OPTI CANADA INC.

OPTI Canada Inc announced today that it has entered into a definitive agreement to issue and sell US$425 million face value of 9.0% First Lien Senior Secured Notes due December 15, 2012 at a price of 97.0%, resulting in a yield to maturity of approximately 10.2%. The purpose of the private offering is to establish sufficient liquidity through the ramp-up period of the Long Lake Project and flexibility for the company to proceed with its previously announced review of strategic alternatives. A portion of the net proceeds will be used to repay OPTI’s existing revolving credit facility, with the remainder of the proceeds used to fund the Long Lake Project and for general corporate purposes. OPTI Canada Inc. is a Calgary, Alberta-based company with a 35% working interest in the Long Lake Project, which is operated by Nexen Inc. The project is expected to produce 58,500 bbl/d of products, primarily 39° API Premium Sweet Crude with low sulphur content, making it a highly desirable refinery feedstock.