TSX: OPC
May 13, 2009
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About Company
OPTI Canada Inc. is a Calgary, Alberta-based company,
established in 1999 to develop major integrated bitumen
and heavy oil projects in Canada using its proprietary, nextgeneration OrCrude™ process.
OPTI is focused on developing the fourth and next major
integrated oil sands project in Canada, Phase 1 of the Long
Lake Project (the Project), in a joint venture with
Nexen Inc. in which OPTI has a 35 percent working interest.
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About Company
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About Company
The Long Lake lease is the location of the Phase 1 oil sands project.
Located approximately 42km southeast of Fort McMurray in the
Athabasca oil sands region of northern Alberta, and spans more than
25,382 hectares (98 sections) of land.
The Project began steam injection in mid-April 2007. Start-up of the
Upgrader and production of first Premium Sweet Crude (PSC™) was
announced on January 22, 2009.
When fully operational, Phase 1 of the Long Lake Project is expected
to produce 72,000 bbl/d of bitumen, which will translate to 58,500
bbl/d of high quality, 39° API Premium Sweet Crude. The more than
two billion barrels of recoverable reserves and resources at Long Lake
translates to a reserve life of approximately 40 years, with no
exploration risk or declines.
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About Company
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Phase 1 now fully funded and production began in
late January 2009
Bitumen production averaged 13,400 bpd during
Q1 2009
Ramping up and is now 16,000 bpd
Cash on hand of $218M and available credit of
$263M
Plan on exiting year producing 27k to 30k bpd
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About Company
Projecting best-inclass netbacks
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Management
Christopher Slubicki,
President and Chief Executive Officer
Mr. Slubicki was formerly the Vice Chairman of Scotia Waterous.
Mr. Slubicki was one of the founders of Waterous & Co., a
private global oil and gas investment banking firm, where he
was involved in all aspects of the firm’s strategic development
as Senior Managing Director and Principal. Waterous & Co. was
sold to The Bank of Nova Scotia in 2005. Prior to the founding of
Waterous, Mr. Slubicki held operations management and
engineering positions within the oil and gas industry including
Placer CEGO Petroleum Ltd. and Chevron Canada Resources
Limited.
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Management
Travis Beatty,
Vice President, Finance and Chief Financial Officer
Travis Beatty is currently Vice President, Finance and Chief
Financial Officer of OPTI. Mr. Beatty was appointed to his
current position in 2009. He joined OPTI in 2002 as Controller
and since then has also held the roles of Treasurer and Director,
Planning. Mr. Beatty is a Chartered Accountant and a Chartered
Financial Analyst, and holds a B.Comm from the University of
Calgary.
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Management
Kiren Singh,
Vice President and Treasurer
Ms. Singh, who joined OPTI in 2008 as Treasurer, has over 20
years of experience in corporate and project finance and
corporate insurance with Canadian and international energy
leaders including Mobil and ExxonMobil. Ms. Singh holds an
MBA from the University of Calgary and a Chartered Financial
Analyst designation.
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Share Structure & Financials
Shares Outstanding:
196M
Cash on Hand:
$218M
Shares Fully Diluted:
196M
Monthly Burn Rate:
Changing
Options/Warrants:
7k
2008 Revenue:
$0
Current Price:
$2.88
Projected 2009 Revenue: $150M+
52 Week High/Low:
$25.40/$0.61
3 mo daily volume:
7,759,010
Management Ownership: < 5%
Net Debt:
$2B
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1-Year Stock Chart
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Calendar of Catalysts
Jan
Feb
July/Aug:
Oct/Nov:
Mar
Apr
May
Jun
Jul
Aug
X
X
Sep
Oct
Nov
Dec
Q2 results should show ramping up of
bitumen production
If company hasn’t been bought out, debt
covenants will become the big story. If
production is greater than 20,000 bpd
then shouldn’t be an issue.
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Why Invest Now?
 Probably want to watch this one right now as it’s
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had a good run the last few days based on buyout
rumours
A relatively small company to be involved in only
the 4th producing oil sands project
Buyout target due to balance sheet weakness
Should be a good proxy on oil
Very liquid and lots volatility right now – could be a
stock to trade
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Contact
Website: www.opticanada.com
TSX: OPC
Address: OPTI Canada Inc.
Suite 2100, 555 4th Avenue SW
Calgary, AB
T2P 3E7
Phone:
(403) 249-9425
Email:
ir@opticanada.com
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