OPTI Canada Inc. Announces Financing



    /NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR
    DISSEMINATION IN THE UNITED STATES/

    TSX: OPC

    CALGARY, Oct. 31 /CNW/ - OPTI Canada Inc. ("OPTI") announced today that
it has entered into an agreement for and offering of $300 million of common
shares and $60 million of flow-through shares with a syndicate of
underwriters.
    Under the terms of the agreement the underwriters will acquire, on a
bought deal basis, a total of 15.8 million common shares at a price of $19.00
per share and 2.43 million flow-through common shares at a price of $24.70 per
common share for gross proceeds of $360 million. The offering will also
include a 15% over-allotment option. The expected use of proceeds is as
follows:

    
    1.  The proceeds arising from the issuance of the flow-through shares
        will be used to fund the Company's 2008 delineation and exploration
        program on its existing leases;

    2.  Approximately $150 million of the remaining funds will be used to
        fund the Company's other 2008 capital expenditure program that
        primarily includes the Company's share of Phase 2 engineering costs
        and Phase 1 sustaining capital expenditures; and

    3.  The remaining proceeds will restore an appropriate working capital
        cushion.
    

    After completion of the financing, the Company expects to be fully funded
through start-up of Phase 1 in mid-2008 assuming the final cost of the Project
is within the current capital cost estimate of between $5.8 billion and
$6.1 billion.
    Closing of this transaction is expected to occur on November 21, 2007 and
is subject to regulatory approval and the completion of definitive
documentation. The syndicate is led by TD Securities Inc.

    About OPTI

    OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing the fourth and next major integrated oil sands project in Canada,
the Long Lake Project, in a 50/50 joint venture with Nexen Inc. The first
phase of the Project consists of 72,000 barrels per day of SAGD (steam
assisted gravity drainage) oil production integrated with an OPTI-operated
upgrading facility, using OPTI's proprietary OrCrude(TM) process and
commercially available hydrocracking and gasification. Through gasification,
this configuration substantially reduces the exposure to and the need to
purchase natural gas. 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. OPTI's common shares
trade on the Toronto Stock Exchange under the symbol OPC.
    Additional information regarding the Long Lake Project is available at
http://www.longlake.ca.

    Forward-Looking Statements

    Certain statements contained herein are forward-looking statements,
including statements relating to: OPTI's operations; anticipated financial
performance; business prospects, expansion plans and strategies; OPTI's plans
and expectations concerning the use and performance of the OrCrude(TM) process
and other related technologies; the cost, development and operation of the
Long Lake Project and OPTI's relationship with Nexen Inc. Forward-looking
information typically contains statements with words such as "anticipate,"
"estimate," "expect," "potential," "could" or similar words suggesting future
outcomes. Readers are cautioned not to place undue reliance on forward-looking
information because it is possible that expectations, predictions, forecasts,
projections and other forms of forward-looking information will not be
achieved by OPTI. By its nature, forward-looking information involves numerous
assumptions, inherent risks and uncertainties. A change in any one of these
factors could cause actual events or results to differ materially from those
projected in the forward-looking information. Although OPTI believes that the
expectations reflected in such forward-looking statements are reasonable, OPTI
can give no assurance that such expectations will prove to be correct.
Forward-looking statements are based on current expectations, estimates and
projections that involve a number of risks and uncertainties which could cause
actual results to differ materially from those anticipated by OPTI and
described in the forward-looking statements or information. The
forward-looking statements are based on a number of assumptions which may
prove to be incorrect. In addition to other assumptions identified herein, we
have made assumptions regarding, among other things: market costs and other
variables affecting operating costs of the Project; the ability of the Long
Lake joint venture partners to obtain equipment, services and supplies,
including labour, in a timely and cost-effective manner; the availability and
costs of financing; oil prices and market price for the PSC(TM) output of the
OrCrude(TM) Upgrader; foreign currency exchange rates and hedging risks;
government regulations and royalty regimes; the degree of risk that
governmental approvals may be delayed or withheld; other risks and
uncertainties described elsewhere in this document or in OPTI's other filings
with Canadian securities authorities.
    Readers should be aware that the list of factors, risks and uncertainties
set forth above are not exhaustive. Readers should refer to OPTI's current
Annual Information Form, which is available at www.sedar.com, for a detailed
discussion of these factors, risks and uncertainties. The forward-looking
statements or information contained in this news release are made as of the
date hereof and OPTI undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable laws
or regulatory policies.




For further information:

For further information: Alison Trollope, Investor Relations Manager,
(403) 218-4705, OPTI Canada Inc., Suite 2100, 555 - 4th Ave. S.W., Calgary,
Alberta, Canada, T2P 3E7

Organization Profile

OPTI CANADA INC.

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