OPTI Canada Inc.
TSX : OPC

OPTI Canada Inc.

March 16, 2011 07:00 ET

OPTI Canada Inc. Files Year End Oil and Gas Disclosure

CALGARY, ALBERTA--(Marketwire - March 16, 2011) - OPTI Canada Inc. (OPTI) (TSX:OPC) has filed with Canadian securities authorities its Annual Information Form for the year ended December 31, 2010, including disclosure and reports relating to reserves data and other oil and gas information pursuant to National Instrument 51-101. Copies of the filed documents may be obtained through www.sedar.com or directly from OPTI.

About OPTI

OPTI Canada Inc. is a Calgary, Alberta-based company focused on developing major oil sands projects in Canada. Our first project, the Long Lake Project, plans for approximately 72,000 barrels per day (on a 100 percent basis) of SAGD (steam assisted gravity drainage) oil production integrated with an upgrading facility. The Upgrader uses our proprietary OrCrude™ process, combined with commercially available hydrocracking and gasification. Through gasification, this configuration substantially reduces the exposure to and the need to purchase natural gas. On a 100 percent basis, the Project is expected to produce 58,500 bbl/d of products, primarily 39 degree API Premium Sweet Crude (PSC™). Due to its premium characteristics, we expect PSC™ to sell at a price similar to West Texas Intermediate (WTI) crude oil. The Long Lake Project is a joint venture between OPTI and Nexen Inc. (Nexen). OPTI holds a 35 percent working interest in the joint venture. Nexen is the sole operator of the Project. OPTI's common shares trade on the Toronto Stock Exchange under the symbol OPC.

Contact Information

  • OPTI Canada Inc.
    Krista Ostapovich
    Investor Relations
    (403) 218-4705
    kostapovich@opticanada.com
    or
    OPTI Canada Inc.
    Suite 1600, 555 - 4th Avenue SW
    Calgary, Alberta, Canada T2P 3E7
    (403) 249-9425