Cabo Drilling Announces Retirement of Three Directors, Nomination of Two Directors and Appointment of Investor Relations Manager

NORTH VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Nov. 24, 2011) - Cabo Drilling Corp. (TSX VENTURE: CBE) (“Cabo Drilling“ or the “Company“) announces the retirement of three Board members. Mr. Greg Gerrie, Mr. Robin Preston and Mr. Peter Walton have retired from the Company's Board of Directors, effective this month, and will not stand for re-election at the 2011 Annual General Meeting of Shareholders (“AGM“) on December 16, 2011. Mr. Gerrie and Mr. Preston joined the Cabo Board of Directors in December 2005 and Mr. Walton joined in 2006. All three of these Directors will continue their relationship with the Company in a consulting capacity.

Mr. Versfelt, Cabo's President & CEO, stated, “We appreciate the contributions Mr. Gerrie, Mr. Preston and Mr. Walton have made to the Company over the past years and wish them a relaxing and fulfilling retirement.“

In 2011, the Company's Board of Directors consisted of seven Directors, all of whom were re-elected in December 2010. Four of Cabo's current directors are standing for re-election and two new Directors have been nominated for election to the Board at the Company's next AGM on December 16, 2011, where shareholders will also be asked to consider and, if thought fit, approve an ordinary resolution fixing the number of directors to be elected at the AGM at six.

The two Directors that have been nominated for election are Mr. Roy T. Graydon and Mr. Peter Freeman.

Mr. Graydon is an accomplished business executive with extensive and diverse experience as both a public company CEO and CFO, and in corporate governance, investing in public and private equity markets, and mergers and acquisitions. Mr. Graydon will bring invaluable experience to all activities of Cabo Drilling including the development and implementation of strategy, recruiting, training and developing people; designing and implementing financial and governance oversight; capital allocation acquisitions and divestitures; and, financial reporting and disclosure. Mr. Graydon was formerly President, CEO and a director of Aeroquest International Limited and in the past has also served on the boards of Canadian public companies Patheon Inc., Call-Net Enterprises Inc., Cybersurf Corp., and International Comfort Products Corporation.

Mr. Freeman brings to the Company extensive experience in public markets, finance and compliance. His experience includes six years as Director of Markets and Compliance at the OFEX Market (now PLUS) where his work with the FSA, HM Treasury and the European Commission allowed OFEX to develop from an “unregulated trading facility operated by a stock exchange member firm“ into a regulated Exchange. In 2005, he joined Loeb Aron & Co as a director and head of compliance and advisory services for their London based, mining corporate finance house. In addition to advising companies on their fundraising and other corporate activities, Mr. Freeman has been a director of two public companies admitted to the AIM market, which both successfully completed financings (OFEX Holdings plc and Capital Lease Aviation plc).

The Company also announces the appointment of Mr. Kevin Hull as Manager of the Company's Investor Relations department. Mr. Hull brings to the Company an extensive background in the creation and implementation of Investor Relations strategies, the use of social media for investor relations and strong communication and management skills. Most recently, Mr. Hull managed the investor relations programs for public companies in the natural resources sector and the green technology sector.

Subject to Exchange acceptance, incentive stock options under the Company's stock option plan will be granted to Mr. Hull for the purchase of 60,000 common shares of the Company, 30,000 of which are exercisable at $0.225 per share and the balance exercisable at $0.25 per share.


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; Montréal, 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 (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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.



Contact Information

Cabo Drilling Corp.
Sheri Barton
Corporate Communications
403-217-5830

Cabo Drilling Corp.
Mr. John A. Versfelt
Chairman, President & CEO
604-984-8894
www.cabo.ca