At the same time small, largely single operator, drilling companies, whose financial health is significantly impacted by the financial position of the juniors, will realized that continually underbidding projects during the slow times cannot be sustained. In addition, the availability of experienced drilling personnel will improve, thereby increasing the possibility of higher productivity, improved safety and decreased consumable costs.
Cabo Drilling has reduced costs over the past two years and has improved its balance sheet. Productivity has improved, our safety record is one of the best in the industry and our client relationships are very good. With a continued focus on safety, high environmental stewardship and improved productivity, plus the improved availability of good to excellent drilling personnel, we believe we will experience better projects with better margins and high safety with high quality clients.
Resignation of Director
The Company also announces that Roy Graydon resigned as a director of the Company effective May 22, 2013. Mr. Graydon decided to step down from the board of Cabo Drilling due to other work commitments. Mr. Versfelt, Cabo's President & CEO stated, "We appreciate the contributions Mr. Graydon has made to the Company over the past 18 months and I personally wish Mr. Graydon the greatest amount of success and enjoyment with his future endeavours."
About Cabo Drilling Corp. (TSX VENTURE: CBE)(FRANKFURT: DHL)
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.
John A. Versfelt
Chairman, President and CEO
(604) 527-9126 (FAX)
Cabo Drilling Corp.
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