Cabo Drilling Corp. reported earnings results for the fourth quarter and full year ended June 30, 2009. The company reported revenue for the three months ended June 30, 2009 decreased to CAD 6.20 million, compared to CAD 14.63 million in the comparable period in fiscal 2008 and compared to CAD 6.52 million in the third quarter of fiscal 2009. Revenues from the international divisions represented 65% of the revenues for fourth quarter of fiscal 2009, as compared to 27% during the fourth quarter of fiscal 2008. Net loss for the fourth quarter of fiscal 2009 was CAD 1.19 million or CAD 0.02 per basic share compared to net earnings of CAD 581,487 or CAD 0.01 per basic share in the fourth quarter of fiscal 2008 and fiscal 2008 and a net loss of CAD 765,330 in the third quarter of fiscal 2009. Earnings primarily decreased during the quarter due to the CAD 700,000 allowance for inventory and the CAD 120,118 stock based compensation. Loss before interest, tax, was CAD 62,000 against income of CAD 701,000 for the same period a year ago. Cash used in operation was CAD 339,000 against cash from operations of CAD 814,000 for the same period a year ago. The company reported revenue for the year ended June 30, 2009 decreased CAD 17.48 million or 30% to CAD 41.16 million, compared to CAD 58.64 million in fiscal 2008. The primary reason for the decrease is due to the contraction of the drilling market, as a result of the economic downturn. The revenues from the Canadian and United States divisions decreased by 50%, while the other divisions increased by 56%. Revenues from Spain, Mexico and Liberia decreased from the previous years as several projects were shut down. During the first year of operation, Albania recorded CAD 912,944 in revenues before the economic downturn. Surface drilling revenues decreased 36% from CAD 44.09 million to CAD 28.00 million during fiscal 2009, compared to a modest decrease of 6% in underground activity from CAD 13.29 million in fiscal 2008 to CAD 12.41 million in fiscal 2009. Geotechnical drilling decreased by 41% during fiscal 2009, due to decreased construction and infrastructure programs in the first half of 2009. EBITDA for fiscal 2009 decreased CAD 2.78 million to CAD 3.98 million or CAD 0.08 per share basic dilution as compared to CAD 6.76 million or CAD 0.15 per share basic dilution in fiscal 2008. Net loss for fiscal 2009 was CAD 846,909 compared to net earnings of CAD 3.20 million in fiscal 2008. Earnings decreased during fiscal 2009 due to lower revenues, increased amortization and increased income taxes. Property plant & equipment increased to CAD 15.33 million at June 30, 2009 from CAD 14.21 million at June 30, 2008, an increase of CAD 1.12 million during fiscal 2009, primarily from the addition of six new drills delivered in the first half of the company's fiscal 2009. Income before interest, tax, was CAD 3,981,000 against CAD 6,757,000 for the same period a year ago. Cash from operation was CAD 2,060,000 against cash from operations of CAD 5,149,000 for the same period a year ago.

Cabo Drilling Corp., Annual General Meeting, Dec 17, 2009 Location: Lonsdale Quay Hotel, 123 Carrie Cates Court, North Vancouver, Australia.

Cabo Drilling Corp. reported earnings results for the third quarter and nine months ended March 31, 2009. For the quarter, the company reported net loss after taxes of CAD 1,075,000 or basic and diluted loss per share of CAD 0.02 on revenue of CAD 6,522,000 compared to net earnings after taxes of CAD 731,000 or basic and diluted earnings per share of CAD 0.02 on revenue of CAD 16,037,000 for the same period a year ago. The company reported EBITDA of CAD 102,000, net loss before taxes of CAD 765,000 and cash used in operations of CAD 346,000 compared to EBITDA of CAD 1,860,000, net earnings before taxes of CAD 1,095,000 and cash from operations of CAD 1,422,000 for the same period a year ago. The decrease in revenue can be attributed to lower revenues from Canada, Mexico and Spain operations, which were partially offset by revenue growth from the Panama operations. For the nine months, the company reported net earnings after taxes of CAD 345,000 or basic and diluted earnings per share of CAD 0.01 on revenue of CAD 34,964,000 compared to net earnings after taxes of CAD 2,622,000 or basic and diluted earnings per share of CAD 0.05 on revenue of CAD 44,011,000 for the same period a year ago. The company reported EBITDA of CAD 4,043,000 or CAD 0.08 per basic and diluted share, net loss before taxes of CAD 1,435,000 and cash from operations of CAD 2,399,000 compared to EBITDA of CAD 6,066,000 or CAD 0.13 per basic and diluted share, net earnings before taxes of CAD 4,066,000 and cash from operations of CAD 4,334,000 for the same period a year ago. The company invested over CAD 3 million in new property plant and equipment. The company announced that Frank Nolan resigned from the Board of Directors effective from May 1, 2009. The company provided revenue guidance for the year 2009. The company expects that revenues in the balance of 2009 will remain low.