OPTI Canada Inc. Company News

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CNOOC Finalizes Acquisition of OPTI
Monday, November 28, 2011 CNOOC announced that CNOOC Luxembourg S.a r.l, an indirect wholly-owned subsidiary of the Company, has completed its acquisition of OPTI Canada Inc.

CNOOC Extends Oil Sands Presence with $2.1B Deal
Wednesday, July 20, 2011 CNOOC has entered into an Arrangement Agreement to acquire OPTI Canada for approx. $2.1 billion.

Long Lake Project Sees Increasing Bitumen Production
Tuesday, February 09, 2010 With the completion of the turnaround at Long Lake, the reservoir is responding to consistent steaming and bitumen production levels are increasing.

OPTI Canada Declares 2010 Budget, Sets Aside $92MM for Long Lake
Wednesday, December 09, 2009 OPTI Canada has approved a $120 million capital program for 2010. OPTI's share of budgeted costs for Phase 1 of the Long Lake Project in 2010 is expected to be approximately $92 million.

OPTI Canada Updates on Long Lake Bitumen Production
Monday, November 16, 2009 Currently, steam injection at the Long Lake Project is approximately 75,000 bbl/d and, while early in the ramp-up process, bitumen production now exceeds pre-turnaround levels and is approximately 15,000 bbl/d with 47 well pairs on production.

OPTI Canada Unveils Proposed Financing Plan
Monday, November 16, 2009 OPTI Canada intends to offer by way of private placement $425 million of First Lien Senior Secured Notes.

OPTI Canada Issues Second Quarter 2009 Results
Wednesday, July 29, 2009 "We significantly strengthened our financial position recently with the equity offering that closed earlier this month, and we believe we now have the liquidity we require to reach full production at Long Lake in late 2010," said CEO Chris Slubicki.

OPTI Closes Equity Offering for Gross Proceeds of $150MM
Tuesday, July 14, 2009 OPTI has closed its previously announced public offering of 85,720,000 common shares at a price of $1.75 per share for gross proceeds of approximately $150 million.

OPTI Updates on Equity Offering
Thursday, June 25, 2009 OPTI has provided an update on its previously announced public offering of common shares conducted through a syndicate of underwriters.

Oil Sands Cos Still Hesitate on Projects Despite Falling Costs
Tuesday, April 28, 2009 Costs in Canada's pricey oil sands are starting to fall but nervous developers are still leery of giving the green light to stalled projects.

OPTI Canada Underscores Q1 2009 Results
Tuesday, April 28, 2009 OPTI Canada has noted its financial and operating results for the quarter ended March 31, 2009.

OPTI Canada Bids Farewell to President, Welcomes New Leader
Tuesday, March 17, 2009 OPTI Canada announced today that Sid Dykstra, President and Chief Executive Officer, will be leaving OPTI after the annual and special shareholder meeting on April 28, 2009.

OPTI Achieves Significant Oil Sands Milestones in Early 2009
Wednesday, February 25, 2009 OPTI has reported its financial and operating results for the year ended December 31, 2008.

Nexen Clinches Additional Long Lake Interest for $735MM
Tuesday, January 27, 2009 Nexen has completed the acquisition of an additional 15% interest in the Long Lake project and the joint venture lands from OPTI Canada Inc. for $735 million.

Nexen Produces First Premium Sweet Crude at Long Lake
Friday, January 23, 2009 Nexen Inc. has announced first production of Premium Sweet Crude from the upgrader at Long Lake.

Nexen Nabs Additional Interest in Long Lake
Wednesday, December 17, 2008 Nexen has signed an agreement to acquire an additional 15% interest in the Long Lake project and the joint venture lands from OPTI and will become the operator of the upgrader.

OPTI Outlines Capital Expenditure Plans, Divests Long Lake Interest
Wednesday, December 17, 2008 OPTI's capital expenditure plans for 2009 will be significantly reduced as a result of divesting a 15% working interest in all its joint venture assets to Nexen.

Oil Sands Co. OPTI Appoints New Advisors
Monday, November 17, 2008 OPTI has appointed TD Securities to assist in its previously announced review of funding options for its continuing cash requirements in 2009.

Suncor Slows Oil-Sands Project, Others May Follow
Friday, October 24, 2008 With other delays expected to follow Suncor's announcement, oil-sands output forecasts could be lowered once more, further curtailing the amount of crude intended for the U.S. and undermining Canada's appeal as an alternative to Middle East Crude.

Nexen, OPTI Fire Up Oil Sands Production at Long Lake
Thursday, October 23, 2008 Joint-venture partners OPTI Canada and Nexen have marked the grand opening of the Long Lake Project.

Nexen Moves Forward with Long Lake Oil Sands Project
Friday, October 03, 2008 Nexen expects to reach full design rates of 72,000 bbls/d of bitumen production, upgraded to approximately 60,000 bbls/d of PSC(TM) in early 2010 at its Long Lake oil sands project.

Nexen Ramps Up Production with SAGD at Long Lake
Friday, June 13, 2008 At the end of May, there were 34 well pairs in SAGD production and the producing wells are meeting expectations with oil rates increasing and steam-oil-ratios decreasing.

OPTI Canada Approves $540 Million Budget for 2008
Wednesday, December 05, 2007 OPTI Canada has approved a $540 million capital program for 2008 with $420 million to be directed towards OPTI's share of budgeted project costs to complete Phase 1 of the Long Lake integrated oil sands project

Latest Project Aims to Wean Oil Sands Off Natural Gas Habit
Thursday, July 19, 2007 While Canada's oil sands are booming, the energy-intensive nature of the projects there are holding the province back from the ranks of the world's trophy deposits.

OPTI Canada Closes US$750 Million Senior Secured Note Offering
Friday, July 06, 2007 OPTI Canada's debt financing has been successfully placed with institutional investors. The financing includes US$750 million of 7.875% senior secured notes due 2014.

OPTI Closes $1B Offering
Friday, December 15, 2006 OPTI Canada Inc said Friday that its previously announced debt financings have been successfully placed with institutional investors and banks located in the United States and Canada.

OPTI Announces 2007 Capex Program
Wednesday, December 06, 2006 OPTI Canada has approved its 2007 capital expenditure program. In 2007, OPTI intends to invest a total of $560 million in Phase 1 of the Long Lake integrated oil sands project.

OPTI Canada Announces Financing Plan
Friday, November 17, 2006 OPTI Canada Inc. on Thursday said that it has adopted a proposed financing plan consisting of the issuance of up to US$1.0 billion of high-yield senior secured notes.

OPTI Announces TSX Approval of Two-for-One Share Split
Monday, May 29, 2006 OPTI Canada Inc. reports that its previously announced two-for-one share split has been approved by the Toronto Stock Exchange (TSX).

OPTI Canada Budgets $693 Million on 2006 Capital Program
Wednesday, December 07, 2005 OPTI Canada says that its Board of Directors has approved a $693 million capital budget for 2006.

Nexen, OPTI Receive Approval for Long Lake Oil Sands Project
Thursday, August 07, 2003 Nexen Inc. and OPTI Canada Inc. have received approval from the Alberta Energy and Utilities Board and legislative assent from the Province of Alberta to proceed with the $3.0-billion Long Lake oil sands project.