange Act of 1934

                          Date of Report: May 24, 2006


                          DALECO RESOURCES CORPORATION
               --------------------------------------------------
               (Exact name of registrant as specified in Charter)


         Nevada                          0-12214                  23-2860734
----------------------------      ---------------------      -------------------
(State or other jurisdiction      (Commission File No.)         (IRS Employee
     of Incorporation)                                       Identification No.)


            120 North Church Street, West Chester, Pennsylvania 19380
            ---------------------------------------------------------
                    (Address of principal executive offices)


        Registrant's telephone number, including area code: 610-429-0181


         --------------------------------------------------------------
         (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 obligations 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 CF 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
<PAGE>

Item 1.01.

      Material  Contract:  On May 23, 2006, the Registrant entered into an Asset
Purchase and Sale Agreement for the  acquisition of 119 producing  wells and oil
and gas leases covering approximately 17,000 acres in Athens, Morgan, Center and
Washington Counties,  Ohio. The Registrant also acquired a natural gas gathering
system,  commercial  saltwater disposal facility,  two active drilling rigs, two
well servicing rigs as well a complete complement of rig support equipment.  The
Purchase and Sale Agreement  provides for Closing to occur within 60 days of the
execution of the Agreement or such later date as necessary for the  Registrant's
satisfactory completion of its due diligence. All Schedules and Exhibits will be
completed and attached to the Agreement upon completion of the  Registrant's due
diligence at or prior to Closing.

      A copy of the Agreement is attached hereto as Exhibit 10.45. The Schedules
to the Purchase and Sale Agreement will be filed when completed.



                                   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.

                                                 Daleco Resources Corporation
                                            ------------------------------------
                                                        (Registrant)


Date: May 24, 2006                                  /s/ Gary J. Novinskie
                                            ------------------------------------
                                                Gary J. Novinskie, President
{"company-data": {"conformed-name": "DALECO RESOURCES CORP", "cik": "0000746967", "assigned-sic": "1311", "irs-number": "232860739", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-12214", "film-number": "06866061"}, "business-address": {"street1": "120 NORTH CHURCH STREET", "city": "WEST CHESTER", "state": "PA", "zip": "19380", "phone": "6104290181"}, "mail-address": {"street1": "120 NORTH CHURCH STREET", "city": "WEST CHESTER", "state": "PA", "zip": "19380"}, "former-company": {"former-conformed-name": "UNITED WESTLAND RESOURCES LTD", "date-changed": "19860822"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 8-K

                                 Current Report
     Pursuant to Section 13 or 15(a) of the Securities Exchange Act of 1934

                          Date of Report: May 24, 2006

                          DALECO RESOURCES CORPORATION
               --------------------------------------------------
               (Exact name of registrant as specified in Charter)

         Nevada                          0-12214                  23-2860734
----------------------------      ---------------------      -------------------
(State or other jurisdiction      (Commission File No.)         (IRS Employee
     of Incorporation)                                       Identification No.)

            120 North Church Street, West Chester, Pennsylvania 19380
            ---------------------------------------------------------
                    (Address of principal executive offices)

        Registrant's telephone number, including area code: 610-429-0181

         --------------------------------------------------------------
         (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 obligations 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 CF 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.

      Material  Contract:  On May 23, 2006, the Registrant entered into an Asset
Purchase and Sale Agreement for the  acquisition of 119 producing  wells and oil
and gas leases covering approximately 17,000 acres in Athens, Morgan, Center and
Washington Counties,  Ohio. The Registrant also acquired a natural gas gathering
system,  commercial  saltwater disposal facility,  two active drilling rigs, two
well servicing rigs as well a complete complement of rig support equipment.  The
Purchase and Sale Agreement  provides for Closing to occur within 60 days of the
execution of the Agreement or such later date as necessary for the  Registrant's
satisfactory completion of its due diligence. All Schedules and Exhibits will be
completed and attached to the Agreement upon completion of the  Registrant's due
diligence at or prior to Closing.

      A copy of the Agreement is attached hereto as Exhibit 10.45. The Schedules
to the Purchase and Sale Agreement will be filed when completed.

                                   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.

                                                 Daleco Resources Corporation
                                            ------------------------------------
                                                        (Registrant)

Date: May 24, 2006                                  /s/ Gary J. Novinskie
                                            ------------------------------------
                                                Gary J. Novinskie, President