North Vancouver, BC - Cabo Drilling Corp. ("Cabo" or the "Company") (TSX-V: CBE) reports results for its fourth quarter and fiscal year ended June 30, 2008.

The Company reports:

-Revenue of $14.63 million for the 4th quarter of 2008, an increase of $2.95 million compared to 4th quarter revenue of $11.68 million in fiscal 2007.

-Net 4th quarter 2008 earnings before interest, tax, amortization, stock-based compensation and other items of $701,078 and net earnings of $581,487 after interest, tax, amortization, stock-based compensation and other items resulting in earnings of $0.02 per share and $0.01 per share, respectively. This compares with the 4th quarter 2007 earnings before interest, tax, amortization, and stock-based compensation of $1.42 million and net earnings of $162,205 after interest, tax, amortization, and stock-based compensation resulting in earnings of $0.04 per share and $0.00 per share respectively, a positive net income swing of $419,282 from 2007 to 2008.

-Net before tax earnings for fiscal 2008 of $3.95 million compared to a net before tax earnings for fiscal 2007 of $1.59 million, an increase of $2.36 million.

-Net after tax earnings for the fiscal year 2008 of $3.20 million compared to net after tax earnings for fiscal 2007 of $926,498, an improvement of $2.27 million year over year.

-Gross margin percentage for the 4th quarter fiscal 2008 was 20.0%, compared with a gross margin of 26.5% in the 4th quarter of fiscal 2007 and 23.4% in fiscal 2008 compared to 24.6% in fiscal 2007.

-Cash from operations, before changes in non-cash working capital items, was $814,615 for the 4th quarter 2008 and $5.15 million for fiscal 2008, compared to 4th quarter 2007 cash from operations of $888,489 and $2.67 million for the fiscal year 2007.

-A current asset balance of $23.51 million and working capital of $7.28 million.

-Total assets of $38.70 million and total liabilities of $18.60 million.

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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; Montr�al, 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 50T company in 2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.-