Cabo Drilling Corp.

Address:	3rd Floor, 120 Lonsdale Ave. North Vancouver, B.C. Canada V7M 2E8
Tel No.:	(604) 984-8894
Fax No.:	(604) 983-8056
Web Site:	www.cabo.ca
Corporate Email:	jav@cabo.ca
Contact Person:	John Versfelt
Position:	President & CEO

COMPANY DATA

Traded Market:	TSX-V
Traded Symbol:	CBE
Outstanding Shares:	47,742,013
Public Float:	Approx. 40,000,000
52 Week High:	$ 0.80
52 Week Low:	$ 0.35
Present Price:	Click Here

INTRODUCTION

Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia. Cabo has growth into one of the larger drilling services companies serving the mining industry in Canada, Mexico, Panama and Spain. The Company has more than 250 employees, and more than 100 drills to go along with a management team that has over 300 years of drilling experience. Cabo provides various drilling services, including surface and underground coring, and directional, reverse circulation, geoenvironmental and geotechnical drilling.

Cabo provides drilling services through its divisions:

Cabo Drilling (Ontario) Corp. of Kirkland Lake, Ontario
Cabo Drilling (Pacific) Corp. of Surrey, British Columbia
Forages Cabo Inc. of Montreal, Quebec
Cabo Drilling (Atlantic) Corp. of Springdale, Newfoundland
Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Mexico
Cabo Drilling (Panama) Corp. of Panama City, Republic of Panama
Cabo Drilling Spain, SL of Seville, Spain

The acquisition of Cabo's divisions has contributed directly to the Company's ability to reach one of its major goals: to become Canada's third largest mineral drilling company.

As a drilling services company, Cabo offers a unique investment opportunity by providing exposure to the mineral exploration and mining sectors without the commensurate risks associated with investing in mineral exploration companies. Additionally, drilling companies are not tied to a single commodity or project but have the ability to capitalize on the market's constant drive to locate new mineral resources.

By consolidating through acquisition Cabo has achieved a competitive edge with additional customer services, improved productivity and greater economies of scale. Cabo will continue to align its subsidiaries to realize the following benefits:

A reduction in drilling company operating costs; and
Improved revenue as a result of offering increased services and greater customer awareness.

CABO'S SERVICES

Some of the services provided by Cabo include:

Surface diamond drilling (long stroke and conventional)
Helicopter support drilling
Underground diamond drilling for exploration and mine development
Rotary reverse circulation drilling
Slimhole core drilling for oil and gas exploration
Geoenvironmental drilling for engineering services and environmental assessments
Restricted access investigations

Additional Services provided by Cabo include:

Customized labour supply contracts for operation and maintenance of drilling equipment
Procuring, packaging and remote transport of drilling equipment and supplies
Consulting and labour contracts
Training services in drilling technology
Specialized equipment

CABO'S MISSION

Cabo's mission is:

To be the first choice for mineral exploration, mining, geoenvironmental and geotechnical and geothermal customers by offering the best value in the drilling services industry.
To be the first choice among employees by offering the most stable, safe and rewarding workplace in the drilling services industry.
To be the first choice for investors by continually generating superior value and providing excellent corporate governance to shareholders and stakeholders.

EXPANDING REVENUE

Cabo Drilling will grow organically and selectively pursue strategic acquisitions to grow the Company's revenue stream. Each acquisition or market expansion will be analyzed with respect to its human resources, customer base, growth potential, location and challenges. Top priority will be given to expansion into value-added market areas.

Enhancing the Company's customer service and expanding its markets have improved Cabo's margins and customer satisfaction. Cabo will continue to focus its attention in these areas, as well as continuing to improve its operating capability, inventory management and working capital utilization.

Cabo Drilling's growth within the mineral and specialty drilling services sector enables it to provide improved services, technical capabilities and a greater geographical reach for its customers.

Expanded market potential - Cabo can now service a client from exploration through operations drilling.
Expanded client base - Cabo has the ability to undertake more difficult and demanding projects for the industry.

2007 ACHIEVEMENTS

Record annual revenues
Highest earnings in Company history
Improving gross margins
Successful market expansion into Panama and Spain
Implementation of Human Resources Program for recruitment, training and retention.

MANAGEMENT

Cabo Drilling Corp. has a management team with over 300 years of drilling experience and expertise in virtually every aspect of mineral and specialty drilling.

