Cabo Drilling Executes Joint Venture Agreement With Naicatchewenin Development Corporation

Cabo Drilling Corp. (TSX VENTURE:CBE)(FRANKFURT:DHL) ("Cabo Drilling" or the
"Company") and Naicatchewenin Development Corporation ("NDC") announce the
signing of a Joint Venture Agreement whereby the parties will work together to
seek out drilling service contracts with exploration and mining companies
throughout the Province of Ontario. 


NDC is a corporation set up by the Chief and Council of Naicatchewenin First
Nation for the purpose of exploring economic opportunities that benefit the
Naicatchewenin membership, together with other First Nations in Ontario. NDC
offers a wide variety of consulting services including: business planning and
development; partnership development; community development and capacity
building; training; contract negotiations; governance strategies; engineering
and project management. 


Under the terms of the Joint Venture Agreement, NDC will maintain an exclusive
business relationship with Cabo Drilling for the purpose of tendering drilling
service contracts in Ontario and will use its relationships with First Nations
bands, and businesses in the exploration and mining sectors operating within
Ontario aboriginal lands, to promote the services of the NDC and Cabo Drilling
Joint Venture (the "Joint Venture"). NDC, together with other Ontario First
Nations' members that they have relationships with, will assist in the
performance of drilling services contracts that have been entered into by the
Joint Venture for mineral exploration drilling, development drilling and mine
drilling. 


NDC and Cabo will carry out their best efforts to provide training and
employment opportunities for the Naicatchewenin and other Ontario First Nations'
members. The two companies have agreed to work together for the mutual benefit
of all partners, creating new economic opportunities for the membership of the
Naicatchewenin First Nation, the development and growth of NDC and NDC owned
companies, and Cabo Drilling.


"We are very excited to have formed this joint venture with Naicatchewenin
Development Corporation," says John A. Versfelt, President & CEO of Cabo
Drilling Corp.  "We look forward to building lasting relationships that will
benefit all involved parties and to providing a positive and safe working
environment, focused on training and development of First Nations peoples in the
drilling industry, as well as developing other growth opportunities." 


"I am very proud of our partnership with Cabo and excited for new opportunities.
NDC was created to be the economic arm of our community. It has always been our
vision for NDC to be the number one employer in our community and not our band
office," stated Chief Wayne Smith. "Our partnership with Cabo provides us with
increased capacity to meet the needs of our community and of our partner
communities. Cabo is a leader in the drilling business and we look forward to
growing this relationship for our mutual benefit and that of our partner
communities." 


About Naicatchewenin Development Corporation

The Naicatchewenin Development Corporation was incorporated in 1997 and is 100%
First Nation owned and operated. Since its incorporation, it has expanded its
operations to include engineering, consulting, and proposal development
services. NDC is dedicated to advancing the interests of its people as well as
all First Nations people. Its experience and background enables it to provide
top quality service to its clients. NDC's head office is located in
Naicatchewenin First Nation, on Rainy Lake, approximately 35 kilometers
Northwest of Fort Frances, Ontario. NDC recently opened a second office in the
centre of Fort Frances. 


About Cabo Drilling Corp. (TSX VENTURE:CBE)

Cabo Drilling Corp. is a drilling services company headquartered in New
Westminster, British Columbia, Canada. The Company provides mining specialty
drilling services through its Canadian divisions in Surrey, British Columbia;
Kirkland Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling
(America) Inc. of the United States; Cabo Drilling (Panama) Corp. of Panama,
Republic of Panama; Cabo Drilling (Colombia) Corp. of Colombia; 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, Chairman, President and CEO

Further information about the Company can be found on the Cabo Drilling 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cabo Drilling Corp.
Sheri Barton
Corporate Communications
403-217-5830


Cabo Drilling Corp.
Mr. John A. Versfelt
Chairman, President & CEO
604-527-4201
(604) 527-9126 (FAX)
ir@cabo.ca
www.cabo.ca
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