Cabo Drilling Corp.: Stock Options Granted

NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwired - Jul 12, 2013) - Cabo Drilling Corp. (TSX VENTURE:CBE) (FRANKFURT:DHL) ("Cabo Drilling" or the "Company") announces that it has granted incentive stock options to Company directors, officers, employees, and consultants, for the right to purchase up to 5,157,500 shares of the Company at $0.10 per share, exercisable to December 31, 2015. The total number of outstanding stock options granted by the Company, at the date of this news release, is 5,157,500.

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; 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 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 Drilling website (http://www.cabo.ca) and SEDAR (www.sedar.com).

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.