OPTI Canada

OPTI Canada Inc. is a Calgary, Alberta-based company, established in 1999 to develop major integrated bitumen and heavy oil projects in a joint venture with our partner, Nexen Inc. OPTI holds a 35 percent working interest in all joint venture assets including all reserves and resources and current and future expansion developments, with Nexen as the sole operator and 65 percent working interest owner. Our first project, the Long Lake Project (the Project), is located near Fort McMurray, Alberta and includes the Long Lake SAGD (steam assisted gravity drainage) Operation and the Long Lake Upgrader.

The Project delivers a high quality synthetic crude oil from the Canadian oil sands with low operating costs at full production.

On a 100 percent basis, the Project has capacity to produce up to 72,000 barrels per day of SAGD bitumen production. The Project is expected to produce up to 58,500 barrels per day of products, primarily 39 degree API Premium Sweet Crude (PSC™) with low sulphur content, which makes it a desirable refinery feedstock. Start-up of the Upgrader and production of first PSC™ was announced in January 2009.

Our next development, Kinosis, is located south of the Long Lake lease. At Kinosis, we plan to stage our SAGD development prior to building an upgrading facility. We have regulatory approvals for Kinosis SAGD development for up to 140,000 barrels per day of bitumen production and we are evaluating building the SAGD projects in approximately 40,000 barrels per day bitumen stages. A second upgrader could be built once sufficient bitumen rates from the Kinosis area have been reached and economic conditions support the development of upgrading. OPTI's sanctioning the first stage of Kinosis in 2012 is subject to a number of factors including improvement in our financial position, ramp-up of performance at Long Lake, the cost estimate to develop Kinosis, the commodity price environment, and stability in the financial markets. We have a 35 percent working interest in Kinosis.

Email info@opticanada.com