Officers

John A. Versfelt, Chairman, President, Chief Executive Officer & Director
Mr. Versfelt has been a senior officer and a director of the Company since January, 1992. He is also President of American Resource Management Consultants Inc., providing Chief Financial Officer, management consulting, accounting, administration and paralegal/regulatory services to private and public companies for the past 23 years. He is currently a director and/or officer of several public companies.

Calvin Lucyshyn, CA, Controller & CFO
Mr. Lucyshyn has held senior financial positions in the drilling industry for over ten years. During that time he was responsible for the implementation of management information systems, controls and reporting procedures for existing divisions and new acquisitions, as well as cost and project accounting processes and financial reporting. With NQL Energy Services Inc., Mr. Lucyshyn was responsible for financial reporting and involved in strategic planning, acquisitions, due diligence and business development. NQL Energy Services has locations in Canada, USA, Venezuela, the Netherlands and the Middle East, where it provides equipment to the drilling industry. He also was the Controller at The Crossing Company, a horizontal drilling company with operations in Canada and the USA. Mr. Lucyshyn received his Chartered Accountant designation in 1993.

Board of Directors

John A. Versfelt, Chairman, President, Chief Executive Officer & Director

Frank Nolan, M.Sc., P.Eng., Director & President Petro Drilling (Maritimes) Limited

Terry Aimone, B.Sc., P.Eng., General Manager, Mexico Operations

Tom Oliver, Director

Greg Gerrie, Director

Robin Preston, Director

Peter Walton, CA, Director

Robert W. Schellenberg, CPA, Director

NEWS UPDATE

On June 16, 2008, Cabo Drilling Corp. announced that its Atlantic division has entered into a contract with Burin Minerals Ltd. to drill 15,000 metres on Burlin's fluorspar properties located on the southeast coast of Newfoundland.

The Company will supply a unitized Longyear 38 drill for this project with the client having the option of requesting a second drill at a later date. Drilling commenced on the project June 11, 2008.

On February 19, 2008, Cabo Drilling Corp. announced that it has been awarded a 6,000-metre NQ-core drilling contract by Vault Minerals Inc. of Kirkland Lake, Ontario.

Cabo will also complete an additional 4,500-metre diamond drill program on Vault's adjacent Lebel gold property. The Company will use an HS-35 unitized diamond drill for the projects.

Cabo also announced that it has, subject to regulatory acceptance, granted 118,000 incentive stock options, under terms of its stock option plan, to employees for the right to purchase up to 26,662 common shares of the Company at 65 cents per share, up to 64,669 common shares at 75 cents per share and up to 26,669 common shares at 85 cents per share.

On February 11, 2008, Cabo Drilling Corp. announced that it has won a contract from Thundermin Resources Inc. and 50-per-cent joint venture partner, Cornerstone Resources Inc., to complete a 6,200-metre follow-up diamond drilling program on Thundermin and Cornerstone's Little Deer copper property, located approximately 10 km north of Springdale in Newfoundland.

Thundermin Resources and Cornerstone Resources awarded Cabo Drilling an initial 5,200-metre drill contract in July, 2007. Based in part on Cabo's successful completion of the initial diamond drilling contract, Cabo has now won the 6,200-metre follow-up drilling program.

On February 4, 2008, Cabo Drilling Corp. announced that Marathon PGM Corp. has awarded Cabo's Ontario division a contract for 15,000 metres of NQ-core drilling.

The drilling program, which commenced the week of January 20, 2008, at Marathon's Marathon project near Marathon, Ontario, will use one BBS-25 unitized diamond drill.

On January 30, 2008, Cabo Drilling Corp. announced that it has been awarded a diamond drilling contract from Paragon Minerals Corp. of Vancouver, B.C., for a minimum of 12,500 metres on Paragon's Newfoundland properties.

The drill program will require two drills, which are set to commence in February, with a third drill being mobilized at a later date. A major portion of the Company's drilling will take place at Paragon's South Tally Pond project.

This is the Company's second drilling contract with Paragon Minerals. During the summer of 2007, Cabo entered into a contract with Paragon Minerals to drill up to 11,000 metres on eight of Paragon's gold and base metal projects in Newfoundland. Cabo Atlantic successfully completed the contract in late 2007.