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Cabo Closes $872K Private Placement

North Vancouver, BC:  Cabo Drilling Corp. (the “Company”) (TSX-V: CBE) announces the closing of its partially brokered private placement announced November 2, and November 12, 2009.  A very encouraging response to the placement saw the $0.12 per unit offering increase by more than 30% from its original $670,000 target to $872,800 total cash proceeds at the close.  The placement was supported by investors represented by Loeb Aron & Company Ltd. and PanAmerica Capital Group Inc., together with other qualified investors, including a number of Company insiders.  The units comprise one (1) common share and one half (½) non-transferable share purchase warrant, each full warrant entitles the holder to purchase an additional share for $0.15 on or before November 30, 2011. 

Under terms of the Company’s agreements with Loeb Aron & Company Ltd., and PanAmerica Capital Group, the Company will issue a total of 438,033 broker warrants.  Each broker unit warrant is exercisable on or before November 30, 2011 and entitles the holder to acquire one broker unit for $0.12 per broker unit, each broker unit is comprised of one share and one ordinary share purchase warrant entitling the holder to acquire one additional share for $0.15 on or before November 30, 2011. 

Common shares issued in connection with the private placement are subject to a four month hold period ending March 31, 2010.

About Cabo Drilling Corp. (TSX-V: CBE)
Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides mining related and specialty drilling services through its Canadian divisions in Surrey, British Columbia; Montréal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; and internationally through Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Spain S.L. of Sevilla, Spain; Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc.  The Company’s common shares trade on the Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD

      “John A. Versfelt”

John A. Versfelt
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 Sheri Barton, Corporate Communications at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.  For general investor relation inquiries you may also contact Renmark Financial Communications Inc. Barbara Komorowski: bkomorowski@renmarkfinancial.com or Dan Symons: dsymons@renmarkfinancial.com at Tel: 514-939-3989 or 416-644-2020.

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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this 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: 12/02/2009