CBE Cabo Drilling Corp

Cabo Drilling Corp. (the "Company") (TSX VENTURE:CBE) ("Cabo Drilling" or the
"Company") announced today that it has closed a private placement of
$1,994,666.67 (the "Principal Amount") of secured subordinate debentures of the
Company (the "Debentures"). The Debentures were sold at a price of approximately
$882 per $1,000 of the Principal Amount of each Debenture raising aggregate
proceeds of $1,760,000. The Principal Amount of the Debentures includes 13.33%
interest on such proceeds. The Debentures shall mature on the date that is one
year from the date of issue (the "Maturity Date"). The Company has the ability
to redeem the Debentures, in whole or in part, at a price equal to the Principal
Amount at any time. In addition, an aggregate of 1,513,978 common shares were
issued to the subscribers, on a pro rata basis, as bonus shares.


A finder's fee of $119,680 in cash and 257,376 in common shares will be paid to
qualified finders including Ascendant Securities Inc. In addition, finders will
receive an aggregate of 1,029,505 share purchase warrants (the "Finder's
Warrants"), with each such Finder's Warrant entitling its holder to purchase one
common share at a price of C$0.16 for a period of one year from the closing date
of this transaction. 


The Company will use the net proceeds of the Offering for general working
capital purposes. The securities issued under this private placement are subject
to a hold period under applicable Canadian securities legislation of four months
and a day expiring on June 15, 2012. Completion of the financing is subject to
final approval from the TSX Venture Exchange.


About Cabo Drilling Corp. (TSX VENTURE:CBE)

Cabo Drilling Corp. is a drilling services company headquartered in North
Vancouver, British Columbia, Canada. The Company provides mining specialty
drilling services through its Canadian divisions in Surrey, British Columbia;
Montreal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well
as Cabo Drilling (Nevada) Inc. of the United States; Cabo Drilling (Panama)
Corp. of Panama, Republic of Panama; Cabo Drilling Panama-Pacifico Corp. of
Panama, Republic of Panama doing business as Cabo Drilling Colombia Corp.;
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, 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). 


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.

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