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

TSX: OPC

CALGARY, June 30 /CNW/ - OPTI Canada Inc. ("OPTI" or the "Company") today announced that it has successfully repriced its previously announced public offering (the "Offering) of common shares (the "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. The Offering was 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"). Pursuant to the terms of the Offering, OPTI has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 12,858,000 Common Shares, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering. If the over-allotment option is exercised in full, a total of 98,578,000 Common Shares will be sold under the Offering for total gross proceeds of approximately $173 million. Upon closing of the Offering, and not including Common Shares issuable pursuant to the over-allotment option, the Company will have 281,749,526 Common Shares (288,876,042 Common Shares on a fully diluted basis) issued and outstanding.

The Offering is scheduled to close on or about July 14, 2009, and is subject to certain customary conditions and regulatory approvals. The Offering has received conditional listing approval from the Toronto Stock Exchange ("TSX"), subject to customary conditions. Shareholder approval is not one of the conditions required by the TSX.

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.