<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cabel8kex991052406.txt
<DESCRIPTION>PRESS RELEASE DATED MAY 24, 2006
<TEXT>

                                                                    EXHIBIT 99.1

CabelTEL
International Corporation


                       CabelTel International Corporation
                       Reports 2006 First Quarter Results

Dallas, Texas (Business Wire) May 24, 2006: CabelTel  International  Corporation
(AMEX:  GBR,  "the  Company"),  a  Dallas-based  company with  investments  in a
retirement  center, gas and oil wells, a North Texas outlet mall and a Bulgarian
telecommunications  company,  today reported a net loss of $298,000 or $0.31 per
share for the three months ended March 31, 2006,  compared to a loss of $137,000
and $0.14 per share for the same period in 2005.

On October 12, 2004, the Company acquired, for 31,500 shares of newly-designated
2% Series J Preferred  Stock,  74.8% of CableTEL  AD  ("CableTEL"),  a Bulgarian
telecommunications  company. The terms of the acquisition  agreement require the
Company to present a  proposal  to its  stockholders  to approve  the  mandatory
exchange  of all shares of Series J  Preferred  Stock into  8,788,500  shares of
common stock which,  if approved by  stockholders,  would  represent  90% of the
resulting total issued and outstanding shares of common stock in the Company. As
of this date, the exchange has not occurred.  The Company's financial statements
do not reflect CableTEL AD and will not do so until the exchange is completed.

Key items for the three months ended March 31, 2006, compared to the same period
in 2005 included:

The Company reported a net loss of $298,000 for the three months ended March 31,
2006 as compared to a net loss of $137,000 for the three period ending March 31,
2005.

For the three months ended March 31, 2006, the Company recorded revenues of $1.2
million for its real  estate  operations,  as  compared to $1.1  million for the
three months ended March 31, 2005.

For  the  three  months  ended  March  31,  2006,  revenues  for the oil and gas
operation  was $454,000 as compared to $414,000 for the three months ended March
31, 2005.  The increase was due  principally  to increases in the price of crude
oil.

For the three months ended March 31, 2006, real estate  operating  expenses were
$878,000 as compared to $606,000 for the three months ended March 31, 2005.  The
increase  was  due  principally  to  increases  in  operating  costs,  including
promotional expenses, for the Gainesville outlet mall during the period.

For the three months ended March 31,  2006,  operating  expenses for the oil and
gas  operation  were $331,000 as compared to $267,000 for the three months ended
March 31, 2005. The increase was due principally to the cost of well repairs.

<PAGE>

For the three months  ended March 31,  2006,  the  depletion,  depreciation  and
amortization  expense was  $125,000 as compared to $109,000 for the three months
ended March 31, 2005.

For the three  months  ended March 31,  2006,  interest  income was  $317,000 as
compared to $95,000 for the three months ended March 31, 2005.  The increase was
due  principally  to an increase in notes  receivable  due from  CableTEL  AD, a
related party, in 2006, as compared to 2005.

Interest  expense was $460,000 for the three months and three months ended March
31, 2006 as compared to $190,000  for the three  months and three  months  ended
March 31, 2005.  The increase was  primarily  due to interest paid on borrowings
which funded the increased notes receivable from CableTEL mentioned above.

CabelTel  International  Corporation (AMEX: GBR) is a Dallas-based  company with
investments in a retirement center, gas and oil wells, a North Texas outlet mall
and a Bulgarian  telecommunications  company.  For more  information,  go to the
Company's website at www.cabeltel.us.

     Certain  statements  in this media release are  forward-looking  statements
     within the meaning of the Private Securities Litigation Reform Act of 1995,
     Section  27A  of  the  Securities  Act  of  1933,  and  Section  21E of the
     Securities  Exchange Act of 1934. The words "estimate",  "plan",  "intend",
     "expect",  "anticipate",  "believe" and similar expressions are intended to
     identify forward-looking  statements.  These forward-looking statements are
     found  at  various  places  throughout  this  Report  and in the  documents
     incorporated  herein  by  reference.   CabelTel  International  Corporation
     disclaims   any   intention   or   obligation   to  update  or  revise  any
     forward-looking statements, whether as a result of new information,  future
     events or otherwise.  Although we believe that our  expectations  are based
     upon reasonable  assumptions,  we can give no assurance that our goals will
     be  achieved.  Important  factors  that could  cause our actual  results to
     differ  from  estimates  or  projects  contained  in  any   forward-looking
     statements are described  under ITEM 1A. RISK FACTORS in the Company's Form
     10-K for the fiscal year ended December 31, 2005.

