Cabo Drilling Corp Receives Shareholders Approval

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces the
results of a special meeting of its shareholders held today. At the meeting, the
shareholders approved the following resolutions submitted for shareholder
approval:




--  Approval to change the authorized share capital to an unlimited number
    of shares; 
--  Approval of any change of control resulting from a proposed private
    placement of convertible debentures. 



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 related 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.; Cabo Drilling Spain S.L. of Sevilla, Spain; 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.