CALGARY, ALBERTA--(Marketwire - May 19, 2011) - Concurrent with a press release issued today by its joint venture partner, OPTI Canada Inc. (OPTI) (TSX:OPC) announces that recent bitumen production at the Long Lake Project is averaging approximately 28,300 barrels per day (bbl/d) (9,900 bbl/d net to OPTI).
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, plans for approximately 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 expected to produce 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. OPTI's common shares trade on the Toronto Stock Exchange under the symbol OPC.
http://www.marketwire.com/press-release/opti-canada-updates-long-lake-production-tsx-opc-1517134.htm
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