Endeavour reports financial results for quarter ended March 31, 2009

    Toronto Stock Exchange: EDV

    GEORGE TOWN, Grand Cayman, May 11 /CNW/ - Endeavour Financial Corporation
("Endeavour" or the "Corporation") today reported net income of US$6.7 million
or US$0.09 per share for the quarter ended March 31, 2009. This compares with
net income of US$2.1 million or US$0.07 per share for the quarter ended March
31, 2008.
    Revenue for the quarter of US$8.8 million includes US$6.1 million
investment income and US$4.3 million of realized advisory fees.
    At March 31, 2009 the Corporation had cash and cash equivalents of
US$91.3 million and investments of US$70.6 million. Approximately 40% of the
investments are invested in each of the gold sector and oil & gas sectors. The
Corporation's cash is currently invested in short-term government treasury
securities and it is anticipated that this will be deployed into a larger,
gold-focused, investment program in the near term (see News Release, dated
February 4, 2009, Equity Offering of 65 million units for net proceeds of
US$88.6 million).
    The Corporation's book value was US$219 million (or approximately
CDN$2.88 per issued and outstanding share) at March 31, 2009.
    Neil Woodyer, Chief Executive Officer commented "we are very pleased to
announce a return to a positive net income for the quarter after a period of
investment losses in the sector. While the junior resource equity markets
remain in a dysfunctional state, our recent debt mandate successes demonstrate
that debt and credit markets are beginning to recover slowly. The Corporation
has a significant cash balance and it is well positioned to advance its
gold-focused investment strategy that should include combining its current
capital with third-party capital".

    Resource Transactions

    During the quarter ended March 31, Endeavour, advisor to Pacific Rubiales
Energy Corp., helped to arrange a US$200 million financing of a 235km long,
oil pipeline in the Republic of Colombia. The financing was provided by Grupo
Aval, a consortium of Colombian banks led by Banco de Bogota. In addition to
the oil pipeline financing, the Company also received a milestone fee in the
quarter for securing commitments for an additional reserve based lending

    Subsequent Events

    Subsequent to the quarter, Endeavour, advisor to Pacific Rubiales Energy
Corp. successfully structured and arranged an initial US$180 million reserve
based lending facility as part of a senior secured revolving credit facility
totaling up to $250 million. The facility consists of commitments from each of
BNP Paribas, Calyon, Banco Davivienda S.A., and West LB. A.G.
    Subsequent to the quarter, Endeavour structured and arranged a one year,
US$50 million bridge financing for the principal Colombian operating
subsidiary of Pacific Rubiales Energy Corp. The financing was provided by
Citibank N.A.

    Conference Call Details

    Management's discussion of the financial results for the quarter ending
March 31, 2009 will be webcast by V-Call on Tuesday, May 12, 2009 at 11:00am
Eastern Standard Time and can be accessed from the Corporation's website at
www.endeavourfinancial.com by calling the operator at 201-689-8035 or toll
free 1-877-407-8035 prior to the scheduled start time. The call will be
archived for later playback on Endeavour's website until May 12, 2010.

    About Endeavour Financial Corporation

    Endeavour is an independent merchant banking company focused on the
global natural resources sector. The Corporation offers advisory services in
project, corporate and debt capital markets; equity financings; mergers and
acquisitions; and strategic business development. Endeavour also provides
equity and bridge loans in support of clients, transactions, and other market
opportunities. Accessing its global industry networks, Endeavour creates and
launches new growth companies as both an advisor and investor.
    Endeavour Financial Corporation is listed on the Toronto Stock Exchange,
symbol EDV. Listed warrants trade on the Toronto Stock Exchange, symbol
    For additional information, please visit our corporate website at
www.endeavourfinancial.com. In order to access the Corporation's financial
statements directly, please click the following URL:

    On behalf of Endeavour Financial Corporation

    "Neil Woodyer"

    Neil Woodyer
    Chief Executive Officer

    The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The foregoing
information may contain forward-looking statements relating to the future
performance of Endeavour Financial Corporation. Forward-looking statements,
specifically those concerning future performance, are subject to certain risks
and uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Corporation's filings with
the appropriate securities commissions.

For further information:

For further information: Dr. Sally Eyre, Director Marketing & Business
Development, Endeavour Financial, (604) 609-6129; Or Mr. Bill Koutsouras,
Executive Vice President and Chief Financial Officer, Endeavour Financial, +
377 97 98 7130; Or Vanguard Shareholder Solutions, 1-866-341-4111 or (604)
608-0824, Email: investor@endeavourfinancial.com

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