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Cabo Drilling Recognized As One of the 2008 TSX Venture 50

North Vancouver, BC – June 19, 2008 – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo Drilling” or the “Company”) is pleased to announce its selection as one of the 2008 TSX Venture 50. The TSX Venture 50 are the top 10 companies in each of five major industry sectors – mining, oil & gas, technology & life sciences, diversified industries and cleantech – based on a ranking formula with equal weighting given to one-year revenue (last reported 12 months); return on investment, market cap growth and trading volume. All data was as of December 31, 2007.

“With over 2,100 companies listed on the TSX Venture Exchange we are extremely proud to be included in the “2008 TSX Venture 50.” To be recognized amongst our peers as one of the top 10 companies in our sector truly demonstrates the accomplishment of our Company and the hard work and diligence of the entire Cabo Drilling team over the four short years that we have been a publicly traded drilling company” said John Versfelt, President and CEO.

“We look forward to another year of hard work, corporate growth and success for our shareholders as we continue to expand our markets and provide exceptional service to our clients. On behalf of the Company and our shareholders, we thank the TSX Venture Exchange for its recognition of Cabo Drilling."

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: 06/19/2008