OPTI Canada Inc. (OPTI) announces that it has completed the previously announced sale of a 15 percent working interest in its joint venture assets to Nexen Inc. (Nexen) for $735 million. Effective January 1, 2009, OPTI has a 35 percent working interest in all joint venture assets, including Phase 1 of the Long Lake Project (the Project), all future phase reserves and resources, and future phases of development. Nexen has a 65 percent working interest in all joint venture assets and is now the operator of both the Steam Assisted Gravity Drainage (SAGD) and Upgrader facilities for Phase 1 and future phases.
It is anticipated that over a transition period of approximately three months, Nexen will make employment offers to OPTI's operating and Project staff. During this time, OPTI also expects to adjust corporate staffing as appropriate to our new business model. Effective February 1, 2009, Jim Arnold, currently the Chief Operating Officer of OPTI, will accept a position at Nexen and will continue to be involved in Long Lake operations and future development.
"With the successful closing of this transaction we have significantly strengthened our financial position," said Sid Dykstra, President and Chief Executive Officer. "With the recent commencement of premium synthetic crude oil production at Long Lake, we look forward to a promising future with a substantial interest in a world class asset and terrific growth potential as future phases are developed."
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