Cabo Drilling Corp.: Special Shareholders' Meeting Called for June 20, 2011

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that a
special meeting of the Company's shareholders has been scheduled for June 20,
2011 for the purpose of approving, among other things, the increase of the
Company's authorized share capital from 100,000,000 common shares without par
value, to an unlimited number of common shares.


About Cabo Drilling Corp. 

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. 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. In particular, there is no assurance
shareholders will approve the alteration to the Company's authorized share
capital in the manner outlined above, or at all.