Cabo to drill an additional 14,000 meters for Minera Petaquilla, S.A.

NORTH VANCOUVER, BC, July 23 /PRNewswire-FirstCall/ - Cabo Drilling Corp.'s
(TSX-V: CBE) ("Cabo" or the "Company") Panama division has been awarded an
additional 14,000 meters of drilling at Minera Petaquilla S.A.'s copper
project in the district of Donoso, in Colon Province, Republic of Panama. The
original contract, announced March 10, 2008, was for a minimum of 6,000 meters
of drilling.
The Company's contract is with Minera Petaquilla, S.A. Cabo currently has four
drills on this project and a fifth drill is being mobilized from Canada. In
addition to the further 14,000 meters of drilling, the Company will supply all
of the labour required for site preparation and helicopter support.
The Company continues to increase its work force in Panama and now employs
over forty people on this project. The Company is also adding to its local
work force and has started an on-the-site training program for Panamanians.

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

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.
SOURCE Cabo Drilling Corp.

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.