OPTI Canada Provides Operational Update

OPTI Canada Inc. (TSX:OPC) ("OPTI" or the "Company") today announced an update
on its joint venture operations over the second quarter of 2011. 


OPERATIONAL UPDATE 

Long Lake bitumen production for the second quarter of 2011 averaged
approximately 27,900 barrels per day (bbl/d) (9,800 bbl/d net to OPTI), an
increase over the first quarter average of approximately 25,500 bbl/d (8,900
bbl/d net to OPTI). Steam injection also increased to average approximately
152,000 bbl/d following the scheduled hot lime softener maintenance in April,
compared to 146,000 bbl/d in the previous quarter. Production improvements are a
result of higher steam injection, continued well optimizations and ramp up of
new wells at Pad 11. Production at the end of June was approximately 30,000
bbl/d (10,500 bbl/d net to OPTI).


Operating costs for the first two quarters of 2011 increased due to planned and
unplanned maintenance, and initiatives to increase plant reliability and improve
well performance. The second quarter included planned maintenance on the second
hot lime softener and a Cogeneration unit, as well as unplanned maintenance on
gasifiers and steam generators. The third hot lime softening unit and remaining
Cogeneration unit are scheduled for similar maintenance in August. Despite
increased operating costs, OPTI achieved its first quarterly positive net field
operating margin in the amount of $2 million during the second quarter.


We currently have 86 well pairs capable of production and 2 in circulation mode.
We have implemented modifications to increase the capacity of our water disposal
and plan to add further capacity later this year.


Including steam to wells currently in circulation mode or early in the ramp-up
cycle, our recent all-in steam-to-oil ratio ("SOR") average is approximately
5.4. We expect that our long-term SOR will range between 3.0 and 4.0. We do not
expect to reach this long-term SOR range until 2012 or later. The SOR for our
original 90 well pairs is expected to be in the high end of this range.


Upgrader units performed consistently during the quarter, processing the
majority of our produced bitumen as well as approximately 9,200 bbl/d (3,200
bbl/d) net to OPTI) of externally-sourced bitumen. Our Upgrader on-stream time
averaged 98 percent for the second quarter, up from 93 percent in the previous
quarter. Premium Sweet Crude ("PSC(TM)") yields averaged 70 percent over the
quarter, down slightly from the previous quarter average of 74 percent. The
decrease was primarily due to the planned maintenance in April and yields have
returned to previous levels. We continue to expect yields to increase to the
design rate of 80 percent as operations are optimized. For the remainder of 2011
we expect to purchase externally-sourced bitumen when economically beneficial. 


In November 2010, we announced that we expected Long Lake bitumen production
volumes to average between 38,000 and 45,000 bbl/d (between approximately 13,000
and 16,000 bbl/d net to OPTI) for 2011. Based on lower than expected production
since making this forecast, we do not expect to achieve this range.


Through operational experience gained over time, we have improved our
understanding of the Long Lake reservoir. With this experience, we recognize
that a portion of our initial 90 well pairs will not meet production
expectations. We are addressing this primarily by the accelerated development of
well pads. While many of our wells will perform according to expectations, we do
not expect to reach gross production rates over 50,000 bbl/d until Pads 12 and
13 are on-stream for a period of time. Pads 12 and 13 are scheduled to come
on-stream in 2012 and will begin to ramp up shortly thereafter. Multiple
initiatives are underway to support the production increases and operational
performance improvements at the Long Lake Project (the "Project"):




--  Bitumen production is expected to ramp up as the Project maintains
    reliable surface operations with steam chambers developing and as we
    continue working through high water saturation zones; 
--  We expect increasing production from Pad 11, where most of the well
    pairs have turned to production mode; 
--  A supply line to increase the Project's natural gas inlet capacity is
    complete and expected to be online early next quarter. Increasing this
    capacity is expected to enable greater independence between SAGD
    operations and the Upgrader by allowing us to maintain full steam
    production rates during periods of Upgrader downtime; 
--  We have begun the drilling of 18 well pairs in a high-quality area of
    our reservoir at Pads 12 and 13; 
--  We are evaluating the accelerated development of Pads 14 and 15 also to
    be located in what we expect to be a high-quality area of the reservoir.
    These wells could be available for production by 2014; 
--  As a greater number of wells from future pads become available for
    production, we expect to direct steam toward the better parts of the
    resource; and 
--  We are evaluating the addition of a diluent recovery unit ("DRU") that
    is expected to improve operating flexibility (further capital spending
    to develop this potential project requires approval by OPTI's board of
    directors and may be considered later this year). 



In addition to these initiatives, and aligned with the objective to expand
production from our resource areas, we are evaluating where it is most efficient
to add steam capacity and strategically place wells. These preliminary
optimization plans consider adding once-through steam generation capacity as
well as advancing bitumen production from Kinosis which could be tied-in to the
Long Lake Upgrader.


Concurrently, OPTI and Nexen Inc. continue to evaluate developing SAGD projects
in 10,000 to 40,000 bbl/d bitumen stages at Kinosis. Sanctioning the first stage
of Kinosis is planned for 2012 subject to a number of factors including:
improvement in our financial position; performance at Long Lake; the cost
estimate to develop Kinosis; the commodity price environment; and stability in
the financial markets.


