Cabo Drilling Announces New $3 Million Equipment Loan Facility With GE Capital, Canada

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that
the Company has entered into a new $3 million equipment loan facility with GE
Capital, Canada. The loan proceeds will be used to pay out approximately $1
million remaining under lending facilities with HSBC Canada, and to provide
approximately $2 million of working capital. At this time, the Company is
working through the process of establishing new relationships with banks to
replace HSBC Canada. 


"We are pleased to be able to secure a loan facility with GE Capital and look
forward to expanding our relationship with them as we continue to grow our
business. The new loan facility with GE Capital provides Cabo with long-term
security, with enhanced financial flexibility, at more competitive terms than
our previous arrangement with HSBC," stated John Versfelt, Cabo's CEO and
President. "Overall, we are pleased to have a new financial partner who is
interested in working with Cabo longer term to execute our business plan." 


About GE Capital, Canada 

With more than 20 offices throughout Canada, GE Capital (gecapital.ca) offers a
wide variety of financial products and services to address commercial financing
and fleet management needs in all phases of a business' lifecycle. From
equipment finance to working capital and growth financing to large asset-based
and restructuring loans, GE Capital applies wealth of industry expertise and
develops custom solutions for its clients. Some of the industry sectors that GE
Capital specializes in include transportation, construction, healthcare,
agriculture, forestry, manufacturing, oil & gas, wholesale and retail,
restaurant and hotel franchises. 


GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit gecapital.com or
follow company news via Twitter (@GECapital). GE works on things that matter.
The best people and the best technologies taking on the toughest challenges.
Finding solutions in energy, health and home, transportation and finance.
Building, powering, moving and curing the world. Not just imagining. Doing. GE
works. For more information, visit the company's website at ge.com.


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 and 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.