On June 7, 2003, at 1530 mountain daylight time, a Helio Aircraft Limited, H800 airplane, N4035K, piloted by a private pilot, was substantially damaged when it impacted terrain 200 feet from the approach end of runway 22 at the Yellowstone Regional Airport (COD) Cody, Wyoming. Visual meteorological conditions prevailed at the time of the accident. The personal flight was being conducted under the provisions of Title 14 CFR Part 91. No flight plan was on file. The pilot sustained minor injuries. The 2 passengers on board the airplane reported no injuries. The cross-country flight was originating at the time of the accident. In his written statement, the pilot reported, "A few seconds after becoming airborne, oil began splashing onto the windscreen and boiling out of the cowling around the oil cap access door." The pilot decided to land immediately. The pilot said he maintained runway heading to gain some altitude, approximately 300 to 400 feet above ground level (agl). He said he flew beyond the departure end of the runway and then made a 180-degree turn back to the airport. The pilot said he lowered flaps and began his descent. At approximately 150 feet agl, the pilot said he encountered "a severe downdraft, which caused the airplane to sink at a rapid rate. Although I immediately added full power, I was unable to overcome the downdraft." The airport operations manager at COD reported the airplane took off on runway 04 (8,276 feet by 100 feet, dry asphalt). The operations manager said the airplane climbed to an altitude of approximately 300 feet above the ground, when the airplane turned around and crashed. The operations manager said the airplane impacted approximately 200 to 250 feet from the end of the runway, just inside the airport safety zone. The airplane came to rest on its top. An examination of the airplane showed the airplane's cowling was broken off and crushed upward. The engine was broken off at the mounts and canted approximately 30 degrees to the right. The airplane's right wing was broken aft at the wing root. The left wing tip was crushed upward. The main landing gear were broken aft and the underside of the fuselage was crushed upward. The top of the vertical stabilizer and rudder were crushed and bent downward. The propeller blades showed torsional bending and chordwise scratches. Flight control continuity was confirmed. An examination of the engine showed the oil cap off and the dip stick out. Streaks of oil were observed around the oil filler door, across the top of the engine cowling, and on the inside of the engine cowling. The weather conditions approximately 5 minutes after the accident were clear skies, 10 miles visibility, and winds at 130 degrees magnetic at 5 knots.