CATAPULT ENERGY SMALL CAP 2007 FTS LIMITED PARTNERSHIP COMPLETES $4.3 MILLION INITIAL CLOSING

CALGARY , ALBERTA , May 15, 2007 – Catapult Energy Small Cap 2007 FTS Limited Partnership (the "Partnership") announced today that it has completed the first closing of its initial public offering. The Partnership issued 170,644 limited partnership units at $25.00 per unit for gross proceeds of approximately $4.3 million. The Offering is available in all provinces of Canada.

The Offering is being co-led by CIBC World Markets Inc., RBC Dominion Securities Inc., and Canaccord Capital Corporation, and the syndicate of agents which includes Scotia Capital Inc., BMO Nesbitt Burns Inc., TD Securities Inc., Dundee Securities Corporation, GMP Securities L.P., Peters & Co. Limited, Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., Haywood Securities Inc., Jennings Capital Inc. and Research Capital Corporation .

The Partnership's investment objectives are to: (a) achieve capital appreciation through investment in a diversified portfolio of equity securities of select small cap Resource Issuers identified by Catapult Financial Management Inc., the Partnership's investment advisor, and (b) maximize tax benefits for investors by purchasing Flow-Through Shares of Resource Issuers. The Partnership will invest primarily in Resource Issuers that will incur Canadian Exploration Expense ("CEE") and that are engaged in oil and gas exploration and development, including the oil sands sector. For more information on the Partnership's investment strategy, criteria and restrictions, please see the Partnership's prospectus at www.sedar.com.

Catapult Energy Management 2007 Inc. is the general partner of the Partnership and is a wholly-owned subsidiary of Overlord Financial Inc. (TSXV:OFI).

Overlord Financial Inc. is a Calgary-based asset management company 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:

Catapult Energy Management 2007 Inc.

 

Eric Tremblay Chief Executive Officer (403)770-4817

Joanne A. Hruska President (403)770-4814

Larry Titley Chief Financial Officer (403)770-4808

 

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

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