North Vancouver, BC - November 27, 2007 - Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Nevada division, Action Drilling Inc., a subsidiary of Cabo Drilling (Pacific) Corp., has been awarded a contract to complete a minimum of 7,500 feet of HQ core drilling in Nevada.

The Company began drilling in mid-October on their client’s property located approximately 30 miles south of Battle Mountain, Nevada. Action Drilling mobilized a track mounted diesel hydraulic rig, which has a proven track record drilling in similar conditions in Nevada.

Nevada’s mineral potential is well known as evidenced by the extensive mining industry in place as well as the exploration boom that is underway. Nevada’s regulatory agencies are very active and familiar with all aspects of exploration, environmental and cultural protection making Nevada a place of choice for explorers and miners. Additionally, Nevada’s gold production accounts for 87% of the total US gold production and making Nevada the third largest producer of gold in the world. Considering this, the Company believes expanding its drilling services into Nevada will add value for Cabo’s clients and shareholders.

“We are pleased to announce the expansion of Cabo’s drilling services into another new market,” stated John A. Versfelt, President and CEO of Cabo Drilling Corp. “We have a great team of people who are dedicated to servicing our customers efficiently and to providing top level value, whether in Canada, USA or the other markets we presently service.”

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; Montréal, 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 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 Ms. Sheri Barton at 403-217-5830 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.-