     Contact:
     Gene Bertcher or Oscar Smith (972) 407-8400




<PAGE>
<TABLE>
<CAPTION>

                       CabelTel International Corporation
                           Consolidated Balance Sheets
                             (Amounts in thousands)

                                                              March 31,    December 31,
Assets                                                          2006           2005
                                                            (Unaudited)
                                                            ------------   ------------
<S>                                                         <C>            <C>
Current assets
         Cash and cash equivalents                          $        135   $        650
         Accounts receivable-trade                                   326            339
         Note receivable                                             156            306
         Other current assets                                        340            179
                                                            ------------   ------------

                  Total current assets                               957          1,474

Notes receivable net of deferred income                              310            309

Property and equipment, at cost
         Land and improvements                                     2,232          2,232
         Buildings and improvements                                5,299          5,298
         Equipment and furnishings                                   294            292
         Proven oil and gas properties (full cost method)          1,401          1,401
                                                            ------------   ------------
                                                                   9,226          9,223
                   Less accumulated depreciation and
                           depletion                               1,048            963
                                                            ------------   ------------
                                                                   8,178          8,260

Deferred tax asset                                                 1,161          1,161

Due from CableTEL AD - related party                               8,236          8,004

Other assets                                                         866            872
                                                            ------------   ------------

                                                            $     19,708        $20,080
                                                            ============   ============
</TABLE>





<PAGE>
<TABLE>
<CAPTION>

                       CabelTel International Corporation
                     Consolidated Balance Sheets - Continued
                  (Amounts in thousands, except share amounts)

                                                        March 31,     December 31,
Liabilities and Stockholders' equity                      2006            2005
                                                      (Unaudited)
                                                      ------------    ------------
<S>                                                   <C>             <C>
Current liabilities
         Current maturities of long-term debt         $      2,384    $      2,383
         Accounts payable - trade                              690             842
         Accrued expenses                                      990           1,236
         Other current liabilities                             414             371
                                                      ------------    ------------

                  Total current liabilities                  4,478           4,832

Long-term debt                                              13,527          13,560

Other long term liabilities                                  1,249             936
                                                      ------------    ------------

                  Total liabilities                         19,254          19,328

Stockholders' equity
         Preferred stock, Series B                               1               1
         Preferred stock, Series J 2%                        3,150           3,150
         Preferred stock, Series J 2% contra equity         (3,150)         (3,150)
         Common stock $.01 par value; authorized,
                  4,000,000 shares; 976,955 shares
                  issued and outstanding                        10              10
         Additional paid-in capital                         55,966          55,966
         Accumulated deficit                               (55,523)        (55,225)
                                                      ------------    ------------

                                                               454             752
                                                      ------------    ------------

                                                      $     19,708    $     20,080
                                                      ============    ============
</TABLE>





<PAGE>

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

                                                           For The Three Month
                                                               Period Ended
                                                                 March 31,
                                                             2006        2005
                                                           -------     -------
(Unaudited)
Revenue
         Real estate operations                            $ 1,176     $ 1,100
         Oil and gas operations                                454         414
                                                           -------     -------
                                                             1,630       1,514
                                                           -------     -------

Operating expenses
         Real estate operations                                878         606
         Oil and gas operations                                331         267
         Lease expense                                         236         231
         Depletion, depreciation and amortization              125         109
         Corporate general and administrative                  215         262
                                                           -------     -------
                                                             1,785       1,475
                                                           -------     -------

         Operating earnings (loss)                            (155)         39

Other income (expense)
         Interest income                                       317          95
         Interest expense                                     (460)       (190)
         Net loss on sale of assets                           --          (118)
         Other                                                --            32
                                                           -------     -------
                                                              (143)       (181)
                                                           -------     -------

Loss from continuing operations                               (298)       (142)

Discontinued operations
Gain (loss) from discontinued operations                      --             5
                                                           -------     -------

         Net earnings (loss) applicable to common shares      (298)       (137)
                                                           -------     -------

Earnings per common share - basic
         Continuing operations                             $ (0.31)    $ (0.14)
         Discontinued operations                              --          --
         Net earnings (loss) per share                     $ (0.31)    $ (0.14)
                                                           =======     =======

Weighted average of common and equivalent shares
outstanding - basic and diluted                                977         977

</TEXT>
</DOCUMENT>
