Overlord Financial Announces the Launch of Catapult IRC Limited Partnership I

CALGARY, December 21, 2004 - Overlord Financial Inc. (TSXV: OFI) is pleased to announce the launch of the Catapult Energy IRC Limited Partnership I ("Catapult Energy IRC"). The General Partner of Catapult Energy IRC LP I, Catapult Energy IRC Inc., will be responsible for the day-to-day operations and investment decisions of catapult Energy IRC. The General Partner is a corporation owned 50% by Indian Resource Council ("IRC") and 50% by Catapult Energy FN Inc. The principals of Catapult Energy FN Inc. are Ms. Melanie van den Berge, CFA and Ms. Joanne Hruska, CFA. Catapult Energy FN Inc. is a wholly-owned subsidiary of Overlord Financial Inc.

Catapult Energy IRC intends to apply its opportunistic value methodology to invest in emerging, rapidly growing energy companies to create capital appreciation over the 5 year life of the partnership. Catapult Energy IRC is unique amongst its peers in that it is the only one with a First Nations focus, via the relationship of the IRC. This project will give investors a unique opportunity to participate in energy projects on first Nations lands and with first Nations people. Many of these lands are underexploited and require funding to promote their development, often in concert with major oil and gas companies. Catapult Energy IRC is also the only investment manager to have a dedicated, in-house multi-disciplinary oil and gas team to conduct the technical and operational due diligence on investment candidates.

Catapult Energy IRC has engaged Trimor Financial Corporation to be the exclusive agent for the issue. The issue size will be up to 2,500 Limited Partnership Units at $10,000 per Unit for total gross proceeds of $25 million. The offering will be conducted via Offering Memorandum.

Ms. van den Berge is a Chartered Financial Analyst with ten years of financial and investment experience. She has the ability to evaluate and negotiate private transactions from due diligence through to closing. Ms. van den Berge also spent several years working for major bank-owned investment houses where she advanced to progressively senior roles concluding as an Investment Advisor for CIBC Wood Gundy. Much of this time was spent focused on investing in the junior resource market. Ms. van den Berge graduated from the University of Calgary with a Bachelor of Arts degree (Economics) in 1995 and completed the Chartered Financial Analyst program in 2001.

Ms. Hruska is a Chartered Financial analyst who has spent the last ten years successfully investing in the Canadian junior oil and gas sector. Ms. Hruska has obtained analytical skills from her position as an analyst at a large independent brokerage firm where she covered both the junior oil and gas sector and income trusts. She also spent several years as an Investment Advisor working for both a major bank-owned firm and a small oil and gas boutique firm. Ms. Hruska graduated from the University of Calgary with a Bachelor of Commerce degree in 1994 and obtained her Chartered Financial Analyst Designation in 1999.

Indian Resource Council Inc. was founded in 1987 and now comprises more than 130 oil and gas producing First Nations. Its mission is to support the member First Nations in their efforts to attain full management and control of their oil and natural gas resources, to enhance economic resource development initiatives for First Nations and to encourage a greater development and utilization of First Nations human resources in oil, natural gas and related activities.

Overlord Financial Inc. is a developer of Canadian specialty financial products focused on providing all classes of investors in Canada and throughout the world with a new generation of investment vehicles offering positive rates of return, preservation of capital, liquidity and capital appreciation.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This press release is for information purposes only and is not an offering or a solicitation for the sale of securities.

For further information concerning this press release, please contact:

Marcel Tremblay
Chairman, President and CEO
Overlord Financial Inc.
(403) 770-4805

Larry Titley
Vice President and CFO
Overlord Financial Inc.
(403) 770-4808

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