Cabo Drilling Signs Business Cooperation Agreement With Geoplano SA

NORTH VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Nov. 8, 2012) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo Drilling" or the "Company") announces that Geoplano SA ("Geoplano") and Cabo Drilling have signed a Business Cooperation Agreement to support each other's efforts in offering expanded geological services to mineral exploration and mining companies active in the Iberian Peninsula and select countries of North Africa.

"Aligning Cabo Drilling's experience with core and reverse circulation drilling with Geoplano's geotechnical expertise is a natural fit as our sub-surface exploration, engineering and sampling services are complimentary," stated Terry Aimone, Cabo Drilling's General Manager in Europe. "Together we can provide a full set of services to the exploration and mining industry. I look forward to offering this expanded level of service in this market area and beyond."


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 Petroquímico 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; Montréal, 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: 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.

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



Contact

Cabo Drilling Corp.
John A. Versfelt, Chairman, President and CEO
(604) 527-4201
(604) 527-9126 (FAX)
ir@cabo.ca
www.cabo.ca

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