OPTI Canada Completes Equity Financing

On June 10, 2005, OPTI Canada Inc. completed a private placement of 6.275 million equity units at $29.50 per unit for gross proceeds of $185 million. OPTI is a Calgary, Alberta-based company focused on developing the fourth and next major integrated oil sands project in Canada, the $3.5 billion Long Lake Project, in a 50/50 joint venture with Nexen Inc.

Proceeds from the financing will primarily be used to fund capital expenditures relating to expansion opportunities beyond Phase 1 of the Long Lake Project and the previously announced acceleration of the drilling of additional horizontal well pairs in Phase 1.

A syndicate of investment dealers co-led by Tristone Capital Inc. and TD Securities Inc., and including: Scotia Capital Inc., RBC Capital Markets, FirstEnergy Capital Corp., Raymond James Ltd. and National Bank Financial Inc. acted as agents in connection with OPTI's private placement.

OPTI Canada was represented in these transactions by Macleod Dixon LLP with a team that included Craig Hoskins, Harvey Steblyk and Kathleen Cowick (securities) and Craig Maurice (tax). The agents were represented by Blake, Cassels & Graydon LLP with a team that included Pat Finnerty, Jacquie Moore, Jackie Dressler and Scott Clarke (securities) and Ron Mar (tax).


Kathleen Cowick Jacqueline F. Dressler Scott Clarke Jacqueline S. Moore Pat C. Finnerty Ron Mar R. Craig Hoskins Craig A. Maurice Harvey M. Steblyk