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Cabo Gives Notice of Acceleration of Warrants' Expiry Time

North Vancouver, BC – Effective July 20, 2007, Cabo Drilling Corp. (TSX-V:CBE) (“Cabo” or the “Company”) gives notice to all holders of warrants issued pursuant to the private placement (the “Warrants”) announced November 23, 2006 and closed December 29, 2006 and January 9, 2007 (the “Private Placement”) that the Expiry Time of the Warrants, for each Warrant Holder, is accelerated to 4:30 PM Pacific Standard Time, August 20, 2007, as to fifty percent (50%) of the Warrants, and to 4:30 PM Pacific Standard Time, October 31, 2007, as to the remaining fifty percent (50%) of the Warrants.

Pursuant to the terms and conditions of the Warrants, the Exercise Period of the Warrants, as defined therein may be reduced, and the Expiry Time, also defined in the Warrants, may be changed, at the discretion of the Company, if the Current Market Price (defined in the Warrants) of the Company’s shares is at least $0.60 per share for twenty (20) consecutive trading days, by the Company giving notice of the same to the Holders of the Warrants, provided such reduced Exercise Period expires not less than twenty (20) trading days from the date of such notice.  Notice may be given by the Company disseminating a news release to such effect, this being such news release, filing such news release on SEDAR (completed July 20, 2007) and giving notice to any agent involved in selling Warrants to a Holder (done).

The Company’s shares have traded and closed on the TSX Venture Exchange at $0.60 per share or higher for 26 consecutive trading days since June 13, 2007.

The total number of outstanding Warrants, exercisable at $0.50 per share, is 8,663,867.  Provided that all Warrants are exercised the Company will receive $4,331,933.  These funds will be used to reduce certain Company debts and for working capital.

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 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 Ms. Sheri Barton at 403-217-5830 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: 07/20/2007