OPC Opti Canada Com

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.

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