Cabo Drilling Announces Drilling Contracts with Almina - Minas do Alentejo, SA in Portugal

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo Drilling" or the "Company") along
with its Business Cooperation Agreement partner, Geoplano SA ("Geoplano") (see
Cabo news release dated November 8, 2012), is pleased to announce the award of
two surface drilling contracts with Almina - Minas do Alentejo, SA ("Almina"). 


Almina is a Portuguese mining company located 170 km south of Lisbon in the
agricultural town of Aljustrel, in Portugal's Alentejo region. The mining area
is 4.7 km2 wide and includes the deposits of Sao Joao, Moinho, Feitais and
Estacao.


The first contract with Almina consists of 10,000 meters of HQ and NQ drilling
located on a site close to Almina's operating underground mines in Aljustrel,
Portugal. The Company and Geoplano currently have two drills on the property.
The first drill is Cabo's CS-14, which has started to drill the deeper holes in
the program (up to 980 meters). The second drill, Geoplano's Rolatec 600, has
started drilling the shallower holes in the program (up to 550 meters).


The second drilling contract with Almina is for three deep holes, totaling 2,400
meters of HQ and NQ drilling, at Almina's Estacao project. Cabo has mobilized a
CS-14 drill to the Estacao project, which is located close to the city limits of
Aljustrel, Portugal. Drilling on this program has also commenced.


About Almina - Minas do Alentejo, SA 

Almina is a Portuguese mining company, whose social goal is the extraction and
valuing of pyrites, sulphides and other ores, the trade, transport of the
products and derivatives and the research, purchase and development of
technological methods for its mining activities.


About Geoplano SA 

Founded in 1973, Geoplano-Geotechnical Consultants was one of the first
Portuguese companies specialized in geotechnical engineering, and has taken part
in many emblematic national projects since then, such as Siderurgia Nacional
(Portuguese Steel Industry), Complexo Petroquimico de Sines (Sines Petrochemical
Complex) and the initial sections of motorways A1 and A2. Abroad, Geoplano
participated in studies and projects for dam constructions in Mauritania,
Nigeria and the Ivory Coast. 


In 2001, after a change in the ownership structure, the name of the company was
modified to Geoplano Aherne - Geotechnical Consultants, thus marking the
beginning of a renovation cycle. 


This new phase has been marked by the strengthening of technical facilities,
internationalization to Eastern Europe and Africa, and an investment in areas
such as pavement investigation, groundwater works and environmental assessment.
Currently a Limited Company, Geoplano-Consultants continues to seek new markets
and areas of action, based on a perspective of innovation and continuous
improvement of its services.


About Cabo Drilling Corp. (TSX VENTURE:CBE)

Cabo Drilling Corp. is a drilling services company headquartered in New
Westminster, 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 (America) Inc. of the United States; Cabo Drilling (Panama)
Corp. of Panama, Republic of Panama; Cabo Drilling Colombia Corp. of Colombia;
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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cabo Drilling Corp.
Sheri Barton
Corporate Communications
403-217-5830


Cabo Drilling Corp.
Mr. John A. Versfelt
Chairman, President & CEO
604-527-4201
www.cabo.ca