Cabo Drilling Announces Election of New Directors

NORTH VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 9, 2012) - Cabo Drilling Corp. (TSX VENTURE: CBE) ("Cabo Drilling" or the "Company") announces that Roy T. Graydon and Peter A. Freeman were duly elected to the Company's Board of Directors at the Company's Annual General Meeting of Shareholders held on December 16, 2011.

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).

"We are very pleased to announce these talented additions to our Board of Directors," commented John A. Versfelt, President and CEO of the Company. "Roy has invaluable managerial, financial and operational credentials gained at both public and private companies where he has been an important contributor to their growth, while Peter brings extensive experience relating to public markets, finance and compliance. Such experience will prove crucial as we continue to grow and further develop our markets. We look forward to their presence and contribution to our Board."

The following incumbent directors were re-elected to the Company's Board:

John A. Versfelt
J. Terry Aimone
Thomas G. Oliver
Robert W. Schellenberg

Directors Mr. Greg Gerrie, Mr. Robin Preston and Mr. Peter Walton retired from the Board and did not stand for re-election. We extend our sincere thanks to them for their dedicated service on the Board.

The shareholders of the Company also approved the resolution to appoint Morgan & Company, Chartered Accountants, as the Company's auditors for the ensuing year.


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.; 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