OPTI Canada Inc. Extends Expiration Date for Exchange Offer for its 8.25% Senior Secured Notes Due 2014 and its 7.875% Senior Secured Notes Due 2014



    TSX: OPC

    CALGARY, March 10 /CNW/ - OPTI Canada Inc. (OPTI) announced today that it
has extended the expiration date for its previously announced note exchange
offer. The offer was scheduled to expire at 5:00 p.m., New York City Time, on
Monday, March 10, 2008, and OPTI has extended it to 5:00 p.m., New York City
Time, on Wednesday, March 12, 2008, unless further extended.
    All other terms, provisions and conditions of the note exchange offer
will remain in full force and effect. On February 7, 2008, OPTI commenced its
exchange offer to exchange up to US$1 billion aggregate principal amount of
its 8.25% Senior Secured Notes due 2014 and up to US$750 million aggregate
principal amount of its 7.875% Senior Secured Notes due 2014 registered under
the Securities Act of 1933 for any and all of its outstanding 8.25% notes and
7.875% notes, which were issued in December 2006 and June 2007, respectively,
in transactions exempt from registration under the Securities Act.
    As of 5:00 p.m. New York City Time on March 10, 2008, US$998,880,000
aggregate principal amount of the outstanding 8.25% notes and US$749,995,000
aggregate principal amount of the outstanding 7.875% notes had been tendered
for exchange.
    A Form F-10 registration statement filed by OPTI with the SEC regarding
the exchange offer was declared effective by the United States Securities and
Exchange Commission on February 7, 2008. The expiration date for the exchange
offer is being extended to provide time for remaining outstanding 8.25% notes
and 7.875% notes to be exchanged.

    This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale of any securities in any jurisdiction in which
such offering, solicitation or sale would be unlawful. A copy of the
prospectus and other materials related to the exchange offer may be obtained
from The Bank of New York, 101 Barclay Street, New York, New York 10286,
Attention: Lesley Daley.

    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.

    FORWARD LOOKING STATEMENTS

    Certain statements contained herein are forward-looking statements,
including statements relating to: OPTI's operations; 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 "intends," "anticipate," "estimate," "expect,"
"potential," "could," "plan" 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 and the United States Securities and
Exchange Commission.
    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, and incorporated
by reference in the Form F-10 registration statement, which is available on
the SEC's website at www.sec.gov, 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

Organization Profile

OPTI CANADA INC.

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