LONG LAKE (NEXEN/OPTI)

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.

OPTI Canada announced the financial and operating results for the quarter ended June 30, 2009. For the three months ended June 30, 2009, earned revenue of $34 million. Operating expenses were $39 million for the three months ended June 30, 2009 and $67 million for the six months ended June 30, 2009. Bitumen production volumes for the second quarter averaged approximately 14,300 bbl/d (gross). Production volumes in the second quarter were impacted by downtime associated with improvements made to the HLS (Hot Lime Softener) units. Gross bitumen production rates reached a peak of approximately 18,000 bbl/d in June. At June 30, 2009, there were 41 of 81 well pairs on production operating with a Steam to Oil Ratio (SOR) that ranges between 4.0 and 5.0. Opti continues to anticipate a long-term SOR of 3.0. The ramp-up of the Long lake Project is progressing and the reservoir continues to perform as OPTI expected, given the amount of steam that has been injected. Steam volumes have been limited by the ability to treat water. With respect to the Upgrader, all major units are operational and synthesis gas has been used in SAGD operations, decreasing operating costs by reducing the requirement for purchased natural gas. Upgrader reliability is improving with an on-stream factor of 46% during the second quarter of 2009 compared to 33% in the first quarter of 2009. The PSC™ that has been marketed has, on average, been sold at pricing equal to or above pricing for other synthetic crude oils.

OPTI Canada Inc. announced that it has successfully repriced its previously announced public offering of common shares. Pursuant to the offering, OPTI will issue 85,720,000 common shares at a price of $1.75 per share, representing a premium of $0.05 per share or approximately 2.9% to OPTI’s previously announced price of $1.70 per share, for total gross proceeds of approximately $150 million.