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Cabo Drilling Arranges $918K Private Placement

North Vancouver, BC:  Cabo Drilling Corp. (the “Company”) (TSX-V: CBE) is pleased to announce it has arranged a non-brokered private placement of $918,000 with two accredited investors by way of a units offering at $0.18, each unit comprised of one share and one-half share purchase warrant, each full warrant entitling the holder to purchase an additional share of the Company for $0.23 for a period of two years from the date of issue.  A finder’s fee of 7% cash and 8.5% broker unit warrants will be paid on a portion of the placement to HSBC Securities (Canada) Inc.  The broker unit warrants allow the holder to purchase broker units for $0.18 per unit, each unit comprised of one share and one-half share purchase warrant, each full warrant to entitle the holder to purchase one additional share of the Company for $0.23 of a period of two years.  The placement is subject to regulatory acceptance.

“This significant working capital injection enables the Company to continue expansion of its drilling capacity across Canada and Latin America.” states Cabo’s CEO and President, Mr. John Versfelt.”

The Company will use the proceeds of the private placement for working capital.

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; as well as 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: 05/17/2010