| 1.   | Termination      of Asset Purchase Agreement.  The Asset Purchase      Agreement between Accountabilities, Inc. (“AI”) and Hyperion Energy, Inc.      (“Hyperion”) dated as of July 26, 2007 (the “Asset Purchase Agreement”) is      hereby terminated. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Transfer      of Hyperion Shares.  In consideration of AI’s agreement      to terminate the Asset Purchase Agreement, Walter Reed does hereby      transfer and assign to AI, effective as of May 16, 2008, 1,390,000 shares      of the outstanding common stock of Hyperion (the “Shares”).  By      no later than May 16, 2008, Walter Reed shall deliver certificates      representing the Shares duly executed for transfer together with all of      Hyperion’s corporate records and taxreturns. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Representations      and Warranties of Reed.  Reed hereby represents and      warrants to AI that: |
|----------------|--------------------------------------------------------------------------------------------------------------|

| (a)   | Hyperion      is a corporation duly organized and validly existing and in good standing      under the laws of the State ofColorado. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Shares represent all of the outstanding shares of Hyperion’s capital stock      as of the date hereof. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (c)   | The      Shares are duly authorized, validly issued and      non-assessable.  Walter Reed has good and marketable title to      the Shares, free of all liens, charges and  encumbrances. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Hyperion      has conducted no business other than entering into the Asset Purchase      Agreement. |
|-----------------|-----------------------------------------------------------------------------------------------------|

----

| (e)   | Hyperion      has filed all reports that it has been required to file with the      Securities and Exchange Commission and none of such reports contains any      misstatement of a material fact or omits to state a material fact      necessary to make the statements contained therein not      misleading. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | There      are no (i) civil, criminal or administrative actions, suits, claims,      hearings, investigations or proceedings pending or, to the knowledge of      Walter Reed, threatened against Hyperion or (ii) obligations or      liabilities, whether or not accrued, contingent or otherwise, or any other      facts or circumstances, that are reasonably likely to result in any claims      against or obligations or liabilities ofit. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | Hyperion      has prepared in good faith and duly and timely filed (taking into account      any extension of time within which to file) all Tax Returns (as defined in      the Asset Purchase Agreement) required to be filed by it and all such      filed Tax Returns are complete and accurate in all material respects and:      (i) it has paid all Taxes (as defined in the Asset Purchase Agreement)      that are shown as due on such filed Tax Returns or that it is obligated to      withhold from amounts owing to any employee, creditor or third party,      except with respect to matters contested in good faith; (ii) as of the      date hereof, there are not pending or, to its knowledge of Walter Reed      threatened, any audits, examinations, investigations or other proceedings      in respect of Taxes or Tax matters; and (iii) there are not, to its      knowledge, any unresolved questions or claims concerning its Tax      liability.  Hyperion has no liability with respect to      Taxes. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Representations      and Warranties of AI.  AI hereby represents and warrants      to Reed that: |
|----------------|------------------------------------------------------------------------------------------------------------|

| (a)   | Hyperion      has made available to AI the opportunity to ask questions of, and receive      answers from, the officers of Hyperion concerning Hyperion and its      business.  AI acknowledges that it has entered into the      transactions contemplated by this Agreement without being furnished any      prospectus. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Shares have been acquired for investment and not with a view to the resale      or distribution of such Shares.  Such Shares are being acquired      by AI for its own account, and no other person has a direct or indirect      beneficial interest in such Shares. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | AI      understands that the Shares have not been registered under the Securities      Act of 1933, as amended (the “Securities Act”), in reliance on an      exemption for private offerings.  AI may have to continue to      bear the economic risk of his investment in the Shares for an indefinite      period. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Indemnification.  Walter      Reed hereby agrees to indemnify AI, and AI hereby agrees to indemnify      Walter Reed, for any loss, damage or expense incurred as a result of any      breach of its representations and warranties contained in this letter      agreement. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Governing      Law. This Agreement shall be governed in all respects by the laws      of the State of Colorado. |
|----------------|-----------------------------------------------------------------------------------------------------------------|

----

|   | ACCOUNTABILITIES,      INC. |                                      |
|--------|-----------------------------|-------------------------------------------|
|   |                        |                                      |   |
|   | By:                         | /s/ Stephen      DelVecchia          |   |
|   |                        | Name:      Stephen DelVecchia        |   |
|   |                        | Title:      Chief Financial Officer  |   |
|   |                        |                                      |   |

|   | HYPERION ENERGY,      INC. |                         |
|--------|----------------------------|------------------------------|
|   |                       |                         |   |
|   | By:                        | /s/ Walter      Reed    |   |
|   |                       | Name:      Walter Reed  |   |
|   |                       | Title:      President   |   |
|   |                       |                         |   |