CBE Cabo Drilling Corp

Cabo Drilling Corp. (the "Company") (TSX VENTURE:CBE) announces completion of
the $2,525,000 private placement announced by the Company February 16 and March
14, 2011. Thirty-nine parties participated in the $0.20 per unit placement. The
units are comprised of one (1) common share and one half (1/2) non-transferable
share purchase warrant, each full warrant entitling the holder to purchase an
additional share for $0.25 on or before March 17, 2013. 


Finder's fees of $80,010 and 400,050 broker warrants will be paid. Each broker
warrant will entitle the holder to acquire one broker unit for $0.20, with each
broker unit comprised of one share and one half (1/2) ordinary share purchase
warrant, each full warrant entitling the holder to acquire one additional Cabo
share for $0.25. Both the broker warrants and the share purchase warrants must
be exercised on or before March 17, 2013. 


Common shares issued in connection with the private placement, including those
issued upon exercise of the issued warrants are subject to a four month hold
period ending July 18, 2011.


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; Montreal, Quebec; Kirkland Lake, Ontario; and Springdale,
Newfoundland; and internationally through Cabo Drilling (Panama) Corp. of
Panama, Republic of Panama; Cabo Drilling Spain S.L. of Sevilla, Spain; 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, 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.

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