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UPDATE: Cabo Drilling Still Surging, Now Up 50% As Announces Record Q1 Results

Cabo Drilling Corp. (CBE.V) is still sharply higher in the afternoon, rallies 50% to 15 cents from yesterday's 10 cents close, after announcing earlier that it has achieved record financial results for its fiscal year 2012 first quarter ended September 30, 2011.

The drilling services company said it has achieved record quarterly revenue of $16.93 million, a 65% improvement compared to $10.27 million in the first quarter fiscal 2011. This resulted to a record net after tax earnings of $1.52 million compared to the previous year's $197,544.

CBE shares saw heavy trading today with more than 2.1 million shares that have already traded.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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