ACQUISITION: Chinese snapping up oil sands producer

ALBERTA - A subsidiary of CNOOC Ltd., China's largest producer of offshore crude oil and natural gas, has entered an agreement to acquire Opti Canada of Calgary. Total value of the deal is US$2.1 billion. The Opti directors voted unanimously to...

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ALBERTA - A subsidiary of CNOOC Ltd., China's largest producer of offshore crude oil and natural gas, has entered an agreement to acquire Opti Canada of Calgary. Total value of the deal is US$2.1 billion. The Opti directors voted unanimously to accept the offer.

On July 13, 2011, Opti announced that it had filed for protection under the Companies' Creditors Arrangement Act (CCAA). The company planned to convert all its secured notes into common shares. The CNOOC deal offers cash to the note holders.

Opti owns 35% of and operates the Long Lake steam assisted gravity drainage (SAGD) oil sands project 42 km southeast of Fort McMurray. The project produced over 11 million barrels of premium sweet crude (PSCTM) up to the end of April 2011.

Please visit www.OptiCanada.com.

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