For         Immediate         Release:          November          12,
2008
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 EXPANDS DRILLING SERVICES INTO ALBANIA AND IS AWARDED A MINUMUM
10,000 METER DRILL CONTRACT WITH BALKAN RESOURCES INC.


North Vancouver, BC - Cabo  Drilling Corp.'s (TSX-V: CBE) ("Cabo"  or
the "Company")  majority  owned  Balkan States  Drilling  SH.P.K.  of
Tirana, Albania  has  been awarded  its  first drilling  contract  in
Albania.  The  contract  is  for  a minimum  10,000  meters  of  core
drilling on Balkan Resources Inc.'s  Kokogllave Drill project in  the
district of Devolli, Albania.

The Kokogllave project  (Koko) is  located near the  town of  Bilisht
which lies south  east of  Tirana, the  capital of  Albania. Koko  is
close to the border between Albania and Greece and is situated within
the historic lateritic nickel/cobalt mineral region of Korça/Devolli.

Albania, which  is one  of  the few  remaining major  under  explored
mineral regions in the world, is a Mediterranean country with  unique
geographical and  geological features.   The  country is  located  82
kilometers across the Strait  of Otranto from  Italy.  Albania has  a
stable  Parliamentary   Democracy  with   a  democratically   elected
government.  The  Prime  Minister is  the  head of  government  in  a
pluriform multi-party  system.  Albania  is a  candidate country  for
admittance to the European Union ("EU") and was recently accepted  as
a member of NATO.  The government  has adopted EU integration as  the
strategic goal  of the  country  and on  April  13th, 2007  signed  a
bilateral agreement with the EU.   Albania is making strong  progress
towards EU admittance and has been a strong ally of Western Europe.

"Cabo is pleased to announce the expansion of the Company's  drilling
services into the  Albanian market place,"  stated John A.  Versfelt,
President and CEO of Cabo Drilling Corp.  "Together with our Albanian
partner, Fatbardh Doko, we have identified a number of  opportunities
within the country  and will  use our field  office in  Albania as  a
gateway location for potential prospects in the Balkan States  Region
of Eastern  Europe.  To  this  end, Cabo  has  formed  Balkan  States
Drilling Ltd.  a joint  venture  company with  SHSHMN DOKO  to  offer
exploration drilling services in Albania  and the rest of the  Balkan
States Region."

About Balkan Resources Inc.
Balkan is a Canadian junior  mining and exploration company  focussed
primarily on nickel and copper opportunities in Albania. The  company
has an operations office in  Tirana, Albania. Balkan is currently  in
the process of seeking TSX  Venture listing. Claude Schimper,  C.O.O.
of  Balkan   Resources   Inc.   said  that   "The   creation   of   a
Canadian-Albanian joint  venture drilling  company represents  a  new
phase in mineral exploration in Albania enabling greater  exploration
opportunities in Albania".

About Cabo Drilling Corp. (TSX-V: 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; Montréal,  Quebec;  Kirkland
Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling
de Mexico S.A. de C.V.  of Hermosillo, Sonora, Mexico; Cabo  Drilling
(Panama) Corp. of  Panama, Republic  of Panama;  Cabo Drilling  Spain
S.L. of Sevilla, Spain; and Balkan States Drilling SH.P.K. of Tirana,
Albania.  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  (http://www.cabo.ca)   and  SEDAR   (www.sedar.com)  or   by
contacting Investor  Relations  Mr.  Garett Greene  or  Mr.  John  A.
Versfelt, Chairman, President & CEO of the Company at 604-984-8894.
                          *    *    *    *
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.  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.

Cabo Drilling Corp. was recognized as a TSX Venture 50(TM) company in
2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under
license.


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