Cabo Drilling recognized as one of the 2008 TSX Venture 50

NORTH VANCOUVER, June 19 /PRNewswire-FirstCall/ - Cabo Drilling Corp.
(TSX-V: CBE) ("Cabo Drilling" or the "Company") is pleased to announce its
selection as one of the 2008 TSX Venture 50. The TSX Venture 50 are the top 10
companies in each of five major industry sectors - mining, oil & gas,
technology & life sciences, diversified industries and cleantech - based on a
ranking formula with equal weighting given to one-year revenue (last reported
12 months), return on investment, market cap growth and trading volume. All
data was as of December 31, 2007.
"With over 2,100 companies listed on the TSX Venture Exchange we are
extremely proud to be included in the "2008 TSX Venture 50." To be recognized
amongst our peers as one of the top 10 companies in our sector truly
demonstrates the accomplishment of our Company and the hard work and diligence
of the entire Cabo Drilling team over the four short years that we have been a
publicly traded drilling company" said John Versfelt, President and CEO.
"We look forward to another year of hard work, corporate growth and
success for our shareholders as we continue to expand our markets and provide
exceptional service to our clients. On behalf of the Company and our
shareholders, we thank the TSX Venture Exchange for its recognition of Cabo
Drilling."
About Cabo Drilling Corp. (TSX-V: 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 de Mexico S.A. de C.V. of Hermosillo,
Sonora, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama;
and Cabo Drilling Spain S.L. of Sevilla, Spain. 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"

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) or by contacting Investor
Relations Mr. Garett Greene or Mr. John A. Versfelt, Chairman, President & CEO
of the Company at 604-984-8894.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. 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.
Cabo Drilling Corp. was recognized as a TSX Venture 50(TM) company in
2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
CONTACT: John A. Versfelt, Chairman, President and CEO, Telephone: (604)
984-8894, Facsimile: (604) 983-8056, e-mail: ir@cabo.ca, web site: www.cabo.ca
SOURCE Cabo Drilling Corp.

John A. Versfelt, Chairman, President and CEO, Telephone: (604) 984-8894,
Facsimile: (604) 983-8056, e-mail: ir@cabo.ca, web site: www.cabo.ca