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

CALGARY, July 14 /CNW/ - OPTI Canada Inc. ("OPTI" or the "Company") today announced that it has closed its previously announced public offering (the "Offering") of 85,720,000 common shares (the "Common Shares") at a price of $1.75 per share for gross proceeds of approximately $150 million. Upon closing of the Offering, the Company has 281,749,526 Common Shares outstanding.

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 granted 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, OPTI would receive additional gross proceeds of approximately $22.5 million.

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 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.