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Cabo Agrees to Shares Settlement

North Vancouver, BC - Cabo Drilling Corp. (TSX-V:CBE) (“Cabo” or the “Company”) announces that, subject to Board and TSX Venture Exchange acceptance, the Company has agreed to fix and settle a contingent liability in the amount of $65,000 by the issuance of shares in the capital stock of the Company on the basis of today’s closing price of $0.66 per share less 20% discount to market or $0.53 per share. The 122,642 shares to be issued are subject to normal regulatory hold period requirements. The payment arises from an agreement reached with respect to a claim for fees not paid to a former consultant.

Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides services through its subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montréal, Quebec; Heath & Sherwood Drilling Inc., of Kirkland Lake, Ontario; and Petro Drilling Company Limited of Springdale, Newfoundland. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD
(signed “John A. Versfelt”)
John A. Versfelt
Chairman, President and CEO
Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


Last Updated: 04/30/2006