Opti Canada Inc.

Published : June 04th, 2009

Provides Project Update and Files Revised and Restated Year-end 2008 Financial Stat

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

OPTI Canada Inc. Provides Project Update and Files Revised and Restated Year-end 2008 Financial Statements

     TSX: OPC

     CALGARY, June 3 /CNW/ - OPTI Canada Inc. (OPTI) today announced that
progress continues to be made in the start-up phase of the Long Lake Project.
A key milestone was achieved in May 2009 with the completion of the heat
addition to the hot lime softeners (HLS) in the water treatment plant. Bitumen
production for the month was limited as maintenance work was completed on
parts of the SAGD water plant that have been operating for over 18 months.
With the implementation of improvements to the HLS and the completion of the
SAGD water plant maintenance, steam injection to the wells in the last week in
May averaged 95,000 bbl/d. This resulted in average bitumen production volumes
of 17,000 bbl/d over the same period. As of May 31, there were 43 wells on
production.

     Revised and Restated Financial Statements

     OPTI also reported today that it has restated its year-end 2008 U.S.
generally accepted accounting principles (GAAP) reconciliation. The purpose of
the re-filing is to correct the Company's interpretation of the timing of the
commencement of SAGD operations at the Long Lake Project under U.S. GAAP.
Previously, the Company's U.S. GAAP financial statements interpreted the start
of commercial SAGD operations as concurrent with start-up of the SAGD Pilot in
2006. This interpretation has been amended to reflect the start of commercial
SAGD operations as July 1, 2008, the same date as in the Company's Canadian
GAAP financial statements. The impact of this restatement is described in note
14 of the financial statements filed on form 40-F/A with the U.S. Securities
and Exchange Commission.
     The Company's Canadian GAAP financial statements and Management's
Discussion and Analysis were also revised and re-filed to reflect the
retroactive adoption of CICA Handbook section 3064 "Goodwill and Intangible
Assets", effective January 1, 2009. The impact of the restatement is described
in note 2 to the Company's financial statements as filed on SEDAR. These
restatements would have been otherwise required in the Company's 2009 year-end
filings.

     About OPTI

     OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing major oil sands projects in Canada using our proprietary
OrCrude(TM) process. Our first project, Phase 1 of Long Lake, consists of
72,000 barrels per day of SAGD (steam assisted gravity drainage) oil
production integrated with an upgrading facility. The Upgrader uses the
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 expected to produce 58,500 bbl/d of products, primarily 39
degree API Premium Sweet Crude with low sulphur content, making it a highly
desirable refinery feedstock. 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 being operated in a joint venture with Nexen Inc.
OPTI holds a 35 percent working interest in the joint venture. OPTI's common
shares trade on the Toronto Stock Exchange under the symbol OPC.

     Forward-Looking Statements

     Certain statements contained herein are forward-looking statements,
including statements relating to: OPTI's operations; business prospects,
expansion plans and strategies; OPTI's plans and expectations concerning the
use and performance of the OrCrude(TM) process and other related technologies;
the cost, development and operation of the Long Lake Project and OPTI's
relationship with Nexen Inc. Forward-looking information typically contains
statements with words such as "intends," "anticipate," "estimate," "expect,"
"potential," "could," "plan" or similar words suggesting future outcomes.
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. A change in any one of these
factors could cause actual events or results to 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 which may
prove to be incorrect. In addition to other assumptions identified herein, we
have made assumptions regarding, among other things: market costs and other
variables affecting operating costs of the Project; the ability of the Long
Lake joint venture partners to obtain equipment, services and supplies,
including labour, in a timely and cost-effective manner; the availability and
costs of financing; oil prices and market price for the PSC(TM) output of the
OrCrude(TM) Upgrader; foreign currency exchange rates and hedging risks;
government regulations and royalty regimes; the degree of risk that
governmental approvals may be delayed or withheld; other risks and
uncertainties described elsewhere in this document or in OPTI's other filings
with Canadian securities authorities.
     Readers should be aware that the list of factors, risks and uncertainties
set forth above are not exhaustive. Readers should refer to OPTI's current
Annual Information Form, which is available at www.sedar.com, for a detailed
discussion of these factors, 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.

     %CIK: 0001177446
For further information:

. <
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Opti Canada Inc.

CODE : OPC.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Opti Canada is a exploration company based in Canada.

Opti Canada holds various exploration projects in Canada.

Its main exploration properties are LEISMER, COTTONWOOD PROPERTY and LONG LAKE PROPERTY in Canada.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate Presentations of Opti Canada Inc.
5/22/2009Corporate Presentation
In the News and Medias of Opti Canada Inc.
8/27/2009OPTI Canada Announces Successful Completion of Debt Amendmen...
Financials of Opti Canada Inc.
4/27/2011Announces First Quarter 2011 Results
10/28/2009Announces Third Quarter 2009 Results
7/29/2009Announces Second Quarter 2009 Results
Project news of Opti Canada Inc.
5/19/2011s Long Lake Production
6/4/2009(Long Lake Property)Provides Project Update and Files Revised and Restated Year-...
Corporate news of Opti Canada Inc.
8/26/2011Announces Listing on TSXV
7/27/2011Announces Delisting from TSX
7/13/2011Announces CCAA Filing to Pursue Restructuring Agreement with...
6/14/2011Provides Update on Interest Payments Due June 15, 2011
4/21/2011to Host First Quarter 2011 Results Conference Call and 2011 ...
3/16/2011Files Year End Oil and Gas Disclosure
3/15/2011Provides Project Update and Webcast
11/21/2009Announces Closing of Previously Announced Financing, Foreign...
11/17/2009Announces Pricing of First Lien Senior Secured Notes
9/17/2009Comments on Trading Activity
8/26/2009Announces Successful Completion of Debt Amendment
6/6/2009Responds to Media Report
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (OPC.TO)
0.115+0.00%
TORONTO
CA$ 0.115
08/11 10:04 -
0%
Prev close Open
0.115 -
Low High
0.115 0.115
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.115 -4.17%
Volume 1 month var.
0 -4.17%
24hGold TrendPower© : -11
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.44-0.53%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 10.36+0.97%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.63-1.87%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.19+3.30%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 14.70-0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.25+2.04%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.16-2.94%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.29-0.43%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 45.56-0.44%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :