Cabo to Drill a Minimum 6,000 Meters for Cadillac Ventures and Noront Resources at Burnt Hill

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2007) - Cabo Drilling Corp.'s (TSX VENTURE:CBE) ("Cabo" or the "Company") Atlantic Division has been awarded a contract to drill a minimum 6,000 meters for Cadillac Ventures Inc. at their historic Burnt Hill tungsten - molybdenum project near Fredericton, New Brunswick. The Burnt Hill Project is a joint venture between Cadillac Ventures Inc. and Noront Resources Inc. (See Cadillac news release dated April 4 and Sept. 20, 2007).

The Company is operating two drills on site with the objective of twinning historic holes in order to bring the Burnt Hill historical data to a NI 43-101 compliant level to enable a current resource calculation. Cadillac will also be drilling a number of new holes recommended by P&E Engineering of Brampton, Ontario in an effort to increase the present resource and explore some of their newly staked property. An airborne geophysical survey has been booked and will be conducted over the entire land package by the beginning of November.

About Cadillac Ventures Inc.

Cadillac is publicly traded on the CNQ under the symbol CDEX. Currently, in addition to the joint venture on the Burnt Hill Project, Cadillac also holds the New Alger Project which encompasses the historic New Alger Mine, located in the highly prospective Cadillac Break Mining Camp, Quebec. The New Alger Mine has been sporadically productive but has not been fully explored or exploited. The property is situated contiguous to the O'Brien Mine and approximately 300 m to the SE of the LaRonde Mine.

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; 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; and Cabo Drilling Spain S.L. of Sevilla, Spain. The Company's common shares trade 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 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.