<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cabeltel8kex991052305.txt
<DESCRIPTION>PRESS RELEASE DATED MAY 23, 2005
<TEXT>

                                                                    EXHIBIT 99.1



CabelTEL International Corporation

                       CABELTEL INTERNATIONAL CORPORATION
                 ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2005


FOR IMMEDIATE RELEASE
                                                         Contact: Gene Bertcher
                                                                  Oscar Smith
                                                         Phone:   (972) 407-8400

Dallas, Texas, (Business Wire) May 23, 2005...CabelTel International Corporation
(AMEX: GBR) announced today its operating results for the first quarter of 2005.

Operating  revenues  for the  quarter  ending  March 31,  2005  were  $3,969,000
compared to  $2,178,000  for the same quarter in 2004.  The  Company's  net loss
applicable to common shareholders for the same period was $504,000 compared to a
loss of $577,000 for the same period in 2004.  The loss per share for the period
was $0.52 compared to a loss per share of $0.59 for the same quarter in 2004.

On October 12, 2004 the Company acquired two privately-held U.S. Corporations in
exchange for 31,500 shares of newly-designated  Series J 2% Preferred Stock. The
two U.S.  corporations  collectively  own  100% of  Tacaruna  BV, a  Netherlands
company, which in turn directly and indirectly owns a combined 74.8% of CableTEL
AD  ("CableTEL").  CableTEL  is a cable  television  operator  in the Country of
Bulgaria.  At present  CableTEL  believes  it is the  largest  cable  television
operator  in  Bulgaria  and  estimates  that  its  cable  subscribers  represent
approximately  11.5% of the market in Bulgaria.  CableTEL  also  operates  fixed
voice telephony  services and provides internet access data services,  primarily
in Bulgaria.

While CabelTel  International  Corporation was the acquiring company, due to the
relative  values of the entities for  reporting  purposes  the  transaction  was
accounted for as a reverse acquisition.  This means that CabelTel  International
Corporation  is being  accounted  for as if it had been acquired by CableTEL AD.
For that reason, in this quarter's Form 10-Q presentation,  the Company's Income
Statements  for 2004 only  represents  the operations of CableTEL AD. The Income
Statement for the first  quarter of 2005 reflects the  operations of CableTEL AD
combined with CabelTel International Corporation.

The Series J 2% Preferred Stock is not convertible to common stock.  However, in
accordance   with  certain   terms  of  the   acquisition   agreement   CabelTel
International  Corporation  is  required  to  seek  shareholder  approval  of an

<PAGE>

exchange  of the  Series  J 2%  Preferred  Stock  for  8,788,000  shares  of the
Company's  common stock.  On a pro forma basis,  including the 8,788,000  shares
potentially  to be issued,  the net loss per common share for the quarter ending
March 31,  2005 was $0.05  compared  to a loss of $0.06 for the same  quarter in
2004.

      "Safe Harbor" statement under the Private Securities Litigation Reform
      Act of 1995:  Any of the matters and subject  areas  discussed in this
      press  release  that are not  historical  or  current  facts deal with
      potential  future  circumstances,   operations,   and  prospects.  The
      discussion  of such  matters and  subject  areas is  qualified  by the
      inherent  risks  and  uncertainties  surrounding  future  expectations
      generally and may also materially  differ from CabelTEL  International
      Corporation's  actual future  experience  involving any one or more of
      such matters and subject areas relating to interest rate fluctuations,
      foreign  currency  fluctuations,  ability to obtain adequate debit and
      equity  financing,   demand,   pricing,   competition,   construction,
      licensing,  permitting,   construction  delays  on  new  developments,
      contractual and licensing matters and other delays on the disposition,
      transition,  or restructuring of currently or previously owned, leased
      or managed investments in the Company's portfolio,  and the ability of
      the Company to  continue  managing  its costs and cash flow.  CabelTel
      International  Corporation  has  attempted  to  identify,  in context,
      certain of the factors that the Company  currently  believes may cause
      actual  future  experience  and results to differ  from the  Company's
      current  expectations  regarding the relevant  matter or subject area.
      These and other risks and  uncertainties are detailed in the Company's
      reports  filed with the  Securities  and  Exchange  Commission  (SEC),
      including CabelTel International  Corporation's Annual Reports on form
      10-K and Quarterly Reports on Form 10-Q.











