NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2012) - Cabo Drilling Corp. (News - Market indicators) ("Cabo Drilling" or the "Company") along with its Business Cooperation Agreement partner, Geoplano SA ("Geoplano") (see Cabo news release dated November 8, 2012), is pleased to announce the award of two surface drilling contracts with Almina - Minas do Alentejo, SA ("Almina").

Almina is a Portuguese mining company located 170 km south of Lisbon in the agricultural town of Aljustrel, in Portugal's Alentejo region. The mining area is 4.7 km² wide and includes the deposits of São João, Moinho, Feitais and Estacão.

The first contract with Almina consists of 10,000 meters of HQ and NQ drilling located on a site close to Almina's operating underground mines in Aljustrel, Portugal. The Company and Geoplano currently have two drills on the property. The first drill is Cabo's CS-14, which has started to drill the deeper holes in the program (up to 980 meters). The second drill, Geoplano's Rolatec 600, has started drilling the shallower holes in the program (up to 550 meters).

The second drilling contract with Almina is for three deep holes, totaling 2,400 meters of HQ and NQ drilling, at Almina's Estacao project. Cabo has mobilized a CS-14 drill to the Estacao project, which is located close to the city limits of Aljustrel, Portugal. Drilling on this program has also commenced.

About Almina - Minas do Alentejo, SA

Almina is a Portuguese mining company, whose social goal is the extraction and valuing of pyrites, sulphides and other ores, the trade, transport of the products and derivatives and the research, purchase and development of technological methods for its mining activities.

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. (News - Market indicators)

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 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 (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.