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Cabo Completes $2.525 Million Private Placement

Cabo Drilling Corp. (the “Company”) (TSX-V: CBE) announces completion of the $2,525,000 private placement announced by the Company February 16 and March 14, 2011.  Thirty-nine parties participated in the $0.20 per unit placement.  The units are comprised of one (1) common share and one half (½) non-transferable share purchase warrant, each full warrant entitling the holder to purchase an additional share for $0.25 on or before March 17, 2013. 

Finder’s fees of $80,010 and 400,050 broker warrants will be paid.  Each broker warrant will entitle the holder to acquire one broker unit for $0.20, with each broker unit comprised of one share and one half (½) ordinary share purchase warrant, each full warrant entitling the holder to acquire one additional Cabo share for $0.25.  Both the broker warrants and the share purchase warrants must be exercised on or before March 17, 2013. 

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 July 18, 2011.

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 (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 Arash Shahi: ashahi@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: 03/21/2011