Special Shareholders’ Meeting Called for June 20, 2011 North Vancouver, BC – Cabo Drilling Corp.

(TSX-V: CBE) (“Cabo” or the “Company”) announces that a special meeting of the Company’s shareholders has been scheduled for June 20, 2011 for the purpose of approving, among other things, the increase of the Company’s authorized share capital from 100,000,000 common shares without par value, to an unlimited number of common shares. About Cabo Drilling Corp. 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 (Nevada) Inc.

of the United States; Cabo Drilling (Panama) Corp.

of Panama, Republic of Panama; Cabo Drilling Panama-Pacifico Corp.

of Panama, Republic of Panama doing business as Cabo Drilling Colombia Corp.; 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” John A.

Versfelt Chairman, President and CEO Further information about the Company can be found on the Cabo website and SEDAR (www.sedar.com ) or by contacting Sheri Barton, Corporate Communications at 403-217-5830 or Mr.

John A.

Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

For general investor relation inquiries you may also contact Renmark Financial Communications Inc.

Barbara Komorowski: bkomorowski@renmark financial.com or Dan Symons: at Tel: 514-939-3989 or 416-644-2020. * * * * Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. 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.

In particular, there is no assurance shareholders will approve the alteration to the Company’s authorized share capital in the manner outlined above, or at all.
-- Remove, http://sandmannews.com/contact/?p=unsubscribe&uid=af6e690091d62eb81f27a72eeb16525b