EXHIBIT 99.1



July 06, 2006 11:35 AM US Eastern Timezone


CabelTel International Corporation
Announces Sale of a Subsidiary


DALLAS--(BUSINESS WIRE)--July 6, 2006--CabelTel International Corporation ("CIC"
or "the  Company")  (AMEX:GBR),  a  Dallas-based  company with  investments in a
retirement center and a North Texas outlet mall, today announced the sale of its
two Gaywood Oil & Gas subsidiaries for approximately $1.7 million in cash.

"The  Gaywood  subsidiaries  controlled  200 oil  wells  of  which  only 50 were
operating.  These wells produced an average of  approximately  2 1/2 barrels per
day per well," said Gene S. Bertcher,  President and Chief Financial  Officer of
the Company. "At this level, the production costs per barrel was very expensive.
This sale will generate a gain of  approximately  $400,000 and decrease our debt
by nearly $150,000," Bertcher added.

CabelTel  International  Corporation  (AMEX:GBR) is a Dallas-based  company with
investments  in a  retirement  center and a North Texas  outlet  mall.  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 Information: CabelTel International Corporation,
                     Dallas, Texas
                     Gene S. Bertcher, 972-407-8400 or Oscar Smith, 972-407-8400