OPTI Canada Inc. announced that it intends to offer by way of private placement $425 million of First Lien Senior Secured Notes. The purpose of the private offering is to establish sufficient liquidity and flexibility for the company to proceed with its previously announced review of strategic alternatives process. The company also announced that it had received aggregate commitments of approximately $159 million with respect to an amended and reduced revolving credit facility, which commitments are subject to the completion of the Notes offering. The amended credit facility is not expected to contain a covenant included in the existing facility based upon a ratio of indebtedness to earnings before interest, tax, depreciation and amortization (EBITDA). The company would retain the ability to increase the size of the new facility to $200 million by arranging future lending commitments. Completion of these transactions is anticipated prior to the end of November 2009 but remains subject to a number of conditions, including agreement on final terms and conditions.

OPTI Canada Inc. - Shareholder/Analyst Calls

OPTI Canada Inc. announced 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. 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. The company has retained Scotia Waterous and TD Securities Inc. 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.