" It is anticipated that the Project will deliver one of the highest quality synthetic crude oils ever produced from the Canadian oil sands with very low operating costs.

OPTI Canada Inc. is a Calgary, Alberta-based company, established in 1999 to develop major integrated bitumen and heavy oil projects in Canada using its proprietary, next-generation OrCrude™ process. OPTI is focused on developing the fourth and next major integrated oil sands project in Canada, Phase 1 of the Long Lake Project (the Project), in a joint venture with Nexen Inc. in which OPTI has a 35 percent working interest.

The Project will be the first to utilize OPTI’s OrCrude™ process, integrated with proven gasification and hydrocracking processes. Through gasification, this configuration substantially reduces the exposure to and the need to purchase natural gas.

Through these processes, it is anticipated that the Project will deliver one of the highest quality synthetic crude oils ever produced from the Canadian oil sands with very low operating costs.

The first phase of the Project consists of 72,000 barrels per day of SAGD (steam assisted gravity drainage) oil production.

The Project is expected to produce 58,500 barrels per day (bbl/d) of products, primarily 39° API Premium Sweet Crude (PSC™) with low sulphur content, which makes it a highly desirable refinery feedstock. First synthetic volumes of PSC™ are expected shortly, once the hydrocracker and sulphur units have started.

We and Nexen Inc. have agreed to defer sanctioning of Phase 2 but to continue to advance up-front engineering and planning in order to be in a position to sanction towards the end of 2009.

The OPTI Advantage

The OPTI Advantage is expected to bring a step-change to in-situ oil sands development:

Our proprietary OrCrude™ process, combined with gasification, substantially reduces the requirement for natural gas, typically the largest input cost in an in-situ oil sands project.

In addition, the majority of in-situ bitumen projects being developed are intending to use steam assisted gravity drainage (SAGD) with no on-site upgrading capacity.

The use of our integrated OrCrude™ Upgrader lowers our risk as it avoids exposure to fluctuating natural gas prices, heavy oil differentials and rising diluent prices.

Why Invest?

OPTI's key strengths combine to create an unmatched oil sands advantage:

Pure-play oil sands investment opportunity.
OPTI is 100 percent focused on Canada's oil sands, one of the largest hydrocarbon deposits in the world.

Best-in-class operating costs.

Our proprietary OrCrude™ process, combined with gasification, substantially reduces the requirement for natural gas. Natural gas is typically the largest input cost in an in-situ oil sands project.

Near-term production.

OPTI’s Long Lake Project is Canada’s next integrated oil sands project to come on-stream. First steam injection into the Long Lake reservoir occurred in mid-April 2007, and first volumes of PSCTM are anticipated shortly, once the hydrocracker and sulphur units have started.

Multi-phase expansion plans.

With substantial resources currently estimated at 2 billion barrels recoverable, the Company is executing on its strategy to reach 126,000 bbl/d production capacity net to OPTI via a multi-stage expansion plan.

Cash balance + undrawn facilities = $380 mm @ October 24, 2008