Attention Business Editors:

OPTI Canada Announces Conversion of Preferred Shares

    TSX: OPC

    CALGARY, Feb. 16 /CNW/ - OPTI Canada Inc. ("OPTI") today announced that
all of the 6,275,000 Series C Convertible Non-Voting Preferred Shares (the
"Preferred Shares") have been converted into an equivalent number of Common
Shares of the Company. Holders of Preferred Shares had been served notice of
redemption on January 13, 2006, in which each Preferred Share could be
converted into one common share or be redeemed for $30.24 per Preferred Share.
    As a result of the conversion of the Preferred Shares, OPTI now has
84,748,202 common shares outstanding.

    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 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 of SAGD (steam
assisted gravity drainage) oil production integrated with an upgrading
facility, using OPTI's proprietary OrCrude(TM) 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 b/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      
mid-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 statements contained herein are forward-looking statements,
including statements relating to: OPTI's operations; anticipated financial
performance; 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 "anticipate,"
"estimate," "expect," "potential," "could" or similar words suggesting future
outcomes. Readers are cautioned to not 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 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 news release 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.

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