<PAGE>
<TABLE>
<CAPTION>

                       CabelTel International Corporation
                           Consolidated Balance Sheets
                             (Amounts in thousands)

                                                              March 31,      December 31,
Assets                                                           2005            2004
                                                             (Unaudited)
                                                             ------------    ------------
<S>                                                          <C>             <C>
Current Assets
         Cash and cash equivalents                           $        671    $      1,352
         Accounts receivable-trade                                  1,297           1,016
         Inventory                                                    179           1,166
         Notes receivable                                             756             856
         Assets held for sale                                       3,023           3,939
         Other current assets, net                                  4,103             710
                                                             ------------    ------------

                  Total Current Assets                             10,029           9,039


Property and equipment, at cost
         Land and improvements                                      2,114           2,114
         Buildings and improvements                                 8,593           9,982
         Equipment and furnishings                                 13,233          12,246
         Assets under construction                                 10,523          11,571
          Proven oil and gas properties (full cost method)
                                                                    1,281           1,357
                                                             ------------    ------------
                                                                   35,744          37,270

         Less accumulated depreciation, depletion and
                  amortization                                     (5,442)         (5,172)
                                                             ------------    ------------
                                                                   30,302          32,098

Goodwill                                                            8,260           8,339

Other Assets                                                        1,575           1,037
                                                             ------------    ------------

Total Assets                                                 $     50,166    $     50,513
                                                             ============    ============
</TABLE>





<PAGE>
<TABLE>
<CAPTION>

                       CabelTel International Corporation
                     Consolidated Balance Sheets - Continued
                             (Amounts in thousands)

                                                          March 31,      December 31,
Liabilities and Stockholders' Equity                         2005            2004
                                                         (Unaudited)
                                                         ------------    ------------
<S>                                                      <C>             <C>
Current Liabilities
         Current maturities of long-term debt            $     10,892    $      9,603
         Accounts payable - trade                               7,490           3,887
         Accrued expenses                                       7,685           9,498
         Other current liabilities                                318           1,792
                                                         ------------    ------------

                  Total Current Liabilities                    26,385          24,780

Long-term debt                                                 19,200          20,263

Other long term liabilities                                     1,321           1,557
                                                         ------------    ------------

                  Total Liabilities                            46,906          46,600

Minority Interest                                               2,930           2,954

Stockholders' Equity
         Preferred stock Series B                                   1               1
         Preferred stock Series J                               3,150           3,150
         Common stock $.01 par value; authorized,
                  4,000,000 shares; shares issued and
                  outstanding, 977,000                             10              10
         Additional paid-in capital                                 4               4
         Accumulated other comprehensive income (loss)            889           1,014
         Retained earnings                                     (3,724)         (3,220)

                                                                  330             959
                                                         ------------    ------------

Total Liabilities & Stockholders' Equity                 $     50,166    $     50,513
                                                         ============    ============
</TABLE>


<PAGE>

                       CabelTel International Corporation
                      Consolidated Statements of Operations
                  (Amounts in thousands, except per share data)

                                                          For The Three Month
                                                         Period Ended March 31,
                                                            2005         2004
                                                         ---------    ---------
                                                                     (Unaudited)
Revenue
         Cable operations                                $   2,405    $   2,178
         Real estate operations                              1,150         --
         Oil and gas operations                                414         --
                                                         ---------    ---------
                                                             3,969        2,178
                                                         ---------    ---------
Operating expenses

         Cable operation                                     1,872        1,249
         Real estate operations                                615         --
         Oil and gas operations                                267         --
         Lease expense                                         575          195
         Depreciation, depletion and amortization              558          604
         Corporate, general and administrative               1,633          649
                                                         ---------    ---------
                                                             5,520        2,697
                                                         ---------    ---------

                  Operating earnings (loss)                 (1,551)        (519)

Other income (expense)
         Interest income                                        40            3
         Interest expense                                     (827)         (49)
         Loss on foreign exchange transactions, net           (281)         (54)
         Net gain on sale cable duct                         1,843         --
         Net (loss) on sale of assets                         (118)        (223)
         Other                                                 389          312
                                                         ---------    ---------
                                                             1,046          (11)
                                                         ---------    ---------

Earnings from continuing operations before
         Income taxes and minority interest                   (505)        (530)

Income tax (income) expense                                     14          (18)

Minority interest (income) expense                             (15)          65
                                                         ---------    ---------

                                                         ---------    ---------
         Net earnings (loss) from continuing operations       (504)        (577)
                                                         ---------    ---------

Earnings per share - basic and diluted
         Net earnings (loss) per share                   $   (0.52)   $   (0.59)




<PAGE>

In accordance  with the provisions of the  acquisition  agreement the Company is
required to seek  shareholder  approval  permitting the Series J shareholders to
exchange into 8,788,000  shares of the Company's common stock. The following pro
forma earnings per share assume such exchange has occurred.

Pro forma earnings per share -  basic and diluted
         Net income (loss)                             $   (0.05)    $    (0.06)

Diluted weighted average common shares                     9,766          9,766
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