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Cabo To Drill An Additional 14,000 Meters For Minera Petaquilla, S.A.

North Vancouver, BC – Cabo Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the “Company”) Panama division has been awarded an additional 14,000 meters of drilling at Minera Petaquilla S.A.’s copper project in the district of Donoso, in Colon Province, Republic of Panama. The original contract, announced March 10, 2008, was for a minimum of 6,000 meters of drilling.

The Company’s contract is with Minera Petaquilla, S.A. Cabo currently has four drills on this project and a fifth drill is being mobilized from Canada. In addition to the further 14,000 meters of drilling, the Company will supply all of the labour required for site preparation and helicopter support.

The Company continues to increase its work force in Panama and now employs over forty people on this project. The Company is also adding to its local work force and has started an on-the-site training program for Panamanians.

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, Sonora, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; and Cabo Drilling Spain S.L. of Sevilla, Spain. 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
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 Mr. Garett Greene 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 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: 07/23/2008