OPTI Canada Announces Second Quarter 2010 Results
OPTI Canada Inc. (OPTI or the Company) announced today the Company’s financial and operating results for
the quarter ended June 30, 2010.
The Long Lake Project (the Project) is the first to use OPTI’s integrated OrCrude™ process. Our proprietary
process is designed to substantially reduce operating costs compared to other oil sands projects while producing
a high quality, sweet, synthetic crude oil.
“The Long Lake Project has demonstrated strong plant performance and improving bitumen production
throughout 2010 and we look forward to delivering a similar message in quarters to come,” said Chris Slubicki,
President and Chief Executive Officer of OPTI.
“Our bitumen production has increased to 28,500 barrels per day and the Upgrader is processing virtually all of
our produced and externally-sourced bitumen. Steam injection is also increasing and plant reliability remains
consistent. We expect to see further increase in bitumen production in the second half of the year as we enhance
and optimize our operations.”
“We also have enormous growth potential beyond the Long Lake Project. Incorporating what we’ve learned
from Phase 1, we plan to stage smaller SAGD projects in our next development, Kinosis. This will allow us to
lower the intensity of our capital program, reduce our labour requirements, and give us better construction cost
and execution control.”
“Our strong plant performance and continuously improving production throughout ramp-up support our ongoing
strategic alternatives review process.”
For immediate release
June 30, 2010
The Long Lake Project continues to ramp up over the second quarter of 2010, with consistent and improving
Bitumen production continues to grow as a result of consistent steam injection. During the s