Cabo Drilling Corp.

Cabo Drilling Corp.

July 06, 2007 09:00 ET

Cabo Engages Investor Relations Service Providers in Europe and Implements Name Changes

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2007) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that it has entered into Investor Relations Agreements with Michael Forster and The Fabrice de la Ferriere & Henri Deegenaar Partnership, subject to regulatory approval, to provide the Company with retail and institutional investor relations service in Europe. The objective of this undertaking is to increase international awareness of the Company and facilitate Company exposure to current European shareholders and potential investors through the dissemination of corporate information to a strategic network of institutions, retail brokerage firms and private investors in Europe.

Mr. Forster is based in Zurich, Switzerland and has worked in the financial sector for more than ten years, during which time he has built a significant network of retail clients and financial institutions in Europe. Previously, Mr. Forster managed Asset Management Switzerland AG, the largest independent financial services company in Europe. He has taught courses in finance to financial advisors and currently operates his own asset management company in Switzerland with over 700 clients. Mr. Forster holds an executive international MBA from ZFU Switzerland and Babson College, USA. The initial term of the Investor Relation Agreement with Mr. Forster is for a period of six months and is renewable on a quarter-to-quarter basis at the option of the Company. Compensation will be $2,400 per quarter and Mr. Forster will be granted a two-year incentive stock option to acquire 50,000 Cabo shares. The option will be exercisable 16,667 at $0.65 per share; 16,667 shares at $0.75 per share; and, 16,666 shares at $0.85 per share.

Mr. de la Ferriere is based in Paris, France and is experienced with the introduction of small and medium size companies, in the mining sector, to knowledgeable institutional investors in Western Europe. Previously, Mr. de la Ferriere worked in the banking sector as an analyst and a trader at Caisse Centrale des Banques Populaires.

Mr. Deegenaar, also based in Paris, France, has participated in the institutional investments sector for 45 years. He was Director of Economic Research responsible for financial investments with a large French asset management and insurance company controlled by the AXA Group. Mr. Deegenaar is the founder and head of a capital development and consulting company and introduces small-cap Canadian, American and Australian companies to the European investment community.

The initial term of the Investor Relations Agreement between the Company and The Fabrice de la Ferriere & Henri Deegenaar Partnership is for a period of six months and is renewable on a quarter-to-quarter basis, at the option of the Company. Compensation will be EUR 3,000 per quarter and the Partnership will be granted two year incentive stock options to acquire 50,000 Cabo shares. The options will be exercisable 16,667 at $0.65 per share; 16,667 shares at $0.75 per share; and, 16,666 shares at $0.85 per share.

"We are pleased to have the services of Michael Forster, Fabrice de la Ferriere and Henri Deegenaar to assist us with strengthening Cabo's profile in the European economic community. Mr. Forster, Mr. de la Ferriere and Mr. Deegenaar were selected because their integrity, standards and methodologies fit best with the message we wish to communicate to the investing public," stated John Versfelt, President and CEO of Cabo Drilling Corp.

Name Changes

Additionally, the Company announces it has changed the legal names of its divisions in order to clearly communicate the Cabo Drilling Corp. brand and build Cabo name recognition as driller-of-choice in the mineral exploration and mining sectors.

Since 2004, Cabo Drilling Corp. has grown to become one of the larger Canadian mineral drilling service providers. Effective July 1, 2007, the Company's divisions will operate under the following names: Cabo Drilling (Pacific) Corp. (formerly Advanced Drilling Ltd.); Cabo Drilling (Ontario) Corp. (formerly Heath & Sherwood Drilling Inc.); and Cabo Drilling (Atlantic) Corp. (formerly Petro Drilling Company Limited) allowing each to take on the brand of the parent company, Cabo Drilling Corp. Forages Cabo Inc. will retain its present name as it already reflects the Cabo brand.

"Our growing drilling services company will continue to find ways to expand its ability to service growing mineral exploration and mining demands around the world," stated Mr. Versfelt. "It has been important in the past to maintain the names of our acquisitions so that we were able to continue to leverage the name recognition and good will, the founders and operators had built in the exploration and mining sector. However, now, after approximately three years of operation, we believe we have effectively transferred this recognition to the Cabo brand."

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.


John A. Versfelt, Chairman, President and CEO

Further information about the Company can be found on the Cabo website ( and SEDAR ( or by contacting Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

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.

Contact Information

  • Cabo Drilling Corp.
    Ms. Sheri Barton
    Investor Relations
    (403) 217-5830
    Cabo Drilling Corp.
    Mr. John A. Versfelt
    Chairman, President & CEO
    (604) 984-8894
    (604) 983-8056 (FAX)