OVERLORD ANNOUNCES STOCK OPTION GRANTS

Calgary, Alberta, May 2, 2007 - Overlord Financial Inc. (the “Company”) announces that the Board of Directors has approved the granting of stock options under its stock option plan to certain directors, officers and employees to acquire up to an aggregate of 770,000 common shares of Overlord Financial Inc. (the “Stock Options”). All of the Stock Options are exercisable for a period of five years at a price of $0.37 per share and vest over a three year period.

Overlord Financial Inc. is an investment manager with expertise in the junior oil and gas sector, energy-based trusts, oil and gas property management, private equity and high-yield structured products.

For further information concerning this press release, please contact:

Eric Tremblay
Chief Executive Officer
Overlord Financial Inc.
(403) 770-4805

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

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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