CALGARY, Nov. 3 /CNW/ - OPTI Canada Inc. (OPTI) announces that its Board of Directors has initiated a process to explore strategic alternatives for enhancing shareholder value. OPTI believes that the current trading price of its common shares does not reflect the value of its assets.

OPTI has a 35% working interest in a world class joint venture with Nexen Inc., which includes:

- a completed, integrated SAGD project, which is currently ramping up

to 72,000 bbl/d of bitumen production;

- an operating upgrader utilizing proven, proprietary technology that

is expected to result in "best-in-class" netbacks; and

- a substantial resource base of 804 million barrels of reserves,

1,114 million barrels of contingent resources and 310 million barrels

of prospective resources, which together are capable of supporting 6

long-life phases with ultimate production potential net to OPTI of

over 120,000 bbl/d of Premium Synthetic Crude (PSCTM).

Operations continue to improve following the plant turnaround and the Company anticipates continued production ramp-up through 2010.

The improving economic environment, recent operational improvements, strengthening merger and acquisition valuations for oil sands assets and the future potential of OPTI's assets support OPTI's current strategy. OPTI's Board of Directors is, however, undertaking this process to assess a range of strategic alternatives that may include capital markets opportunities, restructuring the current credit facility, asset divestitures, and/or a corporate sale, merger or other business combination. The ultimate objective of carrying out this review is to determine which alternative(s) might result in superior value for shareholders.

Scotia Waterous Inc. and TD Securities Inc. have been engaged as financial advisors to assist in this process.

OPTI does not intend to disclose developments with respect to the strategic review process unless and until its Board of Directors has approved a definitive transaction or strategic option. There can be no assurance that any transaction will occur, or if a transaction is undertaken, as to its terms or timing.

The Company will conduct a conference call at 6:30 a.m. Mountain Time (8:30 a.m. Eastern Time) on Wednesday, November 4, 2009. Shareholders are invited to email questions regarding the process in advance of the conference call to ir(at)opticanada.com. The conference call will consist of formal remarks followed by an answer session. Chris Slubicki, President and Chief Executive Officer, and Travis Beatty, Chief Financial Officer, will host the call.