TSX-V: CBE

CABO DRILLING CORP.CORPORATE PRESENTATION

Professionals to the Core

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Certain information set forth in this presentation contains

forward-looking statements. By their nature, forward-

looking statements are subject to numerous risks and

uncertainties. All statements within, other than statements

of historical fact, are to be considered forward-looking.

Such forward-looking information and statements are

based on current expectations, estimates and projections

about global and regional economic conditions as well as

industries that are major markets for Cabo Drilling Corp.

The Company does not guarantee that any of the forward

looking statements will materialize and accordingly the

reader is cautioned not to place reliance on these forward-

looking statements.

February 28, 2012

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Focused on Delivering the Best Value for all our Clients in:

North America, Central America and Europe

100+ Drill Rigs

500+ Employees

C$22.8 Million

Shareholders’ Equity

CABO DRILLING CORP.

Acquired five drilling services companies in 2004 and 2005

Achieved year-over-year revenue growth to 2008 of C$58.64 million

Fiscal years 2009 and 2010 revenues decreased to C$41.16 million

and $28.99 million respectively

2011 revenues increased 50% from 2010

to $43.42 million

2012 revenues targeted to be $52 million

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Symbol: CBE - TSX-V

DHL - FWB

Price: $0.14

Week High / Low: $0.23 - $0.07

Market Cap: $10,654,644

Shares Outstanding: 76,104,600

Fully Diluted: 90,569,430

February 28, 2011 – February 28, 2012

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Cabo’s clients include:

Kirkland Lake Gold Inc.

Galway Resources Ltd.

Queenston Mining Inc.

Century Iron Ore Mining Corp.

Teck Resources Limited

Minera Panama SA (Inmet Mining)

Armistice Resources Corp.

Goldcorp Inc.

Labrador Iron Mines Limited

CANADA

USA

PANAMA COLOMBIA

ALBANIA

TURKEY

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STRONG INDUSTRY FUNDAMENTALS

Base & precious metals demand & pricing have experienced record growth over the

past 4 years

Total 2011 budget for nonferrous metals exploration was estimated at $18.2 billion, up

50% from 2010, a new all time high

$2.29 billion was raised by junior and intermediate companies in December 2011

Source: MEG

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GLOBAL MINING INDUSTRY IS FACING A MAJOR

SUPPLY/DEMAND IMBALANCE FOR PRECIOUS & BASE METALS

Rising commodity prices continue in 2012 to positively impact the revenue and profit

margins of mining companies, as well as the availability of equity financings for the

intermediate mining and more advanced junior exploration companies, thereby

increasing the availability of cash for exploration activities

In 2012 drilling budgets, particularly for programs in Canada, United States and Latin

America, are expected to increase beyond the 2011 levels for brownfield gold, copper,

silver and iron ore projects

The pressure is high for more advanced exploration

programs to be developed as fast as possible to take

advantage of the higher commodity prices, driven

by depleting reserves, lower global inventories and

improving demand

Cabo Drilling has virtually all of its fleet located in

Canada, United States and Latin America where the

majority of exploration activity is taking place and

Cabo is well positioned for growth

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Drills:

27 Conventional Surface

15 Deep Hole Surface

18 Helicopter Support

3 Man Portable

6 Reverse Circulation

27 Underground

6 Geotechnical

Surface

84%

Undergro

und

15%

Geotechn

ical

4%

Canada &

United

States

76%

Other

Foreign

Countries

24%

Fiscal Year 2011

Fiscal Year 2011Fiscal Year 2011

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FY2008 FY2009 FY2010 FY2011 FY2012

58.65

41.16

28.99

43.42

31.29*

(CDN $000s except earnings per share) FY2011 FY2010 FY2009 FY2008

EBITDA per Share (Basic)* $ 0.04 $ 0.03 $ 0.08 $ 0.15

Earnings (Loss) per Share (Basic) $ (0.01) $ (0.03) $ (0.02) $ 0.07

Cash from Operations** $ 1,402 $ 1,057 $ 2,060 $ 5,149

Gross Margin % 22.1 25.3 26.7 23.4

*Net Earnings before interest, tax, amortization, stock based compensation and other items (EBITDA)

**Before changes in non-cash working capital items

C$ millions Revenue

*FY2012 – For the six month period ended Dec 31

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Capital expenditures are controlled

Stable working capital

Debt rationalization is a priority

Implementing new field cost control systems

Negotiating new bank credit facilities

FY2008 FY2009 FY2010 FY2011 FY2012

7.28

4.595.74

8.148.86*

C$ millionsWorking Capital

*FY2012 – For the six month period ended Dec 31

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(CDN $000s) Dec 31, 2011

Cash & cash equivalents $ 815

Current assets $ 25,337

Non-current assets $ 15,575

Total assets $ 41,727

Current liabilities (including current portion of long-term debt) $ 17,298

Long-term debt $ 1,165

Future income tax $ 436

Equity $ 22,828

Total equity and liabilities $ 41,727

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(CDN $000s except earnings per share) 1st QTR 2012

Ended

Sep 30, 2011

2nd QTR 2012

Ended

Dec 31, 2011

Revenue $ 16,929 $ 14,363

EBITDA as a % of gross revenue 18.04 10.23

EBITDA per Share (Basic)* $ 0.04 $ 0.02

Earnings before Taxes $ 1,520 $ 637

Earnings per Share (Basic) $ 0.02 $ 0.01

Cash from Operations** $ 1,471 $ 1,104

Gross Margin % 24.6 24.1

December 31, 2011:

Working Capital of $8.86 million

Assets of $41.73 million

Shareholders Equity $22.83 million

*Net Earnings before interest, tax, amortization, stock based compensation and other items (EBITDA)

**Before changes in non-cash working capital items

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Debt reduction

Expand effective capacity per drill and increase drill utilization

Increase profit margins

Retain skilled workers and enforce high safety standards

Achievements to Date

Increased overall revenue by 50%

Increased international revenues by 65%

59% of drills turning on gold projects

Strengthened the Company’s client base with long term and multi drill contracts

Continued to strengthen the Company’s safety first culture

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Cabo Drilling is in a position to move forward despite the stressed global financial and economic environment

High capital expenditures, in fiscal 2006-2008 and 2011, have positioned Cabo for the projected growth of the mining markets in 2012

Offering a variety of drilling services – including deep hole, conventional surface, helicopter support and underground drilling. Cabo is equipped to provide drilling services to its customers in its global areas, regardless of location, terrain, geology, depth to target or environmental considerations

Cabo can easily “migrate” to meet market demands and needs and has the ability and expertise to shift equipment and personnel to match changing market conditions

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“Raving Fans”

Raving Fans is an initiative to deliver consistent high-quality services based on customers’ needs

Cabo is committed to building relationships with its customers –discovering how we can meet and exceed our customers’ requirements for each drill project

“Human Resources”

Employee Relations Strategies

Retention Strategies

Training! Training! Training!

Tapping the International Talent Pool

Health and Safety Plans

Fitness for Work Program

Retaining qualified staff enables Cabo to provide the results its customers

demand and deserve

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To be the first choice for mineral exploration, mining &

geotechnical 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 consistently generating superior

value and providing excellent

corporate governance to

shareholders and stakeholders

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Relative Size of Contract Drillers

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Expanding global market presence

Long-term growth in the mineral drilling services sector through exposure to mid-tier and major mining and exploration companies

Revolutionary approach to customer service

Improved operational efficiencies

Increased capacity per drill

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TSX-V: CBE