OPTI Canada noteholders agree to support company's acquisition by China's CNOOC

CALGARY, Alberta , July 27, 2011 (press release) – OPTI Canada Inc. (TSX:OPC) ("OPTI" or the "Company") announced today that OPTI and the Acquiror have entered into support agreements (the "Support Agreements") with holders of Second Lien Notes (the "Noteholders") pursuant to which the Noteholders have agreed to vote in favour of the Company's transaction with subsidiaries of CNOOC Limited, as announced on July 20, 2011 (the "Transaction"). Noteholders who collectively hold approximately 82 percent of the principal amount of outstanding Second Lien Notes have entered into the Support Agreements. The Transaction is subject to approval by a majority in number of Noteholders, holding at least 66 2/3 percent of the principal amount of the Company's Second Lien Notes, who vote at the meeting of Noteholders to be held in September 2011.

If the Transaction is terminated, other than pursuant to a Superior Proposal, the parties to the Support Agreements have agreed, in certain circumstances, to pursue the restructuring plan outlined in the Company's press release dated July 13, 2011.

The Transaction will be effected by way of a plan of arrangement through concurrent proceedings under the Companies' Creditors Arrangement Act and the Canada Business Corporations Act. More information about OPTI's plan of arrangement proceedings can be found at www.opticanada.com.

About OPTI

OPTI Canada Inc. is a Calgary, Alberta-based company focused on developing major oil sands projects in Canada. Our first project, the Long Lake Project, has a design capacity for 72,000 barrels per day (bbl/d), on a 100 percent basis, of SAGD (steam assisted gravity drainage) oil production integrated with an upgrading facility. The Upgrader uses our proprietary OrCrude™ process, combined with commercially available hydrocracking and gasification. Through gasification, this configuration substantially reduces the exposure to and the need to purchase natural gas. On a 100 percent basis, the Project is designed to produce up to 58,500 bbl/d of products, primarily 39 degree API Premium Sweet Crude (PSC™). Due to its premium characteristics, we expect PSC™ to sell at a price similar to West Texas Intermediate (WTI) crude oil. The Long Lake 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.

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