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Cabo Completes $918k Private Placement

Cabo Drilling Corp. (the “Company”) (TSX-V: CBE) announces completion of the $918,000 private placement announced by the Company May 17, 2010.  The placement is to two accredited investors represented by  HSBC  Securities  (Canada)  Inc.    The  $0.18  units  offering  comprised  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 $0.23 on or before May 21, 2012.  

Under terms of the Company’s agreement with HSBC, HSBC will earn a finder’s fee and be entitled to broker warrants equal to 8.5% of the units placed.  Each broker unit warrant will be exercisable on or before May 25, 2012 and will entitle the holder to acquire one broker unit for $0.18, each broker unit to be comprised of one share and one half (½) ordinary share purchase, each full warrant entitling the holder to acquire one additional Cabo share for $0.23 on or before May 25, 2012.  

Common  shares  issued  in  connection  with  the  private  placement,  including  those  issued  upon  exercise  of  the  issued warrants are subject to a four month hold period ending September 21, 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
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: 05/27/2010