/NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/
TSX: OPC

CALGARY, June 25 /CNW/ - OPTI Canada Inc. ("OPTI" or the "Company") is providing an update on its previously announced public offering (the "Offering") of common shares (the "Common Shares") conducted through a syndicate of underwriters led by TD Securities Inc., Credit Suisse Securities (Canada), Inc. and RBC Capital Markets as joint bookrunners, together with Scotia Capital Inc., CIBC World Markets Inc., FirstEnergy Capital Corp., HSBC Securities (Canada) Inc. and National Bank Financial Inc. (the "Underwriters"). After conducting a broad, overnight marketed offering that was fully subscribed, OPTI reached an agreement with its Underwriters yesterday morning to issue 88,250,000 Common Shares at a price of $1.70 per share ("Offering Price") for total gross proceeds of approximately $150 million. OPTI also agreed to grant the Underwriters a 15% over-allotment option.

As with any public issue, OPTI requires Toronto Stock Exchange ("TSX") approval in order to complete the Offering. In considering the offering yesterday, the TSX exercised its discretion to apply its private placement rules to the prospectus offering and informed OPTI that it was not prepared to approve the Offering without OPTI shareholder approval as the Offering Price, in the specific circumstances of OPTI, was at a greater than 20% discount relative to the volume weighted average price of OPTI shares for the preceding five trading days. Given the length of time required to provide proper notice and conduct a shareholders meeting, OPTI believes this requirement to be impracticable.

OPTI's shares are expected to resume trading today after the dissemination of this press release. At this time, OPTI and the Underwriters intend to continue marketing the Offering and to re-seek approval for the Offering when the Offering meets the TSX requirements.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares offered have not been, and will not be, registered under the 1933 Act, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

About OPTI

OPTI is a Calgary, Alberta-based company focused on developing major oil sands projects in Canada using its proprietary OrCrude(TM) process. OPTI's first project, Phase 1 of the Long Lake Project, consists of 72,000 barrels per day of SAGD oil production integrated with an upgrading facility.