Telephone: (604) 984-8894
Facsimile: (604) 983-8056
e-mail:     ir@cabo.ca
CONTACT:    John A. Versfelt, Chairman, President and CEO
            web site: www.cabo.ca

Cabo Announces Annual and Fourth Quarter Results

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, 2009.

4th QUARTER & ANNUAL HIGHLIGHTS

+----------------------------------------------------------------
---+
| (CDN   $000s,   except |  3 months  | 3 months |         |        |
| earnings per share)    |   ending   |  ending  |         |        |
|                        | June 30-09 |   June   | FY 2009 | FY2008 |
|                        |            |  30-08   |         |        |
|------------------------+------------+----------+---------+--------|
| Revenue                |      6,197 |   14,634 |  41,162 | 58,645 |
|------------------------+------------+----------+---------+--------|
| Net  Earnings   (Loss) |            |          |         |        |
| Before Interest,  Tax, |       (62) |      701 |   3,981 |  6,757 |
| Amortization,          |            |          |         |        |
| Stock-based            |            |          |         |        |
| Compensation and Other |            |          |         |        |
| Items (EBITDA)         |            |          |         |        |
|------------------------+------------+----------+---------+--------|
| Net  Earnings   (Loss) |    (1,028) |    (115) |     408 |  3,951 |
| Before Taxes           |            |          |         |        |
|------------------------+------------+----------+---------+--------|
| Net  Earnings   (Loss) |    (1,192) |      581 |   (847) |  3,203 |
| After Taxes            |            |          |         |        |
|------------------------+------------+----------+---------+--------|
| Earnings  (Loss)   per |            |          |         |        |
| Share ($) Basic Before |            |          |         |        |
| Interest,         Tax, |       0.00 |     0.02 |    0.08 |   0.15 |
| Amortization,          |            |          |         |        |
| Stock-based            |            |          |         |        |
| Compensation and Other |            |          |         |        |
| Items (EBITDA)         |            |          |         |        |
|------------------------+------------+----------+---------+--------|
| Earnings  (Loss)   per |     (0.02) |     0.01 |  (0.02) |   0.07 |
| Share ($) Basic        |            |          |         |        |
|------------------------+------------+----------+---------+--------|
| Cash from operations*  |      (339) |      814 |   2,060 |  5,149 |
|------------------------+------------+----------+---------+--------|
| Gross Margin %         |      29.6% |    20.0% |   26.7% |  23.4% |
|------------------------+------------+----------+---------+--------|
| Working Capital        |      4,588 |    7,239 |   4,588 |  7,239 |
+-------------------------------------------------------------------+
*before changes in non-cash working capital items

The Company reports:

Section Revenue of $6.20 million for the 4th quarter of 2009 compared to 4th quarter revenue of $14.63 million in fiscal 2008.

Section Net 4th quarter 2009 loss before interest, tax, amortization, stock-based compensation and other items of $61,635 and a net loss of $1.19 million after interest, tax, amortization,

stock-based compensation and other items resulting in a loss of $0.00 per share and a loss of $0.02 per share, respectively.