TSX: OPC
CALGARY, March 24 /CNW/ - OPTI Canada Inc. (OPTI) has filed with Canadian
securities authorities its Annual Information Form for the year ended December
31, 2008, 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.
In addition, on March 17, 2009, OPTI re-filed its Annual Financial
Statements for the year ended December 31, 2008, upon identification that the
same document previously filed February 25, 2009, contained an error.
Specifically, in the "amounts capitalized" table in Note 4: "Property plant
and equipment" was improperly disclosed for the year 2008 and inception to
date, for the following line items only: revenue, operating costs and foreign
exchange hedging instruments gain (loss). There are no other changes required
and the revision does not impact the balance sheet, the statements of loss,
comprehensive loss and deficit, the statement of cash flow or the audit
opinion.
About OPTI
OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing major oil sands projects in Canada using our proprietary
OrCrude(TM) process. Our first project, Phase 1 of Long Lake, consists of
72,000 barrels per day of SAGD (steam assisted gravity drainage) oil
production integrated with an upgrading facility. The upgrader uses the
OrCrude(TM) 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 with low sulphur content, making it a highly
desirable refinery feedstock. Due to its premium characteristics, we expect
PSC(TM) to sell at a price similar to West Texas Intermediate (WTI) crude oil.
The Long Lake Project is being operated in a joint venture with Nexen Inc.
OPTI holds a 35 percent working interest in the joint venture. OPTI's common
shares trade on the Toronto Stock Exchange under the symbol OPC.
Additional information regarding the Long Lake Project is available at
http://www.longlake.ca.
Forward-Looking Statements
Certain statements contained herein are forward-looking statements,
including statements relating to: OPTI's operations; business prospects,
expansion plans and strategies; OPTI's plans and expectations concerning the
use and performance of the OrCrude(TM) process and other related technologies;
the cost, development and operation of the Long Lake Project and OPTI's
relationship with Nexen Inc.
