OVERLORD ANNOUNCES FIRST QUARTER RESULTS

CALGARY, ALBERTA, May 28, 2007 – Overlord Financial Inc. (the "Company") announces it has filed the unaudited interim consolidated financial statements for the period ended March 31, 2007 and related Management Discussion and Analysis with Canadian Securities Regulatory Authorities. The Company is listed on the TSX Venture Exchange under the ticker symbol OFI.  

During the period, Overlord incorporated Catapult Energy Management 2007 Inc. ("Catapult 2007"), to act as the general partner of the Catapult Energy Small Cap 2007 FTS Limited Partnership (the "FTS 2007 Partnership"). On May 15, 2007, the FTS 2007 Partnership closed its initial public offering, issuing 170,644 limited partnership units at $25.00 per unit for gross proceeds of approximately $4.3 million. 

Aston Hill Financial Ltd., (a wholly owned subsidiary) signed an Advisory Agreement with Arrow Hedge Partners Inc. ("Arrow Hedge") on February 1, 2007. Aston Hill provides portfolio advisory services to Arrow Hedge on its Arrow Canadian Income Fund.  

Subsequent to period end, Overlord entered into an Arrangement Agreement alongside Infra-PSP Canada Inc. ("PSP"), a wholly-owned subsidiary of the Public Sector Pension Investment Board, to acquire all of the issued and outstanding trust units of Thunder Energy Trust. The Arrangement must be approved by the holders of the Units, and the Exchangeable Shares ("the Exchangeable Shares") of Thunder Energy Inc., voting together as a single class, as well as the holders of the convertible debentures. A meeting of the holders of Units, Exchangeable Shares and convertible debentures is scheduled for June 22, 2007 to obtain the required approvals. Upon closing of the transaction, Overlord will manage the assets and own approximately 2% of the resulting private entity.

The Company also gives notice that at the Annual General and Special Meeting of the Corporation held on May 24, 2007, the shareholders approved a special resolution changing the name of the Company to Aston Hill Financial Inc. It is anticipated the name change will occur prior to June 15, 2007. Further, the Shareholders appointed the following persons to the Board of Directors:
- Mr. Andre Bineau (audit committee);
- Mr. Ben Cheng;
- Dr. Eldon Smith (audit committee, governance & compensation committee);
- Mr. Eric Tremblay;
- Mr. Jean-Guy Lambert (audit committee, governance & compensation committee);
- Mr. Kirk Purdy (governance & compensation committee).  

At the Board of Directors Meeting following the Annual Meeting, the following appointments were made:
- Eric Tremblay, Chief Executive Officer and Chairman of the Board;
- Ben Cheng, President;
- Larry Titley, Vice President and Chief Financial Officer;
- Joanne Hruska, Vice President, Portfolio Management;
- Derek Slemko, Vice President, Business Development and Controller;
- Theresa Devost, Corporate Secretary.  

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 (403)770-4817

Larry Titley Chief Financial Officer (403)770-4808

 

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

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