OPTI Canada Announces Closing of Acquisition by CNOOC Limited
29 November 2011 - 12:50AM
Marketwired
OPTI Canada Inc. (TSX VENTURE:OPC) ("OPTI" or the "Company") is
pleased to confirm the closing of its acquisition by CNOOC
Luxembourg S.a r.l, an indirect wholly-owned subsidiary of CNOOC
Limited (the "Acquisition"). Pursuant to the Acquisition, indirect
wholly-owned subsidiaries of CNOOC Limited have acquired OPTI's
Second Lien Notes and all of the outstanding shares of OPTI. The
Acquisition was effected by way of a plan of arrangement through
OPTI's concurrent proceedings under the Companies' Creditors
Arrangement Act (the "CCAA") and the Canada Business Corporations
Act.
The total value of the Acquisition is approximately US$2.1
billion, which includes net consideration of US$1,179 million
payable to holders of OPTI's Second Lien Notes, US$37.5 million
payable to backstop parties, US$34 million payable to former
shareholders and the assumption of US$825 million First Lien
Notes.
OPTI expects that an application to delist the outstanding
shares of OPTI will be filed with the TSX Venture Exchange (the
"TSXV") on November 28, 2011. Subject to approval by the TSXV, the
delisting of the OPTI shares is anticipated to be effective on
December 1, 2011.
Scotia Waterous Inc. and TD Securities Inc. acted as financial
advisors to OPTI on the Acquisition and Macleod Dixon LLP acted as
legal advisor to OPTI.
About OPTI
OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing major oil sands projects in Canada. OPTI's first
project, the Long Lake Project (the "Project"), is a joint venture
between OPTI and Nexen Inc. ("Nexen"). OPTI holds a 35 percent
working interest in the joint venture. Nexen is the sole operator
of the Project. Additional information relating to OPTI can be
found at www.sedar.com.
About CNOOC Limited
CNOOC Limited is China's largest producer of offshore crude oil
and natural gas and one of the largest independent oil and gas
exploration and production companies in the world. CNOOC Limited
operates in offshore China and worldwide. In 2010, it had average
daily net production of approximately 901 Mboe/d (20% gas) and year
end proved reserves of approximately 3.0 Bboe. CNOOC Limited is a
publicly traded company listed on both the Stock Exchange of Hong
Kong Limited and the New York Stock Exchange.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: OPTI Canada Inc. Krista Ostapovich Head of Investor
Relations (403) 218-4705ir@opticanada.com OPTI Canada Inc. Joe
Bradford VP Legal & Admin and Corporate Secretary (403)
249-9425 OPTI Canada Inc. Suite 1600, 555 - 4th Avenue SW Calgary,
Alberta, Canada T2P 3E7
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