Attention Business Editors:

OPTI Canada Amends Redemption Date of Preferred Shares

    TSX: OPC

    CALGARY, Jan. 15 /CNW/ - OPTI Canada Inc. ("OPTI") today announced that
it has amended the date on which it intends to redeem all of its Series C
Convertible Non-Voting Preferred Shares (the "Preferred Shares") to
February 16, 2006 from the previously-announced date of February 13, 2006. The
redemption amount payable of $30.24 per share and all other terms of the
redemption remain unchanged.
    At the option of the holder, each Preferred Share is convertible into one
OPTI common share at any time prior to 4:00 p.m. (Mountain Standard Time) on
February 15, 2006, upon the presentation and surrender of the Preferred Share
certificate to OPTI's transfer agent at Valiant Trust Company of Canada, 310,
606 - 4th Street SW Calgary, Alberta, T2P 1T1 or at BNY Trust Company of
Canada, Suite 1101, 4 King Street West, Toronto, Ontario, M5H 1B6.
    Further information is being sent by OPTI directly to holders of
Preferred Shares. Holders of Preferred Shares who would like additional
information should contact OPTI Canada Inc. as set out below, or Valiant Trust
Company at (866) 313-1872.
    OPTI intends to make a further announcement on or about February 16, 2006
to provide an update as to the number of Preferred Shares redeemed and/or
converted.

    About OPTI
    OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing the fourth and next major integrated oil sands project in Canada,
the $3.5 billion Long Lake Project, in a 50/50 joint venture with Nexen, Inc.
The first phase of the Project consists of 72,000 barrels per day (bbl/d) of
SAGD (steam assisted gravity drainage) oil production integrated with a
$2.1 billion upgrading facility operated by OPTI, using OPTI's proprietary
OrCrude process and commercially available hydrocracking and gasification.
Through gasification, this configuration substantially reduces the exposure to
and the need to purchase natural gas. The Project is expected to produce
58,500 bbl/d of products, primarily 39 degrees API premium sweet crude with
low sulphur content, making it a highly desirable refinery feedstock. First
steam injection is scheduled to commence in late 2006 and the Upgrader is
scheduled to start up in the third quarter of 2007. OPTI's common shares trade
on the Toronto Stock Exchange under the symbol OPC.
    Information about OPTI is available at http://www.opticanada.com.
Additional information regarding the Long Lake Project is available at
http://www.longlake.ca.

    Forward-Looking Statements

    Certain information contained herein, including management's assessment
of OPTI's future plans and operations contains forward-looking statements that
involve substantial known and unknown risks and uncertainties. The Company
believes that the expectations conveyed by the forward-looking statements are
reasonable based on information available to it on the date such forward-
looking statements are made. No assurances can be given as to future results,
levels of activity and achievements. Actual results may differ materially from
those anticipated or implied in the forward-looking statements. All forward-
looking statements, whether written or oral, attributable to the Company or
persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. The Company assumes no obligation to update
forward-looking statements should circumstances or management's estimates or
opinions change. Additional information about such risks and uncertainties is
contained in OPTI's current annual information form which is available at
www.sedar.com.

For further information: contact: George Crookshank, Chief Financial 
Officer, (403) 218-4710; Alison Trollope, Investor Relations Manager, 
(403) 218-4705; OPTI Canada Inc., Suite 2100, 555 - 4th Avenue SW, Calgary, 
Alberta, Canada, T2P 3E7