Effective April 1, 2011 OPTI exercised a deferred payment funding option to
continue advancing engineering and execution plans for Kinosis to the end of May
2011. During the second quarter of 2011, OPTI further elected to extend this
option to the end of September 2011. We retain all of our other rights under the
joint venture agreement and we have the discretion to resume funding of our
proportionate share of Kinosis costs. OPTI's proportionate share of deferred
costs (plus applicable interest) to June 30, 2011 is approximately $10 million.


The performance of SAGD operations and the Upgrader may differ from our
expectations. There are a number of factors related to the characteristics of
the reservoir and operating facilities that could cause bitumen and PSC(TM)
production to be lower than anticipated. See "Risk Factors - Operating Risks" in
our management's discussion and analysis for the year ended December 31, 2010.


LIQUIDITY 

At June 30, 2011, OPTI had approximately $189 million in cash and cash
equivalents. In addition, we hold restricted cash of US$73 million in an
interest reserve account associated with our US$300 million First Lien Notes.


OPTI achieved a positive net field operating margin of $2 million for the second
quarter of 2011, an improvement from a loss of $8 million in the first quarter.
The positive net field operating margin was primarily the result of higher
bitumen production and improved West Texas Intermediate prices. We define our
net field operating margin or loss as sales related to petroleum products net of
royalties and power sales minus operating expenses, diluent and feedstock
purchases, and transportation costs.


OPTI announced on July 13, 2011 that it had reached agreement with a committee
of Secured Notes holders to restructure the Company's balance sheet under the
Companies' Creditors Arrangement Act ("CCAA"). More information about OPTI's
restructuring process 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(TM) 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(TM)). Due to its premium characteristics, we expect PSC(TM) 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. OPTI's common shares trade on the Toronto Stock Exchange under the
symbol OPC.


FORWARD-LOOKING INFORMATION 

All amounts are in Canadian dollars unless specified otherwise. Certain
statements contained herein are forward-looking statements, including, but not
limited to, statements relating to: the planned levels and expected increases of
bitumen (oil) production and PSC(TM) production at the Long Lake Project; the
expected selling price of the PSC;, OPTI's other business prospects, expansion
plans and strategies; the cost, development, operation and maintenance of the
Project as well as future expansions thereof, and OPTI's relationship with
Nexen; the expected improvement to water handling; the expected low production
levels in August 2011 due to planned maintenance; the potential reservoir
complexities of the Project such as high water saturation zones; the development
and expected performance of well pads and timing of wells coming on production;
the expected SOR range for the Project and time expected to reach this range;
the expected SOR for our original 90 well pairs; the expected continuance of a
high level of on-stream time; the anticipated impact and timing of a natural gas
supply line to provide expected operating flexibility; the anticipated impact of
additional steam capacity and resulting increase in bitumen production from
resource areas; the anticipated impact of a DRU to provide expected operating
flexibility; the expected feedstock purchases for the Project when economically
beneficial; the expected increase to production rates from Pads 12 and 13;
expectations regarding our 2011 bitumen forecast; the expected increase in
PSC(TM) yields; the potential to approve a development plan for Kinosis and its
expected cost; the potential sanctioning of Kinosis and its timing; our expected
proportionate share of deferred costs at Kinosis; the expected requirement of
additional financial resources to develop future expansions at Kinosis and
beyond; and the final outcome of OPTI's restructuring under the CCAA. 

Readers are cautioned not to place undue reliance on forward-looking information
because it is possible that expectations, predictions, forecasts, projections
and other forms of forward-looking information will not be achieved by OPTI. By
its nature, forward-looking information involves numerous assumptions, inherent
risks and uncertainties. Actual events or results may differ materially from
those projected in the forward-looking information. Although OPTI believes that
the expectations reflected in such forward-looking statements are reasonable,
OPTI can give no assurance that such expectations will prove to be correct.
Forward-looking statements are based on current expectations, estimates and
projections that involve a number of risks and uncertainties which could cause
actual results to differ materially from those anticipated by OPTI and described
in the forward-looking statements or information. The forward-looking statements
are based on a number of assumptions that may prove to be incorrect. In addition
to other assumptions identified herein, OPTI has made assumptions regarding,
among other things: market costs and other variables affecting operating costs
of the Project; the availability and costs of financing; oil prices and market
price for PSC(TM) and Premium Synthetic Heavy; and foreign currency exchange
rates and derivative instruments risks. Other specific assumptions and key risks
and uncertainties are described elsewhere in this document and in OPTI's other
filings with Canadian securities authorities.


Readers should be aware that the list of assumptions, risks and uncertainties
set forth herein are not exhaustive. Readers should refer to OPTI's current
Annual Information Form, filed on SEDAR and EDGAR and available at www.sedar.com
and http://edgar.sec.gov, for a detailed discussion of these assumptions, risks
and uncertainties. The forward-looking statements or information contained in
this document are made as of the date hereof and OPTI undertakes no obligation
to update publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise, unless so
required by applicable laws or regulatory policies. Additional information
relating to our Company can be found at www.sedar.com.