In times of high demand, like 2011 and the first half of 2012, good drill crews were difficult to recruit and to retain at cost effective prices, because many drilling company owners and/or senior managers were prepared to pay unreasonable wages and bonuses. In slower times, like the second half of 2012, good drill crews are available at a more reasonable price; however, unless drilling companies have developed quality relationships with well financed mining and exploration companies and/or mining and exploration companies that are not prepared to compromise their ore reserve or deposit development programs, thereby creating potential balance sheet problems, they will begin to offer their services at less than healthy prices. There is no easy formula to manage a drilling company, but good old fashioned business practices, like quality customer relations, high respect for employees and quality human relations, superb safety procedures and practises, careful attention to the protection of the environment and community relations. These practices, plus effective cost controls and management of equipment and drilling practices, and services invoiced to the customer at a fair price and in an honest manner, will enhance a drilling company's ability to grow profitably at all times.
Management continues its attention on comprehensive cost and spending controls, as well as risk management procedures throughout the Company. Senior management is focused on careful cash management, realignment of debt, high customer relations and high employee relations.
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 Panama-Pacifico Corp. of Panama, Republic of Panama doing business as Cabo Drilling Colombia Corp.; 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 website (http://www.cabo.ca) and SEDAR (www.sedar.com).
This news release may contain forward-looking statements including but not limited to, those relating to worldwide demand for gold and base metals and overall commodity prices, the level of activity in the minerals and metals industry and the demand for the Company's services, the Canadian and international economic environments, the impact of operational changes, changes in jurisdictions in which the Company operates (including changes in regulation), failure by counterparties to fulfill contractual obligations, and other factors as may be set forth, as well as objectives or goals. 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.
Cabo Drilling Corp.
Cabo Drilling Corp.
Mr. John A. Versfelt
Chairman, President & CEO
(604) 527-9126 (FAX)
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